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,.0*
MAY
3 1937
Thf
ontmetria
OOPYRIQHTEO IN 1937 BY WILLIAM B. DANA COMPANY, NEW YORK.
VOL. 144.
IUMdWA3k%TCm~
MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW
ENTERED A3 SECOND-CLASS
NEW YORK, MAY 1,1937
,
YORK, NEW YORK, UNDER THe ACT OP MARCH »,
tKSKS&SS
BROOKLYN TRUST
Chartered
CHASE
THE
COMPANY
1B7B.
NO. 3749.
NATIONAL BANK
1866
OF
THE
OF
CITY
NEW
YORK
Kidder, Peadody & Go.
George V.
McLaughlin
The
BOSTON
YORK
NEW
President
PHILADELPHIA
NEW
ditionally
BROOKLYN
YORK
For
Deposit
Corporation
Federal
Member
served
tra-
bankers' bank.
a
it has.
years
many
Insurance
is
chase
large number
a
t■
of banks and bankers
New York
COMMERCIAL BANKERS SINCE 1852
,
W^IsEigoBank
tod
b
depository.
reserve
,
Deposit Insurance Corporation
Railroad
Bonds
FRANCISCO
United States
Member Federal Deposit Insurance Corporation
RESOURCES OVER
correspondent
and
Member Federal
UnionlrustCo.
IAN
as
Government
$200,000,000
Securities
The
Hallgarten & Go.
FIRST BOSTON
Incorporated
CORPORATION
Established J8S0
BOSTON
NEW YORK
NEW YORK
CHICAGO
AND OTHER
63 Wall Street, New York
Telephone: BOwIing Green 9-5000
Boston
SAN FRANCISCO
PHILADELPHIA
London
Chicago
Brown Harriman & Co.
Philadelphia
San Francisco
Chicago
Representatives in other leading Cities
PRINCIPAL CITIES
throughout the United States
Wertheim & Co.
120
State and.
Broadway
New York
Amsterdam
London
CARL M. LOEB &
61
CO.
New\brkTrust
Company
Barr Brothers & Co.
BROADWAY
Capital Funds
NEW YORK
Municipal Bonds
.
♦
INC.
$37,500,000
New York
Amsterdam
Berlin
London
Chicago
Paris
ioo broadway
57TH ST. & FIFTH AVE.
United States Government
40TH
EDWARD B. SMITH & CO.
31 Nassau Street
ST. & MADISON AVE.
SECURITIES
NEW YORK
State
New York
-
Municipal
Industrial
PHILADELPHIA
CLEVELAND
BOSTON
LONDON
European Representative's Office:
8 KING
Railroad
-
Public Utility
BONDS
WILLIAM STREET
LONDON. E. C. 4
R.W.Pressprieh&Co.
Correspondent
*
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louis
Members New York Stock Exchange
Member of the Federal Reserve System,
the New York Clearing House
and of the
Association
Federal Deposit Insurance Corporation
New York
Chicago
Philadelphia
San Francisco
Financial
n
Chronicle
May 1, 1937
BAKER, WEEKS
A.
Becker & Co.
G.
8e HARDEN
Incorporated
Established
J. &W. Seligman & Co.
Investment Securities
1898
Members
New York Stock Exchange
No.
Wall
64
Strent
New York Curb Exchange
Investment Securities
Philadelphia Stock Exchange
NEW
YORK
Chicago Board of Trade
Commercial Paper
52 WALL
STREET, NEW YORK
Graybar Building, New York
New York
Correspondenta
Buhl
Building, Detroit
6 Lothbury, London, E. C. 2
Other Cities
And
London
Commercial Trust Bldg., Philadelphia
Chicago
Bourse
SELIGMAN
BROTHERS
Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
Foreign
Leading
Out-
Australasia and New Zealand
Investment Bankers and Brokers
BANK OF
NEW SOUTH WALES
BIRMINGHAM
(ESTABLISHED 1817)
NEWARK
New
MARX & CO
(With which the Wsstsra Australian Bank and Ths
Australian Bank of Conuasrso. Ltd. are
amalgamated)
Jersey State & Municipal Bonds
Newark Bank &. Insurance Stocks
Paid up
Capital
Reserve Fund...
Reserve Liability of
Proprietors...
BIRMINGHAM, ALABAMA
£23,710,000
J. S. RIPPEL & CO.
MUNICIPAL
SOUTHERN
CORPORATION
AND
18 Clinton St.
Aggregate Assets.80th Sept., 1986. £116,160,000
A. C. DAVIDSON, General
Manager
Newark, N. J.
,
BONDS
780 BRANCHES AND AGENCIES
Australian
PALM
BEACH
AND
WEST
PALM
BEACH
Bank
tralasian
the
transacts
every description of Aus¬
Business.
Wool and ether
Banking
Produce Credits arranged.
DETROIT
Specializing in
Head Offieet
29 Threadneedle
MUNICIPALS
47
and
BONDS
WATLING, LERCHEN & HAYES
CARLBERG & COOK, INC.
Palm Beach—West Palm Beach,
George Street, SYDNEY
London Offlcesi
FLORIDA BONDS
CORPORATION
in
States, New Zealand, Fiji, Papua,
Mandated Territory of New Guinea, and London.
The
MICHIGAN
£8,780,000
6,150,000
8,780,000
Street, E.C.2
Berkeley Square, W.l
Agency arrangements with Banks throughout
the U.
A.
Fla.
Bell System Teletype: W-Palm Beach No. 84
Members
New York Stock Excb.
New York Curb Aasoo.
Detroit Stock Exchange
Chicago Stook Exch.
884 BUHL
ST.
LOUIS
DETROIT
BLDG.,
NATIONAL BANK OF NEW ZEALAND, Ltd.
Establish** 1872
Chief Otfloe in New Zetland:
Wellington
Sir James
SjlXy A CO.
BAtNT LOUIS
Subscribed Capital..
£6.000,000
Paid up Capital
£2,000,000
Reserve Fund
£1,000,000
Currency Reserve
OO^OUVC ST
Charles A. Pa reel Is & Co.
Ths
Bank
conducts
£500,000
description of banking
stent
business connected with New Zealand.
Members oflDetroit Stock Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
Gross, General Manager
Head Offlos: t Moorgate. London, E. O.
3. Eng.
DETROIT REAL ESTATE BONDS
Correspondents throughout the World
London Manager, A. O. Norwood
Members St. Louis Stock Exchange
.
MIAMI
Missouri and Southwestern
Wo buy and sell for our
Stocks and Bonds
own account
Florida
Hong Kong& Shanghai
Municipal Bonds
(jorrigan.Millijr etio.
INC.
--
Smith, Moore & Co.
St. Louis
——
The First Boston
MIAMI
Ingraham Bldg.
Bell System Teletype MM! 18
St.
Corp. Wire
ouis Stock
Exchange
BANKING
CORPORATION
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
In manner prescribed by Ordinance No.
6 of 1929
of the Colony.
Authorised Capital (Hongkong
Currenoy) H|50,000.000
Paid-up Capital (Hongkong Currency)
HIJ0,000,000
Reserve Fund In Starling.
Reserve Fund In Sliver
(Hongkong Cur¬
rency)
Reserve
Foreign
Foreign
Liability of Proprietors (Hong¬
kong Currency)
A. G.
72
NATIONAL BANK
of EGYPT
Head Office.
FULLY
PAID
RESERVE
.
.
•
o
CAPITAL
FUND.
.
.
e
.
a
Reserve fund
8,000,000
Htf0.000.000
KELLOGG, Agent
STREET, NEW YORK
Incorporated by Royal Charter 1727
—
Deposits
....
........
....—
£3,780,192
£3,944,171
.........£66,800,988
200
Years
of
Commercial
NATIONAL BANK OF INDIA, LIMITED
Bankers
Over
£8,000,000
.
WALL
Royal Bank of Scotland
Capital (fully paid)......
Cairo
£6,600.000
H310,000.000
to
the Government in
and
Banking
Head Office:
Kenya Colony
Uganda '
28, Bishopsgate, London, E. C.
Branches
in India, Burma,
Ceylon, Kenya
Colony and Aden and Zanzibar
OHIEP FOREIGN DEPARTMENT
LONDON AGENCY
6 and
7, King William Street, E. C. 4
Branches in all ths
principal Towns in
EGYPT and the SUDAN
3
Bishopsgate, London, England
HEAD
OFF ICE—Ed! nbur gh
....
Up Capital
William Whyte
The Bank oonducte every
Total number of offices, 264
Bank, Ltd. 1
£4,000,000
£2,000,900
Reserve Fund
General Manager
Associated Bank, Williams Deaeon's
Subscribed Capital
Paid
£2,200,000
description of bonking
and exchange business
Trusteeships and Executorships else
undertaken
Volume
Chronicle
Financial
144
in
—
-
record only and is under no circumstances to be
for sale, or as an offer to buy, or as a solicitation
of such securities. The offering is made only by the Prospectus.
This advertisement appears as a matter of
construed as an offering of these securities
of
an
offer to buy,
any
Shares
yjOjOoo
Monogram Pictures Corporation
(A Delaware Corporation)
Common Stock
Par Value
Price
$1.00 Per Share
$3.75
Copies of the Prospectus
per
share
be obtained from the undersigned:
may
ots©.A
iS
J.
Members New
York Stock Exchange
New Yor\> N.
68 Wall Street
Y.
April 27, 1937
NORTHERN
Dividends
Dividends
Dividends
PIPE LINE COMPANY
26 Broadway,
New York,
A dividend of Forty *40) Cents per share has
declared on the Capital Stock ($10.00 par
stockholders of record
May 14. 1937,
payable June 1, 1937 to
the close of business
Stock
6% Preferred
on
at
J. R. FAST,
ARMOUR and COMPANY
Dividend No. 3
been
value) of this Company,
DIVIDENDS
Atlas Corporation
April 24, 1937.
Notice
otven
hereby
is
(ILLINOIS)
that
a
On
April 20 a dividend of twenty
cents
(20c.) per share on the
share for the
31, 1937, has
6% Preferred
Stock of Atlas Corporation, payable
June 1, 1937 to holders of such stock
of record at the close of business
May 10, 1937.
dividend
Secretary.
of
75f
per
quarter ending May
been declared on the
UNITED GAS
CORPORATION
$7 PREFERRED STOCK DIVIDEND
At
a
meeting
of
the
Board
of
Directors
of
Walter A. Peterson,
United Gas Corporation held on April 28, 1937.
a
dividend of $1.75 per share was declared on
poration
of
one
a^dividend
and
73o?d&n4
Auditor—Translator
Common
and
German
French
(knowledge of Italian and
Spanish) is desirous of secur¬
ing a new connection.
Box
S
22,
Financial Chronicle,
25 Spruce St., New York.
per
business May 15,
be mailed.
share
on
Stock
of
the
corporation were declared
by the Board of Directors, both
payable July 1, 1937, to share¬
holders of record at the close of
business June 10, 1937.
L. LALUMIER, Secretary
E.
the close of
Checks will
1937.
dollar
one
above
quarterly dividend of forty cents
(40^) per share has been declared on
the outstanding common stock of this
Company, payable June 1, 1937, to
at
of
half ($1.50) per
Preferred
Prior
109
A
stockholders of record
a
theAissued and outstanding
$6.00 4 Cumulative
Convertible
Dividend
No.
years
fluent
three-fourths
and
(1M%) Per share on the
7 % Cumulative Preferred Stock,
cent
and
old, married, with
thorough banking experience,
Directors,
payable
1937, to shareholders
May 25, 1937.
On April 20 a quarterly dividend
E. H. DIXON, Treasurer.
Bank
15,
cor¬
by the
declared
of record at the close of business
Treasurer
the
35
was
of
Board
June
April 27, 1937.
$7 Preferred Stock of the Corporation for
payment June 1, 1937, to stockholders of record
at the close of business on May 12, 1937.
stock of the above
common
ARMOUR and COMPANY
OF DELAWARE
The Borden Company
E. L.
NOETZEL, Treasurer
On[April 20
of
one
a
and
(1 M%)
cent
Cumulative
quarterly dividend
three-fourths
Per
share
Preferred
per
the
Capital
on
Stock of the above corporation
V
INCORPORATED
Harper
& Turner
INC.
Consecutive
A dividend of
EXCHANGE
BUILDING
a
Business
Establshed
E.
payable
Company,
of
L.
LALUMIER, Secretary
Common Stock and Com¬
cash
in
on
June
1,
record at the close
1937.
Checks will
business
May
10,
Edmund A. Harvey,
1912
Board of
Stock B of The American Tobacco
be mailed.
♦
*
the
share) has been
THE
1937, to stockholders of
PHILADELPHIA
declared by
Directors, payable July 1, 1937,
to stockholders of record at the
Common Dividend
5% ($1.25
declared upon the
mon
STOCK
City
was
close of business June 10, 1937.
127th
Investment Bankers
New York
111 Fifth Avenue
&
Apil 28, 1937
Treasurer
BUCKEYE PIPE LINE COMPANY
26 Broadway
New York. April
16,1937.
dividend of One Dollar (SI 00) per share has
been declared on the Capital Stock of this Com¬
A
pany,
payable June 15. 1937 to stockholders of
May 28,1937.
J.JX. FAST, Secretary.
record at the.dose.pf business
1¥
ommnrial |
Vol. 144
MAY 1,1937
No. 3749.
CONTENTS
Editorials
PAGB
Financial Situation
2877
The
Rising Tide of Opposition
2889
The
Foreign Policy of Great Britain
2891
Labor Leaders Will Thwart Efforts to Amend National
Labor Relations Act
2892
Should Freight Rates Be Increased?
2894
Electric Utilities Under Inflation
2895
Comment and Review
Text of Bituminous Coal Act of 1937
Week
the
on
-.2899
European Stock Exchanges-
2881
I
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
2882
2886 & 2933
Course of the Bond Market
2904
Indications of Business Activity
2905
Week
on
the New York Stock
Week
on
the New York Curb
Exchange.
Exchange
2880
2932
_
News
Current Events and Discussions
2917
Bank and Trust
2930
Company Items
General Corporation and Investment News
Dry Goods Trade
State and
.2979
3041
...
Municipal Department
3042
Stocks and Bonds
Foreign Stock Exchange Quotations
2933
Dividends Declared
2936
Auction Sales
2978
New York Stock Exchange—Stock Quotations
New York Stock
New York Curb
.
2944
Exchange—Bond Quotations..2943 & 2954
Exchange—Stock Quotations
2960
New York Curb Exchange—Bond Quotations
2963
Other Exchanges—Stock and Bond Quotations
2966
Canadian Markets—Stock and Bond Quotations
2971
Over-the-Counter Securities—Stock & Bond Quotations.2974
Reports
Foreign Bank Statements
Course of Bank
2885
Clearings.
2933
Federal Reserve Bank Statements
2941
General Corporation and Investment News..
2979
Commodities
The Commercial Markets and the
Crops
3031
Cotton
3034
Breadstuffs
3038
Published Every Saturday Morning by the William B. Dana Company, 25
Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board and
Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright, 1937 by William B. Dana Company.
Entered as second-class matter June
23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
m United States and
Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America,
Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter. 45 cents
per agate line.
Contract and card rates on request.
The Financial Situation
ticularly
true
circles.
less
to
It is
large
proportions in Europe, particularly London, on the
strength of such war preparations has largely dis¬
appeared and has been replaced with speculative sell¬
ing partly for profit taking purposes and partly
that
financial
equally true that, generally speaking,
responsible
of
in
groups
and
is felt both as to the outlook
assurance
conclusions drawn concerning it.
Of
course,
as
the
uncertainty and lack of confidence displayed by the
during the
markets
securities
and particularly during
month
past
speculative
search
in
two
or
of
gains
the
an
"Unfair
prevailing
that
extraordi¬
In
he
narily careful study of the
a
reported
letter to the President in which
recent
obliged to admit that he had been
to develop a
case against the steel
was
unable
outlook is the part of wis¬
state of mind
is
what has been taking
the
degree
place
in
is
another
or
But
and
one
respon¬
laws
arations
them
commodities,
adequate explana¬
in
an
number of highly
that
note
occurred
tha£,
all this
has
apart
from
some
(which
April
in
weather) there is
yet little indication of any
recession in the rate of
tion" in this
almost
as
business, not¬
booked
that
can
ably be counted
fully
factories
cupy
many
weeks to
come,
regardless of the
stance
new
concerning
the
he might
designed to
man
fact
Administration
really want free
compe¬
and
of
received at
a
fairly grati¬
be substance
as
in the*current
pointing to recent developments in Europe.
out
in
expressed it, "peace
Europe."
be seen,
quite
As
one
to have broken
How long it will last remains to
but the opinion
the immediate present at
decreased
seems
seems
to prevail that for
least the danger of war has
markedly
within the past
month
from the
measure
of
explanation that accounts for a part of the change
which has come over the face of the situation by
has
sane
view
the
other than funda¬
temporary
real
problems
different order.
our own
our
in
stem
past
perplex¬
no
small
apparently almost hopeless conflic
opinion and confusion of counsel at Washington
to what if
public
anything ought to be done.
sentiment
certainly not
is
impression to
are
a
but that
they
are
what
money,
ought to be
managers
done
next
and distinctly nervousjabout
Planned economy, including managed
is evidently
real test,
giving the
also profoundly perturbed about
the existing situation
the future.
are
great many that New Deal
about
uncertain
Meanwhile
being bolstered
by reports from Washington which
a
are
They
for the most part an
outgrowth of
ities
European Factors
wit
a
are
circum¬
to
no
well
policies, and
fying rate.
appears
as
Our
does it still yearn for a series of
monopolies under dictatorship from Wash¬
ington?
If the Administration itself really
knows the answer to this question, it gives no
evidence of such knowledge.
or
that, by and large,
There
could
whatever its
the
for
permanent
prove
effect.
tition,
oc¬
business is still being
to
mentally encouraging
of the
real meaning
sight, and
progressive
present to the general attitude of the
whole Administration in such matters.
Does
(bar¬
cancellations) to
ring
so
fact that must
at
reason¬
upon
If
a
Attorney General extends as a matter of fact
orders
have
present?
one
matter of fact if the
were
and
The doubt that must exist in all informed
minds
withstanding that most
branches
at
talk about laws
as
apparent improvement
monopoly and competition.
prevent
activity of
sense
well
every
be lost to
a
as
ceptions of the New Deal.
Is the Attorney
General using the words "unfair competi¬
as
Europe
change almost
overnight,
not
his earlier utter¬
most emphatically
"chiselers"
In any event,
as
can,
knows,
adopted these general ideas.
They certainly
were then if they are not now the official con¬
officially attributed to ad¬
verse
tics
were
about
oc¬
regards international poli¬
The President in many of
is
however,
tive circles.
tition.
ances
sales
a
chiefly in specula¬
the situation in
of course nothing more nor less
than the ordinary garden variety of compe¬
disappointment with retail
has,
curred
"unfair
periods
despite the fact
prod¬
change that has taken
place
as "unfair trade practices''
competition" came to have a
wholly different meaning.
Many acts con¬
demned under such names during these later
and
reported,
these
purchased at
were
The
traction, such terms
worthy
It is
in
considerably earlier date.
under the later
ber of other important con¬
siderations.
of
of the Coolidge regime, and particularly
National Recovery Adminis-
gram
tion must embrace a num¬
of
ucts
Under the so-called fair trade practice pro¬
a
speculative
but
but doubtless
designed to
weeks.
reduction
been
has
be
war prep¬
known to have
are
marked
No
the later Fed¬
were
country
occurred in recent
trade and monopoly.
competition" were forbid¬
den because, as understood at common law,
they seemed often to be a part of the process
of establishing monopoly or restraining trade.
prevent restraint
"Unfair methods of
weak¬
assigned to recent
ness
eral Trade Commission Act
place must be
important
Act and
this
from
of
types
closely related to
unfair
prior to 1932.
Both the Sherman
perhaps the most
actual
against
certain
re¬
Large
which may or may not
were
ton
factors
of
goods
designed "to prevent monopoly
competition"?
Certainly not, if
we
are
to accept
the definition of "unfair
competition" assigned to these words by New
Deal managers from the President down, or,
for that matter, by a good many at Washing¬
these
Among other
sible for it.
cash
competition."
The Attorney General was doubtless refer¬
ring chiefly to the so-called Sherman Act and
markets
securities
doubtless
and
shipments
designed to prevent monopoly
the Federal Trade Commission Act.
natu¬
here.
percussions
and unfair
existing
now
largely independent of
in
of the law
ment
it
rally has given rise to
torney General said:
"In my opinion, the time has come for the
Federal Government to undertake a restate¬
no
been
have
to
substantial, and
industry under the anti-trust laws, the At¬
inconsiderable part the
abroad, again
particularly in London, is
Competition"
existing situation and the
but in
The
operations.
lative circles
the
dom at present,
short
from
effect of all this in specu¬
weaken
view
which had gained
buying
past week have not helped
to
buying by the
any,
materials and other goods,
presumably in preparation for possible war, has
diminished is not clear, but there can be no doubt
This is perhaps par¬
while past.
long
a
if
extent,
various countries of war
appraising the existing situation with greater care
than for
what
To
two.
or
THERE can community is today engaged in the
be no questioning the fact that re¬
business
now
being called
upon
and the planners stand revealed
as
to meet
without
2878
Financial
much confidence in themselves and
tent to meet their
problems.
wholly impo¬
as
The trouble is not that
disappointment is felt thatTthey
are
thus
weak and uncertain when
strength and
essential.
That is
hardly surprising.
proving
wisdom
are
The point is
that the practical business
manjknowns that there
is
nothing
dangerous $ as *
so
Chronicle
of
May 1, 1937
equivalent quantities of Italian marble at
spondingly high prices.
high time
if it
as
recognized the fact and stopped acting
we
were
magical substance subject to the
some
laws neither of money nor
The time has
for
come
neophyte
seeking in panic to find£a solution for, difficulties
beyond his understanding.
As is naturally to be
expected in these circumstances, suggestions, pro¬
grams and plans said now to be under consideration
to the World War.
at
conclusion and acts
a * nervous
,
Washington
except
include
to
seem
almost
everything
of action tested by past experience
courses
and found effective.
Gold
Question
ington
as
day, is
the
$35
most
The
price of gold
for the express
purpose
This it could
rise.
other causes,
promise
now
risen very
reached the
considerably, not
dollar devaluation
as
of
but nonetheless they have risen and
rise
to
of the
increased
of giving relief to debtors.
the result of
as
one
was
do, if at all, only by causing prices to
Prices have
much
so
pressing problems of the
in the early days of the New Deal
an ounce
farther,
although
goal set in 1933.
worries, if not the
Administration
they
Yet
one
have
not
of the chief
of chief anxiety, of the
is the fact that
prices are
source
now
all
to which
it had
The
It is to be
will arrive at
gold standard much
a
grown
comes
policies
fish, flesh, fowl
in effect
now
them
of
We shall be
until
and
international
•
gold standard is of
fraught with difficulties, but less
conditions
'
v
An
intol¬
Way Back to Normal
The restoration of the
courses.
be
would
•
difficulties
a
are
good red herring.
nor
continuance
The
to such
accordingly the better it will be
erable.
so
course
than alternative
plagued with gold and currency
something
reasonable
commerce.
approaching
freedom
is
normal
restored
to
Anything approaching
per¬
stability in international exchange, and
manent
tainly
accustomed prior
it
sooner
Gold
concerned.
was
quite obviously furnishing
now
chief difficulties.
to
for
regarded by many in Wash¬
affording the key to the solution of many
if not most of
late the world
or
satisfactory substitute for
like that
indefinite
Gold, which at the beginning of the President's
soon
of ordinary commodities.
definite decision.
a
the conclusion that it has been unable to find any
neither
The
first administration
hoped that
corre¬
If gold is money, then it is
cer¬
restoration of the gold standard, depend
any
restoration of equilibrium in international
upon a
trade relations in
general.
tions must
among
depend,
able currency
But normal trade rela¬
other things,
upon reason¬
relationships which reflect with
some
fidelity existing price levels in the various countries,
unless the world is
higher
It is, however, not in relation to the
price situation that gold is giving trouble. The point
is rather that, as was to be
expected, and as was
sumably it is not, to permit world-wide adjustments
expected by careful
between
and
rising.
students of the subject, gold
production has enormously increased and the bulk
of the
new
gold
or
its equivalent is coming to this
country, which is already surfeited with the yellow
metal.
Not
only, indeed, do
broadening
have
more
of it
now
than
for, but in order to prevent it from
much
very
credit and thus
we
the
more
exposing
base
of
bank
willing, which it is not, to permit
readjustments to strange currency relation¬
Unless the world is also willing, which pre¬
ships.
the
prices of
commodities and those of
gold in the countries where gold still plays
an
im¬
portant role, there must be a reduction in the price
of
gold in terms of the currencies of these countries.
It is
have any use
we
violent
certainly
too
none
There is
seriously.
ficulties.
to attack these problems
soon
other
no
Any other devices
cure
can
temporary expedients, useful,
as
for
goldfcdif-
our
at best be regarded
if useful at all,
to further danger of in¬
flation, the national credit is being used to absorb
when the real
great quantities of it, which in turn, along with other
turbing at the present time is the fact that there is
factors, is having seriously adverse effects
little
market for government
situation of their
are
own
us
obligations.
upon
the
To remedy this
making New Deal
managers
merely to alleviate existing evils pending the time
awareness
problems,
the existence of many
or
in
Washington of
for that matter, of
of them.
now
lifying its sterilization
Obviously here is
program.
an
absurd and
be
permitted to continue indefinitely. Yet the
dangerous situation that
that be appear to be
utterly at
cannot well
pow¬
doing
nothing,
waiting
But of
course
Micawber-like "for
are
some¬
nothing is likely to happen to
give them anything
relief.
cally
more
President
the
than
purely temporary
Indeed, the only thing that would automati¬
this stumbling block from their path
-—that is, the most drastic sort of
price readjust¬
ments—they would not like at all.
The first
Gold
of the world to decide is whether
forth consider gold as money.
intention,
then
an ounce
continued
is about
as
they will hence¬
If they have
purchases
sensible
as
the
of
no
such
gold
at
acquisition
particularly the
to be more disturbed about
this uneasiness
evidence
of
a
might well be
unwise
lack
of
a
a
those
any
of
most ardent
a
great
tendency to resort to
What
evidently is trou¬
bling the President, who incidentally four
was
circum¬
a source
understanding, and
of action.
courses
some
But here again there is too much
deal too much indication of
advocate of
years ago
higher prices than
existing, possibly of higher prices than
now
likely
soon
to exist, is the danger of
a
sharp
popular reaction when retail prices begin in earnest
reflect
upon
question for this country and the rest
seem
price situation than about gold. In
stances
to
Money?
Administration,
himself,
remove
Is
the
encouragement.
thing to turn up" to relieve them of their embarrass¬
ment.
Prices
Meantime
sea as to what
they ought to do about it, and in the meantime
$35
evidence of
no
the nature of these
having the Federal Reserve System buy
government obligations in large amounts, thus nul¬
ers
or
remedy is applied,
the
sible for these
to suppose
retail
at
an
higher costs that have been forced
manufacturers.
He himself is largely
respon¬
higher costs, but nonetheless he
that he
can prevent them from
seems
affecting
prices and still have manufacturing continue
undiminished rate.
stopped
to
ask
himself
He
apparently has not
just why
manufacturers
Volume
Financial
144
should continue to produce abundantly
not
if they
are
permitted to add to their prices enough to cover
additional costs.
As
itself far from confident that the
will
readily absorb
community is
is
large quantities of goods
continue
to
in
uncertain
more
President may
in
crease
its
profitable.
own
mind
prices at retail,
or
once
more
disposition
It
about
is
even
what
the
themselves
from
asking suffi¬
reasonable profit.
a
confusion of counsel and
appear
a
the part of the Administration to
on
of the real
cause
apprehensions of the day
thoughtful observers, although of course the
among
without doubt
able
bring the necessity of many disagree¬
readjustments of
essentially temporary sort.
an
Federal Reserve Bank Statement
manu¬
for that matter to pre¬
ciently high prices to provide
Here
the
at
presently do to prevent adequate in¬
manufacturers
vent
and
consumer can
prices that will presently be unavoidable if
facturing
is
adoption of sound policies at this late date would
of fact the business
matter
a
2879
Chronicle
FEDERALthe credit|and currency position week
RESERVE banking statistics this just
reflect
before
the
final
turbing, for it
of
increase
member bank
appears
that
United States Treasury
open
market purchases of
securities amounted to $39,-
Since the
market
657,000 in the week to Wednesday night.
announcement
made
was
reserve
The disclosures remain per¬
requirements, today.
on
April 5 that
open
try to ride two horses going in opposite directions.
operations would be resumed, ostensibly for mainte¬
Reports of strong support for another experiment
nance^
similar to that embodied in the National Industrial
some
Recovery Act
daily cheek by jowl with others
appear
of orderly conditions in the money market,
$96,000,000 of Treasury^obligations have been
added to the
portfolio.
telling of the institution of suits under the Sherman
does
Law, investigations into allegedly monopolistic prac¬
which makes it sadly
tices in the steel
operations
to
industry, and still others pointing
legislation extending the so-called anti-trust laws.
Certain observers at
Washington
lic that the President
are
telling the pub¬
really has not made up his
mind whether he wishes to launch the Adminis¬
own
tration
upon
sist upon
a
"trust-busting" campaign
or
to in¬
extensive regulation of business with the
intention, in effect, of fixing prices at what he thinks
proper
levels, and that meanwhile he is contenting
himself with
encouraging
consumer
resistance with
pronunciamentos about alleged profiteering.
what the facts really are
are
receive
the
cerns
Just
to be
Uncertainties
also other uncertainties
general recognition.
possible results of
dent in his Court
a
now
beginning
One of them con¬
victory by the Presi¬
"packing" plan, and another, not
entirely unrelated to his effort to force this program
upon
Congress and the country, is what appears to
be the
possible repercussions of
the President
President
the Court
can
a
loss of control by
and Congress.
If the
oblige Congress to do his bidding in
matter, and keep the full control in Con¬
which
gress
his party
over
in the Court struggle would
success
strongly indicate, he obviously could do about as he
pleased both in fixing prices and in attacking indus¬
revised form dictated
some
a
situation
dence.
hardly
But suppose
by him.
calculated
by
reason
Here too is
to stimulate
confi¬
of loss of prestige re¬
sulting from his ill-advised Court proposal, and for
other
purely political reasons, the President pres¬
were
Reserve
Treasury.
excess
of legal require¬
calculated at $1,640,000,000, up $50,-
After the final in¬
requirementsjtoday, it would appear
000,000 for the weekly period.
of
crease
reserve
that such
hood
excess reserves
still will be in the neighbor¬
of
$850,000,000.^Evenjon the basis of Jthe
dangerous
credit expansion at_a moment when recovery has pro¬
ceeded far and no possiblelcontention_can_be made
that business needs^the stimulus of extraordinarily
higher requirements, that^figure invites a
money.
_Gold statistics_supplied_in_the Federal Reserve
credit summary continue to reflect the abnormal
attraction
exerted by the
undervalued dollar.
Our
weekly
period,jind the aggregate is $11,782,000,000. The
gold stocks moved upj$45,000,000 in the
gold fund of the Treasury, which serves to
inactive
insulate the credit system
now
is moving
the
normal
member
from recent acquisitions,
rapidly toward the $600,000,000 level.
IT the Treasury
in
had compensated itself for the gold
manner,
banks
after
excess
reserve
the increase
balances of
of requirements
today would approximate $1,500,000,000, which is
another illustration
of^the dangers inherent in the
current situation.
Since the Treasury
try under the anti-trust laws either as they stand or
iv
have been prostituted to mere support
balances of member banks in
ments
kind,
apparent that these delicate
of the market for issues of the
easy
Other
There
seem
of telling.
any way
to
there does not
The banking position plainly
require ameliorative steps_ of this
not
from its
ordinary
continues to pay for all gold
resources,
gold certificate holdings
of the 12 Federal Reserve banks
show only
a
nominal
change at $8,843,402,000, a drop of $501,000 in
week to
reserves
April 28.
advanced
the
Other cash increased and total
$6,148,000 to $9,142,133,000.
receded
ently finds it impossible either to have his way in
Federal Reserve notes in actual circulation
"packing" the Supreme Court or in other legisla¬
$7,078,000 to $4,176,990,000. Total deposits with
the 12 banks increased $58,261,000 to $7,298,546,000,
tive programs
he
may
trol the actions of
alignments of
in
its
own
devise. Who then would con¬
Congress?
groups
What would be the
should Congress take the bit
it function effectively
Could
teeth?
Much
more
could be cited that would be
of
opinion, the want of
and
what
seems
to
sane
be the
on
an
even
aptly il¬
effects of past
It is
increase
drop' of the Treasury general account
^
and constructive ideas
balances
panicky state of mind
this, fully as much as the
sins of omission and commission, that
of
017,000,
themselves the task of keeping business
keel.
a
an
by $23,884,000]to $94,747,000; a decline
foreign bank balances by $3,217,000 to $96,-
thought, the division
prevailing among the New Deal managers who have
taken upon
816,000;
of
by $57,176,000 to $6,933,-
deposits
enough to do anything of consequence?
lustrative of the confusion of
with the account variations consisting
of member bank balances
and ami increase of non-member bank
by $28,186,000 to $173,966,000.
The re¬
ratio
serve
fell^to^79.7% from 80.0%.
Discounts
by the System moved up $3,307,000 to $10,999,000,
industrial
while
$23,180,000.
advances_increased
$96,000_to
Bankers bills purchased in the open
market aggregated $278,000, and the holdings
open
i
2880
Financial
thus
were
increased
to
$3,743,000.
United States
Government security holdings amount to $2,526,240,-
000, after the increase of $39,657,000 already noted.
THIS week was one of plunging prices on the New
York Stock Exchange, with the assigned
reasons
tically
drop
Monday and again
on
halting and not
sessions.
very
recorded
and
Wednesday, with
impressive rallies noted in other
substantial part of the advance
a
the last two years was
over
wiped out.
sion^, but there also
ing in the other periods.
the
doubtless
contributed
Washington
entirely
Roosevelt
terday, with railroad issues in the
stocks
rise in the cost of
for
also
showed
only
advanced
only small gains.
Widespread dissatisfaction
Administration
the
policies
unsettlement,
force.
with
be elim¬
may
When
Wednesday of
living," it
United
States
President
"the
present
was
accepted
another
as
But the collapse of
day.
High-grade corporate issues
some reason
to believe that
speculative
in
our
That
market
own
recognized by all observers.
some
small firms in
a
commitments
was
originated abroad
was
Indeed, it appeared that
London, Paris and elsewhere
were
the
present [high level
these
and
some
Added to
current quarter.
minor
factors
activity
were
rumors
of
changes in the American gold policy.
The stock market gave signs
last week and the session last
by
general
stocks fell
road and
reductions
Saturday
marked
was
Industrial
quotations.
When business
tumbling
quotations
was
resumed
the rule.
were
Records
were
in which
equally drastic reductions developed.
ing issues
searched for
a
back to find
year
the
off fractions to 5
On
the
touched
New
touched
low levels.
new
stocks
touched
York
points,
a
session
Lead¬
throughout the day and stocks closed
was a
better tone
Tuesday, but the rally in that session
convincing.
in most
Levels
were
close with advances of
a
not
few stocks managed to
point
a
was
marked fractionally higher
instances, and only
or
two.
Late in the
day the United States Steel Corp. issued its quarterly
report, showing good earnings, but a little disappoint¬
ment
caused
was
dividends
on
by only partial clearance of back
cumulative
of any
declaration
opened
on
on
preferred stock and the lack
common.
Wednesday, it
was
the
new
stocks
New
York
Curb
high levels and 369
levels.
Exchange
3
while 592 stocks
Call
loans
remained
on
the
unchanged
1%.
On
the
New
the
York
half-day session
shares;
Stock
on
Exchange the sales at
Saturday last
Monday they
on
were
897,640
2,023,210 shares;
were
Tuesday, 1,411,700 shares;
on
Wednesday, 2,525,580
on
When the market
faced by the Presiden¬
on Friday,
On the New York Curb Exchange
1,449,500 shares.
the
sales
last
Saturday
Monday, 489,620 shares;
on
were
on
176,355 shares;
on
Tuesday, 372,765 shares;
Wednesday, 579,120 shares;
shares, and
The
on Thursday, 412,715
Friday, 333,105 shares.
on
stock
market
influences of
an
culminated in
The break
on
Exchange
year
On
low
new
Stock
ing recessions took place in commodities.
There
Stock
Exchange 2 stocks touched
last recessions
weak at their lowest levels.
and
equities
improved.
York
high levels for the
new
accompany¬
unrelieved
in
Sterling exchange
steadily higher, along with its satellite units,
affected, and it is significant that
was
here
by marked firmness.
a
great severity.
groups
shake-out
severe
with all
were
gen¬
shares;on Thursday,2,026,022shares, and
of its uncertainty late
sharply and smaller losses occurred in rail¬
utility stocks.
Monday,
on
of
apparent, with declines
was
while French francs also
suggestions that
of general business
mightJnot last beyond the
all
were
equities
early in the week, although rallies
thereafter.
The foreign exchanges re¬
developed
flected
at
of such troubles made for caution
as
In the commodity markets
and sharp
exaggerated
Also important
higher.
much unsettlement
eral
New
rumors
drastically downward during the early
marked
were
well-
a
better after
were
while improvement developed
having difficulty in meeting commitments, and the
everywhere.
diverse.
hesitant
speculative bonds the
more
sessions,
in
good deal of the liqui¬
In the
tendency
tended
dation
were
were
acquisitions by the Federal
enormous
early dulness.
markets here, and there is
London banks added to the pressure on stocks by sug¬
American issues there.
market, movements
government securities
first, despite
commodities
of
stocks
But such gains canceled
portfolio, but
liquidation of stocks..
lightening
utility
modest part of the previous declines.
a
In the listed bond
commodity speculation in London also influenced the
gesting
Industrial
van.
while
easily,
Thursday and yester¬
hazard of undue advances in prices with a resulting
reason
few weak spots, traceable almost
directly to foreign selling, but points of strength also
appeared.
The improvement was more decided yes¬
a
sustained advance took place
to
on
approximately unchanged figures.
still
were
Reserve for the open market
potent
warned
at
were
The
Thursday and
on
at
that margin trading
a
place in carrier and utility issues.
regained its poise early
ses¬
Roosevelt
rumors
1937
good deal of selective buy¬
was a
regarding
May 1,
The
hurried and general in the two weak
was
inated
Levels broke dras¬
on
took
closings
Hundreds of issues receded to lowest levels
of this year
selling
and various.
many
also
market
There
The New York Stock Market
for the
Chronicle
fluctuations
issues
week
were
in
market
the order.
prices
invoked
on
sustained
the
on
Saturday
Monday violent
with
one
prominent
to six
favorable
The rallying
points,
reports
powers
of
of the
Tuesday, and in cautious
trading stocks managed to
losses
On
occurred,
continued
industry.
were
by
This
general slump in equity values of
recording declines of from
and
dominated
was
In the short session
notwithstanding
trade
this
extremely pessimistic nature.
recover a
day before.
portion of the
The stability of
the
market, however, was short-lived, and stocks on
Wednesday again plunged downward to new low
levels.
The main
market's
course
influence in the
was
the
reversal
of
the
warning given to business
by the President of the hazard created by undue
price advances resulting in higher living costs.
tial warning on prices, rumors of financial troubles in
Traders
London, reports of collapsing levels of stock prices in
all markets, and fears of still more unsettling mone¬
greater calm, and some recovery in prices resulted.
tary
those
developments.
on
year were
The declines
Monday, and
once
almost equalled
again fresh lows for the
reached in hundreds of instances.
Leading
industrial stocks plunged 1 to 7 points and declines
This
on
was
strength
Thursday regarded the situation with
followed yesterday
and
further
values.
General
against
54
on
by increased market
improvement
Electric closed
in
security
yesterday at 53%
Friday of last week; Consolidated
Edison Co. of N. Y. at
37% against 38%; Columbia
Gas & Elec. at
N. J. at
at
yesterday at 131%c. against 130%c. the close on
4
May corn at Chicago closed
Friday of last week.
against 87; Montgomery Ward & Co. at 55% against
57%; Wool worth at 49 against 52%, and American
day of last week.
Fri¬
yesterday at 130c. against 127%c. the close on
Tel. & Tel. at
closed
Western Union
162% against 167%.
yesterday at 62% against 65 on Friday of
day at 50%c. against 48%c. the close on Friday of
The
238; E. I. du Pont de Nemours at 154 against 156%;
closed
National Cash
close
at
59%
62%;
National
Products
Dairy
at
22% against 23%;
National
Biscuit at
at
Register at 31% against 32%; Inter¬
Nickel
national
against
25% against 26%; Texas Gulf Sulphur
36% against 38%; Continental Can at 53 against
13% against 14%; Westinghouse Elec. &
against
140%
Mfg. at
Lorillard
139%;
at 21%
Friday
on
close
{of last week.
yesterday at 14c. as against 14%c. the close
London the
In
ounce
stocks
steel
market
reflect
yesterday at 45c. as against 44%c.
the
great pressure the
United States
yesterday at 101% against 111 on Fri¬
on
Steel
Steel at
Tube
at
against 89%;
86%
as
In the motor group,
87% against 90%.
yesterday at 29% against 31%
Auburn Auto closed
Friday of last week; General Motors at 58%
on
against 58%; Chrysler at 113% against 115%, and
(new)
Hupp Motors
rubber group,
at 3% against 3%.
In the
Goodyear Tire & Rubber closed yester¬
the
this
financial centers, and also in those of other
The movements paralleled those evident
pean
countries.
the New York
on
declines in
markets, and the manner in which
market touched off hasty liquidation
one
elsewhere afforded fresh evidence
termine
on
The railroad shares
against 46%.
irregularly higher as compared with the close
Friday
week
a
ago.
Pennsylvania RR. closed
Friday of last
week; Atchison Topeka & Santa Fe at 88% against
84; New York Central at 47% against 48%; Union
yesterday at 44% against 44% on
Pacific
144
at
against 144;
Southern Pacific at
Railway at 38%
against 38%, and Northern Pacific at 33% against
32%. Among the oil stocks, Standard Oil of N. J.
closed yesterday at 66% against 67% on Friday of
last week; Shell Union Oil at 27% against 30%, and
57%
58%;
against
Southern
Refining at 30%
Atlantic
against 32%.
In the
Anaconda Copper closed yesterday at
copper group,
week; American
Smelting & Refining at 86 against 87%, and Phelps
Dodge at 47% against 50%.
51% against 55% on Friday of last
Trade and industrial
reports reflect a continued
good rate of operations, with the
seasonal decline
Steel ingot production for the week
only modest.
ending today was estimated by the American Iron
and Steel Institute at 92.3% of capacity against
91.3% last week and 71.2% at this time last year.
Production
April 24
tute at
of
was
electric
power
for
the week ended
reported by the Edison Electric Insti¬
2,188,124,000 kilowatt hours against 2,173,-
223,000 kilowatt hours in the preceding week and
1,914,710,000 kilowatt hours in the corresponding
Car loadings of revenue freight in
week of 1936.
the wek ended
April 24 totaled 761,182 cars, accord¬
Railroads. This
preceding
over the same week
ing to the Association of American
was.an
increase of 9,854 cars over the
week and
a
gain of 95,233 cars
last year.
;
of last week.
on
day at 31% against 43% on Friday of last week;
are
as
DRASTIC and long-continued declines developed
week
stock exchanges in all the Euro¬
United States Rubber at 59
Goodrich at 43%
$4.94%
European Stock Markets
the
the
of
source
of the close inter¬
Any attempt to de¬
relations of all financial centers.
against 62%, and B. F.
cable
exchanges,
foreign
against 4.43%c. the close on Friday
Republic
38% against 40%, and Youngstown Sheet &
at
of
London closed yesterday at
against $4.93% the close on Friday of last week, and
cable transfers on Paris closed yesterday at 4.47%c.
day of last week; Inland Steel at 113% against 114;
Bethlehem
Friday of last week.
matter
transfers
experienced the present week.
Steel closed
on
the
In
3/16 pence per
Friday of last week, and spot silver in
on
the close
The
price of bar silver yesterday was
20% pence per ounce as against 20
New York closed
30% against 32%.
Domestic copper
Friday of last week.
on
35
Distillers at
The spot price for
week.
Friday of last
on
closed
Schenley Distillers at 44 against 44%, and National
York
yesterday was 21.10c. as against 22.93c. the
against 22%; United States Industrial Alcohol at
against 38%; Canada Dry at 29% against 31;
cotton here in New
spot price for
yesterday at 13.51c. as against 13.79c. the
rubber
56%; Eastman Kodak at 154 against 158; Standard
Brands at
May oats at Chicago closed yester¬
last week.
week; Allied Chemical & Dye at 230 against
last
<
kets, the May option for wheat in Chicago closed
167% against 163; International Harvester
105% against 106%; Sears, Roebuck & Co. at 88
indicating the course of the commodity mar-
As
13% against 14; Public Service of
42% against 42%; J. I. Case Threshing Ma¬
chine at
2881
Chronicle
Financial
144
Volume
week
difficulties this
Financial markets have been waver¬
would be idle.
break in commodi¬
indica¬
change in sentiment. Since early in April,
ing for some time, and the sharp
ties
early last month afforded the earliest
tions of
a
and
more
more
uncertainty has been evident in the
principal centers regarding the high levels to which
security prices were driven in the protracted ad¬
that started early
vance
in 1935.
The belief slowly
been
commodities. A
spread that the advance in price levels had
overdone, in securities as well as in
drastic correction took
aided not
a
place this week, and it was
little by political pressure
and political
developments in some of the markets.
The shake-out was
since 1929 and
regarded
as
the most severe
1931, and the question seriously was
posed in London for a time whether the
incident pre¬
But such pessimism
did not last, for good demand readily developed after
several days of rapidly receding levels. On the Lon¬
saged
a
revisitation of 1929.
Stock exchange the
don
cline
chief influence for the de¬
appeared to be the "growth of profits" taxation
proposed last week in the budgetary presentation by
Chancellor of the Exchequer Neville Chamberlain.
This
new
tax caused
endless protest, and it was un¬
questionably a highly important factor in the gen¬
eral
liquidation. But the recessions were world-wide,
the various counter-speculative
and it is evident that
moves
much
of
to
the
do
Roosevelt
with
the
Administration
unsettlement.
also
The
had
selling
quickly spread to Paris and the Central European
exchanges.
break
so
on
The Vienna exchange suffered a terrific
Tuesday, while losses at Budapest were
large that transactions at
recessions of more than
On the Cape
10% were canceled by official order.
2882
Financial
Town and
losses
Johannesburg exchanges of South Africa
were
Tokio and
There
extremely
in gold mining stocks.
severe
Bombay joined in the world-wide
were
numerous
decline.
reports of financial difficul¬
ties for
brokerage firms in the various markets, but
only one or two minor suspensions actually took
place. Indicative of the state of affairs
the
was
jocu¬
lar
suggestion at London, Thursday, that the Ex¬
change there, which was being decorated with bunt¬
ing for the coronation, should be hung with crepe
instead. But by Thursday a
degree of calm was re¬
stored
and
fears
no
entertained
were
of
further
collapse.
costs
and the
that purpose
ing.
in
was
state border¬
a
demoralization last Monday, with
on
ment
Exchange
It
tions for
rapid increase of taxation
considered the chief
lightening of commitments
for
for the
success
new
£100,000,000
armaments
loan.
British funds and other
gilt-edged issues were
steady, but sharp recessions developed in industrial
stocks, while precious and base metal issues and the
stocks of rubber and other
agricultural commodity
companies dropped sensationally. Anglo-American
trading favorites were marked down to conform with
week-end advices from New York.
On
Industrial stocks
were
and
marked lower
in
day
The
opening
better, but the rally
was
quidation
soon
was
resumed and
was
were
driven
ing.
Gilt-edged issues
sharply lower in
were
a
Wednes¬
on
short-lived.
once
general
wave
Some comfort
was
tax
not
was
of sell¬
gained from assertions by
"growth of profits"
needlessly onerous, but this merely tem¬
the decline.
pered
Commodity issues and Anglo-
American favorites remained
other
heavy selling
but it
was
wave
particularly weak. An¬
developed
modified late in the
Thursday,
on
day, partly because
Chancellor Chamberlain expressed
great
to the
general outlook.
to those
cline
originating locally, and for
was
unchecked.
optimism
Selling orders from Am¬
sterdam, Paris, Brussels and Capetown
But
a
were
added
time the de¬
"bargain hunters" began
pick up issues here and there at the lower levels
late in the
day, and
Gilt-edged issues
a
preceding sessions, while bqpk stocks and industrial
dropped sharply.
Foreign securities also
sold, with gold mining shares weaker than
others.
A
almost
all
substantial
sections.
marked
were
and
the Berlin Boerse
sharp rally finally developed.
Monday
A
greater
other
the
Losses
potash group
the
There
were
recessions of
little
was
activity
were
in
noted
French
equities
were
a
ruinous
and
some
improvement
on
Tuesday.
part of their losses, and
other
Indications
that the demands of labor would not be met
sioned
on
hard hit, while international
securities also suffered drastic declines.
covered
com¬
iy2 to 2 points
stocks
a
occa¬
Rentes Re¬
steady tone
point
or more
The
heavy industrial, electrical
Berlin
market
again
Thursday, with potash stocks weak
dividend
market
reductions.
reflected
noted at Berlin
were
were
was
on
intimations
on
of the
Modest
pressure.
yesterday in
quiet
dull
Other departments
modest
gains
quiet session.
a
Belgian Neutrality
THROUGH the British and French guarantee of
Ambassadors
Brussels,
Anglo-French
to
an
Belgian neutrality
the
time
same
released
from
declaration
that
its
in
accorded last Saturday, at
was
the
Belgian government
Locarno
behalf
of
pre-
obligations.
the
A
was
joint
two
great Western
European democracies signalized this development
in Western
European affairs, and Belgium replied
with
brief note of thanks and commendation.
a
Belgium this event
fication
From
described with
some
In
justi¬
"the
political bargain of the century."
larger point of view, it is apparent that
a
Great
their
as
was
Britain
and
intention
of
France
thus
quietly indicated
maintaining the status
quo in
Europe, despite the failure of the long pro¬
tracted negotiations for a new Locarno
pact.
Per¬
haps even more significant than the assurances
Western
French
was
a
renewal by the British and
governments of their mutual undertakings.
The German response
to the latest development will
interesting to observe, although not much hope
of
Bank
a
Wednesday, but
Fixed-interest issues
prevails in that connection.
program.
on
again was soft.
Losses in the potash
ranged to three points, while only modest
declines
of
were
trend
calamitous by market
from French labor leaders for
were
chiefly fractional, and only in
were
the Paris Bourse this week
works
changes
degree of uneasiness
markets, but the movements at Berlin
small.
as
public
the
to
prevailed Tuesday, owing to the developments in
on
pressure
noted
the first hour the tone steadied and net
inconsequential.
opening session
down
quiet all week,
were
Dealings on
listless, and after modest declines in
were
frankly described
were
equities
international
some
recessions recorded elsewhere.
severe
be
were
Rentes
French
was
only minor repercussions
losses for the day were small.
mentators.
and
gained.
on
given Belgium
The
rally occurred yesterday in
Rentes
sharply higher, and
firm yesterday, but uncer¬
tainty marked the early trading in industrial and
commodity issues. A rally developed at the end and
was
larger scale Thurs¬
a
Li¬
relatively quiet, but in
Chancellor Chamberlain that his
on
sharp recessions.
issues
again prices
the industrial section losses occurred in almost all
stocks.
resumed
was
firm.
trans-Atlantic issues.
suffered
day, with rentes losing all the gains of the two
and
pecially weak, and other commodity issues also re¬
ceded, while drastic losses likewise were recorded
to
Liquidation
securities
bank stocks.
were es¬
stocks
all
international
and
South African gold mining stocks
industrial
and
im¬
tendency
any
Wednesday. Ren¬
on
improvement for the day, and
also
merely brought out fresh burts of
toward recovery
selling.
transaction,
every
re¬
proved, but most domestic issues and almost
issues
almost
small net
a
French bank
some
was subjected to a
steady barrage
liquidation, with gilt-edged issues suffering along
on
in evidence at Paris
was
tes showed
noted.
with the rest.
as
again
Tuesday the
London market
of
Unsettlement
Trading
given the London banks by the British Treasury, to
insure
dismaying
issues also
have been
International securities
ports from London and New York.
that intima¬
may
equities.
remained weak under the influence of
for the sell¬
cause
also surmised, however,
was
rearma¬
May i, mi
vailed in French
were
The London Stock
ing
Chronicle
Chancellor
Hitler's
It
was
assurances,
dresses, that the German Reich
was
largely because
in
public
willing to
antee
Belgian neutrality that Belgium drew
from
ad¬
guar¬
any
away
commitments in the proposed Western
European accord. But a specific German undertak¬
ing
apparently
would
aloofness from the
be
predicated
League of Nations.
on
Belgian
In the joint
Anglo-French note it is indicated that Brussels is
to remain faithful to
League commitments.
In view
Financial
144
Volume
of all these circumstances it would appear
that the
Locarno treaty has been shelved,
Anglo-French unity has been renewed in the
for
program
while
a new
face of the threat occasioned
Paul
Spaak,
Belgian Foreign Minister, re¬
the
in
a
reported scheme for isolation of Czechoslovakia.
No mention of such
declaration, of
plans was made in the official
but the Rome correspondent
course,
of the New York
"Herald Tribune" remarked that
the
by Fascist aggressive¬
military and diplomatic.
ness,
2883
Chronicle
a press
Austrians, in
assure
conference, "hastened to
Chancellor
that
representatives
press
adamant against the
remained
ceived the declaration from British Ambassador Sir
Schuschnigg had
Robert
Hitler-Mussolini scheme to isolate Czechoslovakia."
Clive,
The
roche.
French Ambassador Jules La-
and
joint
communication
desire to have the international rights and
gian
German-Italian
noted the Bel¬
meanwhile, in
obligations of Belgium clarified in certain respects
Hermann
where this is necessary
second
by
of the geographical
reason
unity
Goering,
in
again
emphasized,
was
another visit to Rome by General
command
who
generally
is
only to Chancellor
considered
Hitler in
The German Air Minister conferred ex¬
position and by delays which still may occur before
the Reich.
the
tensively last Monday with Premier
negotiation and conclusion of the. general act
intended to
of
taken
the
frontiers
Note was
replace the Locarno treaty.
Belgian determination to defend the
of that
country against any invasion or
and of the renewed assurances of Belgian
passage,
fidelity to the covenant of the League of Nations
and to the
obligations which it involves for mem¬
The
bers.
British
and
French
governments
de¬
day without any
It
resulting from either the Treaty of Locarno
drawn
in London March 19,
up
1936, and that they maintain in respect of Belgium
undertakings of assistance which they entered
the
into toward
British
the
that
her under the above-mentioned instru¬
The declaration closed with the statement
ments."
that the release of
no
agreed
Belgium from her obligations "in
affects existing undertakings between the
way
United
French governments
and
Kingdom and France."
Early this week
Premier
generally believed, however, that the Central
was
Spain actu¬
European question and the civil war in
German and Italian officials.
an expectation for a time that Premier
would visit the Reich early this month,
occupied
There
the arrangements
for the ostensible pur¬
Mussolini, for direct talks with Chancellor Hitler.
to be now released from all the
or
was
of arranging a trip to Germany by
pose
ally
them
This visit
versations.
clared, in consequence, that "they consider Belgium
obligations toward
Mussolini and
left Tues¬
public comment regarding the con¬
Foreign Minister Galeazzo Ciano, and he
was
Mussolini
but it is
ences
the
reported from Berlin that the confer¬
now
have been
the German
rath, is to go to Rome tomorrow,
any
But
postponed until June or July.
Foreign Minister, Konstantin von Neu-
possibly to dispel
impression of coolness between the two coun¬
tries, and Werner von Blomberg, the
ister of
German Min¬
Defense, will make a similar journey soon.
There is
growing disposition at Berlin to
a
draw from active
with¬
participation in the Spanish con¬
be ever more anxious
In
view of the change now noted with respect to Cen¬
tral Europe, it may well be that the two Fascist
Dictators have agreed upon mutual assistance for
Foreign Secretary Anthony Eden returned the visit
flict, while Rome appears to
recently paid to London by the Belgian Monarch,
for
King Leopold.
available
as
British
the
But little information was made
to results of the conversations between
and
Minister
the Belgian
authorities.
Captain Eden left Brussels on Tuesday he
When
merely indicated that he was "extremely
with the results of his
satisfied"
in
with
was
Italian
German
Austrian
the Iberian Peninsula.
expansion eastward and Italian
aggrandize¬
ment in the Mediterranean area.
Spain
MUCH Central Europethe next diplomatic moves
anxiety as to
created this week by
of
Fascist victory on
stay.
Central Europe
conferences
a
and
German
authorities
representatives in Venice and Rome.
The Austro-Italian talks were more
indicative and
revealing, though not necessarily more important.
It is evident that a new orientation of Fascist
policy toward the Danubian States is in progress,
an event of this nature
always is highly im¬
IN insurgents for control of Spain, a new pitchand
THE prolonged struggle between loyalists of
wanton
this
killing and destruction
overshadowed by the still more
around
abatement, but it was
ferocious contest for
the small northern area
Bilbao, which ^till was
of the
seemed to be reached,
raged without
The battle for Madrid
week.
held by the Basque supporters
Rebel forces con¬
duly elected Government.
centrated much of their strength in
the battle for
and
Bilbao, not only because of the strategic
portant since European wars frequently
take their
eliminating the threat to
their
origin in such matters.
the deadlock at Madrid
appeared to make
for
Reports have been current
Italy is becoming resigned to a
standing
some
Nazi
able
weeks that
rear,
need for
but also because
an
out¬
elsewhere advisable, in order to
morale of the assortment of Spanish,
success
the
regime in Austria, and the evidence now avail¬
bolster
suggests that Rome is relinquishing much of
Nazi govern¬
Moorish, German and Italian forces at the insurgent
Chancellor, Kurt Schuschnigg,
loyalists and rebels are having trouble in keeping
their respective diverse elements in line, and the
its influence in Vienna to the German
ment.
The Austrian
conferred at
length late last week with Premier Mus¬
command.
There
solini in
reason
to
believe
that both
doubtless is prominent at all
question of morale
a
is
times.
Venice, and at the end of the conversations
communication was issued which failed for the
first time in years
upon
to mention the Italian insistence
Austrian independence.
ization in Danubian
Europe could not be achieved
and Eibar
participation of Germany."
In
"Drang nach Osten" it
be equally significant that the Austrian Chan¬
cellor declined to submit to Italian pressure
Basque loyalists
week-end.
view of the renewed German
may
The insurgent assault on
the
statement insisted that stabil¬
toric assurance, the
"without the active
In place of that his¬
for aid
was
the
narrow
intensified
strip held by
over
the last
By Sunday night the towns of Durango
were
reported captured by the rebels, with
After a cautious advance, the in¬
Eibar in flames.
surgents
prepared for the capture of the ancient
launching air raids
Bombs and incendiary
Basque capital of Guernica by
against that
open
town.
2884
Financial
projectiles by the hundreds
ported, and
dropped, it is
were
800 civilians
some
re¬
killed in the raids.
were
Chronicle
five
May 1, 1937
The amount rather exceeded market
years.
expectations, but Mr. Chamberlain explained that
The devastated city was
occupied by rebel troops on
Thursday, and General Francisco Franco's forces
and the amount to be
then hurried to continue their
against Bilbao,
tions
this
The authorities of Bilbao,
issue
securities
chief city of the region.
determined to defend it
move
to the last
and faced
with
there is
no
favorable.
just
The
quested international aid
some
uneasiness
units
was
evacuation
of
all
non-combatants.
»in England,
sponse
countries
Wednesday in
France
The
and the
proposed
a
public
re¬
Scandinavian
favorable, but the Governments prob¬
ably will be inclined to temporize and seek other
was
for
means
solution to the problem.
a
intense
an
Huge shells
dropped in the business section of the
United
the
States for the
shipments to Spain, which
April 20,
on
than 500.
and "■volunteer"
clamped down fully
was
to be working with reasonable
appears
smoothness and efficiency.
coal mine
pay
claims to
determined
production
A number of British
ships carrying food late last week
ran
the rebel block¬
ade of Bilbao, under the guns of the huge battle cruiser
"Hood."
British sentiment against the insurgents
aroused by the airplane bombing of the town
was
of
Guernica, and
angry protests
made in the
were
leases
do
be
to such
second in
official
command to
visit
to
Chancellor
Italy this
Hitler, paid
an
week, and the German
cellor Hitler congratulated
the
establishment
of
a
Chan¬
Franco, last Monday,
totalitarian
State
in
on
rebel
British Armaments
life,"
ESS budget a presentation the announcement in the
than week after that
"growth of
new
would be imposed to defray a large
huge armaments costs of the British
of the
Government, Chancellor of the Exchequer Neville
Chamberlain
loan for the
made
the
terms
general purposes.
same
Monday
known
of
the
other
if
be
too
full
in
doubt exists
also
were
through
Banks.
of the
for
an
to
up
in
considered
was
application.
on
designed to
some
£5
buyers of £5
or
can
pay in instalments over a period
months, while subscribers for less than £5
tutional .investors
cess
it
on
given
an
England,
a
This
appeal
matter
this point.
to
and
of
prompt
opportunity
The
available
at
obligations offered
insti¬
suc¬
although
course,
But small investors
of
participating
issue of registered bonds in
£1,000,
flotation
large
amounts
Postoffice
are
of
Savings
the first portion
£400,000,000 of defense loans, to be floated
the
rearmament
requirements
over
the
"Nationali¬
is
and
even
important
more
bringing in
as
owners
'socialism in
as
a
of
our
nationalization is to
viewpoints, it remains
some
com¬
forting that full compensation is to be given.
also to be
Treasury,
industry will be allayed under
It is noted in the
"Times"
expected to impose
430,000,
It is
hoped that the labor troubles which long
York
a
a
The troubles of the British coal industry
long to list, and much
regretted from
leave
as
of the long-sick industry,
cure
really vigorous Labor Government gains
a
thft
a
the
dispatch to the
scheme
new
serious burden
is
not
the British
on
the annual royalties amount to £4,-
as
so
that continuance of the charges would
surplus after providing for service
ties to be floated in connection with the
on
securi¬
project.
French Reforms
He announced
a
was
problem.
first
of the issue
pay
of the
central authority then
a
method of compensating
a
industries
time'
Leon
obviously
as many
but legislation to
1950,
of the foundations of Britain's economic
precedent for
99and provision was made that
must
time,
royalties is most important
"But
time to time
of three
and
soon,
step for the
£100,000,000 issue of 2%% obliga¬
tions, to be redeemed in five equal annual drawings
beginning in 1944.
The securities were priced at
more
a
London dispatch to the New York "Times"
a
New
profits" taxes
last
expire until
nationalization.
Financing
Full control of the
owners.
be delayed for
marked this British
Spain.
part
not
one
power."
regime of the rebel General Franco, in Spain.
sum
special board of arbitration which
a
may
remarked.
are
toward the Fascist
by
of the coal
zation
official is said to have discussed with Premier Mus¬
be taken
£66,450,000 for acquisition of
owners
introduced
solini the attitude
to
industry in the United
will be created to deal with the
which is
answer
coal
implement the findings of the arbitration board is to
of
criticisms, that both sides in Spain have engaged in
bombing open towns.
General Hermann Goering,
Industry
careful consideration to the .claims, aggregating
necessary
Secretary Anthony Eden replied, in
our
ready for the final steps in the
the
of
£150,000,000, of the 4,300
House of Commons,
Wednesday, against the policy
aloofness adopted by the Baldwin Cabinet.
Foreign
financing of
royalties, this being the compromise
civil
interesting.
The terms
He indicated that the Government will
Kingdom.
gave
remain
and
financing
PRIME Minister Stanley Baldwin announcedthe
in
the House of Commons, last Monday, that
There have not as yet
been any reports of violations, or attempted viola¬
tions.
But other international aspects of the Spanish
war
deficit
British Coal
nationalization
arms
deficit
Government.
own
of intermittent
was more
of
occasioned in world markets.
British Government is
shelling
will
appear
may
regarding the future of monetary
city day after day, and the total of dead in 16 days
The international control of
market
approximate those possible at the present time in
On the Madrid
artillery bombardment of the capital.
were
of appropria¬
way
signalizes the resumption by
Government
front, meanwhile, the rebels contended themselves
with
the
as
loan
the
British
provided by
The Government, he added,
year.
the task of feeding the large civilian
population, re¬
on
relation between the borrowing
necessary
next
POLITICAL unrestand doubts
appears steadily to be mount¬
ing in France,
expressed from
are
to the
as
ability of the astute Premier,
Blum, to hold together indefinitely the diverse
elements of the so-called
Popular Front.
maneuvering the Premier avoided
general debate
Parliament
lengthening
next
until
doubtless
and
is
entering
vacations
test in the
poned
the
will
By skillful
embarrassing
his policies this week, and
on
now
an
it
may
Chamber of
autumn.
continue
the
upon
well
be
that
the
of
the
Deputies will be post¬
Meanwhile,
his
as-
period
moves
M.
toward
Blum
reforms
against the economic tendency of higher price
levels which the recent devaluation
again stimulated.
Demands of the labor elements in France are be¬
coming
ever
more
insistent,
develop sporadically,
and
an
sit-down
immense
strikes
and
still
costly
Volume
public works
circulation, brought about a falling off of £4,816,000
is being urged, despite
now
program
which the Treasury
the strains to
in
already is sub¬
the program
of the Treasury in
day, before the Finance Commission of the Chamber.
Public
de¬
The latter consists of bankers'
creased £2,906,439.
The
accounts
position is comfortable and
contemplated,
of
the
two
to
defense
loan,
8,000,000,000
Renewed
France.
come
assurances
which decreased £3,615,662
counts which
it
30.8%.
was
Loans
£1,172,328.
regime
far
BANK
proposed by the Blum
No change
£2,045,899.
Below
with comparisons for
sweeping and obviously needful
£873,571, and securities
which increased
which fell off
September.
decreased
Other securities included discounts and
the bank rate.
so
Government securities rose
on
were
limit set in the devaluation of last
of reform
OF
announced by M. Auriol, in the course
we
was
his
prior years.
ENGLAND'S
COMPARATIVE STATEMENT
indicated that the
was
April 28,
Map 1,
1935
1934
£
£
May 3,
May 2,
1936
£
looked toward
Government
April 29,
£
It
exposition to the Finance Commission.
made in
was
show the items tabulated
1937
of
ac¬
proportion
£3,665,000, and those on other securities
advances
measures
and other
reserve
from
given that in the current fluctuations of the franc,
that unit would not be allowed to fall below the
One of the most
The
£709,223.
rose
dropped to 29.9% from 32.5% a week ago; last year
sub¬
francs
had
164,000,000
are
revealed,
of the national
sections
recent
only
outside
sources
the
fresh loans
no
insisted.. .He
Auriol
that
however,
scribed
M.
£314,669,-
deposits increased £576,000, while other deposits
address, Wednes¬
an
Gold holdings now aggregate
reserves.
937, compared with £203,522,358 a year ago.
Finance Minister Vincent Auriol defended
jected.
2885
Chronicle
Financial
144
1933
468,816, 000 416 ,876,245 392,578, 531 378 508,821 373,507,315
7 840,485
7 ,453,467
8,811,136
8,007, 373
26,161, 000
127,143, 770 143 ,736,542 155,547, 683 152 508,239 137,440,957
99,655,022
Bankers' accounts.
87,565, 860 104 ,704,589 115,522, 833 116 210,757
37,785,835
Other accounts
39,577, 910 39 ,031,953 40,024, 850 36 297,482
Circulation
Public deposits
clarification
the
of
financial
relations,
and
Other deposits.
regu¬
Such
25,000,000,000 francs, and they
latory, with the independent French railroads.
lines
the State
owe
have
capitalization of only 8,000,000,000
Auriol "suggested" that all roads be
joint
a
M.
francs.
merged
into
single
a
carriers back
on
a
although
10% to 15%, in freight
fares would remain un¬
passenger
The troubles of the French railways are
changed.
chiefly to the
.
"coordination" of the post-war
-.
_
67,656,127
22,912,341
11,634,554
9 778,850
12 ,640,921
11,277,787
8,973, 373
Securities
Reserve notes & coin.
45,853, 000 46 ,646,113 60,531, 849 73 633,246 73,420,911
Coin and bullion.
314,669, 937 203 ,522,358 193,110, 380 192 ,142,067 186,927,226
Disct. & advances.
—
_____
29.9%
the item since
in
temporary
Central Banks
centers
are
shown in the table which follows:
RATES OF
DISCOUNT
k.
Eiun
Dale
vious
Avi 30
Country
Established
1
Mar.
Argentina..
Batavla
Effect
10 1935
July
1 1935
44
4
Aug. 28 1935
3
Nov. 29
Dec.
1935
2
May
15 1935
6
Aug.
15 1935
7
24
Mar
3
June 30
>932
44
May
18
11 1935
Apr.
3
Jan.
6 1936
14 1937
Jan.
24 1935
44
Java...
July
18 1933
5
Jugoslavl
5
Feb.
1 1935
July
1 1936
Dec.
Danzig.
1936
34
May 28 1935
5 1936
4
Jan.
2 1937
Norway
Oct.
19 1936
34
Poland.
5
Oct.
25 1933
2
..
Eneland
4
4
...
Denmark
June 30 1932
24
54
Portugal...
5
Dec.
13 1934
5
25 1934
4 1934
7 1934
44
South Africa
44
34
Dec.
Dec
May
15 1933
Germany
2
Spain
5
July
4
__
Greece
Sept. 30 1932
Jan.
4 1937
5
Sweden
7
Switzerland
24
14
6
as
Money
Paris
the
call at London_on
open
accounts
FRANCE'S COMPARATIVE STATEMENT
OF
Apr. 23,1937
Francs
Apr. 24,
26,
1936 Apr.
Francs
1935
Francs
+ 110,807 *57358,852 947 61,937,087,361 80,932,676,995
11,997,985
—1,000,000
+ 757,000,000
9,015,243
5,415,673
bought abr'd
—20,000,000
—46,000,000
—527,000.000
Credit current accts.
54
3
Nov. 25 1936
2
+ 1,357,000,000
Temp. advs. with¬
out int. to State.
8,181,928,274 14,392,186,263 4,279,751,142
1,056,486,276
1,127,279,509 1,299,427,217
3,683,993,173 3,349,233,375 3,093,522,928
S5,169,620,400 82,557,224,220 82,351,618,950
18,756,203,688 10,616,576,614 18,847,886,051
Propor'n of gold on
c
.
hand to sight liab.
—1,000,000 19,999,436,940
—0.45%
offlast week.
55.19%
66.47%
.
79.97%
b Includes bills discounted abroad,
c Rep¬
on 10-billlon-franc credit opened at Bank.
were revalued Sept. 26, 1936, in accordance with de¬
on that date.
Immediately following devaluation,
10,000,000,000 francs of the Bank's gold was taken over by the French stabilization
fund, but It was announced a few days thereafter that 5,000,000,000 francs of the
gold had been returned to the Bank. See notation to table "Gold bullion in Euro¬
pean Banks" on a subsequent page of this issue.
Note—"Treasury bills discounted" appeared In blank In the statement of Sept 25:
as
all these bills had matured and have since been transferred to the account
"Temporary advances without Interest to the State."
Includes bills
purchased in
resenting drafts on Treasury
*
Gold holdings of the Bank
valuation legislation enacted
a
Friday_was|^%. __At
France,
Bank of Germany
Statement
market rate remains at 4% but in
Switzerland the rate
was
lVs% to 1%.
lowered
on
Wednesday from
:
Bank of
_
.
England Statement
a
with
an
THE quarterly statement slight increase indated
April 23 showed another of the Bank
gold
,
THE statement of £23,413 in gold holdings and
week ended April 28
shows
loss for the
this, together
and creditor current
francs
10 1935
Dec.
1 1933
were
against 9-16@^g% on Friday
on
French commercial bills discounted rose
ago.
Note circulation
Friday of last week, and 9-16@jH?% for three months'
bills
francs, compared with 82,557,224,220 francs a
Adv. against securs.
IN LONDON open market discount rates for short
Friday
9-16%_as_against_9H-6% on
on
francs, which brought the total down to 85,169,620,400
b Bills
Foreign Money Rates
bills
decreases,
1,000,000 francs respectively.
A loss
note circulation of 527,000,000
bills discounted._
4
28 1937
..
showed
aFrench commercial
54
Jan.
Rumania
State
shown in
Credit bals. abroad.
6
4
Sept
also
Gold holdings
44
34
4
...
France
57,-
Changes
6
5
Estonia
Finland
1
to
for Week
6
Morocco
54
64
Jan.
advances
BANK
«4
Lithuania..
3
at
Credit balances abroad,
Francs
4
...
now
and 80,932,676,995 francs the year
reserve ratio is now 55.19%;
it was 66.47%.
4
4
vakia
20) of 110,807
is
with 61,937,087,361
compares
5» 65
Colombia..
..
which
bought abroad, advances against securities, and
*4
4
4
4
Chile
Czechoslo¬
gold
Bank's
1936
3.29
Ireland
24
Bulgaria...
Italy.
Japan
Belelum.
Canada....
R ite
2 1936
2
2%
1,357,000,000 francs.
Below we furnish a compari¬
son of the various items'for three years:
vious
Established
Hungary...
India.1 .ii__
4~
July
4
...
Date
Apr. 30
Country
Holland'.£•.
1936
bX
Austria
j
The
757,000,000
Pre¬
Rate in
Rate
was
year
FOttEIGjl CENTRAL BANKS
Pre¬
Hate in
year ago
last year
of
francs,
000 francs and
any
at{thee leading
50.20%
namely 1,000,000 francs, 20,000,000 francs, 46,000,-
THERE have been noof
changes during the week in
of the foreign central
rates
a
before.
the week of Jan.
total
The
francs.
the Treasury
Present
2%
■
THE statement for the week of April 23 showed a
slight increase in gold holdings (the first change
bills
the discount rates
2%
Bank of France Statement
adjustment of the situation which also would relieve
banks.
30.85%
2%
Bank rate
francs
Discount Rates of Foreign
45.91%
2%
...
to liabilities
The re¬
sulting deficits were paid from the national budget,
and the Blum regime apparently looks to a general
of the continual drafts upon its resources.
37.01%
5 345,808
Proportion of reserve
period and the artificial maintenance under political
of excessively low freight rates.
89 329,209
15 124,658
27,435, 604
5,467, 958
21,967, 646
Other securities
358,852,947
pressure
97,729, 933 101 ,329,560 104,871, 044
20 ,931,152
15,876, 215
8 ,290,231
6,002, 842
Govt, securities
In order to put the
self-sustaining basis, this project
would include advances of
due
State
.
of the stock.
owning 80%
rates,
the
with
company,
.
expansion of £4,792,000 in
and bullion of only 192,000
is
now
68,210,000 marks.
marks, the total of which
Gold
a year ago aggre¬
gated 68,825,000 marks and the year before 81,132,000 marks.
Reserves in foreign currency rose
24,000 marks,
while bills of exchange and checks,
2886
Financial
advances, investments, and other daily maturing
obligations showed decreases, namely 129,005,000
marks, 2,084,000 marks, 14,594,000 marks and 25,680,000 marks respectively.
in
note
circulation
of
reduced the total to
tion
a
year ago
A lqss
was
109,000,000
also shown
marks,
4,389,000,000 marks.
which
Chronicle
Federal Reserve Bank of New York.
market acceptances
open
Bid
The
Asked
%
—160 Days
Bid
Asked
%
%
90 Days
Bid
Asked
Prime eligible bills..
X
The rates for
follows:
are as
-—180 Days—
Prime eligible bills.
Circula¬
stood at 3,886,467,000 marks.
May 1, 1937
—120 Days
Bid
%
Bid
Asked
H
H
60 Days
—80 Days
Asked
Bid
X
®is
X
THIRTY
DAYS
*i6
FOR DELIVERY WITHIN
Asked
he
Eligible member banks
X % bid
Eligible non-member banks
jA%
bid
reserve
ratio, at 1.69%, compares with 1.91% last
year and 2i49%
the previous year.
Below we
furnish a comparison of the different items for three
Discount
Rates of the
Federal
Reserve
Banks
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
years:
REICHSBANK'S COMPARATIVE STATEMENT
The
for
Changes
for Week
Apr. 23, 1937 Apr. 23, 1936 Apr. 23, 1935
Assets—
Reichsmarks
Reichsmarks
Gold and bullion
Ol which depos. abroad
+ 192,000
+ 141,000
Reserve In foreign curr.
BUls of exch. and checks
68,210,000
19,219,000
+ 24,000
5,981,000
Advances
Investments
Other assets
Liabilities—
Notes In circulation
Oth. dally matur. oblig.
the
various
classes
of
now
in effect
the
different
at
paper
Reserve banks:
Reichsmarks
68,825,000
DISCOUNT RATES OF FEDERAL RESERVE BANKb
81,132,000
21,818,000
19,520,000
5,376,000
4,318,000
-129,005,000 4,371,751,000 3,866,741,000 3,570,302,000
+ 12,445,000
272,298.000
270,120,000
176,315,000
—2,084,000
38,623,000
36,627,000
40,684,000
—14.594,000
429,692,000
589,340,000
717,419.000
—3,116,000
780,048,000
549,236,000
632,073,000
Sliver and other coin
following is the schedule of rates
-109,000,000 4,389,000.000 3,886,467,000 3,424,070,000
—25,680.000
763,559,000
721,890.000
976,083,000
—3,140.000
169,154,000
164,352,000
215.732,000
Rate in
Federal Reserve Bank
Effect
Date
Boston
Previous
Established
Rate
on
Apr. 30
2
8 1934
Feb.
New York
IX
Feb.
2
Jan.
17 1935
Cleveland
IX
2X
2 1934
Philadelphia
May 11 1935
Richmond
2
2X
2
curr. to
note clrcula'n
1 69%
2.49%
May
2
Jan
14 1935
Jan.
19 1935
2X
2X
2X
St. Louis
2
Jan.
2
Kansas
1.91%
2
2
Minneapolis
Propor. of gold & for'n
Atlanta
Chicago
Other liabilities
i
9 1935
Money Market
31935
2X
2
May 14 1935
May 10 1935
Dallas
2
May
San Francisco
New York
2
Feb.
2X
2X
2X
2X
City
FINAL adjustments for the increase ofthe New
reserve
requirements today
made in
Course of Sterling Exchange
were
York money market this week without
any outward
sign of perturbation.
classes
in
of
Rates
were
accommodation, and
evidence.
Bankers'
bill
unchanged for all
no
and
liquidation
commercial
was
paper
dealings remained quiet.
The Treasury sold last
Monday two series of discount bills, one series of
$50,000,000 due in 141 days going at 0.543% average,
and another of
$50,000,000 due in 273 days going at
0.715%
8 1935
16 1934
STERLING exchange has been displaying adollar
con¬
of the
sistent tone of firmness in terms
for the past
three weeks.
pound went to
transfers
sold
at
months.
The
belief
In Thursday's market the
high for the
a new
$4.95,
is
when cable
year
the highest in about six
widely held in foreign
on
the part of the
easily
exchange equalization funds sterling
to
$5 during the present period of
average, both computed on an annual bank
discount basis.
Call loans were held at
seasonal demand.
The range for sterling
New
has
$4.92 15-16
1%
York
mained at
Stock
1%%
the
on
Exchange, while time loans
up
re¬
to three months, and 1%% for
maturities from three to six months.
may
been
go
between
bankers' sight
bills, compared with
tween $4.91 11-16 and
this week
and $4.94 13-16 for
a
of be¬
range
$4.94% last week.
The
for cable transfers has been between $4.93 and
New York
Money Rates
compared
DEALINGExchange from day toloan rates
in detail with call day, 1%
Stock
on the
was
ruling quotations all through the week for both
loans and renewals.
the
new
The market for time
money is
unchanged this week,
no transactions having been
reported although there have been occasional trans¬
Rates continued nominal at
1%% up to
days and 1%% for four to six months maturities.
ex¬
change circles that unless there is strong interference
with
a
$4.94%
week
range
$4.95,
ago.
In
a
range
of
between
$4.91%
and
considering the firmness of sterling with respect
to the dollar it must not be overlooked that the
sonal factors
shortly after the beginning of the
the end of
sea¬
favoring London usually operate from
September.
year
until around
The height of seasonal firm¬
actions.
ness
90
owing to the coronation of George VI the greatest
The
market for J prime
commercial paper has been
moderately active this week.
The demand has been
is
generally reached in July, but at this time
demand is expected to occur within a few weeks.
It is
thought in London that the coronation alone
good, particularly from the banks, but trading has
will
been somewhat restricted
quarters of the world.
paper.
Rates
are
by the shortage of prime
unchanged at 1 % for all maturities.
Bankers'
bring not less than 227,500
pected to number fully 100,000 and
22,500
Acceptances
persons
are
no
are
will
London authorities estimate that the
spend not less than £30,000,000.
The
THEjiemand for prime bankers' supply of prime
L^been good this week, but the acceptances has
height of tourist traffic from the United States
bills has been very poor.
not be reached until after the
Rates
official quotations as issued
are
unchanged.
by the Federal Reserve
Bank of New York for bills
up to and
including 30
%% bid and 7-16% asked; for bills running
60 and 90 days, %% bid and 9-16% asked; four
days
for
The
are
months, %% bid and Y%% asked; for five and six
months, %% bid and %% asked. The bill-buying
rate of the New York Reserve Bank is
%% for bill
running from 1 to 90 days, %% for 91- to 120-day
bills and 1% for 121- to
180-day bills.
The Federal
Reserve
from
are
Bank's
holdings of acceptances increased
$3,465,000 to $3,743,000.
quoting the
same rates as
Open market dealers
those reported by the
here..
can
college commencements
The total visitors to Great Britain last year
exceeded
came
ex¬
less than
expected to arrive from the United States
by early May.
visitors
from all
Continental visitors
438,000,
from
that
expect
the
a
of
whom not
United
States.
less
than
British
still larger number
85,000
authorities
will tour
Great
Britain this year.
The
firmness
of
might be considered
in the
the
the
a
pound reflects withal what
temporary unnatural weakness
dollar, for with the dollar undervalued
and
steady stream of gold to these shores for the
past several years, it might be thought that offsetting
features
could
hardly develop to outweight dollar
value in terms of
sterling.
Financial
144
Volume
London the continued weakness of the
In
is ascribed to three main factors.
dollar
The first is the
heavy gold shipments from London to the United
States which result in an exceptional demand for
sterling,
regardless of its point of origin, the
as,
comes^mostly by way of London and causes a
gold
demand
stealing bills, which are in world-wide preference,
hence demand. The second factor is some return of
for
Wall Street, a movement
more recently induced by conflicting policies in Wash¬
ington respecting monetary, fiscal, • and business
affairs.
The third influence adverse to the dollar is
foreign money invested in
the reduction which has
been in progress for some
the
United States.
At present despite frequent denials
in Washington, there is a widespread belief that the
United States must in due course lower its gold pur¬
favorable foreign trade balance of
time in the
must
of gold
market gold
In the European view the price
chase price.
Currently the London open
drop.
6d. per ounce, which corre¬
sponds to the Bank of England's buying price before
the abandonment of gold in September, 1931 of
84s. lid.
Strictly speaking the London open market
price I is around 140s.
considered the world price for the
London the gold could
be bought at around $34.70 and sold at a profit in
New York, so that the United States price of $35
an
ounce
makes this country in effect the only
price might be
metal, and at current rates in
This
was
address
a
few days ago when Lionel
price of gold. He
belief of financial experts
decline in the American
a
said that it is the current
that the existing
paid by the
will be changed and "is
price of $35 an ounce
United States Government
permanent."
not
any
he
was aware
there
a
was
finance bill
wide
comes up,
world," Mr. Edie
"The financial centers of the
asserted, "have decided that the
of gold is going to drop." Representative
Hamilton Fish of New York has introduced a resolu¬
nothing punitive is contemplated.
as
in
the
Treasury to
than $25
ounce
an
House to forbid
the Secretary of the
buy gold from foreign sources at more
ounce.
Mr. Fish criticized the $35 an
price as "the
outstanding financial blunder"
of the times.
Minor
influx
of
influences
depressing the dollar are the
American
visitors in London and Great,
Britain's favorable
budgetary position.
Mr. Cham¬
presentation of the budget gave a shock to
industrial and financial circles.
New capital issues
being
suspended in all direction and new
business
postponed. The crux of the
difficulty was Mr. Chamberlain's demand for an
excess-profits tax.
The National Union of Manu¬
enterprises are being
facturers and
other authoritative
bodies representing
industry and finance in London have strongly called
Mr. Chamberlain's attention to the dangers inherent
in this
part of his plan.
hgs voiced reassuring
2H% national defense bonds at 99
The defense
will be short to
medium term securities,
redeemable before the end of 1948
statements, so that the opposing
less fearful that drastic ac¬
tion will be
Chancellor Chamberlain
told the House of Com¬
disturbances in
the British security markets resulting at least parti¬
ally from anxiety because of the proposed new profits
tax as greatly exaggerated.
However, he indicated
that he was prepared to consider changes in the details
of the levy.
He stated that he was not immovable
that he
considered the recent
The first
of 1944. The new
bonds, London thinks, should appeal to
drawing will be in the autumn
defense
such
institutions,
large
banks, insurance com¬
as
panies, and finance houses, as there is a shortage^of
medium term British funds which these institutions
London also believes that the loan
any fugitive foreign
are seeking shelter in London.
prefer to hold.
will make
a
strong appeal to
which
balances
Lombard Street continue un¬
Two- and three-months
9-16%, four-months' bills 19-32%, and six-
Money
in
rates
changed from recent weeks.
bills
are
months' bills 21-32%.
All the
gold
on
offer in the London open market is
but most of it con¬
taken for unknown destination,
tinues to find its
last there
On Saturday
£510,000,
to New York.
way
offer £304,000, on Monday
was on
Tuesday £621,000, on Wednesday £368,000, on
Thursday £295,000, and on Friday £435,000.
At the Port of New York the gold movement for
the week ended
April 28,
Reserve Bank of New
as
York,
reported by the Federal
was as
MOVEMENT AT NEW YORK,
GOLD
follows:
APRIL 22-APRIL 28. INCL.
Exports
Imports
$32,563,000 from England
2,547,000 from Canada
2.121,000 from Colombia
None
563,000 from France
534,000 from India
$38,328,000 total
Net Change in Gold
Earmarked for Foreign Account
No
Change
Note—We have been notified that
received at San Francisco from
The above
figures
approximately $76,000 of gold was
Hongkong.
are
for the week ended on Wed¬
On Thursday $2,102,100 of gold was re¬
ceived from Colombia.
There were no exports of
nesday.
the metal
change in gold held
or
earmarked for for¬
On Friday $5,414,800 of gold was
eign account.
England
received, of which $5,024,200 came from
There were no exports
change in gold held earmarked for
$390,600 from India.
-and
of the
metal,
or
foreign account.
Gold, held in the inactive fund, as
daily Treasury statements,
indicated in the
issued during the week
The day-to¬
follows.
ended last Wednesday, was as
day changes are our own calculations.
GOLD
IN
HELD
Amount
Date
TREASURY'S
THE
Daily Change|
Date
INACTIVE FUND
Daily Change
Amount
+$22,958,8111Apr. 26-$535,370,974
529,148,636
+ 275,9671Apr. 27- 549,911,614
531,567,424
+2,418,7881Apr. 28- 550,607,446
Apr. 22.$528,872,669
Apr. ,23Apr. 24_
Increase for the
+$3,803,550
+14,540,640
+695,832
Week Ended Wednesday
$44,693,588
Canadian
between
undertaken.
by annual drawing
of not less than 20% of the loan.
at par
However, Mr. Chamberlain
business interests are now
mons
the issue of £100,000,000,
bonds
berlain's
are
announced in
Monday Chancellor Chamberlain
On
the House of Commons
price
tion
he said, there will be
industry to be frightened
nothing for the city or
about,
When the
of variations.
range
finally
a
United States Chamber of Commerce, pre¬
of the
dicted
brought out
New York consulting economist, in an
before the annual.convention at Washington
Edie,
point expressed in his budget speech and that
that in the case of excess-profits duties
on
on
market for the metal.
D.
2887
Chronicle
a
exchange
premium of
during
the
5-32% and
ranged
premium of
week
a
7-32%.
check
Paris, the London open market gold price,
price paid for gold by the United States:
The following
rate
on
and the
tables show the mean London
MEAN LONDON CHECK
Saturday, April 24
Monday, April 26...
Tuesday, April 27
RATE ON PARIS
111.14
Wednesday, April 28
111.19
111.31
Thursday,
Friday,
April 29/
April 30
..110.81
110.41
110.44
2888
Financial
London open market gold price
Saturday, April 24
Monday, April 26
Tuesday, April 27
price
paid
140s. 9^d.
1403.
Wednesday, April 28._.140s. 6^d.
Thursday,
April 29.._i40s. 6d.
Friday,
April 30...i40s. 3^d.
9^d.
i40s. 5^d.
for
gold
by
the
reserve
Saturday, April 24...
Monday, April 26.
Tuesday, April 27
on
united
states
35.00
Wednesday, April 28
Thursday,
April 29
Friday,
Bankers' sight was $4.92
transfers
$4.93@$4.93 3-16.
range
Monday sterling
The range
was
$4.93®
for
bankers' sight bills and
transfers.
in
$4.93%@$4.94% for cable
Wednesday exchange was steady and
On
demand.
Bankers'
$4,94 5-16,
and
$4.94 7-16.
sight
cable
$4.93 15-16®
was
transfers
$4.94®
were
On
Thursday the undertone of exchange
tontinued to favor London, making a new
high for
the year and the highest in about six months.
The
$4.94%@$4.94 13-I6 for bankers' sight
and $4.94%@$4.95 for cable transfers.
On Friday
range
was
exchange
steady.
was
The
range
was
$4.94 13-16 for bankers' sight and
for cable transfers.
Closing
$4.94 5-16®
$4.94%@4.94%
quotations
$4.94% for
were
transfers.
demand
and
Friday
on
$4.94% for
Commercial sight bills finished at
cable
$4.94%,
sixty-day bills at $4.93%, ninety-day bills at $4.93%,
documents for payment (60 days) at
$4.93%, and
seven-day grain bills at $4.94.
Cotton and grain for
payment closed at $4.94%.
the
i
,
which
French
i
_it
new
it
recently
market
acquired
from
restrictions
issue.
Although it is conceded that in
i
i
l
iv
r
recent weeks there
a
in New York by foreign interests and that this selling
continues, French funds are moving out of
France, going first to London wherever their ultimate destination may be.
The gold export movement from Paris now in
progress represents the voluntary expatriation of
capital influenced by the internal political situation
and is als0 a consequence of the deficit in the French
trade balance which, according to informed Paris
opinion, totals about 5,000,000,000 francs for the
first quarter of this year.
Essentially then the
franc situation shows no improvement from the
depressed condition apparent before the freedom of
the French market was restored and the new defense
l°an launched.
M- Aurio1 asserts,
factor in the French
anxiety and that the
Bourse was due to
reasons. To date, M.
are not
however, that there is no
financial situation to cause
recent slump on the Paris
technical and psychological
Auriol declares, expenditures
beyond expectations, and with the
coming nine months.
Before the Chamber of Deputies M. Aiurol
any
rates
are
The
last
noticeable activity,
of
the
Continental
that with respect
so
currencies
the
quoted
for the
April 22 and until
on
Tuesday showed marked weakness in
terms
Paris
frequently exceeding 111.30 francs
pound, made
the
mean
London
with
110.41
sharp
a
the
recovery
check rate
low
for
on
the
day
4.43% for cable transfers
to
high of 4.49
a
In
some
on
on
110.23.
In
closing rate
a
Friday of last week
Thursday.
-
quarters the better tone of the franc is
Finance
tions to the
will be offered
Minister
announced
defense
recent
loan
that
subscrip-
amounted
to 8,011,000,000 francs, of which only 164,000,000 francs
represented foreign subscriptions,
the
dropped to
at
New York the franc improved from
of
rate
to
Thursday when
Paris
on
of
which
amount-
only when the atmosphere is favorable,
The
franc, which
sterling and the dollar, with the London check
on
ing to 2,000,000,000 francs,
largely nominal.
French
con-
a
tone
most
cash in
hand plus the usual margin of borrowing power
from the Bank of France and the long-term market,
the Treasury could cover its liabilities during the
EXCHANGE on the of the pound without, how- unusedno further the national loans except
Continental countries reflects make portion of long-term defense loan
the firmer
ever,
it
and
forced loan if only because it
would inevitably fail and reaffirmed his
pledge to
#
to
when
a\/07
4% /o delense
demned the idea of
.
Continental and Other Foreign Exchange
-
freed
gold
has been considerable selling ol American securities
5-16@$4.93%; cable
$4.93 13-16@$4.94 3-16
was
i
i
$4.93%@$4.93%
Tuesday the pound was
The
,
the
35.00
$4.93 13-16 for bankers' sight and
for cable transfers.
On
firm.
.
lost
35.00
April 30
On
steady and in demand.
was
believed in foreign exchange circles that France has
i
_$35.oo
Referring to day-to-day rates, sterling exchange
Saturday last was firm, presaging a still higher
rate.
May 1, 1937
launched the
35.00
.
.....
(federal
bank)
$35.00
Chronicle
He pleaded for confidence in the committee which
is controlling the French exchange market.
stabilization fund," M. Aurio said,
tuted its
resources
this maneuverable
in
"The
"has reconsti-
foreign exchange and it is
mass
which constitutes
the
first
line of the franc's defense, of which the second line
is the entire
reserve
the fund has
all
of the Bank of France.
the
reserves
necessary
Thus
and
more
ascribed to optimistic and reassuring remarks made
than those who would challenge it."
by
the fact that 30,000,000,000 francs of French
capital
are still abroad.
Informed banking opinion is that
Finance
Deputies
French
Minister
in
Auriol
presenting
the
in
frank
a
Chamber
analysis
of
of
the
Treasury's position.
The
truth
of
firmer
franc
must
sterling
the
quotations
M. Auriol greatly understates the amount of French
matter
be
is,
however, that the
attributed
with
entirely
reference
to
the
to
the
dollar,
capital abroad,
The folio wing
table shows the relation of the leading
European currencies to the United States dollar:
although it should not be overlooked that the French
exchange
endeavors
control
to
keep
the
franc's
gold value in close relation to the United States
j
11
dollar,
poses
,-i
.
since
i
n
.
,
is
the dollar
to
reattached to hold.
fund is not,
between
the
n
.
,
and
,
,
all intents
and
pur-
the
the
past
(franc)
Beigimn (beiga)
Italy (lira)
Switzerland (franc)
New Dollar
P<3.92
Teaa
13.9o
16.95
5.26
19.30
8.91
32.67
Range
4.43^^1*49
16.88M to 16.91
5.26^ to
•
22.87
pound,
European
any
which is
ratio
few
between Sept. 25 and Oct. 5,1936.
The London check rate
com-
pletely detached from gold.
Throughout
oid Dollar
France
The French equalization
however, bound to maintain
franc
He alluded to
at
weeks
the
110.48, against 111.12
5.26^
to 22.94
currencies
Paris closed on
Friday
Friday of last week. In
on
on
French
New York sight bills on the French center finished
repeatedly forced to supply
foreign exchange to the market, and on certain
days in large quantities. Hence it is quite generally
4.47% against 4.43% on Friday of last week;
cable transfers at 4.47%, against 4.43%.
Antwerp
belgas closed at 16.89 for bankers' sight bills and at
equalization fund
was
at
Financial
144
Volume
against 16.89 and 16.89.
16.89 for cable transfers,
Final
in
40.21% for
quotations for Berlin marks were
bankers' sight
bills and 40.21% for cable transfers,
Italian lire
comparison with 40.21 and 40,21.
sight bills and at 5.26%
closed at 5.26% for bankers'
5.2634- Aus¬
18.73; ex¬
change on Czechoslovakia at 3.48%, against 3.48
on
Bucharest at 0.74, against 0.74; on Poland at
18.98, against 18.98; and on Finland at 2.19, against
2.1834.
Greek exchange closed at 0.90%, against
for cable transfers,
trian
against 5.2634 and
schillings closed at 18.75, against
EXCHANGE on the countries neutral importance
presents
features of during the
war
no
from those
new
of recent weeks.
These currencies are
The Dutch
guilder and Swiss franc reflect the steady ingress of
refugee funds to both countries. This inflow largely
generally firm in sympathy with sterling.
overshadows the normal movement
The
countries to the American
Amsterdam
of funds from
bought approxi¬
mately $30,000,000 in Tuesday's market. This fact
explains the recent strong demand for guilder ex¬
change. For some weeks the Holland exchange con¬
trol has been able to hold the guilder almost without
variation at 54.7634 cents, but this week reflecting
but firmness in sterling,
the guilder sold as high as 54.86 cents.
As a result
of strong demand for guilders in London and other
markets the Bank of The Netherlands statement
only demand for guilders,
showed
an
increase
in gold stock
the previous week to a
500,000 guilders.
guilders
The
The
of
province of Buenos Aires is
provincial finances.
closed on Friday, official
bankers' sight bills, against
32.88 on Friday of last week; cable transfers at 32.98,
against 32.88.
The unofficial or free market close
was 30.25@30.35,
against 30.35@30.45.
Brazilian
milreis, official rates, are_8.82, against 8.80.
The
Argentine
pesos
paper
over
Scandinavian
sequence
dispatch
currencies
are
of 40,000,000
total of 984,firm in
sterling. A London
this week stated that M. Vaine Tanner,
after
a visit to the Scandinavian capitals, stated that there
are no grounds for rumors that the northern countries
will be induced by increased costs of living to con¬
sider abandoning sterling as the standard of their
currency or to lower the present rates of exchange.
"I discussed the situation," he said, "with finance
ministers and leading bankers of Scandinavia, and
can
say that the fullest agreement exists in our
determination to continue standing by sterling."
Bankers' sight on Amsterdam finished on Friday
at 54.86, against 54.76 on Friday of last week;
cable transfers at 54.86, against 54.76 and commer¬
cial sight bills at 54.80, against 54.70.
Swiss francs
closed at 22.9134 for checks and at 22.9134 for cable
transfers, against 22.8734 and 22.8734- Copenhagen
checks finished at 22.09 and cable transfers at 22.09,
against 22.03 and 22.03. Checks on Sweden closed at
25.49 and cable transfers at 25.49, against 25.41 and
25.41; while
of Finland, returning home
checks on Norway
cable transfers at
milreis is 6.30@6.40,
market in
Peru is nominal^at
quoted at 5.19, against 5.19.
2634; against 26.00.
EXCHANGE on with Far Eastern countries British
sympathy the the undertone of the is firm
in
pound, to which most of these units conform
or
against its import season.
checks yesterday were
last week. Hong¬
kong closed at f 30.76@30 13-16, against 30.68@
30 13-16;
Shanghai at 30@3034; against 29.91@
30 1-16; Manila at 50.20, against 50.20; Singapore
at 5034; against 48.00; Bonbay at 37.35, against
37.29, and Calcutta at 37.35, against 37.29.
Closing quotations for yen
28.84, against 28.76 on Friday of
Gold Bullion in European
Banks
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at par
exchange) in the principal European banks as
of
respective dates of most recent statements,
to
shown for the
four years:
1937
of—
France
£
495,496,699
2,464,950
89,106,000
42,575,000
a42,575,000
76,626,000
103,723,000
83,537,000
25,655,000
Italy
Netherlands
Nat. Belg..
Switzerland
Sweden
Denmark
Norway
develop greater freedom of attitude toward exchange
transactions.
The progressive improvement in the
the
remarkable increase in their export business which in
turn reflects the expansion in their domestic trade.
to
countries is due of course to
time the
186,927,226
646,928,154
19,599,650
90,776,000
90,367.000
68,036,000
55,163,000
65,534,000
79.685,000
82,042,000
49,918,000
16,002,000
23,928,000
6,554,000
6,604,000
8,013,050
90,493,000
74,350,000
77,163,000
61,116,000
76,313,000
14,857,000
7,398,000
12,096,000
7,397,000
8,380,000
7,394,000
6,599,000
6,576,000
85,019,000
1.280,748,030
1,208,595,410 1,074,387.007 1,215,465.546 1,203,689,987
1,281,057,993
1,208,601,287 1,077,608,918 l,2i6,408,752 1,201,584,225
Total week
Prev. week.
Amount
held Oct.
of Germany
are
b Gold holdings of the
amount of which is now
figures available.
be exactly determined, as
1935, latest figures available,
29.
exclusive of gold held abroad, the
reported as £960.950 c Amount held Aug. 1, 1936; latest
Note—The par of exchange of the French franc cannot
yet, since the legislation enacted Sept. 26, 1936, empowers the Government to fix
the franc's gold content somewhere between 43 and 49 milligrams.
However,
calculated on the basis on which the Bank of France has revalued its gold holdings
the parity between francs
and pounds sterling is approximately 165 francs to the
125 francs to the pound). It is on this new basis
the French Bank's gold holdings from francs to pounds.
pound (the old parity was about
that we have here converted
24.78J4 and 24.78%.
quoted in New York.
a
time
£
192,143,067
606,047,870
63,005,000
59,487,000
96,467,000
48,182,000
6,550,000
6,602,0(0
_.
193,110,380
647,461,416
2,994,750
203,522,358
c87.323.000
Spain
1933
1934
£
2,449,550
Germany b.
a
1935
£
314,669,937
458,870,823
England—
Bank
1936
£
Banks
finished at 24.86 and
EXCHANGE to show South American countries
on the
continues
firm undertone and to
From
of
reported
by special cable yesterday (Friday); comparisons
corresponding dates in the previous
us
are
The Rising
The most
Tide of Opposition
significant political development of the
past few weeks is the increasing volume
American
either
through exchange controls.
The Tokio
Government anticipates large shipments of gold to
the United States for the establishment of balances
legally
♦
South
nominally
Chilean exchange is
against 6.30@6.40.
24.86, against
Spanish pesetas are not
free
or
con¬
of the ruling tone of
Minister of Finance
unofficial
security markets.
exchange market reports
foreign
Dutch equalization fund
that the
not
bond obligations.
the latest to come
into line, with the official announcement that it will
spend 4,000,000 pesos ($1,320,000)
during the
coming year for amortization of dollar, pound sterl¬
ing, and franc loans.
The finance minister of the
province announced that resumption of the foreign
debt service, which has been suspended since 1930,
has been made possible by the properous condition
discharge their foreign
take steps to
quotations, at 32.98 for
0.90%.
these
2889
Chronicle
South American countries
at
of resistance
Washington to Mr. Roosevelt's demands, and the
tide has
of his
the
begun to turn, and that Mr. Roosevelt may
not
find it anything
deepening opposition in the country to some
policies. There are multiplying indications that
to
now
have
his
own
way.
like
as easy as
it has been
The opposition is not pri¬
marily partisan, although the
Republicans in Con-
2890
Financial
gress, after a period of
to
quiescence, have lately begun
signs of awakening activity. It is not, to
show
important extent, the familiar opposition
any
extreme conservatives to whom all
lent,
of
change is repel¬
of extreme radicals who complain that the
nor
New Deal d^es not
go
within the President's
have been his special
business
or
far enough.
own
It is opposition
party, among those who
advisers, and in the
professional
and
men
ranks of
and influ¬
women
ential social groups whose
support any Administra¬
would ordinarily be
tion
expected to desire.
sition of this kind would be
but it is the
serious
more
Oppo¬
significant in any case,
now
because its criticisms
Chronicle
plan only with reluctance, and the fear of
nent
tions
of
Administration policies
morality of
The
is
political
of the things to which the Ad¬
some
ministration
and the
committed.
greatest single
influence in developing and
pro¬
Nothing
that
Mr.
Roosevelt
has
advocated
deeply the feeling of the country
heated
or
Senate
instructive debate.
committee
has
articles
and
so
or
provoked such
the
In
long series of
hearings that ended last week,
in numberless discussions in radio
zine
stirred
speeches, maga¬
public meetings, and in proceed¬
ings of bar associations
and
a
long list of other
so¬
cieties, every phase of the proposal has been criti¬
cally examined and opposing arguments elaborated
and
weighed. The
the
firsthand still is, all but overwhelming
ment
is that
make
it
one
thing in which there
from
was
agree¬
the
proposal, if it becomes law, will
enable Mr. Roosevelt to
pack the Court, and thereby
more
likely that the Constitution
interpreted in ways satisfactory to him.
Mr. Roosevelt has
not
announced
that
but nothing that he has said
pose,
vinced
or
will
be
Naturally,
his pur¬
as
done has
con¬
the
country that packing the Court is not
liis aim, and violent attacks
upon the Court by
some of his
partisans and official associates, entirely
in
harmony with the hostile views
self
a
expressed, have
raw
deal
as
well
gone
as a
which he has him¬
unrebuked.
new
one
It has
been
for millions of his
supporters who, while upholding much of his
nomic and social
policy,
gave
him
polls to assail the Federal judiciary
his
own
views
of
constitutional
eco¬
mandate at the
no
or
insist that
authority
shall
prevail.
advanced, it was said, "as reasons for a
strategy." These suggestions, however, the
correspondent wrote, "found the President ada¬
mant."
which
Mr. Roosevelt has shown
The
no
sign
as
yet of yielding
opposition which he has
straightforward
course,
would have been upon other
aroused.
objectionable
constitutional amendment which would fix
limit for the retirement of Federal
an
adverse decision
overridden
on
a
judges,
or
an
a
age
permit
constitutional issue to be
by subsequent action of Congress,
rejected at the outset in favor
allow him to
it
as
grounds, of proposing
of
a
was
bill that would
pack the Supreme Court. No Adminis¬
tration interest has
even
been shown in
any of the
proposed bills which, while unfortunately giving the
a good deal of what is
desired, would at
President
April 25
York
a
"Herald
Tribune"
reported
that within
the
previous two weeks "otherwise faithful followers"
of
Mr.
Roosevelt, "influential in
the
Senate
high
command," had been privately urging that the Court
issue be either compromised
or
dropped. "The
num¬
ber of Senators who would vote for the
Presidential
on
given by
a&
Miller-Tydings price agreement bill,
the House
calendar, was held up on
New
York
a source which the
for the
reason,
correspondent of the
"Times"
thought important enough to
report, "that the Administration wanted no legis¬
lation
the
on
industrial
labor regulation until after
or
Supreme Court reorganization
settled."
was
Whether Mr. Roosevelt will still be able to force
the
Court proposal
mains to be
through Congress of
course re¬
Political pressure of the familiar
seen.
kind may secure an affirmative vote in the
adverse report
an
of the Senate seemed
House,
by the Judiciary Committee
clearly forecast
Wednesday,
on
when three Democratic members who
previously had
not been committed declared their
opposition to the
Anything that happens to the Court measure
short of passage of the bill exactly as intro¬
bill.
now,
duced, will be
defeat for Mr. Roosevelt, and the,?
a
defeat will be due not to
that alone could not be
Republican opposition, for
effective, but to the revolt
which Mr. Roosevelt has
provoked
his
own
in the ranks of
party.
Another
offered
fertile
Mr.
in
ground for opposition
Roosevelt's
has been
attitude toward
public
expenditure and economy, and the related questions
of inflation and
price regulation. At the present
moment the financial situation into which the coun¬
try has been led may fairly be described
dle. '
Having
mud¬
as a
the changes
rung
upon the imperative
raising the commodity price level, Mr. Roose¬
suddenly discovered that prices of commodities,
need of
velt
also of
and
securities, were too high, and through
public statements he contributed directly to bring¬
ing about an abrupt drop. What relation the price
for
level
anything now bears, in Mr. Roosevelt's
mind, to economic soundness and consequent na¬
tional
prosperity is thus left entirely uncertain. A
scrutiny of his latest budget proposals does not give
that
assurance
fected,
or
stopped.
new
substantial
taxes
not
needed
in
will
debt
be
ef¬
increase
order
a
to
census
of
unemployed
determine how much
actually required for relief,
was
Senate Committee
go
or
Nevertheless, in direct opposition to the
expenditure
day to
economies
avoided,
President's statement that
on
Commerce voted
on
the
Wednes¬
ahead with hearings of the Maloney census
bill.
Mr. Roosevelt's
disregard of public opinion as rep¬
by business and professional organizations
long been evident, but the opposition which it
resented
has
has engendered makes an
Court
impressive showing. The
proposal has evoked strong and outspoken
criticism from the American
bar, from commercial
manufacturing associations, from leading edu¬
cators and religious
leaders, and from the press. The
and
financial
least make the
resulting injury less devastating. On
Washington correspondent of the New
The
was
Monday at Mr. Roosevelt's demand
was
to the nation-wide
perma¬
had been
but
cementing opposition has undoubtedly been the
posal to reconstitute the Supreme Court.
a
soreness, if not a definite split in the party,"
chance in
and
protests extend not only to the form of specific
proposals or acts, but also to the intellectual founda¬
May 1, 1937
policies of the Administration have been
cogently and sharply criticized by well-known
omists
and
turers
belief
and
that
a
long list of business
bankers.
Federal
There
relief
is
a
men,
econ¬
manufac¬
rapidly growing
expenditures,
whatever
have had in the past, are be¬
ing continued not only without any sufficient knowl-
justification they
edg of the extent
with
no
may
or character of unemployment and
disposition to acquire such knowledge, but
Volume
also with
Financial
144
an
own
food, must have
be expected to insure.
sure
its
outlays
may
2891
.
to the political support which a
eye
continuance of
Chronicle
overseas
a navy
powerful enough to as¬
trade, that the navy must also be
The tolerance of violent and disastrous strikes which
equal to safeguarding the various parts of the
Administration influence could
pire, that
couraged has created
Federal labor
and
obviously have dis¬
widespread impression that
a
policy is directed, not by the President
Congress, but by John L. Lewis, and that labor
a
usually seemed the best guarantee of peace,
enumerated
support that might come from employers.
No
not
as
this volume of opposition is, it has
yet altered materially Mr. Roosevelt's apparent
intention to dominate the national
scene.
The suit
against the Aluminum Company of America which
started
was
Sherman
to have
on
April 23 for alleged violation of the
anti-trust law
of
may,
foundation
some
in
course,
the facts
but its force is weakened at the outset
that the Administration
has
cally promoting large monopolies.
Marketing Agreement bill
establishes most of the
old
of
benefit
re¬
while another
until 1942 the State control
payments which at present is to
effective
become
An Agricultural
before Congress
marketing provisions of the
would postpone
farm
now
Adjustment Act,
Agricultural
measure
by the fact
itself been systemati¬
1938.
in
The
Guffey-Vinson coal
some
of these
one
obvious elements of British policy..
elements, however, suffices to ex¬
plain British action in particular situations, and
there are evidences now of changes which, if they
do not involve a radical break
outstanding development of the moment, of
The
course,
for
war
is the elaborate and intensive preparation
in which Great Britain is engaged. Nomi¬
nally, the preparation is for defense,
gram
that
so
staying within the three-mile limit and preparing to
resist attack. Reasons of state have dictated that
of the details of the armament program
many
construction is under way, that airplane
that naval
and that
tually
empowers a
national commission to regulate
prices.
On Tuesday, following a conference at the
White
House, Senator Norris was reported as say¬
ing that "legislation affecting both the power and
conservation
troduced
programs" would, he thought, be in¬
the present
at
that the program
that of the Tennessee
,
session of Congress, and
"would follow in a general way
Valley Authority, and would
include the creation of regional
the
authorities to
cover
country."
Roosevelt
Mr.
still
holds his
ground, but he is
holding it less easily and with more reason for ap¬
The opposition is increasing in Con¬
prehension.
and it is more outspoken, while among mem¬
who for one reason or another are not yet ready
gress
bers
to
speak out, there is a significant disposition to in¬
terpose delay.
The demand for economy is openly
heard, and the mischiefs of Treasury deficits and im¬
pending
taxes are being realized. If
new
velt is wise he will make
feat
now
would be likely to
He
will
be
Mr. Roose¬
concessions, for
any
de¬
bring others in its train.
particularly well advised if he drops
altogether his scheme for undermining the Supreme
to
If,
on
the other hand, he insists,
carries his point, the
opposition which is temporarily defeated will only
be strengthened for other attacks.
and
by sheer political pressure
Foreign Policy of Great Britain
British
follow
tinental
has
foreign
than
Powers.
often
which
policy is proverbially harder to
the foreign
The
policies of most Con¬
ability that Great
Britain
shown^o meet emergencies by methods
apparently were improvised, and its willing¬
abandon
to
ness
are
what
others
regarded
as
logical
consistency and cut political knots that could not
be
for
untied, have earned for it a popular reputation
"muddling through" which, however great the
success,
gram.
being
certainly does not suggest a considered pro¬
When
an
one
has said that the United Kingdom,
insular region which does not produce its
made
apparent in the
Chamberlain, Chancellor of
the Exchequer, laid before the House of Commons
on
April 20. Estimated revenues for 1937-38 of
£863,100,000 and estimated expenditures of £862,848,000 leave a nominal surplus of £252,000, but
against this trifling sum is to be set a loan of £80,000,000 for armaments, the first instalment of the
approximately £400,000,000 which it was announced
in February would be borrowed over the next five
the British taxpayers was
upon
budget which Neville
years.
will be
all the
For the next five years the British taxpayers
paying for war preparations, in addition to
added and unpredictable costs of war if war
actually comes.
The income tax, meantime, is to
certain cases in which
avoided by various devices dur¬
ing the past three years, and expected increased
profits are to be taxed on a sliding scale with
33 1/3% as the maximum. The amount of the first
loan, as announced on Monday, was actually £100,20%, with a surtax in
rise to
payment has been
000,000.
Against what Power or Powers
is this extraordi¬
preparation for defense directed? If the views
some British commentators are to be accepted,
nary
of
the enemy
fear is
that Great Britain feels it has most to
German rearmament, it is said,
Germany.
to be used.
is intended
The
forward at high speed,
extraordinary preparations are being
protect the civil population against air attack.
The financial burden which armaments will place
Court, for neither politically nor morally is that
project defensible.
should
public knowledge, but it is known
be withheld from
the bituminous coal
code and vir¬
but the pro¬
large and comprehensive as to indicate
defense means something more than merely
is
construction is being urged
a
Britain into
paths.
new
bill, signed by President Roosevelt on Monday, puts
industry under
with traditional atti¬
tudes, are nevertheless leading Great
turn out
of the case,
and
that, in recent years, the pretensions of the League
of Nations have been on the whole upheld, one has
support is being cultivated at the expense of any
Impressive
Em¬
balance of power on the Continent has
Chancellor Hitler, having
scrapped without resistance
sions
of the Treaty
the restrictive provi¬
of Versailles, only awaits the
completion of his armament program
he
to seek, pre¬
force, the "place in the sun" which
believes that Germany should occupy. He is em¬
sumably
by
bittered by
the financial
discriminations from which
the loss of great areas of raw
materials as a result of the World War, the refusal
of either Great Britain or France to show interest
in the restoration of the colonies of which the Reich
Germany suffers,
was
despoiled, and the continued
criticisms of Nazi
policies that are poured out abroad. His
tions of peaceful intent, it is insisted, are
uine, since
declara¬
not gen¬
he obviously cannot obtain by peace-
2892
Financial
f
Chronicle
May 1, 1937
•
ful
the material
means
that he wants.
The
gains and moral distinctions
greatest obstacle to the realiza¬
of his ambitions is
tion
Great
Britain, accordingly, must
It
seems
Britain, and Great
foreign policy of Great Britain
can
have
ous
fear of
one
that would call for such defensive
is
probably,
any
aggressive move
some
which would
eventually involve
European
and the Near
seri¬
by Germany, least of all
preparations
being made. What is apprehended,
as are now
eral
direct attack
a
more
Germany
by
a more or
less
gen¬
with repercussions in Africa
war,
Looked at from this
East.
and Far
angle, British armament is seen more in the light
of
exhibition of
an
mination
of
the
It is
is, and
wide
and
thereby
costly experiment, if experiment
a
be
no one can
sure
that it will prevent a
conflict, but since no other European Power
equals Great Britain in war resources, the object
lesson is
the
added
being
diplomacy of
resources
cellor Hitler in
a new
and
orientation.
of the Locarno Treaty
by Chan¬
March, 1936, made necessary a revi¬
of that agreement,
sion
meantime, there
and that step, after long
delay, has now been taken.
On April 24, in an ex¬
to
the
The importance of
belligerent is second only to the impor¬
a
tance of arms,
and there can be no assurance that
supplies which British vessels have been land¬
ing at Bilbao will reach only non-combatants.
The
danger is great that Italy and Germany, interested
they are in the success of the rebel cause, may
as
withdraw from the international agreement on the
claim
is
Britain
Great
that
allowing
it
to
be
evaded, and that the necessities of a hard-pressed
civil
population will not be allowed to prevail over
political ambitions and rivalries.
foreign policy cannot be indifferent, fur¬
British
ther, to domestic troubles and the
question of im¬
The war loan of £100,000,000 which
this week was successful only through
perial trade.
floated
was
government agencies in taking up what
the action of
was
the
privately subscribed. Another long step in
direction of socialization was taken on Monday
not
mine royalties, taken
the nationalization of coal
in
of diplomacy,
kind that suggests
a
denunciation
The
Europe may give heed.
of armaments,
the influence
To
is
to which
one
food
to convince other Powers
for joint consideration of armament
way
reduction.
as
of matching it,
hopelessness
paving the
it
preparedness and national deter¬
impressive
so
patrol to which various
Powers, after protracted debate and repeated delays,
have at last been able to agree.
prepare.
unlikely that those who direct the
very
parties in the civil war as to jeopardize the con¬
tinuance of the international
over
by the government at a cost
There
the
ominous threats of
are
eve
of the coronation.
The Imperial Conference,
scheduled to meet in connection
is
of £66,450,000.
widespread strikes on
with the coronation,
expected to have before it, among
the
other things,
of imperial tariff preference,
agreements, with their serious dis¬
knotty question
and the Ottawa
change of notes at Brussels, Belgium was formally
crimination
released from its
early reconsideration.
France in
of
case
Britain and
obligation to aid Great Britain and
an
attack by Germany,
while Great
France, on their part, continued their
undertaking to defend Belgium against aggression
invasion.
or
neutral
By this agreement Belgium resumes the
position which it occupied before the World
War, with its neutrality guaranteed by its two pow¬
erful
its
neighbors. In return, it undertakes to develop
defenses, and to observe such obligations as
own
attach to it
a
as
The Brussels
face it
seems
serious
member of the League of Nations.
agreement, important as on the sur¬
to be for
Belgium, actually raises more
questions than it answers.
maintain
a
If Belgium is to
strict neutrality under an
Anglo-French
guarantee of defense, the agreement appears to fore¬
cast
succession of regional pacts
a
Britain
which
France
and
are
will
be
in which Great
deeply involved, and
obviously directed against the GermanSuch regional pacts, however, are op¬
Italian bloc.
against American wheat, are due for
its way
uncertainty and trouble.
It is counting upon its great armament program to
discourage war, at the same time that it is making
an
understanding with either Germany or Italy
more difficult
and weakening still further the in¬
fluence of the League. It is still haunted by the idea
of collective security, but its own course is increas¬
diplomacy, in short, is feeling
British
along a road beset with
national. It is doubtless right
serious obstacle to
general European peace, but it does not appear to
be working out any peace arrangements in which
Germany can be expected to join. In the complicated
array of divergent political and economic interests
which Europe presents, a temporizing course is,
perhaps, the only practical one, but a peace which
is maintained only by a display of superior force
cannot be regarded as otherwise than precarious.
ingly independent and
in
believing that Germany is a
posed to the idea of collective security through the
of the League, and that idea seems clearly to
agency
be
Belgium's
in
recognized
be
collective
no
is out of the League and entirely un¬
Thwart Efforts^to
Amend National Labor
On the other hand, there can
security without Germany and Italy,
League obligations.
and Germany
Will
Leaders
Labor
reaffirmation of its
The
resolution
Chamber
adopted
Commerce
of
by
this
Relations Act
the United States
clearly demon¬
week
of business and the general
willing to return unless its colonial demands are
strates the keen desire
satisfied, and Italy, while still a member, is hostile.
public that the National Labor Relations Act be
amended to correct its one-sided nature.
In view
As
long as Belgium holds to strict neutrality on the
laid down in the Brussels agreement,
terms
is
no
apparent basis for a rapprochement with Ger¬
many,
feit
while if it departs from neutrality it will for¬
the
It is
Anglo-French guarantee.
hard to discover,
agreement has
peace.
there
accordingly, wherein the
materially helped the outlook for
There is hardly more assurance when one
policy with Spain. The action
observes the British
of the British navy
Franco navy
in preventing interference by the
with British vessels carrying food sup¬
plies to Bilbao is so clearly an aid to one of the
of the stubborn
be
offered
and effective opposition
by organized
that will
labor to any thorough¬
going reformation of that law, however, realistic
business men should consider just what changes the
unions will
permit Congress to approve.
Ideally considered, the necessary changes
law have been stated
in the
several times by employers and
by various publicists, and these changes were again
advocated at the Chamber of Commerce meeting.
They include
(1) express permission for the em¬
to utilize the services
ployer as well as the employee
Volume
the
of
Labor
union
the
Financial
144
(2)
Board;
Students of
responsibility for its actions.
problem
not in
are
agreement that union in¬
the attainment of this
corporation is essential to
aim—perhaps
be
provision insuring
some
union finances
requirement that
a
publicized, that their affairs be managed demo¬
cratically,
annual
by their constitutions
attested
as
and
reports to be filed with an appropriate gov¬
ernment agency,
Provision of
would suffice
tion services to alleviate
of
Part
strikes.
this
restriction
course, a
services had been
designed
utilized, such
curb
as a
on
be,
of
a
provision being
sit-down and other unauthor¬
any
apparent that unions will never consent to
incorporation proposal
measure
or any
which
require full publicity of union finances and
would
After the rejection by the
internal management.
sit-down strikes, and
Senate of the outright ban on
Guffey bill following its
the easy course
of the
endorsement by
John L. Lewis,
new
ized labor is
no one
will seriously
bitterly opposed by organ¬
contend that any measure
Unions
will,
employer can settle such issues, and
cause
Labor
doubt that the American
Indus¬
the Committee for
or
Organization could adjudicate such disputes
before
costly
Employers
occurred.
had
tie-ups
rightly should be able to refer such quarrels to the
Board.
ever-widening split between the C. I. O. and
jurisdic¬
F. of L. will result in many more
the A.
tional
disputes, and these will be more serious and
difficult to solve than those
situation.
It
arising out of any other
that these
seems
now
jurisdictional
of
course,
oppose
any
restriction
of
Enactment
any
such
measure
would
Thus, sev¬
imagined when the split first occurred.
of the leading
eral
craft unions, notably the elec¬
trical and machinists groups
that
announced
of the A. F. of L., have
they would utilize the industrial
form and take in all workers
in
Such
their lines.
employed in
plant
a
decision promises quarrels
a
the craft unions themselves as well as with
among
the C. I. 0. factions.
The C. I. O. has
posals for an expanded mediation service for that
reason.
Federation of
likely to be enacted.
the right to strike, and may even fight pro¬
upon
no
the maritime strikes
trial
members into the unions,
bound to occur as the newer
disputes may be even more serious than had been
ized strikes.
It is
Obviously,
public suffering caused by
would
new
contest the status of the entrenched officials.
groups
The
proposition
influx of
causes an
factional disputes are
Labor
the right to strike until such
on
lus
and arbitra¬
effective mediatory
more
(3)
this score.
on
2893
Chronicle
aggravated the situation, more¬
by extending its jurisdictional claims in a fan¬
over,
tastic
union
Thus, the non-ferrous miners'
way.
claims
now
jurisdiction
over
employees in brass and
The
fabricating plants in New England.
copper
depend, therefore, upon the occurrence of incidents
which
would so arouse the public that unions
auto union is
would not dare continue their
already functioning there.
that
doubtful
any
opposition.
such sentiment
It seems
exists at
the
In fact, it is well to recall that the
British Trades Disputes Act of 1927, which arouses
so much admiration in this country, was passed only
present time.
after
Regrettable
as
it may seem, moreover, there is
ample reason for believing that the support
Chamber of
ness
group
of the
Commerce, or of the National Associa¬
tion of Manufacturers,
for
a
or
representative busi¬
any
legislative program condemns that
reason
a
adequate
which
emphasis,
has by
however,
no
means
received
employers and
the
public should support a proposed change in the law
which does stand a good chance of enactment.
This
give employers the
right to call upon the Labor Board to determine
which group in his plant is entitled to recognition.
Widespread support for this change is necessary for
change is the one which would
two reasons.
In the first place,
jurisdictional dis¬
putes are likely to become more serious in coming
months than ever before.
Secondly, the National
Relations Board has so far refused to con¬
Labor
sider
petition from an
a
studiously
refused to
employer and has also
intervene in jurisdictional
jurisdictional disputes which employers will
face in
now
ous
coming months will take many forms not
envisaged.
For
one
thing, there will be numer¬
disputes within a single union as to which group
should
bargain with the management.
time strikes on the Atlantic coast have not
among
for control.
to
composed of workers formerly affiliated with
the
C. I.
such
into
decide
plants the employer
whether
pendent union,
F.
A.
of
should
he
C.
a
L. crafts.
Board
Relations
the
be forced to
may
with
bargain
0.
I.
When
plans.
send their organizers
O. and the A. F. of L.
inde¬
an
organization,
or
vari-
Only the National Labor
settle
can
such
confusing
a
question.
That
these
problems comprise
than
more
a mere
decision to poll the employees and let them
which group
ence
to the
has
majority
a
plight of
of L. union controls
ers
a
single
This manufacturer
land.
union controls the
entire
be
concern
now
decide
by refer¬
seen
in New Eng¬
finds that
an
A. F.
majority of the skilled work¬
a
in his mechanical
can
department, but that a C. I. 0.
majority of all employees in the
plant.
The
reluctance
Federal
of
the
Labor
Board
and
for that matter, to take
of anyc
over
the
jurisdictional issue is easily understood when
one
agency,
the
puzzling difficulties involved and the
important political ramifications of
that may
be reached.
any
been
constituted
shall
represent the employees, however, it
determine which
to
decision
Since the Labor Board has
organization
seems
only
vexatious question of representation.
York in refusing
recognize their international officers promises
representation
employee
concerned
Similarly, the action of certain locals
quarrels of this nature.
unions, is being fol¬
company
or
by the creation of independent labor organiza¬
The mari¬
various factions within a single union
of the retail clerks' union in New
plans,
lowed
fair that it should be
rivalry between two different unions but only a
fight
sentation
of jurisdictional dispute is in
The forced abolition of employee repre¬
offing.
studies
quarrels.
The
Still another type
the
gus
proposal to many Congressmen.
For
plant, so long as no C. I. O. organization is not
tions
attempted nation-wide general strike.
an
of
willing to enroll workers in any type
As the Wagner Act stimu¬
Unions
are
not in
a
required to settle this most
position to resist
a
that the Labor Board be empowered and
settle
jurisdictional
there is
no
central
quarrels.
With
organization with
suggestion
directed to
labor
power
judicate jurisdictional issues, and the chief
ment used
by labor leaders
as
well
as
split,
to ad¬
argu¬
by the Labor
2894
Board
Financial
for non-intervention
disappears. Moreover,
probably perceive that the public will not
unions
tolerate strikes staged solely
rivalry in which
the
even
Chronicle
is selected
because of inter-union
issue of working conditions
no
in common,
or
A
Freight Rates Be Increased?
question of increased freight rates is
freight rates and prices the most points
and consequently makes them easier to
age
study of the situation is most interesting.
striking fact disclosed is that while the
aver¬
ton-mile of the railroads is
now
revenue
about
now
from
being given careful consideration by the Interstate
per
commodities average
busily engaged with
tests
general investigation of the
railway freight rate structure.
that this
has
us
bearing
required to buy and sell.
are
In other words,
some
industries
During the past 67
two
Yet present pro¬
the ground that it would be
on
burden to
the things most of
upon
51.8% higher.
against any advance in freight rates
largely
doubt
no
subject is of vital importance, because it
tremendous
a
There is
The
3.6% lower than in 1885, the decrease being
1.011c. to 0.975c., the wholesale
prices of all
Commerce Commission, for that body is at
present
a
The year 1885
because it lends to the
compare.
most
The
by the railroads.
the base year
as
movement of
right to bargain collectively is involved.
Should
May 1, 1937
collected
revenue
increases in freight rates normally are
supposed to
1897 the trend
based
are
intolerable
all industries.
prices have
years
major movements.
raise the
or
an
gone
through
From the early seventies to
brief rallies in
the
price which the purchaser
pays or
decrease
a
.protests from producers, ship¬
consequence
and various and sundry individuals
pers
presented in this "Ex Parte 115"
Commission.
Many
of
the
before
now
protests
the
based
are
the assumption that freight rates have
upon
being
are
im¬
an
prolonged declines.
and
1897.
they
were
1920,
1921
the movement of commerce,
rose
allowed would tend to
revival in
destroy further chances for
prosperity of the country
a
the prosperity
or
of certain industries.
If those
misled to'
kets which
producers who have been
are
production by expectation of
not
were
It must be ad¬
prices in local markets
are
lower than
recession.
1927, advanced again in 1928, and
level at the present time stands 51.8%
above the level of 1885.
1885 the
In
competitive markets.
A surplus makes
a
was more
in 1870.
was
than
Fourteen years
later, in 1899, the average freight rate had made
further decline
of
nearly 29%.
until
rates to
freight rate
average
87% lower than it
rates remained at the
advance in freight
The depression of
Thereafter prices
1923, after which time they showed a
They gained momentum in 1925, moved
until
which they depend, but
an
From 1917 to
precipitate fall.
a
problem of surplus
by failure to allow
until 1910, when
rose
brief period.
unprecedented peak.
an
caused
it does not follow that any
be solved
they
a
demand and the post-war boom carried
in the central markets
upon
can
were
lower in 1926 and
mar¬
realized, is it fair to ask the
railways to help bear their loss?
mitted that
halted for
the average
protesting
excess
There
Prices touched bottom in 1896
Thereafter
war
them to
portant effect upon the development of industry and
and that any increases
steadily downward.
1872, in 1880, 1882, 1887, 1888, 1891
1893, but these were superseded quickly by
in
and
price which the seller receives.
As
was
1917,
prices
not
rising.
were
depression level of the nineties
period of 18
a
a
Thereafter freight
years,
while commodity
The increase in freight rates did
begin until 1918.
When it did
occur
it did not
buyer's market, in which neither production costs
rise
so
nor
1921
freight rates have again fallen, and the reduc¬
transportation
costs
decisive
are
for
the
moment.
railways
never
charged by
actually have been, except
per¬
haps for short intervals, inimical to the Nation's
Indisputable facts of history show that
progress.
over
a
have
always declined
period of
years
freight rates in this country
more or
advanced less than the
enormous
if the
the
History of the past 67
freight rates
years
prices which fluctuate
upon
They would be, and
are,
ton
of sand is not made
ton of silk.
age
The
so
freight rate
high
as
that
But rates must be based upon
value of commodities
over
a
into
shippers
on
would
a
period
the
a
aver¬
years.
would be
anarchy, and neither producers and
the
ever
based, not
upon
upon
period of
The entire rate structure of the country
thrown
con¬
shifting sand.
on
made roughly in proportion
to the value of commodities.
hand,
one
know
where
on
the
of
years,
average
but
nor
railroads
on
the other,
they stood if rates
were
value of commodities
on
their temporary
fluc¬
the railroads received for
reveals
some
revenue
received
of
prices had risen.
as
freight
total
one
very
or
what
producing transportation,
interesting facts.
The average
by the railroads for hauling
a
ton
mile is the result obtained by dividing
revenue
ton-miles into the entire
freight
Since
have saved the public the
$11,123,541,000.
In other words,,
freight rates of 1921 had remained in effect,
$11,123,544,000
more
would have had to
years,
than
same
actually paid to
was
amount of
freight trans¬
portation.
tory
largest advance in freight rates in his¬
made in 1920, the wholesale prices of all
was
commodities
averaged 172.8% higher than in 1885.
Since this advance in rates
it
was
not
Meantime
effect
in
was
changes in
1920,
until 1921.
Even in 1921 the
average
prices of all commodities
higher.
72,4%
a year
only 26.1% higher than in 1885,.
while the wholesale
aged
made late in
was
throughout
prices declined.
freight rate
As
a
freight rates
freight rate for the
year
result
and
of
aver¬
subsequent
prices the average
ended Dec. 31, 1936,
was
3.6% lower than in 1885, while the wholesale prices
of all
The
commodities
averaged 51.8% higher.
railway rates, of
excessive, and
course, are
forbidden to be
supervised by public authority.
they are adequate to maintain the
are
If it is found that
study of the trend since 1870 of the wholesale
prices of all commodities and railroad rates,
the
of
the railroads for the
over
tuations.
A
sum
When the
demonstrates that to
stantly would be to base them
a
far
so
public, in the last 15
pay
prices of commodities in general.
base
or
tions in the last 15 years
The fact of the matter is that rates
the
fast
transportation system in
a
state of efficiency, they
should not be advanced to help out a situation which
cannot be corrected in that way.
the
a
However, during
past 28 years the railroads have
return
even
tries earned.
never
received
approaching that which other indus¬
As
a
consequence, the
dividends dur¬
ing the greater part of that period have been in-
Volume
Financial
144
managements
adequate to attract capital, and the
in their endeavor to
serve
the
public have taken the
employed
them
to
provide facilities for the public.
It
naturally follows that there is no honest way to
maintain these transportation facilities other than
by payment by the shippers who use the rail facili¬
ties, and the burden of payments in the aggregate
earnings of the stockholders and
meager
must be distributed among
such users.
Electric Utilities Under Inflation
inflation
would
do
How serious must it become to erase the
of
common
wholesale
to plunge them
payments,
insolvency?
them, such
possibility
preferred dividends, to threaten or
interest
prevent
to
or
utilities?
electric
to
into
Would any benefits accrue
opportunity to re-acquire funded
How did they fare
as an
debts at ridiculous discounts?
These
under inflation abroad ?
rent
of the
are some
cur¬
ficient
the
generated in fuel-burning plants.
Electric utilities in France between
inflation of suf¬
past two decades,
intensity to greatly disturb existing mone¬
countries.
tary systems has occurred in numerous
panies under close governmental
control
destructive
cies
•entirely
In
type that the values of existing curren¬
a
completely erased and the institution of
were
new
monetary systems became necessary.
France, Belgium and Italy, however, where long-
continued
governmental deficits resulted in vastly
prices of goods and labor, inflation was
increased
halted
fourth
•either
the stabilization
by
one-fifth
or
of currencies at one-
former
their
values.
Under
general type of inflation, all business enter¬
particularly those subjected to public
prise, and
regulation and control of their selling tariffs, were
faced with
of this inquiry is limited to elec¬
and
light industry in Germany, France and Italy at the
close of the World War, the degree of inflation
tric
utilities, the position of the electric power
each country and the experience of
be briefly reviewed
developed in
electric utilities thereunder will
and, to the extent such experience may
be applic¬
possible
able, it wTill be utilized in estimating the
effects on electric utilities in this country.
Almost from the establishment
light industry has been
predominantly public in
Of the 28 German cities
character.
lations of
of the first electric
in Germany, its electric power and
undertaking
200,000
or more,
with 1920 popu¬
only four were served by
only two during 1920
during 1925. In the smaller cities and
private operations during 1910,
and
only one
and
towns
the
in
rural
areas,
private operations
when the
electric utility industry of the Nation was viewed
as a unit, private operations were relatively insig¬
nificant and wholly dominated by the public under¬
takings of the great industrial cities. Around 1910,
assumed
the
larger proportions, but even so,
device
more
"mixed
of
under which
a
management" was invented
corporation was formed by one or
private
contributed
public authorities and by one or more
parties, to the capital of which each
and in the
The
initiative and the insurance of
trol.
device
voice.
efficiency of private
management of which each had a
objectives sought were the
positive public con¬
adopted this
by 1920, and only five by 1926.
Electric
However, only four cities had
private com¬
supervision, which
far-reaching
so
that little incentive
responsi¬
Neither
full public ownership nor mixed operation of the
German
type had reached any position of im¬
portance, due to the well-founded French fear of
governmental inefficiency, and what mixed opera¬
bilities of
municipalities to assume the
ownership and direct operation.
thin districts where private
largely in economically
operation promised no
adequate reward and where no
electric service had
Even in the comparatively few
public undertakings did exist, the
previously existed.
instances where
leasing of publicly-owned
panies
facilities to private com¬
direct operation. Immedi¬
however, the tendency toward
was as common as
ately after the war,
government
ownership of a small portion of the
operations devel¬
The great proportion of electric energy gen¬
in France during these years was in fuel-
oped.
erated
burning plants.
The electric
of
utility industry in Italy at the close
and
World War
the
States
United
ensuing
during the seven
nearly comparable to that in the
were those in
Germany and
years was more
than
holding
since it was comprised of large
France,
unassociated operating companies and
municipal undertakings.
Purely on the basis of
installed generating capacity, the holding groups
groups,
the unassoci¬
municipal
operations about 7%, the balance of some 20% being
represented by textile, paper, electro-chemical and
electro-metallurgical plants which generated power
comprised some 60% of the industry,
ated
companies about 10% and the 75
for their
major problems.
Since the scope
was
existed for
Russia, Germany, Austria, Hungary, Poland, Bul¬
garia and Rumania all experienced inflation of so
1918 and 1926
largely owned and operated by
were
capital stock of private electric
questions to be dealt with.
Within
in Germany during this period was largely
energy
tions did exist were found
By Ernest R. Abeam s
What
2895
Chronicle
own
consumption and sold any excess to
distributing agencies.
Electric energy in Italy was
entirely hydro-generated, all
almost
resources
either being
forms of fuel
non-existent or of such poor
quality that their exploitation was not
economically
Approximately 68.5% of the installed
generating capacity of the company was moved by
falling water in 1918, and about 82.0% in 1926.
No governmental regulation of electric utilities or
their rates existed in Germany during inflation
justified.
The only requirement of German
years.
that
and
law was
public undertakings must not operate at a loss,
local authorities were left free to determine the
rates for services
rendered by their own
undertak¬
conditions respecting the rates
induce the utili¬
ties to accept.
The generation of electric energy in
France
was
not generally considered of public
ings or to make such
of
private operations as they could
complete freedom to
control largely
through the prescription of selling tariffs. Charges
for electricity under French law were considered im¬
posts which could be laid only under Parliamentary
authority.
Rates became effective only with the
approval of public authorities, although maximum
rates were generally fixed by the concession con¬
tracts, and rates could be modified without regard
for existing private contracts and without the con¬
utility, and the State granted
the
enterprises,
exercising
sent of the utilities or
hand,
rates
its
their customers.
On the other
special government control over electric
existed in Italy. Electric energy was allowed
no
to find
its
own
price level, and the making
of rates
2896
Financial
left
was
their
wholly to the utilities in negotiation with
A
consumers.
sumed
special tax
electricity
on
con¬
in
private lighting had been imposed since
1894 but, since the utilities were
permitted to pass
the tax
tute
along to their customers, it did not consti¬
burden
a
utility operations.
on
Although inflation started in all three
countries
Chronicle
May 1, 1937
tric rates in each
supply
quickly geared to
area were
index of the cost of fuel and the
average
an
of employees, which index
wage
revised
early
under
the
Minister
of
hourly
periodically
was
Public Works.
As
1919, when rising exchange rates began
boosting utility operating costs, the Italian Govern¬
as
ment decreed that electric
utilities,
when bound
even
shortly after the declaration of war, the serious and
by long-term private contracts, should advance all
destructive characteristics of their
respective infla¬
rates
tions
developed at different times.
In
Germany,
inflation assumed serious
proportions in the
of
1919 and
until
conditions became
the end
of
abandoned and
France
new
instituted.
was
increasing tensity until
approximately one-fifth its
expanded with
the late fall of
just
value.
pre-war
In
disturbing factor in 1919
a
demoralizing intensity until
a
1926, when the lira
its
one-quarter
over
stabilized
was
revalued at
was
pre-war
value
Italian monetary system was returned to
and
the
gold
a
fuel and material costs, eventually
private
con¬
vertibility basis.
consumers
Despite
numerous
and substantial rate increases,
operating costs in all three countries increased at
still
rapid
more
inflation
serious
of
each
the
inflation
on
by all of the electric utilities in
countries.
far
countries,
one
The
the movements of the indices set out below.
instance, 1913-14 levels
In each
set at 100.
are
France—337 in 1921; 854 in
the
sufficient
with
up
ability
Germany and the
to
coopera¬
friendly governments in France and
mechanisms
though
even
adopted did fail to operate with
celerity to match growing costs, did result
able
Although
guish
Germany—3,500 in April, 1922; 107,760 billion in
December, 1923.
reason¬
few utilities in
a
each
country
took
or
re-acquire their funded debts at fantastic
little
plunged them just
time
far
as
And
when
the
passed and currencies
LIVING
Decem¬
vertibility
basis, it
electric utilities in
ber, 1923.
received
December, 1926.
other
Italy—205 in 1919; 649 in December, 1926.
accrued
them
to
since
or
years
farther into debt by
stabilization of their currencies had
effected.
Italy—250 in 1919; 605 in December, 1926.
benefit
mounting operating deficits during inflation
the
December, 1926.
Germany—850 in 1919; 124,700 billion in
a
reaching distance of comparative solvency.
discounts,
WAGES
France—309 in 1921; 505 in
catching
advantage of their depreciated currencies to extin¬
December, 1926.
Italy—251 in 1919; 603 in December, 1926.
OF
ever
However,
Italy in gearing rates to rising costs,
the
influence
ing from the inflationary periods within
WHOLESALE PRICES
COST
its
in the electric utilities of all three countries
emerg¬
Germany—960 in 1920; 119,300' billion in Decem¬
ber, 1923.
France—260 in 1920; 452 in
in
utility revised its rates upward 28
operating costs.
tive efforts of
Germany, where
prices than in the other two
during 1923 without
rising
In
disastrous
more
labor and material
times
incurred during each year of
were
three
was
a
with the result that sizable
pace,
operating deficits
increase rates at will in
effects of the
varying degrees of inflation
experienced in Germany, France and Italy on their
respective economic systems may be visualized from
placing rates to
at 360% of those in effect before
the 1919 decree.
on
Serious infla¬
1926, when the franc
Italy, inflation became
and
was
develop until the late fall
of 1921 and continued with
at
worse
monetary system, based
did not
the late fall of
progressively
1923, when the old currency
a
gold convertibility,
tion in
spring
substantially and further decrees attempted to
keep rates in line with continued increases in labor,
benefits
any
hand,
any
inflationary periods had
again
were
was
been
found
on
gold
a
that
con¬
of
none
the
of the three countries had
from
inflation
but,
on
varying degrees of injury had
the
been
sustained.
INDUSTRIAL PRODUCTION
The
Germany—45 in 1919; 80 in December, 1923.
electric
power
and
light
United States at the close of 1936
industry
France—92 in
1919; 172 in December, 1926.
Italy—70 in 1919; 165 in December, 1926.
GOLD
VALUE
Germany—60 in 1918
;
some
OF CURRENCY
no
1918; 55 in 1919; 32 in 1920; 18
thereon through 1926.
1918;
45
in
1919;
22
thereon
through 1926.
While
countries
vances
were
sharply increased in all three
during their periods of drastic currency
inflation, the
were
10%
of the rural population of the
these
25,800 communities, about 23,700
procedure
determined
through
differed
which
such
widely.*
ad¬
In Ger¬
installed
any
data available would indicate
of the accepted indices
concerted
industry
as
action
as a
was
whole.
taken
as
a
basis
that
or
use
by the electric utility
In France, however, as soon
changing economic conditions began exerting
adverse effect
on
of
that any
an
utility operations and costs, elec¬
Of
were served
by
public
groups owned
were
90% of the
generating capacity and sold 90% of the
used by ultimate consumers during
1936, unassociated private companies owned 4% of
generating capacity and sold 4% of consumed
energy,
meager
holding
than
more
electric energy
and
nothing in the
total of
Private operating companies which
subsidiaries of 57
ber
size of rate increases and
a
country.
by private operations and about 2,100
many, haphazard estimates by each utility—munici¬
pally owned for the most part—determined the num¬
and
companies,
3,550 electric utilities serving approximately 25,800
systems.
rates
operating
separate communities and to somewhat
France—95 in
in
privately-owned
the
purely distributing agencies, and about
1,930 municipally-owned electric systems,
10 in 1919; 3 in 1921;
value thereafter.
Italy—81
1,620
exclusive of
in
comprised of,
was
while the remaining 6% of both capacity
sales was accounted for by public
energy
operations.
,
,
Forty-seven States and the District of Columbia
had
regulatory bodies with jurisdiction
class of utilities at the end of
the
over
some
1936, Delaware being
only State without any utility regulatory body.
Five
of these
regulatory bodies—those in Florida,
Volume
Financial
144
Minnesota, Mississippi, South Dakota and Texas—
had
jurisdiction whatever over electric utilities;
no
that in Iowa had
no
authority to regulate electric
had
New
body, due to the indefiniteness of the laws
rates; those in Colorado, Kansas and Michigan
only partial control over electric rates, and the
Mexico
relating to public service corporations, was uncertain
what
jurisdiction
over
rates it did
electric
possess.
During recent
entered
years
field
the
of
the Federal government has
hydro-generation
of electric
The Boulder Dam project was authorized
construction was started under previous Admin-
energy.
and
istrations, but the Tennessee Valley Authority and
projects at Booneville, Grand Coulee and other
the
points are the products of the present Administration.
Established for the announced purpose of
navigation
huge power
control, these
flood
and
developments not only promise the creation of large
thin areas,
capacities, but their directing heads either are marketing
or
promise to market the resultant energy largely
of
surpluses
economically
in
energy
already well supplied with excess generating
the
of
customers
to
utilities at
In addition, the Public
transmission.
and
existing private
well under the true cost of generation
ruinous rates,
Administration has made available grants
Works
and loans
to
public bodies for the specific purpose of building
or
acquiring facilities to compete with or replace the
private utilities serving the areas.
antagonism which the present Administra-
The
toward
shown
has
tion
utilities is of the utmost
privately-owned
electric
importance in any inquiry
probable behavior under serious inflation,
into their
since only
through the willing cooperation of cen-
governments in the raising of service rates to
tral
partially offset rising costs were the electric utilities of France and Italy able to escape in part from
the terrific burden
enterprises
which serious inflation heaps on
tariffs
selling
whose
publicly
are
regulated.
utilities
electric
The
in
the United
billion kilowatt hours
89i/2
ultimate
consumers
received
a
during
1936, for
of $2,231,500,000.
total
States sold
of electric energy to
which they
This
amount
paid for electric service alone and does not
was
include
any
revenues
from collateral services nor
non-operating or non-utility income.
Of this
amount, $135,600,000 was received by municipal
any
systems, $158,000,000
sales
of energy,
resulted from inter-company
and $1,938,000,000 was received by
Of this $2,231,500,000 of gross
operating revenues, $934,200,000 was con-
private enterprises.
electric
sumed
by operating and
maintenance expenses and
$273,500,000 was paid in taxes, leaving a
balance of
available for depreciation, fixed
charges, surplus account adjustments and dividends,
Of the $934,200,000 expended for operation and
maintenance—to keep the plants going—roughly
$1,023,800,000
$359,000,000, or 38.4%, was
and wages,
for
distributed in salaries
about $160,000,000, or 17.1%, was spent
$170,000,000, or 18.2%, went for
supplies. The year's outlay
major expense classifications totaled
fuel, and some
assorted materials and
for these three
$689,000,000, equivalent to 73.7% of
combined oper-
ating and maintenance expenses, or 30.9% of the
gross
electric operating revenues of the year.
with
these
three
expense
materials—that this inquiry
they
are
items—labor, fuel
It is
and
is most concerned, since
the expense items of German, French and
Chronicle
2897
Italian electric utilities which skyrocketed to unbelievable heights during the years of serious inflation
in those countries.
The $359,000,000 outlay for salaries and wages
during 1936 was distributed to 266,500 workers of
all rankings in the economic scale. According to
the United States Bureau of Labor Statistics, which
reports on the electric and the manufactured gas
utilities as a unit, the average weekly wage for
workers in the combined divisions of public service
amounted to $32.45 for December of 1936, the average hourly wage rate was 80.2c., and the average
number of hours worked per week was 40.7. This
weekly wage was net highest in the 26 industrial
classifications on which the Bureau reports, being
exceeded only by workers engaged in the publica¬
tion of newspapers and periodicals,
The Bureau of Labor Statistics made a survey of
1935 unionization of industries by taking "samples,"
and 143 electric utilities with 46,075 workers were
included. Of these 143 utilities, 112 were found to
deal with their workers individually, 16 with trade
unions, 13 with company unions, and 2 with both
trade and company unions.
Individual dealings
covered 51.3% of the 46,075 workers, trade unions
19.8%, company unions 23.3%, and combined trade
and company unions 5.6%. At the close of 1936 the
Committee for Industrial Organization had 17
locals in the broad field of public service, while the
International Brotherhood of Electrical Workers—
an American Federation of Labor affiliate—had 600
locals, although many non-utility enterprises were
covered. However, in view of the energetic campaign now being waged by the C. I. O., it would
appear reasonable to assume that unionization of
workers in the electric utility field will be considerably extended by the end of 1937.
The $160,000,000 which the electric utilities spent
for fuel during 1936 went for the purchase of
41,900,000 short tons of coal, 14,100,000 barrels of
oil and 155,500,000 M.C.F. of natural gas, or a coalequivalent of 49,680,000 tons at an average price of
$3.20 per ton. Due to the wage increases contained
in the recent agreement between the United Mine
Workers and the coal operators, an increase of
around 25c. per ton in the cost of coal to the electric
utilities now appears probable. This 25c. increase
will be applied to an estimated 1937 coal consumption to illustrate the adverse effects which sub¬
stantial increases under serious inflation might hold
for electric utilities.
A total of 106,000,000,000 kilowatt hours of electrie energy was generated during 1936 as compared
with nearly 96,000,000,000 during 1935. On the
basis of this increase in production and on the
electric output for the first three months of 1937,
a total output of 125,000,000,000 kilowatt hours during the year would appear a conservative estimate,
Before the 1937 fuel bill can be estimated, however,
the fym of generation of this added 19,000,000,000
kilowatt hours must be determined. During 1934,
a year of abnormally poor water conditions, only a
little over 31,000,000,000 kilowatt hours were generated in hydro-plants, while more than 53,000,000,000 were generated in steam plants. During
1936, however, with improved water conditions,
37,000,000,000 kilowatt hours were hydro-generated
and 68,000,000,000 in steam plants. If 1936 water
conditions are to prevail . through 1937, then
87,000,000,000 kilowatt hours of electric energy
2898
must
Financial
be
produced
in
fuel-burning plants with
Chronicle
the
a
resultant
coal-equivalent consumption of 63,490,000
If, however, 1934 water conditions
prevail,
tons.
then
nearly 93,000,000,000 kilowatt hours
must
tion
be
debt.
The assorted materials
chase
$170,000,000
items
and
during 1936 cost the
or
be
cannot
separated
utilities
into
individual
commodities.
Copper wire and cable, poles of wood
insulators, nails, ink, gasoline,
list would
cover
pur¬
about
and
rent—a
steel,
complete
most of the
products of practically
every branch of industry and fluctuations in the
combined price or index of these items
would
approximate
changes
in
the
index
of
closely
all
com¬
modities.
Naturally, those electric
having
a consid¬
of their capacities in
hydro-gen¬
eration, like Pacific Gas & Electric, Duke
Power,
Niagara Hudson Power, and Consolidated Gas of
Baltimore, would not be so seriously affected by
sharply advancing fuel prices as would utilities of
type of Boston Edison, Detroit Edison
or
Com¬
monwealth
Edison, which are primarily dependent
fuel-burning plants, and they would also
upon
escape sdme small part of the increased burden of
labor
costs
through the lower personnel require¬
ments of
hydro-generation. Likewise, Consolidated
Edison of New
York, with clauses in its rate sched¬
ules which permit increases of 5
mills per kilowatt
hour for
per
residentially-consumed
energy and 2 mills
kilowatt hour for industrial
energy for each 10%
increase
in
coal
costs
lishes
definite
a
and such
major
above
the base
price, and
Electric, whose franchise estab¬
Cincinnati Gas &
relationship between
items
expense
as
service rates
fuel and material
costs, wages and taxes, would escape
portion of the burden which
a considerable
sharply rising costs
would
were
impose
not
electric
upon
utilities
whose
rates
susceptible to automatic adjustment.
In
respects, however, electric utilities would
all other
suffer alike under serious
inflation.
Labor, fuel, material
maintenance
accounted
for
and
enues
costs of
and
consumed
operating
utilities
$934,200,000 of
taxes
gross
an
and
during 1936
operating
rev¬
additional
$273,500,000, leaving a balance of about
$1,023,800,000
available for
depreciation, fixed charges and divi¬
dends
their preferred
on
and common
stocks, and
deducting 1936 depreciation charges of $200,000,000, a balance of $823,800,000 remained from
after
which to pay the
wages of the
enterprise.
Interest
on
charges, other interest
1936 consumed
debts, amortization
similar
charges during
to meet the
adjustments and to
cover
surplus
reward the owners of the
shares.
all
interrupted
some
ing
expenses
equity
naturally must be paid
rently, and theirs is the
revenues.
and not
first claim
Depreciation, being
a
cash
but
claim,
any
may
on
cur¬
operating
accounting charge
be slighted or temporarily
an
continuation
of
this
procedure
ultimately result in the extinguishment of
similar
on
to be met.
Amor¬
charges might be temporarily
in the case of
as
on
classes
of
without
depreciation, while divi¬
stocks
severe
could
naturally be
penalties.
$1,334,200,000 of the 1936
claims
on
Therefore,
the operat¬
revenues of the electric utilities would have
had
to be met under
any
ship
was
and all conditions if receiver¬
to be averted, while the claims of
deprecia¬
tion, amortization and dividends,
totaling $897,300,000, might have been temporarily deferred under
conditions of great economic stress.
which
expenses
affected
would
have
been
by serious inflation
and material
most
totaled
adversely
$689,000,000,
while the 1936 claims
against revenues which
might
have been
temporarily waived totaled $897,300,000.
Accordingly, labor, fuel and material costs could
have risen
130% during 1936 before the cushion of
$897,300,000 was exhausted and receivership would
have threatened.
As
an
example
■■:T'
of the adverse influence which
rising labor, fuel and material
costs
exert
on
the
earnings of electric utilities in the United
States,
the combined
experience of 10 major operating com¬
panies during the eight war and
recovery years from
1915
through 1922 might be cited.
Consolidated Gas
of
Baltimore, New York Edison, Commonwealth
Edison, Detroit Edison, Boston Edison, Cleveland
Electric
of St.
fornia
Illuminating, Union Electric Light & Power
Louis, Pacific Gas & Electric, Southern Cali¬
Edison, and Milwaukee Electric Railway &
Light,
enues
collectively,
reported
total
operating
rev¬
of
$106,107,069 and net revenues available for
fixed charges of
$38,938,414 in 1915. During each
of the
ensuing seven years, with one minor excep¬
tion, both operating and net
the
increases
in
revenues
operating
advanced, but
revenues
by corresponding advances in net
were-
not
revenues.
(Operating
revenues totaled
$252,889,136 and net
$83,751,799 in 1922—just to complete the
picture.)
Operating expenses, depreciation and
revenues
taxes consumed
63.30% of total operating revenues
1915, 62.25% in 1916, 66.50% in 1917,
68.30% in
1918, 68.55% in 1919, 73.15% in 1920,
69.20% in
1921, and 66.90% in 1922. And when the rise in
operating costs of the war period could force an
in
advance of nearly 10
percentage points in the
age
operating ratio of these utilities,
be gained of the fantastic boosts
in
which could result from
some
aver¬
idea may
operating ratios
sky-rocketing
costs under
serious inflation.
The
on
foregoing calculations
have been based
1936
largely
operating revenues, and no consideration
has been given to
any increased revenues that
might
result from
Operating
waived,
deferred
dends
requirements of
outstanding preferred stocks, to
would
to the
$483,800,000 of this balance, leaving
$340,000,000 with which
the
capital devoted
funded
and
an undeniable claim
tion, interest charged would have
matched
other
electric
enjoys
Summarizing, the 1936 labor, fuel
utilities
erable proportion
the
indebtedness of any character and
receivership is the penalty for failure
demands, and even under serious infla¬
tization and
supplies whose
into general classes of
even
to meet its
$160,000,000.
electric
on
revenues, since
1934 water conditions, compared
actual 1936 fuel bill of
Interest
under all conditions
fuel bill of the electric utilities for
1937 would
range
from
|220,000,000 under 1936 water conditions to
an
might be deferred and, to that extent, its lien
might be subjected to that of the funded
on revenues
estimates, the
with
plant and property of the industry.
However,
a temporary economic
disturbance, deprecia¬
during
generated by steam and 67,813,000 tons of coal will
be required.
On the basis of these
$234,000,000 under
May i, 1937
stimulated industrial
lar to the
operations, simi¬
experiences of France and Italy
during
the latter
phase of their serious inflations.
This
omission
tion
was
deliberate.
While industrial
produc¬
did
sharply increase energy consumptions in
those countries,
labor, fuel and material costs rose
(Continued
on
page
2904)
Volume
2899
Financial Chronicle
144
Text of Bituminous Coal Act of
1937—Sales by Producers Taxed One Cent per
Penalty Tax of m/2% Imposed on
Ton-
of Fab-
Those Failing to Comply With Code
Practice
President
April 26 signed the new Guffey-Vinson bill,
designed to regulate interstate commerce in bituminous coal.
The text of the measure, which imposes a tax on producers
of lc. per ton on coal sold or otherwise disposed of, and a
19^% penalty tax on producers who fail to comply with
the code of fair trade practice prescribed by the Act,
noted
As
Roosevelt
in
elsewhere
of
issue
our
today,
on
follows:
to
consent
of the
such
of
protection
and
that there exist practices and methods
that waste the coal resources
commerce;
of such coal
marketing
obstruct interstate commerce
regulation of the prices thereof
and
of
unfair methods of competition
therein is necessary to promote
interstate commerce in bituminous coal and to remove burdens and obstruc¬
Nation
in
and
bituminous
disorganize,
with
coal,
and
burden,
result that
the
therefrom.
tions
2.
Sec.
Commission
There is hereby established in the Department
Bituminous Coal Commission (herein referred
(a)
of the
to as
composed of seven members appointed by
the President, by and with the advice and consent of the Senate, for a
term
of four years.
The Commission shall annually designate its chair¬
man,
and shall have a seal which 6hall be judicially recognized.
Any
which
appointed to fill
person
be
shall
shall be appointed only for the unex¬
vacancy
a
in office.
The Commission shall have an
District of Columbia, and shall convene
at such times and places as the majority of the Commission shall deter¬
mine.
Two members of the Commission shall have been experienced bitumi¬
pired term
but
ducers,
or
city of Washington,
mine
coal
nous
his predecessor
of
the
in
office
workers,
(whether or not bituminous coal), oil, or gas, or in
the generation,
transmission, or sale of hydro-electric power, or in the
manufacture
of
equipment for the use thereof, and shall not actively
in
engage
coal
other business,
any
one
commissioner
shall
commissioner
shall
be
established, but
made
of
a
of
resident
any
one
of the districts herein¬
change in any of the boundaries of
a
President for
the
by
The
office.
in
feasance
Not more than
employment.
the districts,
the
removed
be
or
Commission as hereinafter provided, shall not affect the
office of any commissioner then serving.
Any commissioner may
by
tenure
vocation,
resident of any one State, and not more than
be a
one
after
inefficiency, neglect of duty, or mal¬
is authorized to appoint and fix the
Commission
compensation and duties of a secretary and necessary professional, clerical,
and other assistants.
With the exception of the secretary, a clerk to each
the attorneys, the managers and
commissioner,
examiners
and
mission
shall be appointed
by
marriage
appointed
person
the
within
or
third degree by blood.
The Commission is
and uncompensated1 services of
utilize voluntary
accept and
to
accordance with
Classification Act of 1923,
without regard to the provisions of
laws shall be related to any member of the Commission
No
civil-service
authorized
technical experts,
employees of the Com¬
and their compensation fixed in
of the civil-service laws and the
amended.
the
the Commission may require, all
as
the provisions
as
employees of the statistical
for, and such special agents,
hereinafter provided
bureaus
State or political subdivision thereof.
each receive compensation at the
traveling expenses.
Such Com¬
mission
shall have the power to make and promulgate all reasonable
rules and regulations for carrying out the provisions of this Act and shall
annually make full report of its activities to the Secretary of the Interior
for transmission to Congress.
A majority of the Commission shall con¬
stitute a quorum for the transaction of business, and a vacancy 'jin the
Commission shall not impair the right of the remaining members to exer¬
cise all
the power of the Commission.
No order which is subject to
judicial review under section 6, and no rule or regulation which has the
force and effect of law, shall be made or prescribed by the Commission,
unless it has given reasonable public notice of a hearing, and unless it has
afforded to interested parties an opportunity to be heard, and unless it
has
made findings of
fact.
Such findings, if supported by substantial
evidence
shall
be conclusive upon review thereof by any court of the
United
States.
The Commission may establish divisions, each of which
divisions shall consist of not less than three of its members, as it may
person
The
members
rate
deem
of
of
or
any
official
any
of
the
Commission
per
of
$10,000
year
and
a
shall
necessary
for the proper dispatch of its
necessary
business.
Each such division
of the Commission in the
premises:
Provided, That any person in interest may, upon written
petition, secure a review by the Commission of the report, finding, or
order of such division.
The Commission may by its order assign or refer
shall
any
exercise
all
within
matter
the
powers
and!
authority
its jurisdiction under this Act to
an
individual Com¬
of employees of the Commission, or to an
to be designated by such order, for hearing and the recom¬
of an appropriate order in the premises.
Each individual Com¬
to a board composed
missioner,
examiner,
•
mendation
directed by order of the Com¬
and affirmations, to examine
witnesses, and receive evidence.
The Commission is authorized to make
contracts for personal services in the District of Columbia and elsewhere
and to establish and maintain such offices throughout the United States
as
it deems necessary for the effective administration of this Act, but
shall maintain its principal office in the District of Columbia.
The Commission is hereby authorized to initiate, promote, and1 conduct
research designed to improve standards and methods used in the milling,
preparation, conservation, distribution, and utilization of coal and the
discovery of additional uses for coal, and for such purposes shall have
authority to assist educational, governmental, and1 other research institu¬
tions in conducting research in coal, and to do such other acts and things
as
it deems necessary and proper to promote the use of coal and its
missioner,
board,
or
examiner,
when
so
mission, shall have power to administer oaths
derivatives.
(b)
(1)
Interior
to
There'is hereby established an
be
or
the
at
the compensation and
assistants. With the
and such special agents
and experts as the counsel may from time to time find necessary for the
conduct of his work, all employees of the counsel shall be appointed and
their
compensation fixed in accordance with the civil-service laws and
the Classification Act of
1923, as amended.
The counsel is authorized1
to
make such
expenditures as may be necessary for the performance of
(3) The counsel is authorized to appoint and fix
of necessary professional, clerical,
and other
duties
clerk to the counsel, the attorneys,
exception of a
the
his
him.
in
vested
duties
annually make a full report of
The counsel shall
(4)
the activities of
'
directly to the Congress.
office
Tax
have any financial interest, direct
transportation, or 6ale of, or manufacture of
mining,
the
in
for,
certificate the information or investigation desired.
Commission shall promptly furnish to the counsel the
promptly conduct tire investigation and place the results
disposal of the counsel.
the
Thereupon
on
Coal
of the members shall
none
indirect,
equipment
matter
sion, specifying in the
previous experience as pro¬
have had
shall
two
him
In
information at its command or conduct any investigation as to any
within its authority, the counsel shall so certify to the Commis¬
any
thereof
National
a
Commission),
conduct
and
consuming public in any proceeding before the
any such proceeding before the Commission, the counsel
shall have the right to offer any relevant testimony and argument, oral
or written, and
to examine and cross-examine witnesses and parties to the
proceeding, and shall have the right to have subpena or other process of
the Commission issue in his behalf.
Whenever the counsel finds that it
is in the interest of the consuming public to have the Commission furnish
Commission.
information
National Bituminous Coal
Interior
in the interest of the
before the Commission and to
independent investigation of matters relative to the coal industry
administration of this Act as he may deem necessary to enable
properly to represent the
and for other purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That regulation of the sale and
distribution in interstate commerce of bituminous coal is imperative for
the
direct
of, or the manufacture
equipment for, coal (whether or not bituminous coal), oil, or gas, or
in the generation, transmission, or sale of hydro-electric power, or in the
manufacture of equipment for the use thereof, and shall not actively engage
in any other business, vocation, or employment.
The counsel shall receive
compensation, at the rate of $10,000 per year and necessary traveling
the mining, transportation, or sale
of
the
AN ACT
distribution
by and1 with the advice and
have no financial interest,
(2) It shall be the duty of the counsel to appear
regulate interstate commerce in bituminous coal,
of
The office shall be in charge of a
President,
the
The counsel shall
Senate.
in
indirect,
or
such
[H. R. 4985]
of
by
appointed
consuming public in any proceeding
[Chapter 127—1st Session]
the
be
counsel
expenses.
[PUBLIC—No. 48—75th CONGRESS]
To
Coal Commission.
Bituminous
National
known
as
the
office
of
office in the Department of the
the consumers' counsel of the
3.
Sec.
wise
of
imposed upon the sale or other disposal
the United States when sold or other¬
excise tax of 1 cent per ton
There is hereby
(a)
coal produced within
bituminous
of
disposed of by the producer thereof an
pounds.
"disposal"
2,000
consumption or use
otherwise) by a producer,
any transfer of title by the producer other than by sale.
(b) In addition to the tax imposed by subsection (a) of this section,,
there is hereby imposed upon the sale or other disposal of bituminous coal
produced within the United States, when sold or otherwise disposed of by
the producer thereof, which would be subject to the application of the
conditions and provisions of the code provided for in section 4, or of the
provisions of section 4-A, an excise tax in an amount equal to 19%% of
the sale price at the mine in the case of coal disposed of by sale at the
mine, and coal sold otherwise than through an arms' length transaction,
19%% of the fair market value of such coal at the time of such disposal
or
sale.
In the case of any producer who is a code member as provided
The term
as
used1 in thi6 section includes
the production of coke or fuel, or
(whether in
and
in
section
is
and
4
so
Commissioner of Internal Revenue
certified to the
by such producer during the
by him shall
subsection.
(c) The taxes imposed by this section shall be paid to the United States
by the producer, and shall be payable monthly for each calendar month
on or
before the first business day of the second succeeding month, under
such regulations and in such manner as shall be prescribed by the Com¬
missioner of Internal Revenue, with the approval of the. Secretary of the
continuance
be
the
Commission,
the
by
the tax imposed
from
exempt
disposal
sale or
membership in the code of coal produced
his
of
by this
Treasury.
of coal disposed of otherwise than by sale at the
otherwise than through an arms' length transaction,
the Commissioner of Internal Revenue shall determine the market value
thereof.
Such market value shall equal the current market price at the
mine of coal of a comparable kind, quality, and size produced for market
(d)
the
In
case
and coal
mine,
sold
the coal so disposed1 of is produced.'
in
the locality where
in
(e) The tax imposed by subsection (a) of this section shall not
the case of a sale of coal for the exclusive use of the United
or
of
State
any
Columbia,
the
Internal
Commissioner of
of the Treasury,
section
the
political
governmental
of
performance
or
a
may
such
of
amount
functions.
Revenue with
the approval of the Secretary
credit against the tax imposed by
refund
a
the District of
for use in the
Under regulations prescribed by
Territory of the United States or
subdivision of any of them,
or
any
or
apply
States
tax
subsection (a) of this
made to any producer of coal in
with respect to the sale of coal to any
be allowed or
paid
such evidence as the regula¬
resold by any person for the
any- State,
Territory of the
United States, or the District of Columbia, or any political subdivision
of any of them, for use in the performance of governmental functions.
(f) No producer shall, by reason of his acceptance of the code provided
for in section 4, or of the exemption from the tax provided in subsection
(b) in this section, be held to be precluded or estopped from contesting
the constitutionality of any provision of this Act or of the code, or the
validity or application of either to him or to any part of the coal pro¬
producer has in his possession
vendee, if the
tions
prescribe that
may
exclusive
duced
use
coal
such
United
the
of
States
was
or
of
by him.
Bituminus Coal Code
Sec.
The
4.
Commission
as
the
as
provisions
the
of
this section shall be promulgated by the
Coal Code", and are herein referred to
"Bituminous
code.
membership in the code as provided in section 5 (a)
code members, and1 the provisions
code shall apply only to such code members, except as otherwise
Producers accepting
shall
of
be, and
such
are
herein referred to as,
this section.
declared policy of this Act, the
code shall
contain the following conditions and provisions, which are
intended to regulate interstate commerce in bituminous coal and which
shall be applicable only to matters and transactions in or directly affecting
provided by subsection (h) of part II of
For the purpose of carrying out the
interstate
commerce
in bituminous
coal:
2900
Financial
PART X—ORGANIZATION
(a)
Twenty-three
Each
members.
the
district
district board shall
The
approval
number
of
the
boards
consist
of
of
of
members
Commission,
code
members
not less
of
be
shall
than three
the
Chronicle
Area
,
district
be
nor
district
organized.
board shall,
determination
and
members within
of
the
be
code
of
all
meeting.
be
electedi
elected
of
the
date
the
election:
preponderant
remove
term
and
The
from
of
hearing,
in
that
said
boards
shall
compensation,
employees,
without
or
to
have
compensation
territorial
their
provide
arbitrators,
Members
purposes.
but
be
industry
of
shall
is
its
upon
guilty
the
be
finding,
of
after
inefficiency,
be
district
and
to
of
shall
for
the
employ
their
23
such
to
necessary
board
reimbursed
limits
or
that
are
mum
such
prices
(a) and
serve,
such,
as
reasonable
districts
board,
(b)
minimum-price
in
it
accordance
make
such
all
changes,
this
or
the
standards
section, and
division
a
set
that
to
of
practicable,
divisions,
and
consolidations
finds
approval
of
the
(c) Nothing
district
contained
board
district
partners
board
board.
Nor
reasonable
shall
anyone
for
own
be
in
the
in
conduct
omission
or
misfeasance
duties
to act
for
or
district
a
his
board,
under
under
this
this
Act,
Act
be
except
involving moral
". \ :
(d) No action complying with the provisions of
this section taken while
this Act is in
effect, or within 60 days thereafter,
by any code member
or
by any district board, or officer
thereof, shall be construed to be
turpitude.
within
the
prohibitions of
been
the
antitrust
laws
of
the
United
district
States.
and
mum
shall
maximum
have
prices,
and
bureau
code
all
members
file
with
invoices,
the
Commission
held
by
the
it
of
as
and
statistical
or
bureau
for
memoranda,
cost,
authorize
may
orders
sale,
the
and
and
require.
as
For each
district there
tical bureau
which
Commission.
Each
who
manager,
employee,
or
decrease
such
confidential
when
district
directed
by
to
as
demand.
ton
for
each
and
of
the
total
the
district
in
table",
total
of
shall
as
ton,
cost
determined
Federal
income
operators'
expenses
cost
by
and!
association
dues,
only levied under
of
all
other
district
the
coal
to
as
to
as
of
a
producer,
and
as
sizes
price varia¬
such
return
table
of
and seasonal
uses
a
board
on
and
per
districts
and
the weighted aver¬
hereinafter provided,
The computation of the
labor, supplies,
taxes,
power,
and
reasonable
depletion
computation
of
expenses
assessments
for
insur¬
of
production,
Board
costs
of
administration.
(as
the
coal
operating
selling
and
2;
district
Southern
1:
Eastern
northern
5;
Pennsylvania,
West
Virginia,
Panhandle,
numbered
comprising Van
2,
district
district
district 6;
district
Buren, Warren,
8;
1;
3;
Ohio,
Southern
that
part
and McMinn
western
Pennsylvania,
district
numbered
of
4;
1,
Southeastern
Counties
in
dis¬
Michigan,
district
7;
district
13,
Tennessee.
1,
based
dis¬
the
for
the
Provided,
and equitable
in
taken
employment,
or
changes,
changes which
determination
and
submitted
respective
minimum-
the
weighted
minimum-price
and1
transmit
it
Said
area.
the
district
seasonal
or
determine
each
as
The
be necessary
promptly
the
minimum-price
be
of
of
be
aforesaid,
ascertainable
may
Such
shall
tonnage for
such
as
change
thereupon
as
the
1936.
hours
1936.
board
shall
of
exclusive
any
is
the
costs
rates,
Jan.
shall
costs
of
this
basis,
all
weighted
be
to
area
to
effective
seasonal
board
and
shall
and
the
Commission
The
shall
weighted
motion
own
rules
and
the
when
or
regulations
increase
or
figures
average
shall be available to
its
on
coordination,
boards
public.
directed
by the
incidental
to
the
by
charges
shall
be
just
produced
in
the
All
common
submitted
the
reasons
modify
or
regulations
consuming
and
without
and
the
and
any
districts,
at
of
prices
not
areas
rules
(a)
and
upon
regula¬
hereof.
Such
coal,
and
proposed
transporta¬
for
kind,
any
common
consuming market
prejudicial or prefer¬
reflect, as nearly as pos¬
unduly
shall
points
of
delivery
of the various kinds,
account
in
qualities,
districts,
various
established
market
the
limitation, shall take into
sizes
minimum
values,
and
prices
shipment into
among
area,
competition
be
of
disapprove,
under subsection
but
equitable,
market
consuming market
fair
shall
statement
a
rules
minimum
qualities,
for
and!
with
such
factors,
kinds,
and
of
regulations
approve,
respectively,
coal.
relative
under
the
other
of coal
between
as
the
shall,
them,
upon
size
or
standards
and
may
coordinate in
various
tire
to
rules
coordination.
basis
among
the
of
purpose
proposed
conform
Such
the Commission
to
Commission
competitive
ential,
shall,
reasonable
tiie Commission,
area
the
by code members within the district, of coal.
regulations shall not be inconsistent' with the requirements
(b) District
tions
total
accordingly.
aforesaid
as
established.
for the
fair
the
changes,
prices
of 2 cents per net ton of 2,000
costs in the minimum-price
excess
of
average
minimum
section
therefor,
same,
change in
a
determined
by the district board
taking into
each
common
sizes of
and
values
as
coal
to
uses,
seasonal
demand, transportation methods and charges and their effect
upon
a
reasonable opportunity to
compete on a fair basis, and the competitive
relationships between coal and other forms of fuel and
energy; and shall
preserve as nearly as may be
existing fair competitive opportunities.
The
minimum
prices proposed as a result of such coordination shall
not,
to
the
district,
any
coal
vided
subsection
the
upon
mate
the
such
be
lish,
tions
(to)
in
(c)
II
When,
the
lished
at
the
the
the
at
a
as
the
return
net
per
shall
ton
and
net
per
approxi¬
the
of
prices
all
pro¬
neces¬
tonnage
rules
and
which they are predicated, shall
Commission
complaint
minimum
interest,
shall
or
and
forth
in
thereupon estab¬
its
upon
prices
set
for
own
rules
and
subsections
so
Commission
in
coal
high
motion,
regula¬
(a)
order
prices
to
free
the
on
it
and
necessary
the
protect
therefor,
prices
deems
consumer
Commission
board
shall
transportation
Such
maximum prices shall be estab¬
above the minimum
prices in effect within
that in the aggregate the maximum
prices
return
That
not
the
maximum
increase
time,
shall
The
district.
any
Provided,
mine which
any
upon
greater than
that
coordinated
standards
prices
reasonable
district:
ton
return
section.
public
in
net
per
minimum
amount
an
cost
upon
upon
the
establish
to
uniform
a
yield
this
coal
district
time,
unreasonably
power
for
Such
effective
the
minimum-price-area
total
data
return
to the end
the
the
the
with
maximum
against
facilities
to
the
of
in
establish
coal
shall
of
of
Commission.
time
revise
part
with
the
accordance
of
have
to
from
and
of
tonnage
average
together
the
above
or
of this section by
minimum-price-area.
and
review
below
such coordination,
entire
weighted
submitted
the
(a)
increase
or
therein
to accomplish
ton
of
reduce
produced
in
sary
above
yield
the
weighted
maximum
no
fair
a
price
return
on
total
average
shall
the
be
cost
established
fair
value
of
of
for
the
property.
(d) If
State
or
Area
trict
the
sub¬
size of coal
or
be just
determined1,
wage
district
of
within
propose
hereinafter
be
Minimum-Price-Area Table
data
distribution,
to
as
area.
the
district
sale
are
designed "mini¬
total
possible
it
each
weighted
Each
net
be to
may
the
Commission,
or
or
The
with
Commission, for the proposal and establishment of
Thereafter, upon satisfactory proof made at any time
prices.
regulations,
motion
free
yield
area,
determined
direct
own
prices
of
values
price
and
No
qualities,
the subjoined
board
code,
of the
agency
direction
its
on
kinds,
as
an
the
compensation, royalties, depreciation
the Bureau of Internal Revenue in the
tax)
code
statistical bureau.
any
time
so
price
of
as
minimum
areas,
nearly
minimum
the
to
for
defined! in
net
such
as
be
statis¬
a
employee
propose
proposed
per
include
coal
shall
the
Commission
under
and' classification
equal
costs,
of
of
and, except as the Commission
district board or
a
time
minmum
a
is
area
of
mines
district,
be
copies
informa¬
records
Commission.
employee of
from
the
shall
coal,
other
records
workmen's
ance,
the
said
such
tonnage
costs
an
Commission,
prices
mum-price-area
of
be
be
the
producer,
member
no
$t
shall
by
mines, consuming market
Said
identified
age
the
a
shall,
facilities
produced in
of
shall
board
bureau
appointed
approve,
thereof
transportation
tions
be
statistical
Commission
sale of
such
established by the
operated and maintained
be
such
distribution
All
be
statistical
shall
specifically
coal
as
basis
(b);
quality,
shall
area
calendar year
so
1936, adjusted
total
cost
by
the
in
since
costs
boards
total
as
shall
representative
representative
Each
shall
to
the
member filing such information.
may
mini¬
regulations,
designated by the
contracts
credit
preparation,
spot
be
may
of all
all
all
report
for
copies
copies
concerning
the
shall
hereinafter provided
shall
tion
rules
members
by
year
exclusive
area,
sible,
(a) All
of
for code
the
as
subsection
kind,
any
of the
in
as
Commission
total
the
in
quality,
prescribe
marketing
follows:
and
to
power
serve
succeeding
affecting costs,
which
upon
district board of
any
pounds
tion
Commission
coal,
district,
changed by the
minimum
by
the
of
district
established
calendar
account
PART II—MARKETING
The
of
the
the
a
shall
proposed for
accurately
The
area.
until
nonfeasance
which
the
in
changes
any
as
Commission
Such rules and
exercising
for
substantially
a
for
of
the
by the Commission.
the average costs
to
have
of
subsection,
in the
computations
the
average
sub¬
district
sizes
including,
weighted average
reflect
in
order
anyone
the
possible, the
as
and
within
minimum
computed,
prices
adjust
to
of
to
manner
nearly
producers
within the district:
And provided
further. That
shall be proposed that permits dumping.
after its creation, each district board shall deter-,
data submitted by the proper statistical bureau of the
the
effect
average
terri¬
of
between
as
as
qualities,
possible
cost
shall
price
prices
member
any
employee of
or
of
of
shall
any
agent,
officer
or
for any action
willful
liable
officer,
member
any
diligence
liable to
his<
thereof
other member,
Nor
purpose.
kinds,
producers
as
from
as
the
assessments may be collected
by the
court of competent jurisdiction.
this Act shall constitute the
members of a
any
various
into any consuming market
factors
Such
for
this
minimum
soon
give
to
any
in
officer
or
act of any
any
Commission.
by action in
the
proposed
are
provided
between
may
or
districts
will
21.
23.
minimum price
to
stantially aid in such establishment of minimum
prices.
(b) The expense of administering the code
by the respective district
boards shall be borne
by the code members in the respective
districts,
each paying his
proportionate share, as assessed, computed on a
tonnage
basis, in accordance with regulations prescribed
by such boards with the
district board
all
own
it shall by
it
as
of
shipment
board
subsections
6ueh
district
district
proposed shall reflect,
so
of
such
tonnage produced
mini¬
of minimum
Dakota,
regard to the interests of the consuming public.
of minimum prices shall be in accordance
they
so
change in such
a
consolidation
or
in
of
which
Commission,
the
State
district 20.
proposal
other
establish
forth
would render the establishment
such standards more
areas
with
all
due
schedule
•mine,
hearing finds
minimum-price
substantially impracticable
and
As
The
in
South
for
no
without
forth
set
are
and
Utah,
;
regulations to be approved
as
their
expenses.
Dakota
value
have
That
committees,
effectuate
or
accordance with
of part II of
boundaries or limits
torial
or
to make
as
in
due
or
any
the
code member
by
a
with
failure
or
subsections
right,
Commission
by
to
of
any
(b)
or
petition,
(c)
to
make
rules
of
or
the
or
maximum
II
of
this
complaint
and
or
as
of
rules
thereof,
prices
or
counsel,
and
or
any
shail
regulations,
rules
and
prices established pursuant
section, he or it shall have
to
the
regulations
hearing, make such order
member
consumers'
prices
coordination
or
of part
board
State,
such
minimum
under
a
coordination
establish
by
shall,
after notice and
such
district
or
political subdivision
dissatisfied
regulations,
to
;
v
just and equitable
coordination
the consumers' counsel, after
boundaries or limits of
any district or
the territorial
area
to
willful
schedule entitled "Schedule of Districts" and1
annexed to this Act.
Whenever the Commission upon
investigation instituted upon its
motion or upon petition of
any code member, district
political subdivision thereof,
shall
for
persons
market
requirements
to adopt bylaws and rules of
Commission, and to appoint officers
membership, to fix their terms and
reports,
other
the
may
boundaries
for
and
of
14.
prices, together with the
but without limitation,
considered' in determining the price
relationship, shall be
mitted by the district board to the
Commission, which may approve,
approve,
or
modify such proposed minimum prices to conform to
power
own
and
15.
district 19
minimum prices
be
A
in
power
Warren
factors
and
years
have
Indiana,
10;
Buren,
district 16; southern Colorado, district 17
Washington. and Alaska,
shall
upon
district
district
two
shall
district
district
procedure
the
district
Van
except
:<'■<,]
rules
em¬
of
each
North
and
employees representing the
Commission
board
or
member
a
10:
The
shall
Illinois,
193 7
Montana, district 22.
and
preceding the
officer
one
Wyoming,
8:
relative
tonnage output
year
7:
9:
be
13,
Tennessee.
Southwestern,
Area
district
members
annual
than
shall
of
the
member
subject to approval of the
within
the
more
members
The
district
any
producer
remaining member of
board
elected.
shall
the
district
Arkansas-Oklahoma,
Area
members
of
9;
12.
Northern Colorado,
Area
malfeasance in office.
or
district
procedure,
district
are
member
neglect of duty,
employees
of
successors
any
notice
of
producer
members
in
district
Mexico, district 18.
Area
representative
members
district
a
The
New
code
shall
truly
5:
Area 6:
place
such
of
not
time
all
and
for the calendar
That
within
of
and
district board
the
code
proportion
the
producer
such
the
by the organization
number
of
The other
district,
time.
same
selected
The
their
the
Provided,
the
at
be
of
board;
members
The number
the
code member
any
board
question.
in
of code
meeting.
in
district
notice of
the members
number of
aforesaid
members
shall
of
such
given
One-half
in
by votes cast
ployee of
of
be
district.
number.
the
district
board!
shall
one
the
code
of
until
of
even
at
election
representatives
by the majority
represented
be
or
mines
an
the
district
All but
members
the
shall
for
the
4:
Area
the majority vote of
district
tonnage during the calendar year 1936 represented at a
meeting of the code members of the district called for the
purpose of such
the
district
Southeastern,
Counties
Area
Kentucky,
Iowa,
3:
McMinn
subject to
determined by
May 1,
West
11;
Area
17
than
more
2:
may
Commission, and
the
established by it,
and
be required to effectuate
.
Financial
144
Volume
of part II of this
of subsections (b) and (c)
disposition of such petition,
necessity therefor, the Commission may
rary order as
in its judgment may be
the
purpose
the provisions
with
section.
Pend¬
and1 upon reasonable showing of
make such preliminary or tempo¬
appropriate, and not inconsistent
final
ing
of this Act.
subject to the provisions of this section shall be sold or
delivered or offered for sale at a price below the minimum or above the
maximum
therefor
established
by the Commission,
and the sale or
(e) No coal
delivery
offer for sale of coal at a price below such
shall constitute a violation of the code:
or
such maximum
minimum or above
Provided, That the
this paragraph shall not apply to a lawful
contract entered1 into prior to June 16, 1933.
provisions
written
of
and bona fide
of coal at a price below the
established by the Commission
at the time of the making of the contract shall constitute a violation of
the code, and such contract shall be invalid and unenforceable.
From and after the date of approval of this Act, until prices shall
have been established pursuant to subsections (a) and (b) of part II of
this section, no contract for the sale of coal shall be made providing for
delivery for a period longer than 30 days from the date of the contract.
No contract shall be made for the sale of coal for delivery after the
The
of a contract for the sale
the maximum therefor
making
minimum
above
or
date of this Act at a price below the minimum
established by the Commission and in
expiration
therefor
maximum
or above the
effect at the
contract.
minimum prices established
of making the
time
in accordance with the provisions of
this section shall not apply to coal sold and shipped outside the domestic
market.
The domestic market shall include all points within the conti¬
nental United States and Canada, and car-ferry shipments to the island
of
Cuba.
Bunker coal delivered to steamships for consumption thereon
The
be
stall
regarded
the
within
shipped
as
Maximum
domestic market.
prices established in accordance with the provisions of this section shall
not apply to coal sold and shipped outside the continental United States.
2901
Chronicle
primary, intention and purpose
the
unfair method of
(j) The Commission shall
district board, or member
State, or the consumers'
counsel, which charge any violation of the code specified in part II of
this section.
It shall make and publish rules and regulations for the
consideration and hearing of any such complaint, and all interested parties
shall be required to conform thereto.
The Commission shall make due
effort toward adjustment of such complaints and shall endeavor to com¬
pose the differences of the parties, and shall make such order or orders
in the premises, from time to time, as the facts and the circumstances
made by any code member,
or
political subdivision of a
complaints
ten
State
thereof,
warrant.
of
such order shall be
Any
authorized,
hereby
is
Commission
The
thereof.
after
investigation and
interested parties, to make and issue rules
and regulations to make this subsection effective.
(h) The Commission shall, by order, prescribe due and reasonable maxi¬
mum
discounts or price allowances that may be made by code members
to persons
(whether or not code members), herein referred to as "dis¬
tributors", who purchase coal for resale and resell it in not less than
cargo
or railroad
carload lots; and shall require the maintenance and
observance by such persons, in the resale of such coal, of the prices and
marketing rules and1 regulations established under this section.
hearing, and1 upon notice to the
Unfair Methods of
Competition
with respect to coal shall be unfair methods
of competition and shall constitute violations of the code:
1. The consignment of unordered coal, or the forwarding of coal which
has
not
actually been sold, consigned to the producer of his agent:
Provided, however, That coal which has not actually been sold may be
forwarded, consigned to the producer or his agent at rail or track yards,
tidewater ports, river ports, or lake ports, or docks beyond such ports,
when for application to any of the following classes:
Bunker coal, coal
applicable against existing contracts, coal for storage (other than in
railroad cars) by the producer or his agent in rail of track yards or on
docks, wharves, or other yards for resale by the producer or his agent.
2. The adjustment of claims with purchasers of coal in 6uch manner as
to grant secret allowances,
secret rebates, or secret concessions, or other
(i) The following practices
prioe discrimination.
with intent to or having the effect
allowance.
4. The
granting in any form of adjustments, allowances, discounts,
credits, or refunds to purchasers or sellers of coal, for the purposes or
with the effect of altering retroactively a price previously agreed upon,
prepayment of freight charges
The
3.
or
granting a discriminatory credit
discrimination.
6. The predating or postdating of any invoice or contract for the pur¬
chase or sale of coal, except to conform to a bona-fide agreement for the
in
such
of any complaint or violation of the code, or
observance of which is required under the
6hall have power by order to require such
reports from, and shall be given access to inspect the books and records
of, code members to th© extent deemed necessary for the purpose of
determining the complaint.
Any such order shall be subject to review
rule or regulation the
any
thereof, the Commission
terms
orders of the
other
are
as
(1) The provisions of
sale entered into on the predate.
payment or allowance in any form or
purchase
or
The
6.
7.
ing
services
of
chasers
8.
or
by any device of rebates,
the extension to certain pur¬
purchasers under like
under similar circumstances.
to purchase business,
The attempt
a
or
privileges not extended to all
or
conditions,
and
terms
unearned discounts,
credits, or
refunds,
or to
obtain information concern¬
competitor's business by concession, gifts, or bribes.
The intentional misrepresentation of any analysis or of
analyses, or
making, causing, or permitting to be made,
publishing, of any false, untrue, misleading, or deceptive statement by
way of advertising,
invoicing, or otherwise concerning the size, quality,
of
sizes,
the intentional
or
or
preparation,
nature,
character,
origin of any coal bought, sold,
or
or
consigned.
10.
the
or
Inducing
breach
a
whether
or
such contract.
of
term
11.
use,
slogans,
trade names,
competitor,
ever,
in written or oral form, of trade¬
advertising matter already adopted by a
any deceptive approximation thereof.
or attempting to induce, by any means or device whatso¬
of contract between a competitor and his customer during
unauthorized
The
9.
marks,
Splitting
dividing
or
commissions, brokers' fees, or
brokerage dis¬
indirectly using brokerage
jobbers' arrangements or sales agencies for making dis¬
counts, allowances, or rebates, or prices other than those determined under
this Act, to any industrial consumer or to any retailers, or to others,
counts,
whether
12.
sales
of
to,
of
of retailers
or
like
a
Selling
mentality
a
or
or
different class.
a
directly
jobber, commission account, or
in effect an agency or an instru¬
or an industrial consumer or of an organization
consumers, whereby they are* any of them secure
through, any broker,
is
retailer
which
or
price
or
or
agency,
either
in any manner directly
otherwise
or
commissions
industrial
in
fact
indirectly
or
than
other
that
a
or
discount, dividend, allowance, or rebates,
determined in the manner prescribed1 by
this Act.
13.
Employing
pensation
or
*
So in
person or appointing any sales agent,
disproportionate to the ordinary value of
whose employment or appointment is
any
obviously
services
rendered, and
original.
at a com¬
the service
made with
producer or to coal
the
motion
own
State
merce
hand,
or
Commission upon investigation
petition of any code member,
subdivision
thereof,
or
instituted upon
district' board,
the consumers' counsel, after
undue, unreasonable, or unjust discrimination against
in coal, or in any manner directly affect interstate
any
or
state
upon
any
the
on
apply to coal consumed by
himself for con¬
transported by the producer to
in coal in intrastate commerce by any
locality cause any undue or unreasonable advantage,
prejudice as between persons and localities in such com¬
one hand
and interstate commerce in coal on the other
in
preference,
Commission.
this section shall not
that transactions
finds
or
person
or
political
or
hearing
commerce
inter¬
com¬
shall by order so declare and thereafter
coal sold, delivered or offered for sale in such intrastate commerce shall
be subject to the provisions of section 4.
Any producer believing that any commerce in coal is not subject to
the provisions of section 4 or to the provisions of the first paragraph of
section
this
the Commission
coal,
in
merce
may
file with the Commission
for exemption, setting
an
application, verified by
forth the facts upon which
such claim is based'.
The filing of such application in good faith shall
exempt the applicant, beginning with the third day following the filing
of the application, from any
obligation, duty, or liability imposed by
section 4 with respect to the commerce covered by the application until
such time as
the Commission shall act upon the application.
If the
Commission has reason to believe that such exemption during the period
prior to action upon the application is likely to permit evasion of the
Act with respect to commerce in coal properly subject to the provisions
of section 4 or of the first paragraph
of this section, it may suspend
the exemption for a period not to exceed 10 days.
Within a reasonable
time after the receipt of any application for exemption the Commission
shall enter an order granting, or, after notice and opportunity for hear¬
ing, denying or otherwise disposing of such application.
As a condition
to the entry of and as a part of any order granting such application, the
Commission may require the applicant to apply periodically for renewals
of such order and to file such periodic reports as the Commission may
find necessary or appropriate to enable it to determine whether the con¬
ditions
supporting the exemption continue
to exist.
Any applicant
aggrieved by an order denying or otherwise disposing of an application
for exemption by the Commission may obtain a review of such order in
the manner provided in subsection (b) of section 6.
oath
affirmation
or
Organization of the Code
to create price
as
manner
other orders
(k) In the investigation
of
its
this Act shall not be evaded or violated
by or through the use of docks or other storage facilities or transporta¬
tion facilities, or by or through the use of subsidiaries, affiliated sales
or
transportation companies or other intermediaries or instrumentalities,
or by or through the absorption,
directly or indirectly, of any transporta¬
tion or incidental
charge of whatsoever kind or character, or any part
subject to review as are
Commission.
the
sumption by him.
Sec. 4-A.
Whenever the
price provisions of
wholesale or middleman quantities.
have jurisdiction to hear and determine writ¬
purchasers for purchases in
other
to
be an
not
tration of this Act.
(g) The
with a purchaser
competition or a violation of the
code or any requirement of this Act (1) to sell to or through any bonafide
and
legitimate farmers'
cooperative organization duly organized
under the laws of any State, Territory, the District of Columbia, or the
Unitedi States whether or not such organization grants rebates, discounts,
patronage dividends, or other similar benefits to its members; (2) to
sell through any intervening agency to any such cooperative organization;
or
(3) to pay or allow to any such cooperative organization or to any
such intervening agency any
discount, commission, rebate, or dividend
ordinarily paid or allowed, or permitted by the code to be paid or allowed,
shall
It
and other information in the possession of any
agency of the United States in relation to coal shall be available to the
Commission and to the office of the consumers' counsel for the adminis¬
reports,
(f) All data,
of securing preferment
purchasers of coal.
or
(a) Upon the appointment
5.
Sec.
of the Commission it shall at once
the district boards
supply to all coal
producers forms of acceptance for membership therein.
Such forms of
acceptances, when executed,
shall be acknowledged before any official
code and assist in the organization of
for in section 4, and shall prepare and
promulgate said
as
provided
to
authorized
take
acknowledgments.
membership of any such coal producer in such code and his
right to an exemption from the taxes imposed by section 3 (b) of this
Act, may be revoked by the Commission upon written complaint by any
code member or district board, or any State or political subdivision of a
(b) The
State,
or
notice to
the consumers' counsel, after a hearing, with
proof that such member has
the member, upon
30 days' written
willfully violated
regulation made thereunder; and in
or district board, or any State or
political subdivision of a State, or the consumers' counsel, or any con¬
sumer
or
employee, and the Commissioner of Internal Revenue, shall be
entitled to present evidence and be heard:
Provided, That the Commis¬
sion, in its discretion, may in such case make an order directing the code
member to cease and desist from violations of the code and regulations
made thereunder and upon failure of the code member to
comply with
such order the Commission may apply to a circuit court of appeals to
enforce such
order in accordance with the provisions of subsection (c)
of section 6 or may reopen the case upon
10 days' notice to the code
member affected and proceed in the hearing thereof as above provided.
The Commission shall keep a record of the evidence heard by it in any
proceeding to cancel or revoke the membership of any code member and
its findings of fact, if supported by substantial evidence, shall be con¬
clusive upon any proceeding to review the action and order of the Com¬
any
such
provision of the code or any
a
hearing any code member
mission in any
In
making
court of the United States.
an
order revoking
membership in the code as in this sub¬
provided, the Commission 6hall specifically find (1)
days on which the violations occurred; (2) the quantity of
otherwise disposed of in violation of the code or regulations
section
the day or
coal sold or
thereunder;
the market value at the mine if dis¬
posed of otherwise than by sale at the mine, or if sold otherwise than
through an arms' length transaction, of the coal sold or otherwise disposed
of by such code member in violation of the code or regulations thereunder;
(4) the minimum price established by the Commission for such coal and
in effect at the time of such sale or other disposal;
(5) the amount of
(3)
the sales price at the mine or
2902
tax
Financial
required to be paid by
ment
to
membership
(c) Any
an
have
been
have
in the
producer
exemption
the code member
code
tax
in
vided
section
value at
sold
sold
(b)
taken
mission
to
be
for
through
disposal),
to
collection
in
code
at the
length
arms'
an
minimum
the
and
shall such
case
no
than
coal
effect
in
thereupon
the
this
Act shall
and
shall
upon
restored
tax
transaction,
of
the
of
for
regu¬
found' under clause
as
amount
the
to
(5)
Commissioner
the
or
collector
revenue
payment
upon
shall
officer
other
any
by the code
court
of
has
or
or
Sec.
of
jurisdiction
or
shall
suit,
including
of
of
matter
the
that
in
lieu
of
and
damages
by
him
found'
is
or
any
and
sustained,
or
board.,
the
to
arbitration,
to
be
shall
a
thereof.
arising
which
under
this
aggrieved by
person
order
an
issued
such
United
Court
by filing in such court,
written
petition
set aside
or
with
served
mission
which
the
a
such
the
to
either
shall
court
failure
the
of
and
if
be
urged
adduced
conditions
taken, and
by
Upon
below.
order,
The
finding
leave
satisfaction
and
that
there
such
of
affirm,
to
conclusive.
to
adduce
court
additional
that
such
shall
United
file such
aside,
in
final,
subject
be
States upon
239 and 240
of
be
and
the
modifying and
order
Supreme
amended (U. S. C., title 28,
as
the
of
Court
of
in sections
provided
as
recom¬
the original
of
such
any
by
certification
its
sees.
346
The
commencement of
ordered
by
proceedings under this subsection shall not, unless
the court,
code member fails
any
mission while
the
apply
Circuit
to
circuit
the
where
enforcement
transcript
operate
as
of the Commission's
stay
a
of
in
Court
such
code
its
order,
of
the
taken
mony
is
same
the
of
Appeals
member
and
entire
and
neglects to obey any order of the Com¬
effect, the Commission in its discretion may
or
of
resides
the
United
carries
or
shall certify and
record
report
in
and
the
proceeding,
order
of
to
be
of
the proceeding
served
power
in
the
to
and
code member and
of
the question
make and enter upon
to
forth
aside
such
upon
such
order
facts,
if
transcript
of
the
the
on
the
supported
evidence is material
order
may
such
and
to
and
conditions
be
The
adduced
by
as
upon
to
modified
be
or
such
thereof
testimony, and1 proceedings
evidence,
modifying,
of
setting
or
the
Commission
shall be conclusive.
to
adduce additional
court
reasonable
were
testi¬
Upon
notice
cause
a
that such
grounds
If
evidence
the hearing in
may
be
to
taken
such
seem
before
for the
manner
the
failure
and
Commission
such terms
upon
as
evidence
the facts
to
so
taken,
or
and
it
make
shall
file
its
certiorari
States
as
the
or
as
amended
jurisdiction
the
case
mission shall
subject
certification
or
Code,
(d) The
be
of
as
to
provided
(U.
the
S.
C.,
be
be,
to
enforce,
exclusive.
in
by
the
sections
title 28,
Circuit
United States Court of
may
review
Court
sees.
of
Supreme
239
and
346 and
Appeals
of
Court
240
of
upon
the
347).
or
the
United
modify orders of the Com¬
be
such
and
proceedings
business,
the
other
in
production
records.
forthwith
before such
days
from
is
time
and
lawfully
the
enter
court
and
give
required
of
cases
to
before
the
the
full
obey the
shall
be
to
and
process
when
or
be
in the courts of
shall
The
power
Commission
Commission,
depositions
such
have
to
produce
or
Commission.
shall
refusal
cause
his failure
such witness
testimony
Baid
by
paid witnesses
are
as
of
order
upon
such
time
a
show
upon
order
to
order
an
at
of the order
entry
extended),
time or vacation,
in other
as
shall be excused
paid the
the
paid the
United
fee
same
for
or
of
account
on
testify
to
such
9.
required
evidence,
penalty
any
thing
or
of
for¬
or
con¬
his privilege against
documentary
testifying shall
so
in
or
ground
penalty
a
subject to
or
prosecution and punishment for perjury committed
Sec.
to
having claimed
produce
or
individual
otherwise,
or
transaction, matter,
any
after
the
on
and
of the
designated by it,
him
subject
or
be prosecuted
from
or
records
subpena
Commission,
the
documentary
him
shall
is compelled1,
that
except
evidence,
or
individual
by
other
to the
officer
any
testifying
and
obedience
in
or
instituted
incriminate
to
no
and
agreements,
or
member thereof
testimony
self-incrimination,
wise,
Commission,
proceeding
tend
from attending
contracts,
papers,
the
cerning which he
in
other¬
or
be exempt
not
from
testifying.
so
(a) It is hereby declared to be the public policy of the United
States that—
(1)
Employees
and
to
and
working
bargain
without
coercion,
producer
of
shall
representatives
interference
or
interfere
any
with,
employee for the exercise of
(3)
him
their
No employee of
shall
it
or
association
which
of
the
law
the
at
time
the
of
seeking employment with
one
of
production
employees the rights set forth
producer
this
in
against
employment
join
to
any
the management
in
of
share of direction or control.
any
(c) On the complaint
bid
no
is required by
of
section.
employee of
any
of
such
in subsection
ccal
(a)
accord to
to
of this section.
producer of coal,
a
other
or
the Commission may hold a hearing to determine whether
supplying
thereof,
agency
no
condition
(except coal with respect to which
interested party,
any
coerce
discriminate
purchase thereof) shall be purchased by the United States,
departmentPor agency thereof, produced at any mine where the
its
or
employees
or
or
collective bargaining
for
wages,
choosing,
own
such rights.
a
as
to organize
of labor,
the part of the producers.
on
restrain,
producer and
any
right
their
of
discharge
nor
the
hours
to
any
producer failed
his
rights,
required
producer has
prior
by
be
employees
(b) No coal
or
said!
have
their
to
respect
exercise
of
shall
coal
with
through
conditions
restraint,
(2) No
producers
of
collectively
the
is
If
coal
complying
the
the
for
the
with
United
the
provisions
shall
Commission
of
use
find
of
that
States
or
subsection
such
any
(a)
producer
is
of
not
complying with such provisions, it shall certify its findings to the depart¬
ment
or
declare
repeal
47 Stat.
modify
70),
regarding
of
as
disclosure
the Act
of
of
or
of
such
thereupon
producer
is
shall
March
be
23,
from
be
to
construed
(ch.
1932
(ch.
be
the
made
and
to
90,
evidence
in
in such
manner
as
in
that such
as
profits,
been
not
be
costs
the
of
be
injurious
other
Act.
No
production
of
the
the
Commission
compiled in
to
by
the
the
or
pro¬
where such
except
before
may
such
this
consent
compiled, may be published
so
advis¬
deems
and
of
obtained,
information
shall
losses,
hearing
any
bargain
2036).
producers and
it
as
Congress
or
uniform system of account¬
without
have
of
Stat.
from
available
a
disclosing
public
shall
same
881, 49
administration
the
producer
made
except
producer and,
sales,
Act
organize
to
require reports
may
in
a
other
any
employees
1936
information
of
required'
shall
whom
posite form
any
shall
agency
section
or
Act,
operations,
be
obtained
court
any
Act
rights
or
sources
wages,
may
from
Relations
The Commission
realization
ducer
or
Labor
relations
other
costs,
matters
this
require producers to maintain
may
information
in
of the Act of June 30,
(a)
such
use
sales
or
coal of
the
of
of the Act of July 5, 1935 (ch. 372, 49 Stat. 449), known
or
or
10.
able, and
ing
department
supply
provisions of
the
labor
collectively,
may
the
contained
National
Sec.
for
contract
and terminated.
or
the
Such
concerned.
agency
the
canceled
com¬
interests of
Commission.
(b) Any
any
officer or employee of the Commission of any district board
in violation of the provisions of subsection (a), make public
information obtained by the Commission or the district board, with¬
out
its
who
shall,
authority, unless directed by
misdemeanor,
not
fine
made
for
and
the
such
of
sum
to
by
required
file
shall
default,
this
Act
report shall fail to
a
and
be
be
deemed
punished
guilty of
by
a
a
fine
such
the
failure shall
producer
shall
the
or
do
so
code
or
by
regulation
within the time fixed
continue
forfeit
or
for
15
the
to
United
days
after
States
$50 for each and
shall
the district
district
in
which
every day of the continuance of such failure,
payable into the Treasury of the United States,
be
be recoverable
in
shall
court,
by imprisonment not exceeding six months,
in the discretion of the court.
or
same,
forfeiture
brought
a
thereof,
imprisonment,
thereunder
of
conviction
upon
producer
any
filing
notice
the
and,
exceeding $500,
(c) If
any
Appeals for the District of Columbia,
set aside,
10
Witnesses summoned
any
or
forfeiture
or
which
Judicial
or
but
and shall
shall
and
duty of the court
in term
mileage
person
cause
any
that
same
of the United
on
No
recommendation, if any, for the modification
or
setting aside of its original order, with the return oi such additional
evidence.
The judgment
and decree of the court shall be final, except
the
carries
witnesses
appear
Commission
officers taking
and
Commission
new
findings, which if supported by substantial evidence
and1
as
paid for like services in courts of the United States.
both
proper.
modify its findings
nearly
of the United
or
are
evi¬
additional
proceeding before the Commission, the court
of the additional
new
conclusive,
there
the court
may
reason
such
shall
that
in the
additional
Commission
findings,
and
evidence
the
therein, and shall have
findings
either party shall apply to the court for leave
dence, and shall show to the satisfaction of the
to adduce such
for
application
including all the
affirming,
The
by substantial
business,
as
be
subpena issued to,,
a
(b)
any
thereupon shall have jurisdiction
pleadings,
decree
a
within
Commission.
determined
Commission.
States
file with its
filing of the application and transcript the court shall
as
States,
as
as
If
shown
may
taken
are
and
fees
(d) Nothing
order.
(c)
as
such court.
depositions
347).
specifically
of
vacation,
or
to
than
be the
said
for contempt
of
same
the additional
findings, which,
new
affirming,
part,
review
The Commis¬
of
reason
or
and1 upon
manner
proper.
conclusive,
court,
in
or
to
such
setting aside
or
the
or
Code,
by
modified
shall
whole
certiorari
the Judicial
in
to
any court
or
memoranda,
person
more
cause
court, either
punish
reasonable grounds for
seem
facts,
the modification
for
setting
or
hearing
the
to
not
the
evidence
district
the Commission
of
shall be
the
of
were
the court may
as
shall
it
the
upon
as
judgment and decree of
Commission
set
such
modify,
No objection to
resides
testimony
time
term
such
shall
it
cause
before
appear
a
by the court unless such
evidence,
for
filing
to
in part.
or
by substantial
court
the
jurisdiction
be considered
substantial evidence,
if any,
The
enforcing
and
Columbia,
6uch
evidence in the hearing before the Commission,
order such additional evidence to be taken before the Com¬
to
so
mendation,
the
shall
if supported
and
supported
order.
been
exclusive
good
for
show
to
of such petition shall be forth¬
order, in whole
modify its findings
may
evidence
of
such
adduce
may
such terms
sion
District
the entry of
entered.
was
have
such
evidence is material
to
A copy
shall apply to the
shall show to the
and
court
mission
have
facts,
additional
the
for
days after
part.
complained
set aside
or
party
evidence,
principal place of business,
member of the Commission and thereupon the Com¬
certify and file in the court a transcript of the record upon
objection shall
as
(unless
in
the order
the
tha| the order of the Commission be modified
in
or
the order of the Commission
If
Appeals
either
requiring
may
by the Commission in
obey
why he should not be required to obey such subpena, and
him
any
order
enforce
has his
or
of
within 60
praying
whole
upon
shall
transcript
and
in
resides
person
States
and
correspondence,
papers,
in
that
any
the
in
or
attendance
of
power
by district courts
which such investigation
person
purpose
full
have
which shall
tecum,
issued
of
Buch
or
the
shall,
voluntary
to which such person is a party may obtain a review of such
the Circuit Court of Appeals of the United States, within
wherein
circuit
jurisdiction
where
on,
record,
feiture;
(b) Any
in
of
final
proceeding
order
court
be
and
duces
authorize
to
Upon
filing of the application for such aid with the clerk of the court the
the
by
Act
determination shall
taxes im¬
to
the
for
shall
contumacy by or refusal to
the
books,
conclusive.
inconsistent
not
authorized to admin¬
and,
the Commission may invoke the aid of
within
books,
of
before
also provide rules for
subpenas
and
the form of subpenas
documents
may
and
are
proceedings;
any
case
producing
Buch action
in
in
the
Commission may take
In
of the Commission
investigations, said Commission
to take action author¬
reason,
The Commission
controversies
Commission
the
subdivision
fail, for any
then
amenable
applicable
as
be applicable with respect
In
requiring
producer and to all parties in inter¬
political
any
of
thereof
to
be
insofar
Act,
appearing before the Commission and
depositions
its
carried
of
this
of
witnesses
to
subpenas
be
may
States.
order
6hown shall
cause
appeal
to every
by this Act,
the district
just
upon
cases
State
any
determination
submission
and
district board shall
a
required
or
the
resides,
in
or
reasonable attorney's fee.
a
Commission;
right in all
including
ized
therefor
sue
defendant
which is
by this Act
(a) All rules, regulations, determinations, and promulgations
district board shall be subject to review by the Commission upon
order
est,
may
property
or
act
any
without respect to the amount in
threefold
recover
appeal by any producer
event
the
where
place of business,
a
and
of
is required
6.
any
the
which
act
any
doing
of the
reason
do
regulation made thereunder,
any
agent
of
cost
by
failure to
competent
an
controversy,
the
code member
the
or
issue
stated
(d) Any code member who shall be injured in his business
forbidden
oaths
taking of
conducting
is
taxes
shall,
The members
(a)
States
notify the Commission thereof.
by
ister
8.
any person,
Internal Rev¬
such
Sec.
Com¬
internal
of subsection (b), and
provisions
including penalties and refunds, applic¬
imposed by Title IV of the Revenue Act
under thi3 Act.
posed
other
The
the
of
amended,
as
the
the
May 1,
provisions of law,
respect
1932,
with
or
hereof.
of
the
or
in
All
the
sale
(b)
Commissioner
revenue
if
coal
the
by
such
subsection
under
internal
of
time
or
market value
or
price established
the
at
certify to
collector
sales price
pro¬
the market
or
of
pay¬
the
of
mine,
to
district in which the producer resides the amount of the required
payment
such
less
shall
right
Commission
the amount
price
found by the Commission
as
Commission
and
sales
of
able
provided.
whose
the code member in violation of the code
(but
such
(b)
3
the
in
States of double
the
hereof
7.
Sec.
reinstate¬
to
disposed of otherwise than by sale at the mine,
than
thereunder
section
apply to the
may
membership
upon
disposed of by
or
enue
3
the mine if
otherwise
lations
of
canceled
right to have his
by him to the United
ment
be
and
(c)
the code and
in
by
imposed
the
revoked
in subsection
as
membership
whose
the
from
condition
a
as
Chronicle
in
a
where
he
civil suit in
the
shall
the
name
producer has
do business.
It
his
of
the
United
principal office
shall
be
coal
not
States,
or
in
the
duty of the
various district attorneys, under the direction of
the Attorney General of
the United States, to prosecute for the
recovery of forfeiture.
Sec.
herewith
11.
are
State
not
laws
affected
regulating
the
by this Act.
mining
of
inconsistent
Volume
12.
Sec.
Financial
144
marketing
creating a
producers
between
combination
Any
for the disposal of competitive coals in interstate commerce or
intrastate
commerce
directly affecting interstate commerce in coal
agency
In
at
be determined by such agency, or by the agreement of the
producers operating through such agency, shall, after promulgation of
thf code provided for in section 4, be unlawful as a restraint of interstate
trade and
commerce
within the provisions of the Act of Congress of
prices
to
known as the Sherman Act, and Acts amendatory and
supplemental thereto, unless such producers have accepted the code pro¬
vided for in section 4 and shall comply with its provisions.
July
1890,
2,
marketing agency may,
and among
themselves, provide for the cooperative marketing of their coal, at prices
not below the effective minimum prices nor above the effective maximum
Subject
the approval
to
members,
to its
as
a
Provided, That no such
shall find that the
agencies propose to function (1)
accordance with section
prescribed in
prices
the Commission,
of
such marketing agencies may, as between
or
4:
approval shall be granted by the Commission unless it
under which
unreasonably
agreement
will
not
(2)
merce,
reasonable
or
coal
of
supply
the
in
interstate
com¬
and
and
and its members have agreed to observe the
will
(3)
such
each
agency
restrict
public from receiving coal at fair
against the public interest,
prevent the
not
prices,
that
(4)
will
such
not
agency
operate
maximum prices from
otherwise to conduct the
business and operations of the agency in conformity with reasonable regu¬
lations for the protection of the public interest, to be prescribed by the
marketing regulations
effective
time
Commission.
sel and
thereof,
consumers'
motion,
regulations and orders of the
have been violated.
Un¬
less and until the approval of the Commission is suspended or revoked,
neither the agreement creating such marketing agency nor any agreement
between such agencies, which has been approved by the Commission, nor
any act
done in pursuance thereof, by such agency or agencies, or the
members thereof, and not in violation of the terms of the Commission's
approval, shall be construed to be within the prohibitions of the antitrust
agreement
agency
Commission
the
requirements of this section
United
a
provision of this Act or the code provided herein,
13.
any
may
heretofore
equipment of the National Bituminous
counsel, respectively, established
Bituminous Coal Conservation Act of 1935 are hereby trans¬
the Commission and the consumers' counsel, respectively, estab¬
to
the
ferred
to
lished
or
under this Act.
Sec.
separable from
shall be found to be invalid, they shall be held
provisions not in themselves found to be invalid.
petition
■other
Other
Forest,
following
counties
Cambria,
Cameron,
Centre,
including mines served by the P. & S.
Allegheny River, and north of the
Pennsylvania Railroad.
County,
bank
west
study and investigate the matter
and the problems of its importation and
exportation ; and shall further investigate—
(1) The economic operations of mines with the view to the conservation
increasing
of
the
of coal
the uses
coal
national
and east of the line of Indian Creek
and Ohio Railroad.
excluding the Saltsburg branch of the
Pennsylvania Railroad between Edri and Blairsville, both exclusive.
Westmoreland County, including all mines served by the Pennsylvania
of the
Indiana
Railroad,
Commission
(4) The
investigate
appointment,
and methods of such
coal
distributing costs for the benefit
shall, as soon as reasonably possible after its
the necessity for the control of production of
control, including allotment of output to districts
The
District 2.
tire P. & S. R. R.
County, including all mines served
on the Saltsburg branch of
of Conemaugh River.
Fayette County, except all mines on and east of the line of Indian
Creek Valley branch of the Baltimore and Ohio Railroad.
Westmoreland County, including all mines except those served by the
Pennsylvania Railroad north
Pennsylvania Railroad from Torrance, east.
To safeguard
and
Ohio
is
hereby
with
vested
in the mining,
authority
to
make
the same.
Before proceeding to hear and dispose of any
complaint filed by another than the Commission, involving the transporta¬
tion of coal, the Interstate Commerce Commission shall cause the Com¬
mission and the office of consumers' counsel to be notified of the pro¬
prosecute
ceeding
shall
and,
permit
The
heard.
the
Ohio
Sec.
17.
application to the Interstate Commerce Commission,
Commission and consumers' counsel to appear and be
Interstate Commerce Commission is authorized to avail itself
services, records, and facilities of the Commission.
this
in
used
As
Act—
a
7,600
coal
District
6.
The following counties in
Panhandle
per
and
(e) The
cludes
Raleigh County,
branch
the Virginian
of
commerce"
shall
the
Pulaski, Wythe, Giles,
that portion served by the Dry
Fork branch to Cedar
Craig.
Tazewell
County,
from
and
shall
Territories
not
month
at
that
effective
have
promulgated
date
shall
be
States.
this
among
commerce
means
the
Railroad
Western
Junction
to
Railroad.
Buchanan
County,
the
that
Norfolk
portion
and
served by the Richlands-Jewell Ridge
Railroad and that portion of said
Western
the headwaters of Dismal Creek,
east of Lynn Camp Creek
used
of
in
a
geographical
Alaska and
sense
Hawaii,
in¬
and the
after
the enactment of this
time
have promulgated
All
from
therein,
in
and after
on
the first
Act,
day
unless the
the code and forms
which event section 3 of this
the
date when
the
Commission
code and such forms of acceptances, which
by Excutive order of the President of the
other sections,
except section 20 (a), of this Act
on the day of the approval of this Act.
the
promulgated
effective
effective
(a
tributary of Dismal Creek).
Southern Numbered 2
following
The
8.
District
Lincoln,
Logan,
counties
Mason,
in
West
Virginia: Boone,
Wayne, Cabell.
branch
of the
Clay,
Mingo, Putnam,
west of, but not including mines of
Chesapeake and Ohio Railroad.
Fayette County,
sev¬
nations, and with the District of
Act shall become
for membership
become
shall become
Boissevain branch of the Norfolk
and Richlands-Jewell Ridge branch of the Norfolk
Bluestone
Western
the Gauley River
served by and lying west of the
Dry Fork branch of the Norfolk and Western Railroad.
Raleigh County, all mines on the Coal River branch of the Chesapeake
and
of
3
shall
United
States" when
"United
calendar
acceptance
Railway.
following counties in Virginia: Montgomery,
The
includes all individuals, firms, associations,
receivers engaged in the business of mining
and
States,
Section
Commission
branch of the
that portion served by the Gilbert branch of the
Virginian Railway lying east of the mouth of Skin Fork of Guyandot
River and that portion served by the main line and
the Glen Rogers
more.
"interstate
the
the second
excluding all mines on the Coal River
Wyoming County,
of
Columbia.
18.
Fork branch of the
Chesapeake and Ohio Railroad.
on
Territories, with foreign
term
only
Sec.
County,
McDowell
District of
«
that portion served by the Dry
Norfolk and Western Railroad and east thereof.
McDowell
semibltumi-
Columbia.
of
Virginian Railway.
county
trustees,
(d) The term
Act
the
of
Kanawha,
States
'
east of Gauley River and including the Gauley River
Chesapeake and Ohio Railroad and mines served by the
Fayette County,
"producer"
term
corporations,
in West Virginia: Greenbrier, Mercer,
Summers.
Pocahontas,
and
coal.
eral
Monroe,
branch
or
Hancock,
Southern Numbered 1
The following counties
7.
District
and shall exclude lignite, which is defined
the mine of 30%
(c) The
West Virginia: Brooke,
Ohio.
and
Marshall,
and
includes all bituminous,
N
counties in Michigan.
All
having calorific value in British thermal units of less
pound and having a natural moisture content in place
subbituminous coal
and
lignitic
than
coal"
"bituminous
(b) The term
coal-producing
5.
Bluff
(a) The term "coal" means bituminous coal.
nous,
counties in Ohio.
Michigan
upon
the
cooperation,
north.
All coal-producing
District 4.
with respect to rates,
and practices relating to the transportation of coal, and
tariffs,
and
Railroad
District
the Commission or the
consumption of coal,
counsel
the Interstate Commerce Commission
complaint to
charges,
the interests of those concerned
selling, and
consumers'
of
Brax¬
Doddridge, Gilmer, Harrison, Jackson, Lewis, Marion, Mo¬
nongalia, Pleasants,
Preston, Randolph, Ritchie, Roane, Taylor, Tyler,
Upshur, Webster, Wetzel, Wirt, Wood.
That part of Nicholas County including mines served by the Baltimore
branch
16.
Sec.
in West Virginia: Barbour;
Calhoun,
oppressive of consumers, or that any
office
Virginia
West
counties
following
The
3.
District
the Interior for transmission by him to Congress.
Sec. 15
Upon substantial complaint that coal prices are excessive,
transportation,
Pennsylvania: Allegheny, Beaver,
following counties in
Venango, Washington.
County, west of the Allegheny River and exclusive of mines
Armstrong
served by
tary of
counsel.
Tucker.
Pennsylvania
Butler, Greene, Lawrence, Mercer,
producers within
and
district board, or producers' market¬
ing agency, is operating against the public interest, or in violation of
this Act» the Commission may hear such complaint, and its findings shall
be made public; and
the Commission shall make proper orders within
the purview of this Act so as to correct such abuses.
The Commission
may institute proceedings under this section, and complaints may be made
by any State or political subdivision of a State or by the consumers'
'
.
the State of Maryland.
Virginia: Grant, Mineral, and
following counties in West
Western
such districts and shall hold hearings thereon.
(b) The Commission shall annually report the results of its investiga¬
tions under this section, together with its recommendations, to the Secre¬
and
of
east.
and
Torrance,
of but
coal-producing counties in
The
ton,
of Mines.
Bureau
consumers.
in
mines on
north
County,
Northern
for the purpose of minimizing working
shall be authorized to utilize the services
purpose
(3) The problem of marketing to lower
•of
as
all
County,
Fayette
resources.
for such
and
R. R. on
Conemaugh
Valley branch of the Baltimore
(2) The safe operation of mines
hazards,
of
the
of
of the
division
Pennsylvania:
in
Clarion,
Tioga.
Armstrong
the
Commission shall
(a) The
14.
Sec.
oi
Pennsylvania
The
1.
Indiana
of the Commission
Duties
1937.
.
Bedford, Blair,
Clearfield, Clinton, Elk,
Fulton, Huntingdon, Jefferson, Lycoming, McKean, Mifflin, Potter,
All
not be affected thereby; and if either or any of the pro¬
visions of this Act or code relating to prices or unfair methods of com¬
OF DISTRICTS
ACT—SCHEDULE
Eastern
the
the Bituminous Coal Act of
This Act may be cited as
21.
ANNEX TO
or
shall
stances,
consumers'
the
and
Commission
under
subsection, paragraph, or proviso, or the application thereof
person
or circumstances, is held
invalid, the remainder of this
code,
and the application thereof to other persons or circum¬
ai^
Act
to
property, and
(c) The records,
Coal
section,
any
hereby
hereby authorized to be appropriated from time to time
be necessary for the administration of this Act.
All
or
hereafter appropriated
or
made available to the
National
Bituminous Coal Commission and to the consumers' counsel of
the National Bituminous Coal Commission established under the Bitumi¬
nous
Coal Conservation
Act of
1935 are hereby transferred and made
available for the uses and during the periods for which appropriated, in
the administration of this Act by the National Bituminous Coal Commis¬
sion and the office of the consumers' counsel herein created.
as
sums
sums
States.
If
the
of
Sec.
finding that
upon
the
or
Coal Conservation Act of 1935 is
(b) There is
such
Somerset,
member
or
upon
(except aB provided in
any
on
of this Act.
Bituminous
The
(a)
effect
agencies and offices estab¬
and after four years from the
and
exist
to
cease
but such repeal shall not be effective until the consumers' coun¬
majority of the members of the Commission have been appointed.
repealed,
counsel or any other interested person, or on its
suspend or revoke its prior approval of any such marketing
board,
the
order,
by
may,
shall
to be in
cease
Statutes)
Revised
the
approval
20.
Bradford,
district
laws
the
Sec.
complaint of any code member,
any
State or political subdivision
thereof,
own
of
date
of
13
shall
Act
This
19.
thereunder
lished
District
-
Commission
The
,
and
and minimum
Sec.
section
time established by the Commission and
to
2903
Chronicle
.
County,
that
portion
not
Ohio Railroad and north thereof.
Nicholas
and Ohio
County,
that part south of and not served by the
Baltimore
Railroad.
Wyoming County, that portion served
Railway lying west
by Gilbert branch of the Virginian
of the mouth of Skin Fork of Guyandot
River.
Russell, Scott, Wise.
All of Buchanan
County, except that portion on the headwaters of
Dismal Creek, east of Lynn Camp Creek (tributary of Dismal Creek) and
that portion served by the Richlands-Jewell Ridge branch of the Norfolk
The
and
following counties in Virginia: Dickinson, Lee,
Western
Railroad.
Financial
!
I
Norfolk
County,
Western
Railroad
and
the
of
Norfolk
and
Western
Lawrence,
Greenup,
Lee,
Cumberland,
The
ties of this
branch
of
Junction
Jackson,
to
Morgan,
In
Clay,
Campbell,
in
complete control over electric rates, and when infla¬
tion became
Kentucky:
Butler,
Christian,
Ohio,
Webster.
All
10.
coal-producing counties in Illinois.
permitted repeated increases; and in Italy,
the
exercised
All
11.
relief
coal-producing counties in Indiana.
District
All
12.
All
13.
counties in
coal-producing
The
following counties in Tennessee: Marion, Grundy, Hamilton,
Bledsoe,
In the United
the States have
Arkansas-Oklahoma
The
counties
following
State.
'■ '
-
The
following
in Arkansas:
'
■
All
in
counties
1
Oklahoma:
counties in
■.
District
The
All
15.
following
All
Le
Flore,
Pittsburg,
Okmulgee,
Kansas.
coal-producing counties in
Oklahoma:
in
counties
Rogers,
Tulsa,
V
the
Boulder,
10.
The
Douglas,
following
Coal,
All
Elbert,
El
in
Jackson,
Paso,
Craig,
17.
included
The
The
northern
in
following
following
Colorado
counties in
the State of New
counties
District
The
18.
large majority of
over
utilities within their
government,
the rates
borders, while
through its
ship of electric utilities by
central
Jefferson,
Larimer,
in
power
owner¬
<
of grants and
means
ties, and through the constant outpouring of antag¬
Weld.
onistic
municipalities, through the institution of
governmental control of many of their activi¬
propaganda against their rates and
manage¬
;
Colorado:
All
counties
not
ments, has done everything but demonstrate
of
Mexico: All coal-producing counties in
those included in the New Mexico district.
cooperation and
consideration.
following
Accordingly, it does not
spirit
appear
that
hardships of inflation could be
expected from the central government
of the States should
a
willingness to grant them fair
a
much relief from the
Mexico
counties in New Mexico: Grant, Lincoln,
Sandoval, San Juan, San Miguel, Santa Fe, Socorro.
counties in Arizona: Pinal, Navajo, Graham,
Apache,
following
a
complete jurisdiction
Arapahoe,
McKinley, Rio Arriba,
The
Federal
<
Adams,
New
New
to
loans to
district.
Mexico, except
appeared
Muskogee,
Latimer,
Colorado:
Southern Colorado
District
coal-producing
Wagoner.
counties
much and nearly
costs
own
Sequoyah.
Missouri.
Northern Colorado
District
as
projects, through the stimulation of public
Haskell,
coal-producing counties in
Texas.
in
the electric
of
the
Southwestern
counties
nearly
operating
States, however,
McMinn, Rhea.
Sequatchie, White, Van Buren, Warren,
govern¬
require.
following counties in Georgia: Dade, Walker.
14.
rising
as
by
abrogated existing contracts
Alabama.
The
District
which
decrees
often
as
electric rates, prompt
over
and increased their rates
coal-producing counties in Iowa.
Southeastern
District
government had not previously
control
afforded the electric utilities
was
mental
Iowa
central
any
Indiana
District
economic index
an
which
■
Illinois
District
problem to the electric utili¬
where
Todd, Union, Warren,
Simpson,
serious
a
ties, their rates were geared to
Crittenden, Daviess, Hancock, Henderson, Hopkins, Logan, McLean, Muhlen¬
berg,
central govern¬
no
electric rates, public and
over
prices; in France, the central government had
own
Kentucky
counties
following
control
Morgan,
Claiborne,
Scott.
Roane,
Germany, it will be recalled,
ment had any
Laurel,
Martin,
condition of
a
private operations being left free to determine their
Anderson,
Overton,
West
The
9.
Magoffin,
Knox,
North Carolina: Lee, Chatham, Moore.
following counties in
District
Knott,
country would lie under
serious inflation.
Ridge
Wayne, Whitley.
Tennessee:
in
Johnson,
McCreary,
Letcher,
Rockcastle,
Fentress,
Bluestone
Richlands-Jewell
Kentucky: Bell, Boyd, Breathitt, Carter,
counties
following
and
Harlan,
Leslie,
Pike,
Perry,
The
Dry
Railroad.
Floyd,
Owsley,
the
from
and
Railroad
The following counties in
Elliott,
by
branch
Norfolk
Western
May l, 1937
■
.
served
portions
except
'
.
of
and
Boissevain
branch
•
Chronicle
Fork
2904
Tazewell
a
or
from many
condition of serious inflation
Coconino.
All
develop in the United States.
coal-producing counties in California.
If inflation of
Wyoming
District
The
19.
All
following
Bonneville,
coal-producing counties in Wyoming.
counties
Bingham,
in
Idaho:
Bannock,
Fremont,
Power,
Jefferson,
Caribou,
Oneida,
Madison,
Teton,
Franklin,
Bear
serious
a
utilities
tric
the
of
Lake.
20.
District
21.
All
basis of 1936
coal-producing counties in Utah.
North Dakota-South Dakota
All
coal-producing
counties
in
Dakota.
All
coal-
producing counties in South Dakota.
22.
All
23.
All
coal-producing
producing counties in Oregon.
The Territory of Alaska.
counties
ciation
in
Washington.
All
a
stock
revenues
available for
dividends;
a
preferred and
rise of 130% would defi¬
similar
and
enues,
V
all
and
a
non-compulsory claims
rise of 200% would definitely
possibility of meeting depreciation,
charges and dividends, and would create
Should
such
condition
a
arise
in
faster pace that the electric utilities
the
more
did not prove
abroad
States,
soon
point where the
money
they lost.
more energy they
sold,
Stimulated consumption
of much benefit to the electric utilities
under
serious
inflation; nothing but
con¬
tinued rate increases afforded them
any measure of
relief.
Exactly the same condition would apply in this
country, should serious inflation develop.
Operat¬
ing costs, especially the costs of labor, fuel and ma¬
terials,
would quickly
sumption and
the
revenues
industry would
outdistance increased
in their upward surge, and
reach the position where
increase in
energy
sales.
to the
Under such conditions,
the
only relief possible to the electric utilities, the
only preventative of wholesale insolvency, would be
sharply advanced rates for their services. And it is
just in this necessity for vastly increased rates
the
that
major promise of adversity to the electric utili-
the
only
measure
substantial degree
fixed
moderate
the prompt
that would
United
afford
any
of relief to the electric utilities—
and continued increase of their rates to
meet
rising operating costs—would probably not be
applied, in view of the existing antagonism of the
Federal government,
a
state
until the industry had reached
of violent
insolvency and complete public
ownership of the electric utilities would probably be
the end-result.
The Course of the Bond Market
con¬
soon
operating losses would increase in direct ratio
rev¬
remove
full
a
the
{Concluded from page 2898)
a
on
operating deficit.
Electric Utilities Under Inflation
at such
On the
rise of 50% in the
labor, fuel and materials would wipe out
coal-
Approved, April 26, 1937.
reached the
the elec¬
nitely eliminate all possibility of dividends, depre¬
coal-producing counties in Montana.
Washington
District
operating results,
the balance of
common
Montana
District
of
costs
North
upon
country would depend largely
the degree of seriousness attained.
upon
Utah
District
intensity should develop
here, the extent of its adverse effects
A moderate decline in bond prices took
of the week, accompanying
part
the
stock
market.
Bonds
a
firmed
place in the early
substantial reaction
toward
the
end
of
in
the
week, the speculative issues closing, for the most part, how¬
with net losses.
Highest-grade bonds did not respond
ever,
to
the weakness
fairly
even
in
the
speculative
keel all week.
United
issues,
but held
on
a
States governments also
showed very little fluctuation.
High-grade railroad 'bonds have been fractionally lower
during the week, although scattered gains have been in evi¬
dence.
New
York
Central
3%s, 1997,
wer
off
%
at
95
u
1
Volume
Financial
144
Baltimore & Ohio 5s,
generally weak.
road bonds have been
declined %
sold at
substantially lower prices in sympathy with the poor show¬
ing made by the stock market, but recovered some ground
on
Friday.
New Haven 4%s, 1907, declined 1 to 45; Mis¬
1995,
were
at 87;
unchanged
souri Pacific 5s, 1965, fell
in
quite
the week displayed
Duquesne Light 3%s, 1905, advanced
strength.
gained %
at 104%; Southern California Edison 3%s, 1945, at 105%
were up 1% ; Mississippi River Power 5s, 1951, were 1 point
higher at 109.
Lower grades have been less stable, certain
holding
company
debentures losing
ground.
American
Water Works & Electric 6s, 1975, declined 3 to 103; New
Electric 5s,
Gas &
England
at
Standard
08;
the
Power
1948, lost 4% points, closing
& Light
1957,
Os,
Coal
advanced
All
Movements
Daily
Bonds
in
issues, while
their
some
own.
Baa
P.
RR.
averages
tables:
given in the following
AVERAGES (REVISED)
Prices)
All
1937
120 Domestic Corporate
120 Domestic
120
120 Domestic
Aa
bond prices and bond yield
Moody's computed
Corporate by Groups*
Aaa
Australian and Japanese obligations
(Based on Individual Closing
A
German gov¬
of the Europeans, notably
strength
ernment
held
republic, with Colombian
has been the quiet
the
In contrast
softening.
likewise
bonds
in
difficulties
political
by
by Ratings
Corporate by Groups
Dailv
Corp *
setback in Brazilian bonds caused
except for a rather heavy
tic
Averages
foreign
the
in
MOODY'S BOND YIELD
oy Ratings
Domes¬
rising 1 point to 106%.
list have been unimportant
ties, Swift & Co. 3%s, 1950,
(REVISED)
120 Domestic Corporate *
120
Govt.
3%s, 1951, declining % to 98%.
meat packing securi¬
There has been some buoyancy among
(Based on Average Yields)
V. s.
(N. J.) 3s, 1901, clos¬
Obligations of building supply com¬
panies lost favor, Crane Co.
are
1937
1% lower at 78%.
Some of
and the oils stood out with several
selling
higher levels, Standard Oil
to
been soft, Glen
Coal company issues have
4s, 1965,
metals
moves
77% were
at
off 3%.
MOODY'S BOND PRICES
irregular,
off %.
90,
Alden
Illinois Bell Telephone 3y2s, 1970,
to 101%;
%
been
have
at
the close. The steels
Gulf States Steel 4%s, 1901, closing
prices recovered somewhat toward
but
ing % higher at 96%.
1% points to 42%.
toward the end of
price and
moderate
1975,
the better grades have been
Among utility issues,
firm
5s,
Erie
Defaulted bonds during the week
point to 80%.
during the week,
bonds registered losses
Most industrial
Second-grade rail¬
% at 110%.
Union Pacific 4s, 1947, lost
2905
Chronicle
Indus.
Averages
30
For-
Domes-
U.
ticCorp.
Baa
A
Aa
Aaa
P.
RR.
Indus.
U,
5^41
100.70
106.92
Apr. 30—
3.96
3.39
3.96
3.62
94.97
4.30
86.50
4.86
108.27
99.48
4.03
100.70
111.43
3.55
107.59
100.35
106.73
29-
3.98
3.98
3.63
94.49
4.33
86.07
4.89
99.14
4.05
107.88
3.57
100.35
111.23
3.40
29— 107.52
111.03
107.88
28—
3.98
3.41
3.57
100.35
106.54
3.64
28- 107.23
100.35
3.98
94.49
4.33
85.93
4.90
99.14
4.05
106.36
27-
3.98
3.41
3.57
4.04
4.89
4.31
3.98
3.65
100.35
Apr. 30
—
-
100.35
111.03
107.88
99.31
86.C7
94.81
100.35
106.54
26
3.98
3.58
3.98
100.70
106.73
24-
3.96
3.96
3.63
94.97
4.30
86.64
4.85
99.31
4.04
111.23
108.08
3.56
100.70
3.40
24- 107.34
23— 107.17
3.96
3.64
86.92
95.29
100.70
4.28
99.48
3.40
4.83
107.69
3.96
4.03
111.23
23-
3 58
100.70
106.54
106.54
22—
3.96
3.64
100.70
3.96
95.46
4.27
86.92
4.83
107.88
99.66
4.02
111.23
3.57
100.70
3.40
107.45
100.88
106.92
21
3.94
3.38
3.56
4.01
4.80
4.25
3.95
3.62
3.56
4.01
---
3.64
94.65
4.32
86.21
4.88
99.14
4.05
107.69
3.41
100.35
111.03
—
26- 107.24
27- 1C7.23
22-
107.68
101.06
111.64
108.08
99.83
87.35
95.78
106.73
20-
3.93
106.54
19-
3.95
3.64
100.88
3.95
95.95
4.24
87.49
4.79
99.83
4.01
111.03
107.88
3.57
100.88
3.41
108.02
3.64
17-
111.23
106.54
3.96
95.62
4.26
87.21
4.81
99.66
4.02
107.88
3.57
100.88
3.95
3.40
107.89
17—
106.54
3.96
3.64
99.48
4.03
107.88
3.57
111.03
3.41
107.79
100.70
16-
16..
100.70
3 96
95.62
4.26
87.21
4.81
3.57
4.04
4.83
4.27
3.96
3.65
95.46
3.96
3.40
107.76
106.36
15-
15-.
100.70
4.86
4.29
3.99
3.66
14..
5.31
3.63
87.64
101.06
3.94
108.08
96.11
4.23
101.23
111.64
3.38
107.87
99.83
—
19—
21-
20
t;
eigne
111.23
100.70
107.88
99.31
86.92
100.70
—
4.78
"
107.69
86.50
95.13
100.18
106.17
14-
3.98
3.58
100.35
100.83
3.42
107.58
98.97
4.06
99.66
105.98
13—
3.44
4.02
3.67
94.65
4.32
85.93
4.90
98.45
4.09
107.69
3.58
100.00
110.43
4.00
13— 107.39
98.28
105.41
3.70
12— 107.33
10— 107.30
9— 107.23
99.31
4.04
94.17
4.35
85.52
4.93
107.11
3.47
4.10
109.84
4.03
3.61
99.48
12—
99.31
105.41
10—
4.03
3.61
4.04
3.70
94.33
4.34
85.52
4.93
107.11
98.28
4.10
109.84
3.47
99.48
4.03
3.48
3.61
4.09
4.92
4.33
4.04
5.33
3.70
99.48
109.64
107.11
98.45
85.65
94.49
99.31
105.41
9—
99.31
105.60
3.47
3.60
4.33
3 69
94.49
4.04
85.79
4.91
107.30
98.28
4.10
109.84
4.02
107.14
99.66
8„
8—
105.79
4.00
4.31
3.68
94.81
99.66
4.02
85.93
4.90
98.62
4.08
107.69
3.58
100.00
110.24
3.45
107.29
7—
7—
3.58
4.07
4.87
4.30
4.00
3.67
65-.
110.43
107.69
98.80
86.36
94.97
100.00
105.98
3.99
3.44
100.18
6-
107.51
100.00
106.36
3.97
3.42
4.27
3.65
95.46
4.00
86.64
4.85
107.88
98.97
4.06
110.83
3.57
100.53
5-
107.62
106.17
3.98
3.42
4.28
3.66
95.29
99.83
4.01
86.64
4.85
107.49
98.80
4.07
110.83
3.59
100.35
3„
3— 107.31
86.64
106.17
3.99
3.59
4.85
107.49
98.80
4.07
110.63
3.43
100.18
2..
107.19
99.83
4.01
3.66
95.13
4.29
1
3.96
3.39
3.58
4.05
4.81
4.26
3.98
---
5.33
•
•
-
•
...
...
3.63
3.96
mm*
2-
-
...
.
..
5.36
107.01
100.70
111.43
107.69
99.14
87.21
95.62
100.35
106.73
87.93
96.11
100.70
107.30
3.37
4.76
4.23
99.48
4.03
111.84
108.27
3.53
101.23
3.93
108.40
Mar. 25—
Mar 25-
100.88
107.30
3.54
4.23
3.60
5.26
96.11
3.95
87.93
4.76
108.46
99.14
4.05
111.84
3.37
101.23
3.93
109.32
19..
19—
108.27
12—
3.87
3.32
3.50
3.98
4.15
5.30
109.24
101.76
3.55
97.45
3.90
89.40
4.66
100.35
3.79
3.26
4.55
3.90
4.57
4.09
3.81
3.49
5.24
3.42
3.88
4.58
1—
Weekly—
Weekly—
12—
110.76
S.¬
—
102.30
112.86
3.60
5.33
111.82
103.74
114.09
110.43
101.76
90.75
98.45
103.38
109.44
5—
103.93
109.84
Feb. 26—
4.47
5.13
102.12
98.62
3.78
110.83
90.59
4.08
114.72
3.23
103.93
3.78
Feb. 26- 112.18
19— 112.12
104.11
109.44
19—
3.77
3.42
4.06
3.49
5.13
98.97
3.77
91.05
4.55
110.83
102.48
3.86
114.30
3.25
104.11
111.03
110.04
3.75
3.22
104.48
11..
11— 112.20
104.30
3.46
99.66
4.02
3.76
91.51
4.52
102.84
3.84
114.93
3.41
110.63
5-
3.72
3.18
3.37
3.81
4.51
4.00
5.19
103.38
105.04
3.43
100.00
3.72
91.66
111.43
Jan. 29-
3.70
3.14
3.35
.->.80
4.52
4.00
3.72
3.39
9.34
3.68
3.36
5.39
5.18
5..
112.34
105.04
115.78
111.84
Jan. 29—
112.21
105.41
116.64
112.25
103.56
91.51
100.00
105.04
92.38
105.79
112.05
3.09
4.47
104.30
3.76
113.27
3.30
117.72
3.66
112.39
106.17
22..
22-
101.23
3.93
106.17
112.25
3.07
4.47
3.66
3.35
5.41
92.28
101.23
3.93
104.48
3.75
113.48
3.29
118.16
3.65
112.53
106.36
15-
15-
3.65
3.08
3.27
117.94
113.89
—
106.36
112.25
5.43
8— 112.71
106.17
3.66
3.35
101.23
3.93
91.97
4.49
104.48
3.75
112.45
3.64
3.07
3.27
3.92
3.34
5.13
101.41
106.17
3.66
92.43
4.46
104.67
3.74
113.89
1937
106.54
118 16
Low
Hlgh1937 112.78
1937 107.01
105.41
High 1937
3.48
4.93
3.70
94.17
99.31
4.04
85.52
4.35
98.28
4.10
5:43
107.11
3.61
109.64
4.03
99.48
4.01
3.58
4.14
5.03
4.46
3.99
3.59
5.96
113.27
3.30
99.83
4.58
3.65
4.05
4.63
6.00
5.09
4.50
4.15
5.90
Low
1
1
Yr. Ago
Apr.30'36 109.76
107.69
97.61
*
84.14
92.43
100.18
107.49
72.32
83.33
91.81
97.45
106.36
90.59
99.14
89.84
computed from average yields on the basis of one '
of actual price quotations
They merely
latter being the truer picture of the bond market
These prices are
Apr.30'36
Apr.30'35
years) and do not purport to show either the average
comprehensive way the relative levels and the relative movement of
'typical" bond (4% coupon, maturing In 30
serve
(•▼el or the average movement
yield averages, the
Yr. Ago
2 Yrs.Ago
2 Yrx.Ago
Apr.3C'35 1C8.92
8
to Illustrate
In a more
Indications of Business Activity
TRADE—COMMERCIAL EPITOME
OF
STATE
THE
Friday Fight, April 30,
Business activity
fields of
merce"
production showing gains.
index
compares
continued its upward trend,
figure
1937.
almost all
The "Journal of Com¬
104.6, which
reached a new high of
with a revised figure of
week and 90,8 for a year ago.
103.1 for the previous
According to this authority
all-time high, with auto¬
since the middle
of February.
Electric output, bituminous coal production,
petroleum runs to stills and lumber cut also made gains.
The "Iron Age" reported the steel operating rate as having
dropped to 90.5% the past week, due to the Ohio River
floods.
This authority estimated the Wheeling steel district
as having dropped to 75% against 99% the previous week.
It is stated that no marked change from a 90% to 92%
operating rate in the steel industry is looked for during
May at least. The announcement of a continuation of pres¬
ent prices through the third quarter has removed the chief
steel
production registered a new
motive activity
incentive
for
showing the greatest gain
forward
into the steel market,
buying, bringing an easier situation
The feature of the
decline in the securities markets,
authorities state.
week has been the drastic
commodity markets. On
plunged to another new low for the year
together with wide open breaks in
Wednesday stocks
in
selling that brought losses
in the various cables which poured
rent
decline
into
Wall
tion
in London, Paris had
seen
was
in individual active stocks
The world-wide nature of the cur¬
ranging up to 9 points.
In addition to the bad situa¬
Street yesterday.
a
sharp sell-off.
plied to Amsterdam, and two Dutch houses
denying rumors from London that they
to issue statements
financial
in
were
market
stock
week
for the
yesterday
rapid
ended April 24 totaled
rise in purchasing power
tinues to promise
of
are
largest
and
unless new
period,
occur,
sources.
to Dun &
than
was
the most severe
the United States
2,188,124,000 kilowatt
over a year
ago.
in recent weeks con¬
workers and of farmers as well
for any
trucks
period
since 1929.
during the
next few
Exports
months
20% over the 1936
foreign monetary or political disturb¬
register an increase of at least
should
the
the
automobiles
ances
break in the London
further substantial gains in trade activity.
Cash incomes of industrial
now
The
(Thursday)
which was an increase of 14.3%
hours,
The
difficulties.
Production of electricity in
1931.
since
The same ap¬
felt called upon
the
this
statement
Retail sales foy
coming
from
authoritative
the country as a whole, according
Braldstreet survey, were from 8% to 20% greater
same
previous
week of 1936, and 2%
week.
to 5% heavier than
Car loadings during the week ended
r 2906
Financial
April 24 totaled 761,182
week of
same
cars, an
an
increase of 14.3% over the
increase of 1.3%
over
chandise abroad
1.4%, from the preceding week; a gain of 95,233 cars, or
14.3%, over the total for the like week of 1936, and an in¬
crease of 202,246 cars, or
36.1%, over the total loadings
for the corresponding week of 1935.
For the week ended
April 17, 1937, loadings were 17% above those for the
like week of 1936 and 22.9% over those for the correspond¬
ing week of 1935. Loadings for the week ended April 10,
1937, showed a gain of 15.1% when compared with 1936
and a rise of 22.1 % when comparison is made with the same
the previ¬
than it sold during the first three months
of the year, the Commerce
Department reported today.
Ex¬
ports for the period aggregated $710,910,000, an increase of
over the first three months of 1936.
Imports
$S24,869,000, an increase of $245,912,000.
The
outstanding features of the weather news the past week
$135,210,000
aggregated
were
floods
the
Ohio River
to
rose
on
More
than
3,000
railroad
and
persons
The first 18 major railroads to report for the week ended
April 24, 1937 loaded a total of 344,214 cars of revenue
freight on their own lines, compared with 344,623 cars in
the preceding week and 313,294 cars in the seven days ended
April 25, 1936.
A comparative table follows:
then started to slowly recede.
had fled their homes, and only
operating into the city on that day.
was
week of 1935.
The
crest of nearly 10 feet above the flood
a
Wednesday,
stage
one
along the Ohio and Potomac Rivers.
May 1,
or
The United States bought $113,959,000 more mer¬
week.
ous
1936, and
Chronicle
The
river, swollen by the flood waters of the Monongahela and
REVENUE FREIGHT LOADED
Allegheny, washed across Wheeling Island, the home of
10,000 persons, and in the upper Ohio Valley seven deaths
were attributed directly or indirectly to the flood.
Muddy
flood waters of the Potomac swirled through Washington's
Loaded
the river front and threatened to shut off
the main roads from the South.
A
foot of water covered the Potomac Park Rose Gardens, and
Atchison Topeka & Santa FeRy._
Baltimore & Ohio RR
reported that flood waters of the Thames River left
London.
Authorities
coat of slime over a broad section of
a
22.160
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
....
mild, with alternating cloudy and clear conditions.
Today it was fair and cool here, with temperatures rang¬
ing from 48 to 62 degrees.
The forecast was for clear this
afternoon and tonight.
Partly cloudy Saturday.
Overnight
at Boston it was 38 to 46 degrees; Baltimore, 48 to 66;
Southern Pacific Lines
Wabash Ry
15,774
14.921
9,429
10.841
10.059
3,738
3.182
1.589
2,472
3.082
1,617
2,626
4.554
3,214
3.361
9,958
43,303
9,844
9 642
8,919
42,829
69,321
13,743
40,024
4,657
20,762
61,329
39,372
9,721
4,266
43,139
7,132
7,723
28,711
5,354
5.366
21,908
5,391
10,495
4.696
4,427
46,821
5,421
5,554
48.008
6,475
6.287
5.801
25.758
x9,111
5,529
1,468
2,372
2,966
8,919
5,886
5.500
4,458
X8.199
8,404
X8.824
8,838
344,214 344,623 313.294 218.465 211,997 195.312
Excludes
cars
Interchanged between S. P. Co.-Facific Lines and Texas & New
Orleans RR. Co,
Portland, Me., 40 to 58; Chicago, 48
Cleveland, 50 to 58; Detroit,
46 to 62; Charleston, 58 to 72; Milwaukee, 42 to 52; Savan¬
nah, 62 to 72; Dallas, 64 to 90; Kansas City, 48 to 62;
Springfield, Mo., 52 to 80; Oklahoma City, 50 to 82; Salt
Lake City, 32 to 50; Seattle, 46 to 56; Montreal, 40 to 64,
and Winnipeg, 40 to 48.
Pittsburgh, 48 to 64;
TOTAL LOADINGS AND
62; Cincinnati, 54 to 72;
to
14,235
18,712
2,287
4,577
14,265
45,203
„
Total
x
7,928
7,700
9,702
14,175
18.891
6,507
7,437
28.994
New York Central Lines
less
8,198
7,592
10.989
19,456
70.263
Missouri Pacific RR
New York Chicago & St Louis Ry
Norfolk & Western Ry._
unprecedented heights on the Rappahannock River.
In the New York City area the weather has been more or
8,302
8.443
7,330
19,149
20,960
4,189
Missouri-Kansas-Texas RR
reached
6,246
15,523
30,238
2,236
4,483
14,198
44.728
5,075
22,500
Gulf Coast Lines.
Reports from Rich¬
mond, Va., indicated that many sections in that State were
affected by the spring floods, latest advices stating that 100
or more
families were left homeless by the floods, which
6.681
18,701
10,310
23,074
34,310
22,814
14,394
19,640
15,424
Internationa] Great Northern RR
estimated damage at $3,000,000.
there
23,031
33,564
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR
Cnlcago Milw St Paul & Pac Ry_.
Chicago & North Western Ry...
Point—where cherry
blossom trees line a
drive beside the river—was under water.
At London, Ont.,
it was
Received from Connection*
Weeks Ended
Own Lines
Apr. 24 Apr. 17 Apr. 25 Apr. 24 .4pr. 17 Apr. 25
1937
1937
1937
1936
1937
1936
traffic over
of Haines
much
on
Weeks Ended—
famous parks on
highway
FROM CONNECTIONS
AND RECEIVED
(Number of Cars)
RECEIPTS FROM CONNECTIONS
(Number of Care)
Weeks Endedr—
Apr. 24, 1937
Apr. 27, 1937
Apr. 25. 1936
Chicago Rock Island & Pacific Ry.
Illinois Central System
25,170
30.098
25.125
30,773
29,710
St. Louis-San Francisco Ry
14,084
13,894
13,262
69.352
69,792
66.192
Consecutive
Decline in "Annalist" WeeklyIndex of Wholesale Commodity Prices Occurred
Third
During Week Ended April 27—Average for Month,
However, Above March
The "Annalist" announced
April 29 that further liquida¬
carried its Weekly Index of
Wholesale Commodity Prices lower for the third consecutive
week.
The index, according to the announcement, declined
to 143.6 on April 27 from 144.2 April 20 and a seven-year
high of 145.7 established on March 30 and April 6.
The
tion in wheat, cotton and rubber
"Annalist"
Total
The Association of American Railroads in
week ended
Loading of
This
cars.
week In
Immediate
tin.
Hogs and steers advanced along with butter, cocoa and
causes of the recession included further diminution of
European war fears and fresh rumors of an impending change in the United
States gold policy, all
to reflect
seems
Loading of
35,284
intangible enough, but fundamentally the decline
THE
109,050
INDEX OF WHOLESALE
PRICES (1913=100)
WEEKLY
COMMODITY
April 20, 1937
revenue
22.9% above the
freight for the week of April 17
increase of
was an
an
increase of 11,773
above the preceding week,
cars
corresponding week In 1936, and 83,438
cars
53,180 cars
above the corres¬
Loading of merchandise less than carload lot freight totaled 173,188 cars,
cars
below the preceding week, but an increase of 11,585
above the corresponding week in 1936 and 13,373 cars above the same
week in 1935.
Coal loading amounted to
4.141
cars
above the
same
119,482
cars, an
increase of 3,397 cars above
Grain and grain products loading totaled 29,583
below the preceding
week, and 597
cars,
decrease of 62
a
below the corresponding week
cars
in 1936 but an increase of 157 cars above the same week in
Western
1936 and
week in 1935.
Districts alone, grain
In the
1935.
and grain products loading for the week
Food products
Textile products
—
Fuels
ended April 17 totaled 17,488 cars, a decrease of 294 cars below the
X134.2
106 0
ing week, and
176.7
170.7
decrease of 774
139.1
110 7
99.6
99.6
97.6
above the preceding
106.2
86.0
575
143.6
144.2
123'1
84.8
commodities
All commodities on old dollar basis
♦Preliminary.
to
a
the
x
85.2
73.0
preceding week but
products
...
150.8
1936, and
Districts alone,
a
cars, an
decrease of 317 cars
1936.
above the
same
cars
above
week in 1935.
the preceding week,
and
24,089
cars
26,349
cars
above the corresponding week in 1936,
above the corresponding week in 1935.
10,580
cars, a
decrease of 162 cars below the
preceding week, but an increase of 3,753 cars above the same week in 1936
and 4,149 cars above the same week in 1935.
AH districts reported increases in
Farm
week in
same
In the Western
Forest products loading totaled 36,532 cars, an increase of 579
Coke loading amounted to
(1913=100)
April, 1937
increase of 1,486 cars
Ore loading amounted to 35,918 cars, an increase of 18,470 cars above
the sharp rise during March, only
INDEX OF WHOLESALE COMMODITY
PRICES
1935.
week in
an
the preceding week, 4,995 cars above the same week in 1936, and 10,265
partly offset by the subsequent drop.
MONTHLY
cars,
week, 103 cars above the
same
preced¬
below the corresponding week in 1936.
13,075
loading of live stock for the week ended April 17 totaled 10,015
cars
the month of April rose to 144.4 from 143.5 in March.
-The advance in the average reflected
"ANNALIST"
above the
increase of 1,373 cars above the
1
wholesale commodity prices during
April, the "Annalist" had the following to say:
The average for
cars
below the corresponding week in
Revised.
trend of
cars
Live stock loading amounted to
105.2
—
Miscellaneous
As
122.6
139.1
Metals
Chemicals..
All
116.5
130.5
*133.5
-
150.7
J 30.3
products
149.1
176.7
Farm
corree-
4.9% above the preceding week.
cars or
decrease of 197
cars
)
April 28. 1936
751,32$
17% above the corresponding
cars or
increase of 140,187 cars or
ponding week in 1935.
a
cars
THE
increase of
an
the preceding week, 9,682 cars above the corresponding week in
"ANNALIST"
April 27, 1937
.
reviewing the
follows:
Miscellaneous freight loading for the week ended April 17 totaled 332,970
continued liquidation of weak and unduly extended specu¬
lative interests.
as
freight for the week ended April 17 totaled
revenue
was an
1936 and
above the
goods and silk.
April 17 reported
ponding week in 1935.
cars,
continued:
Other commodities that were lower included corn, rye. flour, eggs, cotton
23,220
March, 1937
April, 1936
149.9
130.7
132.8
123.5
134.6
133.2
176.7
171.6
139 5
110.0
99.6
98.9
revenue
years
follows:
172.0
140.3
loaded with
106.7
Metals
cars
Loading of revenue freight in 1937 compared with the two previous
117.3
Food products
Textile products
Fuels....
the number of
freight. compared with the corresponding weeks in 1936, and 1935.
97.6
Chemicals
All
...
commodities
All commodities on old dollar
*
106.3
Preliminary.
x
basis
104.1
85.7
144.4
Miscellaneous...
143.5
123.8
85.3
84.8
73.4
Revised.
$
1937
Four weeks In March
Week of April
3
Week of April 10
Week of April 17
Total
Revenue
Freight
Car Loadings During Week
April 24 Rise 1.4%
Ended
Loadings of revenue freight for the week ended April 24,
1937, totaled 761,182 cars. This is an increase of 9,854 cars,
"
A"
for
1936
3,316.886
2,778,255
3,003,498
726,687
716,044
751,328
Five weeks In January
Four weeks In February
2,974,553
2,512,137
2,415.147
613,581
621,843
642,278
11,292,698
ViiO
IVUVHIUg
»»«
imuonaitto
1935
2,766,107
2,330,492
2,408,319
545,456
586,568
611,141
9,779,539
UV
separate roads and systems for
BUUW
OIIOU
9,248,083
IUC
lUOfUJUlgB
the week ended April 17
During this period a total of 107 roads showed
increases when compared with the same week last year.
1937.
Volume
Financial
144
Chronicle
2907
REVENUEIFREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED APRIL 17'
Total Revenue
V:
'
•
'
'
1
•
■
'
,
Total Loads Received
Freight Loaded
Railroads
from Connections
1937
•
1935
1936
1936
1937
564
Bangor A Aroostook
Boston A Maine
Chicago Indianapolis A Loulsv.
500
643
1,235
2,154
9,395
1,392
1,731
8,414
1,398
1,650
7,960
1,074
216
280
12,292
10.241
2,235
2,209
1,213
Central Indiana....
Central Vermont
14
30
71
69
918
963
7,551
5,164
1,045
6,499
2,502
Delaware A Hudson
12,450
10,180
10,298
8,208
7,414
1,868
6,856
6,872
455
240
288
145
32
Delaware Lackawanna A West.
Detroit A Mackinac
Detroit Toledo A Ironton
3,113
Detroit A Toledo Shore Line..
3,118
3,336
•
1,405
Grand Trunk Western..
401
327
3,026
13,621
4,901
15,553
240
210
2,391
1,984
8,233
8,171
2,455
1,156
8,713
2,459
3,441
1,536
Lines
45,203
12,269
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
Pere
1,764
8,285
3.039
3,356
1,935
40,077
10,470
Marquette..
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
...
Pittsburgh A West Virginia
9,366
Rutland
1,729
4,621
7,760
7,132
6,171
6,230
1,840
4,262
4,969
6,086
159
300
2,980
1,666
37,349
5,366
_
1,765
1,245
7,655
2,704
3,682
3,678
13,211
378
363
666
546
159
136
790
646
95,618
91,151
69,990
60,128
2,015
10,059
2,893
7,592
3,373
1,791
9,356
2,770
7,244
3,109
417
341
358
10,449
22,318
8,433
20,235
Tennessee Central...
512
Winston-Salem
186
109,110
Southern
System,
-
Southbound...
Total..
1,292
886
236
Northwestern District—
624
764
677
18,999
2,448
18,395
14,488
2,308
18,250
3,514
15,609
2,057
16,536
3,119
Belt Ry. of Chicago
Chicago
Chicago
Chicago
Chicago
A North Western
Great Western
Milw. St. P. A Pacific.
St. P. Minn. A Omaha
41
34
36,791
11,520
Duluth Mlssabe A Northern...
Duluth South Shore A Atlantic.
851
481
683
475
433
2,044
10,495
5,517
2,011
Elgin Joliet A Eastern
Ft. Dodge Dee Moines A South.
8,834
7,494
5,583
7,225
6,624
411
345
390
194
151
14,339
8,959
12,253
3,282
2,963
5,421
5,474
623
532
630
622
543
206
508
98
72
1,694
4,423
8,155
1,488
4,469
8,815
1,881
2,556
3,614
1,712
2,421
3,123
34
9,631
4,211
22
Great Northern.
...
Green Bay & Western
Lake
3,400
11,248
664
179
892
222
229
216
314
316
355
184
225
963
1,243
697
1,796
1,429
1,105
Northern Pacific
1,410
1,656
6,261
8,812
Spokane International.
Spokane Portland A Seattle..
166
123
95
317
246
1,435
1,480
2,015
1,419
1,105
99,912
73,880
75,819
47,794
43,885
23,074
3,115
19,324
2,754
19,428
2,767
6,681
2,120
5,558
2,169
514
292
212
176
61
14,175
1,362
12,029
2,578
13,969
1,335
11,248
2,495
1,020
2,094
13,647
1,370
11,234
2,479
8,198
7,487
698
849
780
9,336
2,862
1,409
7,586
2,205
1,048
1,862
2,415
2,967
625
587
601
5,354
1,137
8,838
3,784
5,431
3,369
5,301
Wheeling A Lake Erie
3,495
3,710
8,251
3,619
172,692
148,875
143,741
175,103
Superior A Ishpemlng
Minneapolis A St. Louis
Minn. St. Paul & S. S. M
154,584
Total
Central Western District—
Allegheny District-
Buffalo Creek A Gauley
Cambria A Indiana
527
708
749
25,850
18,701
15,029
3,429
1,932
3,051
2,077
406
Bessemer A Lake Erie
600
28,997
3,273
Baltimore A Ohio
614
34,310
Akron Canton A Youngstown..
276
252
9
8
1,392
8,700
962
623
12
19
6,916
6,837
13,337
10,734
Atch. Top. & Santa Fe System.
Alton
Bingham A Garfield
Cornwall..
599
784
638
52
Cumberland A Pennsylvania...
219
318
289
34
32
Chicago
Chlcago
Chicago
Chicago
Llgonler Valley
124
112
51
43
36
Colorado A Southern
863
3,785
1,553
46,821
Central RR. of New Jersey
752
Long Island
863
967
14,714
55,436
14,229
16,733
Union (Pittsburgh)
1,086
58,430
17,885
Pennsylvania System
Reading Co
1,313
69,321
Penn-Readlng Seashore Lines..
11,603
6,362
18,693
3,558
27
863
Denver A Rio Grande Western.
1,201
Denver A Salt Lake
353
Illinois Terminal
40
3,087
3,115
6,618
5,840
132,232
118,011
116,975
96,871
...
385
418
35
21
1,150
1,904
1,544
1,181
1,823
1,055
1,073
1,522
1,252
820
111
74
691
770
742
392
345
Peoria A Pekln Union
121
150
76
101
84
20,865
18,800
4,590
1,191
7,755
Nevada Northern
...
1,817
16,311
5.589
264
366
270
13,946
Southern Pacific (Pacific)
Total
2,186
1,129
1,919
Fort Worth A Denver City
North Western Pacific
3,149
55
3.383
159,059
—
Burlington A Quincy..
A Illinois Midland
Rock Island A Pacific.
A Eastern Illinois
2,452
40,255
15,263
35
West Virginia Northern
Western Maryland
7,981
19,160
1,511
1,003
4,749
4,245
15,241
394
417
Richmond Fred. & Potomac
Seaboard Air Line
1936
42,829
14,519
Wabash
Total
1,158
449
Piedmont Northern.-.
8,034
330
__
998
1,246
v
1937
14,264
2,717
11,243
3,431
3,486
Montour
.
from Connections
1935
3,201
11,913
5,120
Lehigh A New England
Lehigh Valley
Monongahela
Total Loads Received
1,416
422
Lehigh A Hudson River
Maine Central
Southern District—(Concl.)
Norfolk Southern
133
15,037
5,773
Erie...
New York Central
<
1936
1937
Easter* District—
Ann Arbor
Total Revenue
Freight Loaded
Railroads
11,765
11,539
1,346
7,514
Toledo Peoria A Western
Union Pacific System
303
323
296
6
5
1,620
1,372
1,246
2,035
1,674
102,924
93,060
88,736
53,619
47,741
Utah.
Western Pacific
Pocahontas District-
22,814
21,908
Norfolk A Western..
Norfolk A Portsmouth Belt Line
Virginian
20,094
19,433
20,025
17,838
2,459
3,716
2,041
3,514
1,669
3,187
50,897
Chesapeake A Ohio
45,082
42,719
10,310
4,427
1,564
8,760
4,028
Total.
1,056
1,049
1,010
17,350
14,854
Southwestern District—
Total.
195
124
5.360
4,533
203
134
132
437
222
...
135
100
141
232
International-Great Northern..
3,738
2,287
3,383
2,346
3,383
2,058
241
Alton A Southern
Burlington-Rock island
Fort Smith A Western..
Gulf Coast Lines
ftSouthern District—
Alabama Tennessee A Northern
231
347
284
175
161
Atl. A w. P.—W. RR. of Ala-
1,108
845
723
1,280
1,081
731
611
649
849
11,246
5,174
9,380
4,121
8,917
4,096
497
484
349
151
265
110
Kansas City Soutnern
1,904
Louisiana A Arkansas
1,825
1,982
1,613
1,509
1,149
1,617
2,626
1,075
2,074
1,151
.....
Kansas Oklahoma A Gulf.
....
1,319
987
958
1,150
4,980
2,948
1,195
1,813
Columbus A Greenville-
422
318
333
363
254
Missouri-Kansas-Texas Lines..
Durham A Southern
156
119
132
339
423
Missouri Pacific
1.698
1,375
1,820
584
Natchez A Southern
Atlanta Birmingham
Atlantic
Coast
AjGoast..
Line
Central
of Georgia
Charleston A Western Carolina.
Clinchfield--
Florida East Coast
Midland
Georgia
720
Louisiana Arkansas A Texas...
176
151
83
425
460
2,491
1,009
Litchfield A Madison
316
401
436
882
840
Midland Valley
Missouri A Arkansas
517
472
455
536
1,658
Georgia A Florida—..
Gulf Mobile A Northern
58
33
50
102
81
829
875
1,720
1,554
328
381
324
557
2,041
1,708
18,742
19,194
1,531
17,594
18,033
1,100
11,623
Illinois Central System........
19,987
Louisville A Nashville
21,156
6,062
147
980
1,735
1,102
4,046
1,262
Gainesville
234
1,503
2,319
133
136
305
236
4,543
13,920
4,383
13,545
3.361
9,642
2,907
8,929
54
...
Quanah Aome A Pacific
St. Louis-San Francisco
377
Texas A New Orleans
...
Texas A Pacific
Terminal RR. Assn. of St. Louis
570
Wichita Falls A Southern.
190
159
111
349
372
2,202
1,656
2,164
148
123
94
7,398
1,980
6,374
4,442
2,683
5,585
2,964
3,235
4,274
2,374
4,804
2,552
4,251
19,371
18,145
294
224
236
56
55
47
88
35
39
31
56,734
53,531
50,964
65,911
58,124
1,715
Nashville-Chattanooga A St. L.
3,616
1,766
3,101
2,996
2,619
2,322
16
99
7,269
2,366
6,629
4,530
2,638
Weatherford M. W. A N. W...
Mobile A Ohio
11
24
50
124
7,603
2,382
7,846
5,090
2,710
....
St. Louis Southwestern
993
10,924
4,723
332
249
4,577
14,265
Macon Dublin A Savannah—
Mississippi Central
201
Note—Previous year's figures revised.
180
526
posite index is 0.3% below the corresponding week of last
month and 9.9% above that of last year."
Commissioner
Moody's Index of Staple Commodity Prices declined
sharply this week, closing at 209.0 this Friday, as com¬
pared with 212.8 a week ago.
fc&The chief factors in the decline were the lower prices for
rubber, scrap steel and cotton. There were also declines for
silk, cocoa, copper, wool and sugar, and advances for wheat,
corn and silver.
There were no net changes in the prices of
hides, hogs, lead and coffee.
The movement of the index during the week, with com¬
parisons, is as follows:
April
April
Mon. April
Tues. April
Wed.
April
Thurs. April
Frl.
April
23
24—26
27
28
29
30
212.8
213.6
210.6
211.5
210.4
207.9
—.209.0
....
Previous figures.
Moody's Commodity Index Declines Sharply
Fri.f
Sat; l
Total
2 Weeks Ago—April 16
Month Ago—Mar. 30
213.3
-.227.9
Year Ago,
-.169.6
April 30
1936 High, Dec. 29
Low, May 12.
1937 High, April 5
Low, Jan. 22
—
208.7
162.7
228.1
205.0
Lubin further stated:
Lower average prices of chemicals, metals, hides,
Decrease of
0.1% in Wholesale Commodity Prices Dur¬
ing Week Ended April 24 Reported by United States
Department of Labor
commodity prices declined 0.1% during the
April 24, according do an announcement made
April 29 by Commissioner Lubin of the Bureau of Labor
Statistics, United States Department of Labor.
"This is
the third consecutive week that wholesale prices have de¬
creased," Mr. Lubin said, "and brings the all-commodity
index to 87.5% of the 1926 average.
The cumulative de¬
cline of the past three weeks amounts to 0.9%.
The present
index is 3.3% above the first week of this year.
The com¬
week ended
and foods were pri¬
marily responsible for the week's decrease in the general index.
to these groups,
In addition
are
reported for textiles, building ma¬
terials, and miscellaneous commodities.
Farm products, fuel and lighting
fractional declines
materials, and housefournishing goods averaged higher than in the preceding
week.
Increases in prices over the level of a year ago for the ten commodity
groups range
from 0.3% for fuel and lighting materials to 19.2% fbr farm
products.
The wholesale price level for the large group "all commodities other than
farm products and foods" averaged 0.3% below the level of the preceding
week.
a
Average prices of industrial commodities
month ago and 9.1% above a year ago.
as a group are
0.5% above
Nonagricultural commodities,
measured by the index for "all commodities other than farm products,"
declined 0.2%.
Compared with
a
month
ago
and
a
ago,
year
non-agri¬
cultural commodity prices are higher by 0.2% and 8.0%, respectively.
The index for
Wholesale
.....
below
a
raw
month ago,
sale prices of
materials rose
0.2%
during the week and is 1.4%
but 15.0% higher than the level of
semimanufactured commodities
are
1.3% below the corresponding week of last month.
this group is 19.2% above the corresponding
a year ago.
Whole¬
1.0% below last week and
The present level for
week of last
products group index declined 0.2% during the week.
year.
The finished-
The index is 0.3%
above the corresponding week of March and 6.5% above
that of April^a
year ago.
The announcement issued
also contained the
April 29 by Commissioner Lubin
following:
The largest group decrease
chemicals
and drugs group.
during the week—1.2%—was recorded in the
The subgroup of chemicals averaged 1.3%
lower, and drugs and pharmaceuticals decreased 2.1%.
Fertilizer materials
and mixed fertilizers remained unchanged at last week's level.
Individual
Financial
2908
Items showing marked price reductions were
copper
sulphate, copra. In¬
edible tallow, glycerine, and vegetablo oils.
The index for the metals and metal products group
important items
b Based on three-month moving average
decreased 0.7%, due
metals.
The more
showing decidedly lower prices were electrolytic copper,
Indexes of factor}' employment
piled
Increased slightly
remained
the level
at
present building materials index—96.6—is
of the preceding week.
The
0.4% higher than a month ago
index declined fractionally because of lower
and worsted goods remained stationary.
and knit goods and woolen
declined 4.3%,
Crude rubber
Clothing prices advanced fractionally
and silk.
prices for cotton goods
Taper
and tubes remained un¬
Mar.
Feb.
Mar.
1937
1937
1936
1937
1937
1936
100.8
99.7
87.7 101.0
99.0
87.9 101.2
95.8
77.6
95.9
93.9
80.1
96.0
93.2
80.2
99.8
92.5
71.8
106.1
105.8
95.8 106.3 105.2
96.1
103.1
99.9
84.9
Iron and steel
106.4 103.7
85.3 106.8 103.4
85.6 112.9 103.9
75.4
Machinery
121.3
118.9
96.9 121.4 118.6
96.9 125.9 118.2
86.8
Transportation equipment. .
114.3
113.0
97.7 117.9 116.0 100.9 122.0 112.3
Total
—
Durable goods
Non-durable goods
Goods—
Durable
Railroad repair shops
122.5 122.5 108.3 127.4 127.4 112.6 130.1
61 6
58.0
65.8
62.4
58.0
61.9
62.4
Non-ferrous metals
113.2 111.7
Automobiles
Stone, clay and glass
and timothy seed
(Chicago), cotton, alfalfa hay, clover seed,
The current farm products
index—92.7—is 2.1% below the
94.4
63.4
60.9
94.6 111.8 103.5
93.4 114.6 111.5
77.6
68.1
62.8
69.6
65.8
61.3
64.1
58.2
50.3
72.6
...
72.6
60.8
70.3
67.2
58.9
65.8
59.8
48.2
96.7 111.2 110.2 100.5 103.2 100.1
85.7
Non-Durable Goods—
107.0 107.3
Textiles and products
101.1
Fabrics
B. Wearing
90.6 103.8 103.6
100.7
93.0
118.0 119.8 108.2 125.6 122.6 115.3
apparel
116.8
Food products
—
78.7
97.6
96.0
92.5
90.9
73.1
101.3
90 2
93.6
105.5
60.5
59.2
53.1
52.6
46.5
99.0 107.4 105.7
61.8
107.8
*
97.5
110.2 100.9
97.7 104.1
99.9
116 7 107.8 105 5 105.1
62.5
—
Paper and printing
90.4 100.8
98.1
97.4
Leather products—
98.7
104.3
100.5
89.3
61.6
60.1
Chemicals & petroleum prod. 122.6 121.6 111.6 125.0 121.9 113.8 128.4 123.6 104,5
except
A. Chem. group,
refining... 122.8 121.8 110.6 126.1 122.4 113.6 129.2 123.9 103.0
petroleum
advanced 0.3% because of sharp in¬
in grains, and livestock and poultry.
Higher prices were reported
for timothy hay, flaxseed, Argentine wool, barley, corn, oats, wheat, calves,
cows, steers, hogs, lambs, and live poultry (New York).
Prices of rye,
"Wholesale prices of farm products
87 0
121.8
71 3
Lumber and products
changed.
creases
lower.
Adjustment
Mar.
Feb.
1936
Tobacco products-
1.0%.
and cattle feed decreased
pulp advanced 0.8%, and automobile tires
were
Mar.
1937
A.
above last year.
The textile products group
Without Seasonal
1937
1.6%.
"Other foods"
declined 1.0%, and dairy products declined 0.8%.
In contrast, fruits
and vegetables advanced 0.9% and meats 0.2%.
Lower prices were re¬
ported for butter, cheese, oatmeal, corn meal, rye and wheat flour, white
potatoes, apples (New York), prunes, cocoa beans, eggs, cured fish, lard,
pepper, and edible tallow.
Prices of bananas, oranges, sweet potatoes,
fresh lamb, fresh mutton, fresh veal, coffee, peanut butter, and raw sugar
were higher.
The current food index—85.0—is 2.9% below a month ago
and 5.7% above a year ago.
Falling prices of yellow pine flooring, spruce,
chinawood oil, and gravel were primarily responsible for the 0.2% decline
in the building materials group.
Average prices of brick and tile, cement,
steel
Adjustment
Mar.
Feb.
Mar.
than 2%.
more
Without Seasonal
for
djusted
skins caused a decline of 0.5% in the hides
Shoes advanced fractionally, and sole leather
Average wholesale prices of cereal products fell
live poultry
GROUPS
Payrolls
Employment
A
Seasonal Varia'n
Lower prices for hides and
and
BY
INDUSTRIES (a)—(1923-1925=100)
AND
advance approximately 1%.
and leather products group.
structural
PAYROLLS—INDEXES
AND
EMPLOYMENT
FACTORY
steel.
Average prices
due to slightly higher
prices for farm wagons, walking plows, and windmills.
Increased prices
for lavatories and heating boilers caused plumbing and heating materials to
and 13.0%
adjusted for
of Labor Statistics.
Index of factory employment
by Federal Reserve Board of Governors.
by Bureau
implements increased fractionally,
agricultural
and
and payrolls wtthout seasonal adjustment com¬
seasonal variation complied
pig tin, solder, copper and brass products, and scrap
of
of F. W. Dodge data centered afsecond
month.
c
largely to the 4.5% drop in average prices of nonferrous
May 1, 1937
Chronicle
121.7
refining
B. Petroleum
of
Indexes
a
120.8 115.7 120.5 119.6 114.5 125.8 122.7 109.6
66.7
75.4 108.9 104.4
74.9 103.4 101.6
102.6 101.7
Rubber products
and
employment
factory
wlttout seasonal
payrolls
adjustment,
compiled by the Bureau of Labor Statistics.
Index of factory employment adjusted
R. Board of Governors.
Underlying figures
for seasonal variation complied by F.
are
for payroll
period ending nearest middle of month and have been adjustedJ;o
March 1937 figures are preliminary.
the Census of Manufactures through 1933.
corresponding week in March and 19.2% above the corresponding week of
last
April.
Fuel
and
advanced 0.1%
lighting materials
due to higher prices for
to increase
Slightly higher prices for oil
housefurnishing goods group index
carpets caused the
of the Bureau of Labor Statistics includes
weighted according to their relative importance in the
and is based
on
country's markets
1926 as 100.
the average for the year
numbers for the main groups of com¬
The following table shows index
modities for
784 price series
weeks and for April 25, 1936, April 27, 1935,
the past five
April 28, 1934, and April 29, 1933:
Apr.
24
Commodity
Apr. Mar.
Apr.
Apr.
3
10
17
27
Apr.
Apr.
Apr.
25
28
27
Apr.
29
1937
All commodities
1937
1937
1937
1937
1936
1935
1934
1933
87.5
Groups
87.6
87.9
88.3
87.8
79.6
80.3
73.5
61.5
92.7
92.4
93.5
96.0
94.7
77.8
81.7
59.1
46.4
85.0
85.3
86.1
87.9
87.5
80.4
85.4
66.6
58.1
106.7 107.2 106.8 106.0 105.7
95.2
87.9
89.6
71.8
69.7
68.8
75.0
,
78.2
78.6
78.7
78.1
Textile products
Fuel and lighting materials..
78.6
77.6
77.5
77.1
77.2
76.9
77.4
74.3
73.5
Metals and metal products.
95.1
95.8
96.3
96.1
96.0
86.0
85.2
88.3
96.6
96.8
96.8
96.6
96.2
85.5
84.4
87.1
Chemicals and drugs
85.6
86.6
87.0
87.0
87.0
78.2
80.8
75.3
72.0
Housefurnishing goods
90.4
90.3
90.3
90.3
90.3
82.8
82.0
83.0
72.3
Building
.
materials
index last week registered 87.7%
went
The
general trend
food
index
80.0
79.3
68.6
89.2
90.9
90.0
77.1
*
♦
*
89.7
90.3
90.4
90.0
74.5
*
*
*
Finished products
87.1
87.3
§7.3
87.1
86.8
81.8
*
*
86.4
86.6
86.6
86.6
86.2
80.0
80.0
76.6
64.9
86.2
86.5
86.3
86.1
85.8
79.0
77.5
79.2
commodities
other
»
than
tnan
with six of the principal
The
since last
Lower
responsible for
cotton
the
in
items
in
of
farm
were
primarily
prices.
product
during
the
week,
Textile
prices
only
with woolen
the group
registered
increases last week.
Forty price series included1 in
Not computed.
wheat
and
index
piece goods being the only
moving against the trend.
A moderate recession in
the index of metal prices was brought about by lower quotations for steel
scrap and non-ferrous metals.
Declines also occurred during the week in
the indexes representing the prices of chemicals and drugs and of miscel¬
laneous commodities.
The fuel, building material and fertilizer material
lower
moved
indexes
farm products and foods..
*
58.6
hogs,
downturn
66.2
All
26,
downward to the lowest point reached
for
88.5
products
an¬
during the week and1 only three advancing.
again moved
another
81.0
farm
prices was downward,
of
indexes declining
group
and
the
and
to say:
on
quotations
80.9
otner
compared with 88.0%
as
A month ago it stood at 88.6%,
a year ago
at 76.7%.
The highest point recorded by
index this year was 88.7% in the first week of April,
the lowest 84.0% in the first week of January.
The
nouncement by the Association, under date of April
preceding week.
77.6
88.8
commodities
during the week ended
Fertilizer Association
April 24 dropped to the lowest point reached since the first
week in March.
Based on the 192G-28 average of 100%, the
70.5
88.7
All
compiled by
62.5
Semi-manufactured articles..
69.2
previous
two
this index has declined in each of the last five weeks.
Miscellaneous
68.9
the
of
trend
December;
Raw materials
80.1
downward
tlie
National
the
52.4
products
Foods
Hides and leather products.
FurtherJ Declined
Still
the wholesale commodity price index
weeks,
in the
(1926=100)
Prices
Fertilizer Association
Continuing
fractionally.
The index
Commodity
During Week Ended April 24 According to.National
products declined fractionally.
petroleum
stoves and axminster
Farm
Wholesale
Anthracite prices did not change, and
bituminous coal and beehive coke.
18 advanced;
advances;
in
the
in
the index declined during the week and
the preceding week there were 31 declines and 27
second
preceding
week there were
28
declines and 29
advances.
Monthly Business Indexes of Board of Governors of
Federal Reserve System for February
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertiliser Association.
1926-1928=100
On
April 25 the Board of Governors of the Federal Reserve
System issued as follows its monthly indexes of industrial
production, factory employment, &c.:
BUSINESS INDEXES
Latest
Bears to the
Variation
Seasonal Adjustment
23.0
Mar.
Feb.
Mar.
1937
1937
1936
1937
1937
1936
85.3
84.0
89.7
72.0
99.3
106.0
88 3
87.6
77.2
89.0
74.2
75.8
77.0
79.5
65.2
114.9
111.3
74.4
75 7
79.7
Miscellaneous commodities.
_
80.7
84.1
83.6
Livestock
Fuels
10.8
Indexes—
Ago
1936
83.4
86.9
Grains
17.3
General
1937
114.9
Farm products
Cotton
Mar.
Year
27, Apr. 25,
97.0
Cottonseed oil
Feb.
Ago
80.9
Fats and oils
Seasonal
1937
Month
Mar.
83.3
Foods
Without
Mar.
24, Apr. 17.
1937
(Index numbers of Board of Governors, 1923-1925=100)a
25.3
Week
Apr.
Group
Total Index
Adjusted for
Prec'd'y
Week
Per Cent
Each Group
82.6
82 6
90.8
90.9
90.1
72.6
82.2
82.4
82.0
67.2
106.4
107.8
109.8
83.0
79 6
P118
116
93
Pl22
117
96
8.2
Textiles
Manufactures
P117
116
93
P122
118
97
7.1
Metals
Minerals
P127
115
97
P118
111
90
6.1
Building materials
94.9
94.7
93.7
1.3
Chemicals and drugs
94.8
95.4
95.3
94.4
p 55
62
47
Z>56
54
47
0.3
Fertilizer materials
71.4
71.3
71.2
65.7
p45
47
26
Z>47
42
28
0.3
Fertilizers
77.0
77.0
76.9
70.4
p64
75
63
P63
64
62
0.3
Farm machinery
Industrial production, total
Construction contracts, value: b
Total
Residential
All other
-
Factory payrolls c
Freight
car
99.7
87.7 P101.0
99.0
95.8
77.6
—
83
—
80
66
76
72
95
84
P90
76
83
142
136
94
P128
126
100
—
93.1
92 6
88.6
76.7
pl32
134
Department Store Sales in New York Reserve
13.4% Above Last Year—Increase Also
Sales in Metropolitan Area in First Half
of April
District
Noted in
rl02
92
—
Leather and shoes
—
Cement
87
87
91
86
86
121
120
107
140
120
124
Z?132
133
108
Z>136
135
112
58
According to the May 1 "Monthly Review" of the New
85
51
42
153
Food products
Automobiles
168
140
146
153
132
York Federal Reserve Bank total March sales of the reporting
PllO
103
—
Tobacco manufactures-
Minerals—Bituminous coal
P110
98
71
71
p81
p66
54
44
146
p 171
165
145
83
85
113
89
90
94
90
75
Zinc
54
168
107
crude
50
P173
Anthracite
Petroleum,
94.3
88.0
March
Production Indexes by Groups and
Industries—
Manufactures—Iron and steel
Textiles
All groups combined
77
129
100.0
62
P 92
127
loadings
Department store sales, value
94.3
87.7
87.9
P101.2
p100.8
Factory employment c
79.4
70
59
Sliver
Lead
p
Preliminary,
a
Indexes of production, car
r
102
77
99
72
60
Revised.
averages.
loadings and department store sales based
on dally
department stores in the Second (New York) District "were
13.4% higher than last year, but because there was one more
shopping day this year than last, the increase in average
daily sales was about 93^%, a slightly smaller increase than
in February."
The "Review" said:
The New York,
stores
northern New Jersey, and capital district department
reported smaller increases in average daily sales than in the previous
Volume
Financial
144
month, while stores in the remaining localities recorded larger advances.
In Buffalo, the northern New York State
area, and the southern New York
Chronicle
preceding two months, hardware sales increased
declines in
11.4%
the cotton
higher than
last year,
but on
average
an
daily basis the increase
about 7 M%, a smaller gain than in the
previous two months.
Department
continued
ments
store
more
stocks
than 20%
of merchandise
above
hand,
on
Collections
than
last in the department stores in all localities, but
collections were reported by the apparel stores.
this
better
February,
following
On the other hand, yardage sales
of silk goods, reported by the National Federation of Textiles, and sales of
goods and shoe
showed smaller year-to-year Increases
concerns
At the end of March, stocks of merchandise held by the reporting grocery,
at retail valuation,
were
the preceding two months.
than In
year previous
than in February.
of the principal depart¬
a year ago, most
showing substantial increases.
more
and stationery sales registered an increase over a
State district, the increases in sales of the
reporting stores were the largest
in a number of months.
Sales of leading apparel stores in this district were
was
2909
somewhat
year
slower
hardware,
ago,
a
and diamond
concerns,
were
substantially, higher than
a
year
but stocks of the jewelry concerns were below the 1936 level, following
period of
a year
in which substantial increases had been reported.
Collec¬
tions of accounts outstanding were larger than a year ago in a majority of
reporting lines.
Percentage Change from a
Per Cent
Year Ago
of Ao-
Net Sales
Stock
March, 1937. Compared
Feb. 28 Collected
on
Hand
with March,
in March
End of
Month
1936
1937
+ 9.4
+20.0
49.4
Groceries
51.2
Rochester
+ 12.3
+22.7
+ 19.1
+ 14.2
+ 13.2
+21.6
+7.2
+0.2
47.0
Buffalo
New York
Syracuse
+ 10.1
Northern New Jersey
+ 13.4
Bridgeport
+ 15.8
Elsewhere
+8.1
Stock End
47.0
0.1 Month
1936
+ 17.6
91.3
95 9
Men's clothing
Cotton goods
+ 17.6
+ 12.9
+ 5.9
51.7
60.9
39.4
41.6
Rayon and silk goods.
+29.6*
46.6
50.4
37.6
42.3
41.1
43.4
Shoes
38.5
40.8
Hardware
34.1
35.9
Paper
Central New York State
+ 10.6
Jewelry
Diamonds..
61.4
38.1
43.2
36.0
+36.1
37.7
64.3
64.0
57.3
53.0
22.4
+73
25.1
—10
+9.5
—2.8
1937
63.6
+8.4
+ 17.6
+ 14.1
+25.2
+ 188.2
+48.3
Stationery.
+7.0
+ 14.8
Capital district
Westchester & Stamford
Collected in March
Net Sales
Northern New York State.
Southern New York State
Hudson River Valley District
Accounts
Outstanding Feb. 28
1936
Commodity
Feb.
to Mar.
Mar.
Per Cent of
Percentage Change
counts Outstanding
Locality
+5.4
Niagara Falls
All department stores.
*
60.0
64.0
Quantity figures reported by the National Federation of Textiles,
weighted average for total wholesale trade.
not
Inc.
Included in
47.1
+ 13.4
+ 10 5
+20.7
+8.8
+ 3.2
43.9
44.4
+ 11.4
Apparel stores
+21.4
Weighted average
+ 13.2
46.3
Electric Output for Week Ended April 24 Totals
2,188,124,000 Kwh.
March sales and stocks in the
principal departments are compared with
those of a year previous in the following table:
Edison Electric
The
Institute, in its weekly statement,
disclosed that the production of electricity by the electric
Stock
Net Sales
Percentage Change
Classification
on
Hand
Percentage Change
March SI,
March, 1937
1937
Compared with
Compared with
March, 1936
March SI, 1936
Toys and sporting goods
+49.6
Books and stationery
+39.4
Luggage and other leather goods
+25.8
+24.4
+22.4
+ 19.0
+ 18.9
+ 18.1
+ 18.1
+ 17.1
+ 15.6
+ 14.8
+ 13.3
+ 10.1
+9.4
+ 1.4
+0.3
+ 18.2
+28.9
+22.0
+ 18.8
+46.0
+ 17.8
+23.0
+41.7
Silverware and Jewelry
Furniture
Shoes.—
Hosiery
Men's furnishings
Toilet articles and
drugs
Silks and velvets
—4.2
+ 5.6
The Institute's statement follows:
week of 1936.
PERCENTAGE INCREASE
Week Ended
Major Geographic
Linens and handkerchiefs
Musical instruments and radio
Women'8 ready-to-wear accessories..
Home furnishings
Woolen goods
Cotton goods
The
following, regarding sales in the metropolitan
New York, is also from the "Review":
PREVIOUS YEAR
Week Ended
Week Ended
April 3, 1937
New England
14.4
14.5
14.4
Middle Atlantic
13.0
12.5
11.4
Central Industrial
16.6
15.5
15.0
16.8
West Central
10.1
8.0
8.0
6.9
+3.7
Men's and boys' wear
Women's and misses' ready-to-wear.
OVER
Week Ended
April 24, 1937 April 17, 1937 April 10, 1937
Regions
+22.9
+20.0
+36.3
+24.7
+28.6
+21.1
+13.4
+35.2
+41.3
+2.6
Miscellaneous
light and power industry of the United States for the week
ended April 24, 1937, totaled 2,188,124,000 kwh., or 14.3%
above the 1,914,710,000 kwh. produced in the corresponding
17.4
/
8.7
Southern States
17.3
16.0
14.5
7.9
Rocky Mountain
27.5
37.5
30.1
32.7
4.1
4.1
5.6
2.0
14.3
12.4
13.6
15.0
Pacific Coast
Total United States.
DATA FOR RECENT WEEKS (THOUSANDS
OF KILOWATT-HOURS)
Percent
area
Change
of
Week Ended
1937
1936
1937
1935
1932
1929
from
During the first half of April total sales of the reporting department
Metropolitan area of New York were 1.7% lower than in the
stores in the
1936
Mar
6
2,199,976
1,903,363
[-15.6
1,706,719
Mar. 13
2,212.897
1,893.311
-16.9
1.734,338
1,724,131
1,519.679
Even after adjustment for the early
1,538.452
Easter this year and for the usual seasonal fluctuations, the rate of sales
Mar. 20
1,900.803
1.862,387
1,867,093
1,916,486
-16.3
1,728,323
1,537,747
1,702.570
1,687,229
-18.1
1,724,763
1,712,863
1,700,334
1,514,553
1,465,076
1.663.291
+ 12.4
1.725,352
1,480,738
+ 14 3
1,701,945
1,469.810
1,696,543
1.709,331
1,673,295
1,698,178
1,454.505
1,429.032
1,436,928
1,699,822
1,688,434
1,698,492
corresponding period of last year.
Apr.
Increase of
19.8% in Chain Store Sales During March
Compared with March Year Ago Reported by
as
10
2.176.368
Apr. 17
have been somewhat lower in April than in March.
3
Apr.
appears to
2,211.052
2,200.143
2.146,959
2,173,223
24
2,188,124
Mar. 27
Apr.
May
1
May
8
May
N<ew York Federal Reserve Bank
15
1,933.610
1,914,710
1,932,797
1,928,803
1,947,771
-15.0
+ 13.6
1,701,702
1,480.208
1,683,262
1.679.589
"In March total sales of the
reporting chain store systems
(New York) District averaged 19.8% higher
than last year," said the Federal Reserve Bank of New York
in its "Monthly Review" of May 1.
The Bank also had the
following to say:
in the Second
Even after allowing for differences in the number of shopping days be¬
tween this year
and last, the increase in average daily sales was the largest
March, 1934, owing in part to the fact that Easter buying for the
since
current
year
occurred largely in
March.
candy chains reported an increase of 90%
Reflecting
in sales
the
over
Easter
trade,
last year.
The
10cent and variety chain stores group recorded an increase of 25% over
March, 1936, and the shoe chains registered
a
daily average basis since May, 1936.
a
gain of 31%, the largest on
On the other hand, total sales of
the grocery chain stores were only slightly above last year's level.
Due
to
a
reduction
between
March,
1936,
and
March,
1937,
in the
number of stores being operated by grocery chains, there was a slight de¬
crease
in the total number of chain stores in operation, so that the per¬
centage increase in sales per store of all chains combined
was
somewhat
larger than for total sales.
March Life Insurance Sales in United States
New life insurance sales in the United States during
Mar^h
gained 15% over those in the same 1936 period, according
to figures made public this week by the Life Insurance Sales
Research Bureau, Hartford, Conn.
In the first quarter of
this year, new life insurance sales in the nation were 6%
above those in the first three months of 1936.
Type of Store
31, 1937, new life insurance sales in
this country were 2% higher than in the 12 months ended
March 31, 1936.
These figures, which exclude group and
industrial life insurance, are compiled from reports ofpaid-for
life insurance from companies having in force
90% of the
ordinary life insurance in the United States. An announce¬
ment bearing on the report of the Research Bureau also said;
Every section of the country
No. of Stores
Grocery
+0.6
+25.1
+30.9
+ 90.4
+4.2
+23.6
+30.9
+90.4
+ 1.2
Candy
Total
—0.9
,
+ 19.8
an
was represented in the increase in life in¬
business during March, with New England leading the nation with
21%
gain over March, 1936.
second with
(Sales per Store
—3.5
Ten-cent and variety
Shoe
its
Total Sales
a
increase of
The East North Central district
19% in March sales
over those a year ago.
The
21.4%
Central, 12% each.
Forty-four States and the District of Columbia registered gains in
+20.9
Higher
Than
month
a
new
1% to 46% over the same
In only three States, Delaware, South Dakota and
year ago.
in
March sales
equaled those of
in its
same
1936 month.
In Oklahoma
a year ago.
Thirty-six States and the District of Columbia recorded Increased life
insurance sales In the first quarter of this year over the same 1936 period.
These gains ranged from 1% to 30%.
Federal Reserve Bank of New York reports
Other sections
life insurance business in March ranging from
Utah, were March sales less than for the
Reported
came
gain of 20%, and the East South Central ranked third with
and their percentage gains follow: West South Central and Pacific, 14 each;
South Atlantic and Mountain, 13 each; Middle Atlantic and West North
Sales of Wholesale Firms in New York Reserve District
During March
March, 1936
For the 12
months ended March
surance
Percentage Change March, 1937,
Compared with March, 1936
Reported
16% Above Last Year
Dakota,
Kansas, Delaware,
Only Minnesota, North and South
Kentucky, Oklahoma, Montana, Wyoming,
"Monthly Review" of May 1 that "in March total sales of
Utah and Washington noted new life insurance sales less than those in the
the
first three months
reporting wholesale firms in the Second
(New York)
District averaged 21.4% higher than last year, the
largest
increase since last July."
The Bank continued:
The diamond concerns recorded the most substantial
year-to-year advance
in sales since July, 1933, the men's clothing firms the greatest increase since
August, 1936, and the jewelry concerns the largest gain since last November.
Sales of the grocery and paper firms showed larger increases than in
the
of
1936.
California's sales
equaled those of the first
quarter of last year.
In the 12 months ended
than in
the
same
March, 1937, only 12 States showed sales less
period ended March,
1936.
These States
were:
New
Jersey, Ohio, Indiana, Minnesota, North and South Dakota, Nebraska,
Kansas, Delaware, North Carolina, Kentucky and Oklahoma. Elsewhere
gains ranged from 1% to 26% over those in the corresponding period ended
March, 1936.
Financial
E 2910
in the United States, as re¬
March sales of new ordinary life insurance
Chronicle
TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW DWELLINGS,
ported by companies having in force 90% of the ordinary life insurance in
this country,
$604,257,000
were
1,523 IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
STATES, AS
SHOWN BY PERMITS ISSUED, FEBRUARY AND
1937
IN
against $525,043,000 in March, 1936.
as
MARCH,
first three months of 1937 were
New sales of ordinary life insurance in the
$1,554,443,000 as against $1,464,524,000 in the first quarter
i
May 1, 1937
COST OF BUILDING CONSTRUCTION,
ESTIMATED
of 1936.
New Residential Buildings
♦
No.
Building Activity in March Gained 36% Over Year Ago
*
Reports United States Department of Labor
of
Estimated
Cities
Cost
Division
Geographic
Compared with the corresponding month of last year,
Mar., 1937
Feb., 1937
the
of all buildings for which permits were
issued in March showed an increase of 36%, Secretary of
Labor Frances Perkins announced April 24.
New residen¬
tial building showed a gain of 87%, an increase of 36% was
shown in the value of permits issued for additions, altera¬
tions and repairs, but the value of new non-residential
buildings was 5% less than in March, 1936, she pointed
value
She added :
out.
New Dwellings
Feb., 1937
Mar., 1937
aggregate
Familes Provided for in
New England
Middle Atlantic
128
$5,010,169
380
27,583,621
East North Central..
329
16,105,255
3,363,437
9,404,507
914
436
6,990
7,138
2,704
$2,583,988
27,376,539
8,555.259
1,379
1.791,322
919
416
7,309,830
2,445
2,001
551
298
3,938,886
909,676
9,034,885
1,511
1,281
647
302
154
1,307,882
4,529,417
2,236.291
15,342,288
688.249
4,283
2.427
1,523
$84,882,867
$62,188,632
20,964
15,678
West North Central.
132
South Atlantic
171
East South Central._
66
West South Central..
102
61
Mountain..
Pacific
-
Total
Percentage change..
+ 33.7
+ 36.5
_
value of permits issued, residential construction during
37% greater than in February," Miss Perkins said1.
"At
"Measured by the
month
the
the
7%
was
same
45%. An advance of
for additions, altera¬
value of buildings for
issued during March showed an increase of 32% over
construction
non-residential
was
time,
tions
which permits
were
the
No.
of
classes
of
of 1937 the aggregate value of permits issued)
construction in cities with a population of 2,500 or
amounted
to
$398,279,569,
the
all
for
over
quarter
first
an
increase of 36% compared with the
period of 1936.
All classes of construction shared in the
gain, the greatest improvement occurring in the value of residential build¬
ings, which increased 70%.
During the first three months of 1937 dwell¬
ing units have been provided in these cities for
47,309 families, an
increase of 77.3% over the first quarter of the preceding year."
corresponding
foregoing remarks of Secretary Perkins, an
tbe United States Department of Labor
In noting tbe
Alterations
(Including
Buildings
Estimated
Geographic Division
and Repairs)
Cost
Cities
month.
preceding
"For
Total Building Construction
New Non-Residential
rose
registered in the value of permits issued
and repairs to existing structures.
The total
Estimated Cost
Feb
Mar., 1937
128
New England
Middle Atlantic
380
East North Central._
329
West North Central.
132
South Atlantic
171
East South Central..
66
West South Central..
102
61
154
1,523
Total
4,274.525
$6,454,724
45,079.824
20,227,748
4,050.367
19,587,588
3,139,250
6,855,897
2,041,083
24,672,055
21,592,343
61,947,152
33,660,671
$54,322,042
6,773,383
5,836,697
1,656,624
1,848.642
581,515
9,734,905
5,942,073
Pacific
15,685,541
3,339,889
10,002,938
$37,594,202 $170,510,244 $129,028,824
+ 32.1
+ 44.5
Percentage change
1937
Feb.,
$10,154,090
-
949,324
3,650,968
969,136
Mountain
Mar., 1937
1937
,
$1,461,923
7,713,834
7,810,738
$2,447,611
23,402,847
11,469,330
2,144,475
3,121,950
1,173,652
announcement by
said:
further
,
change from February to March
The percentage
in the number and cost
issued for each of the different types
1,523 identical cities having a population of 2,500 or
of
of
construction
is
over
in
in
indicated
of Construction
Number
Estimated Cost
+ 63.2
+ 36.5
New non-resldentlal
+ 66.9
+ 58.7
+ 7.0
+61.1
+ 32.1
N
Total
The
March
is shown in the 'following
March, 1936, by class of con¬
table for the same 1,523 cities:
first three months
of the
Classlof Conduction
Number
Additions, alterations, and
repairs
September,
+ 36.1
for
farmers
24
1930,
of February
the exception
with
when the index was three points higher.
sales
store
the
1931,
stand¬
the highest March
California readied
in
12.4% over its March, 1936, level.
showed a 5.8% rise.
Bank debits in
18.7% ahead of the corresponding month in 1936.
index
gaining
since
The
—4.8
California
30.8% above the corresponding month
140% of the 1910-15 average, the high¬
up
ing
+87.2
+ 14.6
i,
by
received
prices
stands at
now
attained1 since
level
Department
+ 55.2
+20.6
.
New non-residential
of
For the
total California permit values exceeded those
by 23.4%.
year
index
The index
1936.
est
of this year,
Estimated Cost
+ 23.5
NewTresidential
month's
Last
of the year
period last
same
principal farm commodities was
in
Change from Mar., 1936 to Mar., 1937
California increased 50%
building permit values for 32 cities in
February and 24.8% over the corresponding month of 1936.
over
W*
California business maintained its satisfactory
in March, according to the current issue of the "Busi¬
ness
Review" of the Bank of America (California).
An
announcement bearing on the review also said:
compared with
change
percentage
struction,
in
pace
+ 44.5
Additions, alterations, and repairs
r
Pace
(California)
Showing impressive gains in construction, car loadings and
retail sales,
»
Satisfactory
March According to Bank of America
the following table:
Change from Feb., 1937 to Mar., 1937
Class
Sustained
Business
California
buildings for which permits were
February-to-March comparison
+ 35.9
15
California cities
were
mm
^
Total
-
March, 1936, an
family-dwelling
units
with
Compared
of
number
+
in the
during
Summary of Business Conditions in United States by
Board
1937:
March,
cumulative gains made
The
the
increase of 82% was shown
provided
in
these cities
during the first three months of 1937 over
"In
Change from First 3 Months in 1936
to First 3 Months in 1937
Estimated Cost
+ 5.1
+ 36.9
+ 29.5
+ 36 3
commodities, after advancing rapidly in March, declined in
-
for
the
report.
in the
For March,
$6,318,000; for
March, 1936, to $5,937,000.
amounted
Permits
Labor
of
Bureau
include,
Statistics
in
construction, the number and value of buildings for
were
awarded by Federal and State governments in the
were
to
issued
during March,
1937, the value of these public
February,
1937, to
1937, for the
$14,753,000,
following important
Mass., for a fertilizer plant to cost
$278,000; in New York City, in tbe Borough of the Bronx, for aparement
houses to cost nearly $3,000,000 and for school buildings
to cost over
building
Cambridge,
In
projects:
Borough of Brooklyn, for apartment houses, to cost
school building to cost over $3,800,000; in the
Borough of Manhattan, for apartment buildings to cost nearly $1,400,000
and
for a school building to cost over $750,000;
in the Borough of
$3,200,000;
the
in
$3,400,000 and for
in Rochester, N. Y.,
nearly $500,000 ; in Philadelphia, Pa., for
one-family dwellings to cost nearly $1,500,000 and for school buildingB
to cost over $5,000,000; in Streator, 111., for a factory building to cost
Queens, for apartment houses to cost over $7,500,000;
for
buildings to cost
factory
$500,000; in Indianapolis, Ind., for factory buildings to cost over $500,000;
in
Mich.,
Detroit,
one-family
for
dwellings
to cost
over
$3,500,000;
in
school building to cost $550,000; in Washington,
D. C., for apartment houses to cost over $1,100,000 and for one-family
dwellings to cost more than $1,400,000; in Miami, Fla., for one-family
Duluth,
Minn.,
for
a
to cost
over
in Baltimore, Md., for one-family dwell¬
$750,000 ; in Fort Worth, Tex., for institutional build¬
ings to cost over $1,000,000; in Houston, Tex., for one-family dwellings
to cost over $800,000 ; in Los Angeles, Calif., for one-family dwellings to
cost
$2,800,000,
over
and
in
Calif., for one-family dwell¬
San Francisco,
ings to cost nearly $900,000.
Contracts were awarded by the Procurement
of the United' States Treasury Department for an addition to the
Division
Federal
for
a
Office
111., to cost over $800,000.
A contract was
by the Low Cost Housing Division of the Public Works Admin¬
post
awarded
istration
Building in New York City to cost nearly $2,400,000 and
office in Peoria,
for
an
additional
Chicago to cost $640,000.
ministrate
for
an
unit
A contract
additional
Angeles to cost over $1,000,000.
in the
building
Jane
was
at
Addams
Housing
Project
in
and the
the 1923-25
average
to 118%.
The» rise reflected a sharp increase in output of
minerals, chiefly coal, and an increase of somewhat more than the usual
seasonal amount in manufacturing.
The larger output of coal in March
was
due in part to stocking by consumers in anticipation of a possible
strike at bituminous coal mines on April 1, when the agreement between
Board's
mine
miners'
the
February
from
advanced
index
from
expired.
union
March,
to
116%
A
of
agreement
new
was
April 2 but, owing partly to the previous accumulation of stocks,
on
During
March activity at steel mills increased seasonally, and in the first three
weeks of April was over 90% of capacity.
In the automobile industry
output showed about the usual seasonal increase in March and the first
three weeks of April, considerable fluctuations during this period being
largely in response to developments in the labor situation.
Lumber pro¬
duction expanded considerably in March,
and there was a sharp rise in
production in
the first 10 days of April showed a sharp decline.
Cotton consumption, which
output of non-ferrous metals.
unusually
in
actual
amount
mills
at woolen
Value
F.
W.
level
high
of
while
Dodge
the
increase
dential
contracts
a
year
and
any
the
of
in
level
projects
work
a
factory and commercial
The
part
amount between the middle
expansion
further
a
creases
in
in
payrolls
rise
in
employment
steel,
ticularly
of
usual seasonal
wage
were
machinery,
non-durable
rise.
was
larger
rates.
in
and
of
Production
reported
as
as
continued
reflected
by the
February
in
work
and
increased,
decline.
to
of
volume
larger
The
resi¬
construction.
Employment and payrolls increased by considerably
seasonal
month.
Privately-financed
ago.
at an
March, and
large volume.
March,
same
has been
further in
previous
continued in
publicly-financed
privately-financed
building
in
increased
awarded
about
at
was
than
of
than
factories
shoe
Corp.,
months,
recent
larger
was
and
amount
in
in
construction
substantially higher
production
Los
increased
adjusted
and
operators
reached
the Veterans
in
production
seasonally
awarded by the Veterans Ad¬
Facility
In its sum¬
April," according to the Board.
Production and Employment
Industrial
dwellings to cost over $700,000;
ings
summary
issued April 25, the Board also noted:
mary,
private
contracts
buildings
over
its monthly
the first half of
to
by
collected
included
cities
and
+69.9
w
addition
System
+ 19.0
...
Total
data
continued to increase and
+32.5
Additions, alterations, and repairs
which
industrial activity
March
of general business and financial
conditions in the United States, based upon statistics for
March and the first three weeks of April.
"Prices of basic
+ 62.3
New? residential
New non-residential
The
System—
Upward During
payrolls at factories and mines showed a substantial rise,"
in
Pi
Reserve
Continued
said the Board of Governors of the Federal Reserve
Class of Construction
Number
Activity
March
period of 1936 are indicated below:
corresponding
Federal
of
Governors
of
Industrial
more
than the usual
February and the middle of March.
than in employment, reflecting in
In
manufacturing,
industries
lumber.
manufactures
producing
The
showed
the
durable
number
slightly
principal
goods,
employed
more
..
in¬
par¬
in
the
than
the
,
Volume
Distribution
of
Financial
144
increase
sonal
from
siderably, but
showed about the
consumers
of
sea¬
less than seasonal,
department store sales was
early date
usual
Mail order sales expanded con¬
March.
February to
the rise in
considering the
to
this year.
Easter
advanced,
have
rayon
steel
metals,
and
scrap,
have been smaller increases in a wide
Dairy products have declined, reflect¬
there
variety of other industrial products.
In
four-week
the
March
period from
Federal
at
Reserve
from
to April
24
System.
$1,270,000,000
21
excess reserves
of
increase in
of the
The bulk
to
City and Chicago.
investments
of reporting
brokers
to
and
loans
dealers
and
member
banks,
the middle of
from
dclined
securities
in
March to
which include loans for com¬
mercial, industrial and agricultural purposes, showed a substantial increase.
These loans have increased almost continuously over the past year.
middle
the
Demand
of
other
April,
there
and
was
increased somewhat in the
foreign bank balances,
increase in
an
the March,
1936,
March,
15.5% in employment and
during the
period.
same
March were received from 218 enter¬
envelopes of 31,711, or 4.9% of
642,830 employees reported during the month.
The weighted average
rate of increase in wages during March was 10.4% as compared1 with the
weighted average rate of 4.5% during the month of February.
increases during
wage
These increases affected the pay
Changes in Employment
reflecting an inward movement of short-term funds from abroad.
Money Rates
industrial
4,194
from
Reports
and Wages Paid3 According to Sex
enterprises which designated the sex of
of 2.1% in the number
working forces showed increases
in the number of female
1.1%
latter
%% to 1% in the
March,
pronounced change in the first three weeks of April.
prime commercial
on
showed
no
paper
♦
$26.61;
industries
facturing
earnings
weekly
average
Business
Activity
$16.60 for female workers.
In the non-manufacturing industries, weekly earnings averaged $26.43 for
both male and female workers;
$29.52 for male and $14.62 for female
•
March as Compared with February
For male and female workers combined, in all reporting industries, the
total number of man-hours increased 2.2%.
Total hours worked by male
workers during March increased 2.3%, while total hours worked by female
Changes in Man-Hours During
During March and First
Quarter of Year Reported by National Industrial
Conference Board
Industrial
advanced during March, and for the
activity
1937 the volume of industrial output, on a
adjusted basis, was somewhat above that for
of 1936, according to the regular monthly
of business conditions issued by the National Indus¬
trial Conference Board.
Current output of electric power,
of
petroleum, steel ingots, machine tools, shoes, leather and
textiles, the Board's survey points out, is higher
increase of
the final quarter
The survey, issued
period of 1929.
April 26, continued:
March
In
the
seasonal
took
expansion
place
in
production
in
machine tool, bituminous coal, petroleum,
steel, copper, zinc,
and
iron
than
more
industries.
Activity in the automobile
industry, with production still curtailed by strikes, and' in the building
industry failed to show the customary improvement for the month.
In
the field
of retail trade,
chain stores sales increased sharply in
electric
March,
with
textile
March.
record
at
levels,
but
Retail
March, 1931.
Steel ingot production in the first three months of 1937 was higher than
for
any
previous first quarter on record.
The recovery in the steel
industry has resulted for the most part from increased demand from the
was
year
prices in
26% higher than in the corresponding months of 1936.
March advanced' to the highest level since
automotive
orders
in
ago,
year
construction
the
from
three months of
rather than from improvement
and railroad industries.
During the first
industries,
miscellaneous
and
1937 orders for construction steel were slightly less than a
due to a decline in public contracts.
equipment increased over last year, but were
Steel purchases for railroad
still well below the average
;
Automobile production in the United States and Canada during the
first quarter of this year increased about 15.3% over the corresponding
period of last year.
Had not labor difficulties reduced output for the
industry as a whole, production would have been about the same as during
the first quarter of 1929.
The curtailment in production caused by strikes
has resulted in the building up of a sizable backlog of new car orders.
The construction industry failed to show the usual expansion in activity
during March, although residential contracts, as reported by the F. W.
Dodge Corp., continued to register gains over a year ago.
There has
been a marked improvement in residential construction during the past
year, but contracts for the first quarter of the year were only about half
in the
rate
pre-depression
years.
those in the corresponding
The
week
sharp
rise
first half of
the
farm
period in 1929.
prices
commodity
in
the second
1936, through
products and metals, were reduced.
of the November-March gains
Common
which extended from
stock
As of April 16, nearly one-third
had been lost.
prices, after
1%
1,717 enterprises reported an
increase
workers
showed
the total man-hours worked by male and an
total number of man-hours worked by female
in
of
0.1
increase
an
separately,
total man-hours worked by male and female
Within this classification of industries, 1,280 concerns
of
combined.
0.6 of
of
1% in
1% in the
employees.
507,777 wage earners in the
worked in March by
Average actual hours
3,858 enterprises reporting
man-hours were 41.7, or the same as the aver¬
of 41.7 in February.
age
In the manufacturing
were
41.9
In
the
worked
establishments, the average hours worked in
week
March was
during
the
classification,
non-manufacturing
per
March
increase of 0.2 of 1%.
number of hours
0.5 of 1% less than in
compared with 41.8 in February, or an
as
40.9,
average
or
February.
Manufacturing! Employment Reported at^l929 Levels
by National Association of Manufacturers—Esti¬
mates 11,000,000 at Work
Employment
10,
industries
as
of
levels, with approximately 11,000,000 persons now on the pay¬
rolls.
The estimate comprised the most recent figures avail¬
able
the unemployment situation within
upon
manufactur¬
The Association explained that it was based upon the
results of a telegraphic survey, coupled with figures of the
United States Bureau of Labor Statistics, the United States
ing.
Census of Manufacturers, and
ference Board.
the National Industrial Con¬
Since 1933 the report revealed 3,310,000 per¬
These were divided with 2,190,000,
have found jobs.
sons
66%, in the durable goods industries,
or
34%, in the non-durable goods industries.
and 1,120,000, or
The Association
said:
"The
the
manufacturing
industries
have been
and are swiftly reemploying
idle," the statement of the Association said1.
"With the strides that
been made and the indications for the future, if cooperation can be
supplemented
with
a
"We
who
forecast
born.
for
industrial
strife,
folly to speak of America
it is only
permanent unemployment problem of huge proportions.
have never been without pessimists.
There have always been those
tories and
reaching new recovery peaks on March
manufacturing
the
in
April 1, 1937, was reported April 25 by the National Associa¬
tion of Manufacturers, New York City, to have reached 1929
have
March of this year was checked during
April, when prices of a number of commodities, especially
in November,
0.7
establishments reporting manincreased 2.8% for male
manufacturing
workers,
department
than the usual seasonal amount from February
order sales for the first quarter of the
mail
of
value
The
reported
business
Easter
sales advanced by less
store
to
and cotton
power,
industries, 2,141 enterprises
workers combined, and in these
2.6% more in March than in
of
for female workers.
non-manufacturing group,
the
In
1.3%
and1
female
and
male
for
2,015
in
worked
Hours
hours
workers
cotton
classification
manufacturing
February.
seasonally
survey
1.2%.
increased
the
In
reported man-hours for male and female
enterprises the total hours worked were
first quarter of
than in the corresponding
$26.68 for male and
were
$29.13 for male and
workers combined;
female
workers
Increased
in all reporting industries
for women. In the manu¬
for both sexes combined
$29.20 for men and $16.20
earnings
Weekly
averaged
.
.
advanced from
Bond yields, which had advanced sharply in
part of March.
increased
Weekly Earnings—March
Average
workers.
The rate
of male and
workers employed during March as com¬
Total wage payments to male workers
3.4%, while total wages paid to female workers increased! 3.0%.
February.
with
pared
loans,
after declining in March,
deposits,
half of
first
while
April,
79.9
to
their
,
which had
declined sharply in March, reflecting sales of United
States Government
obligations, showed little change in the two weeks ending April 14. Loans
Total
1937, indexes showed in¬
25.4% in total wage payments. The
industries rose from 76.2 in March,
1936,; to 88.0 in March, 1937, while the index of payrolls rose from 63.7
with
employment for all reporting
index of
reserves was
excess
New York
banks in
26 he also noted:
In his announcement of April
of
the
$1,590,000,000, reflecting
principally disbursements by the Treasury from balances with Federal Re¬
serve
banks and purchases of United States Government obligations by the
increased
average
contrasted
As
creases
prises.
Bank Credit
member banks
the
Reports of
in part seasonal developments.
ing
1923-36,
employment was an increase of 0.2 of 1%,
change in payrolls was a decrease of
March change in
1.1%.
rubber, cotton and wheat,
which had advanced rapidly in March, declined considerably in the first
half of April.
Since the middle of March prices of coke, tin plate and
non-ferrous
of
For the 14-year period,
Swanish said, the records of the Division of
Statistics and Research show that the average February-
inclusive, Mr.
while
Commodity Prices
Prices
contra-seasonal tendency."
a
Distribution
commodities
2911B
Chronicle
the
end
of
industrial
progress.
But in thousands of labora¬
research plants throughout the country, new
New
industries
experienced the first major setback in nearly a year during the latter part
of
March and the first 10 days of April.
Industrial stocks lost all of
being
absorbed.
these
industries
Railroad shares lost their March
gains, but remained slightly higher than the average levels that prevailed
from October,
1936, through February, 1937.
Utilities receded to the
are
appearing and
expanding.
jobs
are
daily being
The unemployed are
curtailed.
their
gains since
lowest
shares
levels
were
the first of the year.
since
close
the
third
their
to
week
1936
in
May,
1936,
at
which
time these
lows.
The manufacturing industries are driving forward.
As
unemployment in other fields also is being
progress,
that between Feb. 15 and March 15
found work with an increase of $15,100,000 in industrial payrolls.
This gain came during one of the worst
periods of strikes and industrial disorder in the Nation's history."
"Department of Labor figures show
alone,
305,000
jobless persons had
+
Increases
Noted
in
Industrial
Employment
and
Weekly
Report
Employment and payrolls in Illinois industries
2.1% and 3.4%, respectively, during March over
it
was
of
the
announced
Division
of
on
increased
February,
April 26 by Peter T. Swanish, Chief
Statistics and
Department of Labor.
Research of the Illinois
Mr. Swanish based his conclusions
manufacturing and non-manufactur¬
the State.
He explained that the
change in employment "represents a greater-than-seasonal
gain, while the increase in total wage payments represents
on
ing
reports from 6,295
establishments
in
of
LumberJ[Movement,l Weekl Ended
April 17, 1937
Payrolls in Illinois During March
The
lumber
industry
during
the
week
ended April
17,
1937, stood at 71% of the 1929 weekly average of produc¬
tion and
79% of 1929 shipments.
New orders, though
March, weeks, were heavier
Production
was nearly as large as in the previous week, which was the
record week of 1937 to date.
Shipments were heavier than
in any preceding week of the year.
National production
reported for the week ended April 17 by 4% fewer mills
slightly below the average of
than in any
of the first 10 weeks of the year.
2912
Financial
2% below the output of the preceding week; shipments
were 6% above
shipments of that week; new orders were
9% below that week's orders, according to reports to the
was
National
Lumber Manufacturers Association from
regional
associations covering the operations of
important softwood
and hardwood
mills.
Reported new business
during
week
ended
April 17
the
3% below production; shipments
was
9%
were
above output; in the previous week new orders
5% above production; shipments, 1% above.
Produc¬
were
in the week ended April
17, 1937, was shown by mills
reporting for both 1937 and 1936,12% above the correspond¬
ing week of 1936; shipments were 16% above shipments of
last year's week; new orders were
12% above orders of
tion
that week.
The Association further reported;
During the week ended April
feet
of
hardwoods
booked
Mills,
were:
feet; orders,
West
17, 1937, 547 mills produced 252,568,000
combined; shipped 274,180,000 feet;
orders
569 ;
above
and
but
256,576,000
for the preceding week
feet;
shipments,
258,604,000
redwood
in
the
Southern
Southern
and1
week
pine,
Northern
ended
hardwoods
Northern
pine
April
reported
pine
regions
17;
these
shipments
above
last
year's
Northern
and
and
output.
hardwoods
week,
and
all
but
redwood,
Northern
pine
and
Southern
hardwoods reported output above that of the 1936 week.
Lumber orders reported for the week ended1
April 17, 1937, by
wood mills totaled 236,875,000
feet, or 2% below the
471 soft¬
production
mills.
same
feet,
Shipments
reported
as
9% above production.
or
Reports
from
95
for
the
Production
week
same
was
were
240,839,000
of
11,636,000 feet, or
The general merchandising group, which is composed
gains ranging from 1.2%
to 2.4%
automobiles, and lumber
and
plants reported
quarries
and
week's
feet.
hardwood
mills give new business as
9,020,000 feet,
Shipments as reported for the same week were
1% below production.
Production was 11,729,000 feet.
feet, and
a
and
it
year ago
259,872,000
feet
production
feet
and
208,225,000
reported production
of 459
non-metallic
andi
mines
also
showed
In
last week and
feet
feet,
the
and
of
case
a
year
and
Dyeing and cleaning
Metal mines continued to expand their forces.
seasonal
a
(6.3%)
gain
and
(5.1%).
The gain in employment of
4.8% in this industry raised the March index (73.0) to the highest level
October, 1930 and indicates an increase of 155.2% from the low
since
point recorded in August, 1932.
showed
mines
The private building construction industry
seasonal expansion of
a
2.1% in employment and bituminous coal
reported^ gain of 1.3%, the latter industry exceeding the level of
April, 1931.
Crude petroleum producing firms and year-
round hotels reported gains in employment of 1.2% and
1.1%, respectively.
In the hotel industry, the employment level is above that of
month
any
since May, 1931.
Increases in employment of 0.9% or less
were shown in
brokerage, telephone and telegraph, laundries, electric light and
power,
and insurance.
Employment in wholesale-trade establishments declined 0.1 of 1%, the
losses in
several
of wholesale activity
lines
seasonal
reported in dry goods and apparel, food
products,
offsetting the gains
groceries,
hardware,
chemicals and drugs, and a number of other important branches of whole¬
sale trade.
Among the larger gains in various lines of wholesale trade
increase'of 4.7%
an
in
the iron and steel scrap business which
was
reflects
activity resulting from the increased price for this type of material. Employ¬
in
ment
anthracite mines fell 7 3%
the month interval, the decline
over
being attributed primarily to market conditions.
In
reporting
these
remarks of Secretary Perkins, an
by the United States Department of
announcement issued
Labor (office of the Secretary) also had the following to say
regarding employment conditions in the manufacturing and
non-manufacturing industries of the United States:
Manufacturing Industries
softwood
mills
237,781,000
The gains of 2.0% in factory employment and 5.6% in payrolls between
were, respectively,
received, 234,579,000
hardwoods, 75 identical mills
The March, 1937 employment index (101.0) exceeds the maximum shown
was
213,190,000 feet; shipments
was
feet; shipments, 8,524,000
feet
identical
221,875,000
feet.
shown in retail drugs, hardware,
were
building materials.
sharp seasonal expansion in employment
a
Identical Mill Reports
Last
merchandising stores and mail¬
order establishments, showed a seasonal gain of
5.6%, or 43,000 workers.
A sharp seasonal gain was also shown in
retail-apparel stores (12.6%) and
the
262,544,000
23% below production.
or
employment.
of department stores, variety and general
reported
regions
above
reported orders above those of corresponding week of 1936.
All regions
but Southern pine, Southern cypress and Southern hardwoods
reported ship¬
ments
trade
electric-railroad and motor-bus operation,
feet.
California
production
pine
regions
production,
Revised figures
May i, mi
blned with Easter trade accounted
largely for the gain of 118,000 in retail-
any month since
softwoods
269,062,000
Coast,
Western
All
and
orders of 245,895,000 feet.
Chronicle
orders
8,943,000 feet and 8,029,000
ago
8,523,000
feet,
and
orders,
7,651,000
7,328,000 feet.
February and March raised the March levels to
in any
month since November, 1929 and the payroll index (101.2) is also
above the level recorded in any month since November,
ment in
payrolls
+
"highs" for recent years.
new
March, 1937
were
14.9%
was
The gains In both
1929.
Employ¬
higher than in March, 1936 <87.9) and
30.4% greater than in March of last
employment and payrolls
(77.6).
year
widespread, 78 of the
were
89 manufacturing industries surveyed teporting increased employment over
Industrial
Employment and Payrolls in March
February—Secretary
of
Labor
Above
Perkins
Reports
Over 305,000 Workers
Re-employed During Month
"More than 305,000 workers were returned to
employment
between February and March and weekly payrolls were
$15,100,000 greater in the manufacturing and
non-manufacturing
industries
surveyed each month by the Bureau of Labor
Statistics, United States Department of Labor," Secretary of
Labor Frances Perkins announced
April 23.
"The March
succes¬
sion of increases which have been shown each
month since
February, 1936," she said. "Approximately 1,600,000 more
were
employed in these industries in March, 1937
than in March, 1936.
Weekly payrolls were $68,400,000
workers
greater than in March of last year.
Between March, 1933
and March, 1937, employment in the industries
covered by
the Bureau of Labor Statistics, which have on
their
payrolls
of the non-agricultural workers of
the country, increased by 4,850,000.
rolls increased
Aggregate weekly pay¬
Secretary Perkins further
by $186,000,000."
stated:
non-manufacturing industries
surveyed by the Bureau reported gains in
employment
the
over the month.
Of
305,000 workers who secured employment the
large majority found
jobs in manufacturing and in retail trade.
Approximately 168,000 found
employment in factories, and nearly 118,000
branches of retail distribution.
were taken on
by the various
The March index of
factory employment (101.0) and the index of
pay¬
(101.2) reached their highest levels since
November, 1929.
Gains in
rolls
which data
employment
registered in both the durable and non-durable
goods
The increase of 3.0% in the durable goods
group raised the March
employment index (96.0) above that of any month since
November, 1929.
The gain of 1.0% in employment in the
non-durable goods group raised
were
the preceding
available and payrolls having increased
are
March, 1937 gains, however, are
The most
pronounced gains in employment
the individual industries
ment establishments
millinery, 9.2%.
reported
an
The engines-turbines-tractors,
beverage, brick-tile-terra
and marble-slate-granite industries also reported seasonal
cement,
gains ranging from 5.3% to 7.6%.
Electric and steam railroad car-building
firms reported a gain of 11.8%, while the gain of 10.3% in the rubber boot
and shoe industry was due primarily to a resumption of operations follow¬
ing settlement of strikes.
8.4%; beet
sugar,
Employment in the shipbuilding industry
7.8%; and locomotives, 7.6%.
industry and the wirework industry reported
earners
were
employed during the index-base
employed
workers
in
the
1937 non-durable
over the 14 years for
These indexes indicate that for
every 1,000 wage
available.
durable
goods
years
(1923-1925=100) 960
group
in
March,
1937
workers
and
1,063
employed in the non-durable goods group.
Factory payrolls continued to expand at a more rapid pace than
employ¬
ment, the increase of 5.6% in payrolls from
February to March bringing
the March payroll index slightly above the level of
employment.
During
the depression factory payrolls contracted to a
point where in March, 1933
they represented only 37.9% of the average weekly
wage bill for the years
1923-25.
The substantial gains which have been shown
in payrolls during
recent years have raised the
March, 1937 level to 167% above March,
were
1933.
This Indicates that the
average per capita weekly earnings of
factory
of the country in March 1937 are
equivalent to those for
1923-25 and are only 3.8% below the 1929
average.
wage
earners
Wage-rate increases have been
payrolls of factory
rate
increases
a
gains
305,419
to the rise in
factory
wage
earners
were
cooperating establishmemts employing 4,483,934 workers.
does
not
cover
all establishments
of
Other industries of major
shown
the
over
month
interval
Blast
were:
furnaces,
As the survey
the country and some firms fail
non-manufacturing industries surveyed showed
ments.
increase of $4,000,000 in
weekly
an
a
net
wage
gain
of
disburse¬
Wage-rate increases affecting 42,819 employees were
reported by
non-manufacturing firms.
Of this number 15,605 were in
mines
and
more
than
18,700
elegraph and electric light and
power
were
workers
industries.
in
the
were
woiks, and
and periodicals,
newspapers
and
pulp,
knit goods, 0.8%; men's clothing,
boots and
1.7%;
book
shoes, 0.7%; baking,
and job printing,
1.3%; chemicals, 1.8%; petroleum refining,
and varnishes,
struction
2.7%;
2.6%.
1.3%;
1.5%; paper
0.8%; and paints
A number of industries allied to the building
industry reported seasonal gains,
which
among
were
con¬
plumbers'
supplies (4.9%), steam and hot-water heating apparatus (3.3%), structural
ironwork
(3.6%), mill work
A decrease of
cake-meal
(2.9%), and glass
16.2% in employment
industry,
was
(3.1%).
reported in the cottonseed oil¬
reflecting end-of-season operations.
phonograph industry reported
a
a
curtailment of 3.7%.
smoking tobacco factories reported 3.4%
woolen
and
worsted
goods
The
radio and
seasonal decrease (4.4%) and canning and
mills
and
Chewing and
fewer employees in March and
plants
manufacturing
explosives
In the remaining five
industries reporting decreases, the declines were 1.5% or less and were not
significant, with the possible exception of the automobile industry, in which
the resumption
of operations in some plants following the settlement of
labor difficulties
with
was
the net result
offset by declines in other plants affected by strikes
that
employment remained practically unchanged
(a
decrease of less than 0.1 of 1%) over the month interval.
The
indexes
returns
of
supplied
industries.
by
representative
payrolls
establishments
computed from
are
in
89
manufacturing
The base used in computing these indexes is the 3-year average,
1923-1925, taken
tion.
factory employment and
Reports
100.
as
were
They have not been adjusted for seasonal varia¬
received in March,
1937 from 23,735 manufacturing
establishments employing 4,483,934 workers, whose weekly earnings during
the pay period
ending nearest March 15
were
$114,094,869.
The following tabulation shows the percentages of change in the Bureau's
general
indexes
of
factory
employment
and
payrolls from
February to
March in each of the 19 years, 1919 to 1937, inclusive:
Employment
Inc-
Year
telephone and
Spring purchasing
De¬
crease crease
Payrolls
In¬
Year
In¬
De¬
crease crease
Year
De¬
crease crease
In¬
Year
De¬
crease crease
to
cooperating
metal
steel
3.1%; foundries and machine shops, 2.3%; electrical ma¬
chinery, apparatus, and supplies, 1.3%; steam-railroad repair shops, 1.4%;
furniture, 1.5%; cotton goods, 0.7%;
1919
1920
1921
16
7.1%,
rolling mills,
by
report wage-rate changes, the above total does not
represent all wage-rate
The
and
importance in which gains in employment
weekly
reported
increases which occurred.
138,000 workers and
7.3%
or
respectively.
Between Feb. 15 and March
15, wage-
wage earners.
affecting
contributing factor
rose
The lighting equipment
reported declines of 2.1% and 2.0%, respectively.
are
Agricultural imple¬
expansion of 13.4%; sawmills, 9.8%; and
the index
which data
for
The
The fertilizer industry,
of 42.5%.
preserving establishments reported
November, 1929.
years
the month Interval in
over
seasonal in character.
were
due to spring shipments, reported a gain
groups.
(106.3) above the level of any month since
With the exception of four months in
1929. the March,
index reached the highest
employment level recorded
18
in 14 years.
pronounced than the usual seasonal
more
trends.
1.7%; women's clothing,
Both factory employment and 14 of the
16
payrolls.
Seasonal expansions in factory employment and payrolls are expected In
March, employment having increased in 15 of
cotta,
employment gain continues the practically unbroken
slightly less than one-half
the month interval and 80 reporting increased
com-
1922
..
-
..
..
1923
1924
1925
1926
1927
1928
0.3
1929..
1.9
1930..
0.7
1931..
1.4
—
—
..
0.2
1933..
0.5
1.0
3.5
1934..
4.1
1935—
__
0.9
0.6
1.4
1.3
1936—
-
-
1.3
1937—
2.0
6.9
0.4
1922-
3.0
1923—
4.8
...
«.
_
«* mm
1925—
mm
m
m
mm
2.1
1930..
1931
—
1932—
mm
1.8
...
m
3.1
1.7
1926..
1.4
1927-
1.3
1928..
1.5
mm
1933—
mm
1924—
1929..
0.7
1920—
1921..
0.4
1932-
2.0
„
-
1919—
1.2
0.5
1934-
7.0
mm
1935..
2.4
m
1936—
5.2
m-m
1937..
5.6
m
m
mm
mm
7.6
m
■
Financial
144
Volume
NUMBERS OF EMPLOYMENT AND PAYROLLS
TURING INDUSTRIES
INDEX
(3-year average
1937, where available, and percentage changes
from February, 1937 and March 1936, are shown below.
The 12-month
average for 1929 is used as the index base or 100, in computing the index
ment and
Payrolls
U7lUJUClUr%7lff inulwl'lvo
Feb.,
1937
1937
xMar.,
Feb.,
Afar,,
1937
xMar.,
1937
1936
1936
101.0
99.0
87.9
101.2
95.8
77.6
96.0
93.2
80.2
99.8
92.5
71.8
106.3
105.2
96.1
103.1
99.9
106.8
103.4
85.6
112.9
103.9
113.6
92.8
127.8
118.5
,
NON-MANU¬
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN
FACTURING INDUSTRIES IN MARCH, 1937, AND COMPARISON
WITH FEBRUARY, 1937, AND MARCH, 1936
not
rolling mills
90.1
88.7
70.5
108.0
69.3
67.1
58.9
55.3
Including silver
and edge
(not
80.6
64.7
56.6
71.8
68.2
116.7
90.0
84.7
68.4
61.8
71.1
97.0
95.8
Plumbers' supplies
hot-water
apparatus and steam
fittings.
91.3
heating
79.7
77.2
60.8
78.6
74.8
48.9
113.0
Stoves
108.1
94.1
102.2
96.8
78.6
67.5
46.3
99.4
90.8
metal-
Structural A ornamental
74.3
71.8
57.4
72.6
100.6
98.4
92.3
103.8
work
Tin
cans
and other tinware
Tools (not
including edge tools,
and saws)
101.8
99.8
79.4
110.7
109.3
78.8
188.6
machine tools, files
Wirework
176.1
145.5
181.7
156.0
131.1
including trans¬
portation equipment
Machinery,
not
and calculating
118.6
96.9
125.9
118.2
86.8
139.6
143.9
130.2
106.4
134.9
119.0
128.8
169.6
130.8
Agricultural Implements
Cash registers, adding
121.4
127.2
115.6
140.5
machines
machines
Electrical machinery, apparatus
109.3
82.1
111.9
107.3
72.7
134.9
121.0
143.3
131.1
106.8
106.8
104.4
84.4
111.6
105.0
142.8
138.3
110.5
152.6
142.3
102.4
163.0
170.6
153.8
127.1
124.2
+ 7.7
70.6
+4.0
+ 11.2
+ 9.1
87.7
+5.8
+ 13.5
+2.9
+ 7.2
67.1
+3.5
+ 10.5
+0.8
+ 7.3
87.1
+ 5.9
+ 12.9
+0.1
+ 6.1
95.6
+2.4
+ 11.3
+0.7
+2.0
+3.5
99.2
+ 5.6
85.3
75.3
92.1
Other than general mer¬
chandising
Public Utilities:
Telephone and telegraph. _
Electric light and power A
manufactured gas
Electric-railroad
motor-
A
+8.8
+ 1.2
+ 7.4
72.6
+0.1
+ 1.9
48.9
bus operation A maint..
Mining—Anthracite
69.2
—7.3
—6.9
37.8
—7.9
—11.2
88.4
+ 7.3
85.9
+ 1.3
+ 6.8
Metalliferous
73.0
+ 4.8
+30.6
71.3
+ 12.5
Quarrying and nonmetallic
49.1
+ 5.1
+ 16.3
41.3
+ 9.3
producing
74.4
+ 1.2
+ 5.0
64.6
+ 1.2
+25.9
+58.0
+ 33.6
+ 15.4
x73.6
Bituminous coal
Crude petroleum
Services:
87.3
+ 1.1
+ 5.5
+ 1.5
+ 11.5
Laundries
88.7
+ 0.2
+ 8.1
77.5
+ 1.5
+ 10.8
+ 6.3
+ 8.4
61.6
+ 12.8
+ 9.2
Dyeing and cleaning
80.9
y
+0.9
+ 6.5
y
y
+
+ 1.4
y
+ 0.6
4.8
+ 11.9
Brokerage
y
+ 2.1
round)
+ 5.6
+41.2
65.6
prods.
phonographs—...
75.4
84.9
82.5
70.5
89.7
87.5
152.9
146.6
112.2
153.2
131.7
122.0
112.3
87.0
Textile machinery and parts
Typewriters and parts
93.5
117.9
116.0
100.9
782.9
756.3
513.6
689.1
652.4
127.4
127.4
112.6
130.1
121.8
70.3
62.9
49.7
79.0
66.7
46 0
50.4
26.6
40.8
37.2
15.7
97.9
90.9
*
Preliminary,
Automobiles.
steam-railroad.
Locomotives
y
Motor
Industry
Four all-time
98.7
92.7
62.4
61.6
58.0
65.8
63.4
60.9
64.0
63.3
62.2
67.2
64.8
63 6
62.3
61.5
57.7
65.9
63.4
60.8
Nonferrous metals A their prods..
Aluminum manufactures
114.6
111.5
94.6
111.8
103.5
124.3
122.2
104.3
130.5
121.7
93.2
Brass, bronze A copper products
A watches & tlme-re-
121.7
98.8
127.7
120.2
80.0
122.1
board, room, and tips cannot
Shipbuilding..
Railroad repair shops
—
Electric railroad
Steam railroad
March
Record
Retail Sales
records relating to domestic
were
77.6
Vice-President
be
than 0.1 of 1%.
z Less
Ail-Time
Reports
+ 2.0
retail sales of
Reeves,
the
124.0
y
established in March, Alfred
of the Automobile Manufacturers
motor vehicles
106.9
+ 23 6
for 1929 base,
Domestic
116.4
z
Cash payments only; value of
x
Data are not available
computed,
94.4
54.2
Aircraft
Building construction
420.1
Transportation equipment
Cars, electrio-A
1936
75.0
—0.1
104.9
and
Machine tools
Radios and
Mar.
1937
Insurance
110.8
water wheels
Foundry & machine-shop
Feb.
*1937
91.9
merchandising.
General
Hotels (year
142.0
and supplies
Engines, turbines, tractors
Mar.
1936
88.2
Retail
74.0
79.8
72.9
100.1
1937
1937*
48.3
77.8
78.5
tools
and
Index
Mar.
Feb.
Mar.
38.1
84.0
88.2
89.3
Forgings, Iron and steel
Steam
Industry
Trade—Wholesale
,
Hardware
,
P. C. Change From
P. C. Change From
Index
Bolts, nuts, washers and rivets.
Cast-iron pipe
and plated cutlery)
Payrolls
Employment
products.
including machinery
furnaces, steel works, and
Cutlery
1929=100)
(Average
Durable Goods
Iron and steel and their
Blast
Information for earlier
industries.
Bureau's records.
the non-manufacturing
is not available from the
69.1
51.6
for
years
83.1
105.8
numbers
75.4
Durable goods
Nondurable goods
payrolls for March
84.9
117.1
All Industries
surveyed, with indexes of employ¬
non-manufacturing industries
The 16
1923-1925=100.0)
Mar.,
Non-Manufacturing Industries
IN MANUFAC¬
Employment
1YL
2913
Chronicle
tion, announced April 24.
Mr. Reeves reported that preliminary
Associa¬
.
estimates placing
industry's domestic retail sales at 4S0,253 cars
trucks established a new all-time record for March
and
120.1
104.9
120.2
111.0
91.1
88.9
88.5
74.6
69.5
66.1
50 6
103.8
96.8
72.6
109.5
89.8
61.7
sales
volume.
On the basis of these figures, he added, March
deliveries were the fourth largest for any month in the
73.5
71.8
65.0
67.7
62.8
50.9
history of the industry.
80.9
78.9
77.6
75.3
68.9
62.0
165.3
159.1
134.6
163.0
154.9
121.5
69.6
65.8
61.3
64.1
58.2
50.3
87.4
86.1
71.6
76.4
75.0
55.1
M ill work
56.6
55.0
45.2
52.6
50.4
37.6
Sawmills
52.2
47.6
48.8
47.3
39.7
70.3
67.2
58.9
65.8
59.8
48.2
49.2
46.6
38.0
42 6
37.9
28.0
Clocks
,
cording devices
Jewelry
Lighting equipment
Silverware and plated ware
Smelting
refining—Copper,
A
lead A zinc.
Stamped and enameled ware—
Lumber and allied
products
Furniture
Lumber:
products—
Brick, tile and terra cotta
Stone, clay and glass
in
March, amounting to
58.2
46.6
59.6
52.6
39.3
1,041,301 units topped all previous
107.6
96.8
116.0
107.2
87.7
while
40.4
37.5
34.0
33.4
29.9
25.9
80.8
77.6
74.5
73.8
67.6
111.2
110.2
100.5
103.2
100.1
85.7
103.8
103.6
93.0
97.5
97.6
100.0
83.7
102.9
98.3
67.9
Cotton goods
104.3
89.9
101.4
100.4
Cotton small wares
108.7
107.0
93.0
109.4
105.0
85.4
123.2
122.8
119.7
112.4
111.9
100.5
90.8
90.1
86.9
89.6
93.9
76.5
112.5
of
78.7
102.3
105.1
Fabrics
Carpets and rugs
—
finishing textiles.
Dyeing and
Hats, fur-felt
a
75.7
and
Full support of the move
Federal control over interstate
123.6
122.7
115.0
126.9
83.2
83.7
75.9
71.1
71.4
58.9
Silk and rayon
90.4
92.3
84.4
79.1
82.2
65.0
Measure was
Woolen and
125.6
110.2
100.9
96.0
first
goods
worsted goods..
allied garments..
Corsets and
109.6
105.8
98.9
91.3
165.6
156.6
137.2
125.0
121.4
93.2
91.6
88.8
98.6
92.6
91.8
98.2
61.7
147.8
121.5
123.1
61.5
65.2
64.6
50.4
129.9
Millinery
142.8
113.6
67.2
Men's furnishings
99.4
Food and kindred
products
111.8
92.5
90.9
73.1
94.5
89.1
87.9
69.2
97.5
95.0
107.4
104.6
105.5
Leather
121.4
93.6
101.9
99.0
Boots and shoes
110.4
99.9
102.7
manufactures
126.6
100.8
Shirts and collars
Leather and its
105.1
97.7
104.1
101.3
90.2
121.9
109.5
89.0
133.9
—
Butter
preserving
Canning and
125.1
192.2
182.1
170.8
210.7
189.3
180.5
80.9
77.8
64.4
64.1
60.8
89.0
Beverages
132.2
124.5
82.1
Baking
92.4
78.3
89.4
97.1
72.6
oil
hearing
Slaughtering A meat
Sugar refining, cane
Tobacco manufactures-
rest of the
67 9
70.5
70.8
69.3
Book and
56.5
53.8
90.5
91.3
81.9
91.4
88.4
75.0
37.3
35.3
45.1
43.6
41.5
75.3
78.8
80.7
66.2
70.2
60.5
59.2
53.1
52.6
46.5
65.3
67.3
58.6
75.2
58.9
56.4
60.6
59.4
51.6
50.8
45.0
105.7
98.7
104.3
100.5
89.3
103.7
101.5
91.2
106.5
103.2
85.8
117.6
116.1
108.1
116.3
113.5
94.2
97.5
88.0
95.2
91.1
79.6
105.6
103.9
102.6
103.2
98.8
95.8
125.0
refining.
Chemlcals..
Cottonseed—oil, cake A meal
Druggists' preparations
121.9
113.8
128.4
123.6
104.5
126.1
122.4
113.6
129.2
123.9
103.0
133.7
petroleum refining
131.4
114.9
140.9
135.2
107.1
68.7
82.1
75.0
58.5
67.3
56.0
112.0
110.0
103.0
121.4
119.3
106.5
93.2
83.7
98.7
93.0
82.0
137.0
96.1
122.8
128.0
86.9
101.0
120.8
132.8
127.2
108.7
282.0
91.3
ExplosivesFertilizers
134.6
131.2
Rayon and allied products...
374.2
370.4
346.0
350.4
344.5
111.0
109.8
94.7
123.3
124.5
93.2
Soap
120.5
119.6
114.5
125.8
122.7
109.6
103.4
101.6
75.4
108.9
104.4
66.7
80.8
73.3
70.7
72.9
64.9
55.7
142.5
141.5
120.1
144.5
141.2
105.7
93.7
93.4
57.2
105.4
101.3
55.6
Paints and
varnishes
Petroleum refining.
Rubber products
Rubber boots and shoes
*
oth. than boots,
shoes, tires and inner tubes..
Rubber goods,
Rubber tires and inner tubes.
March, 1937, Indexes
using its oil reserves faster than the
oil shortage in the United States
an
preliminary, subject to revision.
charge of enforcement of Federal oil laws.
Ernest O. Thompson, chairman of the Texas
Commission and also head of the Interstate Oil
Commission,
on
the following day
Railroad
Compact
supported the measure,
holding it has been of great assistance to Texas in controlling
movements of "hot" oil.
Answering an argument advanced
Pettingill (D. Ind.) earlier, that extension
would be sufficient, he said "it's all
right with me to make temporary."
In pointing out that Congress also will be asked shortly to
by Representative
99.0
Job
Other than petroleum
75.1
'
publishing:
Newspapers and periodicalsChemicals A allied products A
world and
where,"
59.5
56.9
Printing and
the policy of the
may
75.3
60.4
62.1
Boxes, paper
Paper and pulp
April 27.
law, he stressed, supports
be expected long before there is an oil shortage else¬
Mr. Ickes argued in supporting the proposed
measure.
Mr. Ickes, as Secretary of the Interior, is in
75.5
74.7
79.4
107.4
snuff
Cigars and cigarettes
a
June 15, next.
"The United States is
61.8
smoking tobacco A
Paper and printing
Connally-Dies
producing States by prohibiting interstate move¬
ments of petroleum and (or) refined products produced in
violation of State laws from moving in interstate commerce.
The Connally Act, which now provides this control, expires
76.2
packing..
Sugar, beet
the
Interior Ickes at the
House Interstate Commerce sub¬
various oil
61.6
Ice cream
before
The existing
40.2
-
of
voiced by Secretary of the
committee held in Washington on
74.3
78.2
Flour
to make permanent existing
shipments of crude and refined
enactment
through
products
64.5
Confectionery
Chewing &
115.3
114.4
170.0
Clothing, men's
Clothing, women's
122.6
116.3
Wearing apparel
its
Connally-Dies
126.6
Knit goods
new
Products—Ickes Backs Enactment
Bill—Independent Group Favors
Revision of Proposed Act—Crude Production Sets
New Peak—Oklahoma, California Fix May Output
Petroleum
products
of 167,414 motor trucks
record for the period.
first-quarter deliveries
established
Non-Durable Goods
Textiles and their
records for this period,
also
59.8
A other
products
Pottery
72,840
exceeded all previous March records but were
the highest for any month in the history of the industry.
The March showing enabled the industry to establish a
new all-time record for first-quarter deliveries of total motor
vehicles
and
of trucks.
First-quarter retail sales of
62.0
;
—
Marble, granite, Blate
x
trucks
motor
111.0
Cement
Glass
40.4
of
Sales
units, not only
of the law for two years
extend the legislation
enabling States to group together to
with problems of the industry, Mr. Thompson said "it
appears to me that with the oil States in the main strongly
supporting and enforcing waste prevention laws, rules and
regulations, we are getting somewhere in this comparatively
new field of endeavor—that is, the production of gas and oil
under strict government control."
Russell B. Brown, general counsel for the Independent
Petroleum Association, testifying after Mr. Thompson, held
cope
practically all producers favor the
Connally-Dies bill. Wilmer B. Schuch,
that
enactment of the
President of the
2914
Financial
National
Association
of
Petroleum
Retailers,
failure
held
of Congress to
pass the measure would leave the
"filling station operator at the mercy of the hot oil dealer."
Opposition to the measure came from representatives of
two groups of
independents. T. O. Baeiium, representing the
Kentucky Petroleum Marketers Association, fired the first
gun, charging that under the guise of
conservation, the large
integrated units have made "fabulous and unbelievable in¬
comes," while the life earnings of independent jobbers "have
been confiscated without
legal process of law."
In support of his
cbmplaint against marketing practices of
producers, he pointed to the charges in the current Madison,
Wis., special grand jury investigation of the oil industry.
"We contend," he
continued, "that the jobber and the
marketer are the forgotten men in this instance and that
we
have been discriminated
against and the rank conspiracy
has been perpetrated on us."
Revision of the proposed bill
to make it illegal for any
business enterprise to directly or
indirectly engage in inter¬
state commerce in more than one of the
three principal
branches of the oil
industry—producing, refining and mar¬
keting—was asked of the House sub-committee by Paul E.
Hadlic^:, counsel for the National Oil Marketers Association.
The Connally-Dies
bill, he claimed, does not provide
proper protection to either consumers or a very
substantial
in the distributing branc^ of the industry. "To con¬
Connally Act without protective amend¬
ments," he argued, "is about as logical as for the Govern¬
ment to give an exclusive franchise to a
utility company to
supply a community with gas or electricity without
keeping
any check on rates or earnings.
Through their control of
of pipe lines together with the aid of the
Connally Act, the
major oil companies today have a virtual monopoly on the
production, transportation and refining of crude oil."
A new record
high for daily average crude oil production
group
tinue the present
in the United States
was set in the week ended
April 28 when
32,850 barrels to 3,496,400 barrels. The new
high compared with the Bureau of Mines market estimate of
3,243,000 barrels daily during April and actual production
in the
corresponding week last year of 2,932,700 barrels.
All major producing States with the
exception of Louisiana
contributed to the new high.
An increase of 13,250 barrels
was shown
by Oklahoma, with Texas rising 8,150 and Cali¬
fornia up 5,400 barrels. All three States
exceeded produc¬
tion quotas set by both their own control
agencies and the
output
rose
recommendations
of
the
Chronicle
that
New York—
I North Texas
(Bayonne)
Fuel Oil, F.O.B.
N. Y. (Bayonne)—
Bunker C
i
Lime (Ohio Oil Co.)
1.25
Corning. Pa
Eldorado, Ark., 40
Rusk, Texas, 40 and
1.42
Darst Creek
Illinois
1.35
Western Kentucky
1.40
Mld-Cont't, Okla., 40 and above.
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over
REFINED
1.30
1.25
0.90
VANCED—RISING
STOCKS
AND
1.09
Field, Mich
Sunburst, Mont
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
Petrolia, Canada
OF
FUEL
OHIO
OIL
CONSUMPTION
DESPITE
1.27
Central
PRODUCTS- STANDARD
PRICES—KEROSENE
A
_
$1.27
over
REFINERY
3^-cent-a-gallon advance
LIFTS
1.42
1.20
z
New York..
z
Brooklyn
x
$.185
MOTOR
wagon
and
The
Refinery stocks dipped 194,000 barrels
to 52,786,000 bar¬
rels; bulk terminal stocks 20,000 to
22,369,000 barrels; and
stocks of unfinished
gasoline 186,000 barrels to 7,148,000
barrels.
Refinery operations rose to 80.4% of capacity,
against 78.4 a week earlier with daily
average runs of crude
oil to stills
gaining 70,000 barrels to 3,125,000 barrels.
Representative price changes follow:
Refining Co. led
April 28—Standard
#
of
Ohio
cent
a
U. S. Gasoline (Above 65
New York—
a
general
I
.$.165
Boston
iBuffalo
$.175
I Chicago
.17
177
American
Petroleum
Institute
estimates
daily
a
boost
in
kerosene
gallon at Atlantic Coast ports.
advanced tank wagon and service
of 187,714 barrels, compared with
average
daily
a
average
of 179,000
Receipts of California oil at Atlantic and Gulf Coast ports for the week
.
ended April 24 totaled
117,000 barrels, a daily average of 18,714 barrels,
daily average of 16,714 barrels for the week ondod April 17
and 12,643 barrels for the four weeks ended
April 24.
compared with
a
Reports received from refining companies owning 88.8% of the 4,066,000
estimated daily potential refining capacity of the United States
barrel
indicate that the industry as a whole
ran to stills, on a Bureau of Mines
basis, 3,125,000 barrels of crude oil dally during the week, and that all
companies
had in storage at refineries,
bulk terminals, in transit and in
in pipe lines as of the end of the week,
82,303,000 barrels of finished and
unfinished gasoline and 94,100,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.7% of vhe
potential
charging capacity of all cracking units indicates that the industry as a
whole,
on a
Bureau of Mines basis, produced
of 715,000 barrels
an average
daily during the week.
DAILY
AVERAGE CRUDE
OIL
PRODUCTION
(Figures In Barrels)
B.oJM.,
Dept. of
State
Wee t
Interior
Allowable
Ended
Change
from
Ended
Apr. 24
Previous
Apr. 24
1937
Wee I
1937
Few-
Calcu¬
1
Apr.
lations
Weeks
Week
Ended
Texas
and
Oklahoma.
609,600
183,000
Kansas
620,460
190,200
74,200
65,487
62,891
178,947
108,656
455,500
209,430
193,853
West Central Texas...
West Texas
East Central Texas...
East Texas
Southwest Texas.
Coastal Texas
Total Texas.
670,650 + 13,250
197,950
+ 5,350
81,600
70,650
32,850
199,300
113,450
458,350
225,250
200,150
1,297,900 1,348,964 1,381,600
North Louisiana
654,600
189,600
557,100
+ 3,550
74,950
—100
—250
70,150
33,150
+50
201,550
64,000
59,450
25,000
180,800
Gulf
Shell Eastern
159.100
—2,350
117,950
50,850
+ 750
457,100
224,500
201,450
447,400
142,100
180,200
+2,800
+3,700
+8,150 1,380,800 1,155,800
72,450
176,750
Coastal Louisiana
Total Louisiana
244,800
235,675
27,400
115,000
—1,900
71,850
176,200
68,300
145,700
249,200
—1,400
248,050
214,000
100
—1,450
+ 3,950
27,500
114,950
42,650
102,400
32,300
34.900
+ 500
Michigan
Wyoming
30,600
44,000
27,450
114,400
46,650
53,400
—650
Montana
53,050
Colorado
14,600
4,800
+ 500
15,450
10,350
New Mexico.
+300
4,250
91,400
106,4oi
16,100
4,000
105,500
—450
105,050
5,100
63,400
2,663,100
579,900
X580.000
Eastern
Total east of Calif..
California..
3,243,000
—
29,850
2,867,500 + 27,450 2,835,950 2,364,300
628,900 *+5,400
616,500
568,400
3,496,400 +32,850 3,452,450 2,932,700
x Recommendation of
Central Committee of California Oil Producers.
Note—The figures Indicated above do not include
any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCKS OF
FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED APRIL
24, 1937
(Figures in thousands of barrels of 42 gallons each)
Daily Refining
Crude Runs
Stocks of Finished and
to Stills
Unfinished Gasoline
Capacity
District
Poten¬
tial
Rale
East Coast.
Okla.,
Total
Oper¬
At Re¬
age
ated
fineries
669
669 100.0
146
129
507
467
Unfin'd
Gas
in
Daily
P. C.
449
_
Appalachian.
Ind.t Ill.,Ky.
Finished
and
P. C.
Aver¬
Reporting
Terms., Nap'tha
&c.
543
81.2
6,041
88.4
110
85.3
92.1
434
92.9
1,352
10,544
Distil.
11,512
1,220
2,747
Kan.,
Mo
1,251
Fuel
OU
5,854
246
530
1,116
4,477
380
84.6
310
81.6
Inland Texas
6,022
2,932
337
183
54.3
110
60.1
357
793
757
95.5
692
91.4
1,764
8,609
113
Texas Gulf.
227
1,874
164
125
312
_
Stocks
of
f
583
2,866
1,255
6,370
1,616
158
96.3
680
497
91
58
63.7
55
94.8
335
50
88
Rocky Mtn.
California...
89
62
69.7
41
66.1
97
719
821
746
90.9
482
64.6
1,936
11,286
2,061
1,033
67,613
3,609
88.8
2,902
80.4
48,569
21,359
1,010
6,957
4,217
191
91,604
2,490
52,786
52,980
22,369
22,389
7,148
7,334
94,100
94,472
44,648
22,019
7,037
97,528
Reported
station
Ohter Cities—
.07# New Orleans.
07 # Gulf porta.—
.07# Tulsa
25
1936
(April)
La. Gulf
Octane), Tank Car Lots, F.O.B. Refinery
Chicago
Apr
No. La.-Ark.
gallon, effective April 29.
Colonial Beacon..$.07
the
barrels for the week ended April 17, and 187,893 barrels
daily for the four
weeks ended April 24.
79.1
Estd.unrepd.
223
4,066
3,125
3,055
304
xEst.tOt.U.S.
Apr. 24 '37
Apr. 17 '37
$.05
-.05#
.06#-.07
.05#
.05
-.05#
457
4,066
4,066
4.066
1
'
U.S. B.of M.
xApr. 24 '36
z2,818
_
that
a
New York-
Stand. Oil N. J--$.07#
Socony-Vaouum.. .07#
Tide Water OU Co
.07#
Richfield Oil (Cal.) .07
Warner-Qulnlan.
07
SI..$.02#-. 03
I
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended April 24 totaled
1,314,000 barrels,
FUEL
service
1.20
city sales tax.
AD¬
refineries gave evidence last week that the
normal spring
upturn in gasoline consumption is
gaining momentum.
Stocks of 82,303,000 barrels on
April 24 were shown in the
American Petroleum Institute
report.
No. 1 heating oils to 5# cents
ITulsaU
$.053
GAIN
tank
.95
$
daily average gross crude oil production for the week ended
April 24, 1937, was 3,496,400 barrels.
This was a gain of
32,850 barrels from the output of the previous week.
The
current week's figure remained above the
3,243,000 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions
imposed by the various
oil-producing States during April. Daily average production
for the four weeks ended April 24,
1937, is estimated at
3,452,450 barrels.
The daily average output for the week
ended April 25, 1936, totaled 2,932,700 barrels.
Further
details, as reported by the Institute, follow:
Arkansas
in
New Orleans C
Daily Average Crude Oil Output Gains 32,860|Barrels
in Week Ended April 24
1.40
prices of all grades of gasoline was posted
by the
Standard Oil Co. of Ohio on
April 28, effective the following
day. New prices at the pump for "Sohio" gasoline are
21^
cents a gallon for
premium, 19
cents for regular and 18
cents for third
grade, all prices including tax.
Sinclair Refining Co. on
April 27 advanced kerosene and
No. 1 heating oil to
5% cents a gallon at Charleston, Wil¬
mington, N. C., Portsmouth, Va., Baltimore, Marcus Hook
and
Tremmelly Point, and
cents at Tiverton, R.
I.,
Providence and Boston. No.
2, 3 and 4 heating oils were
lifted to 5 cents and
534? cents, respectively. Other com¬
panies met the advance
promptly.
A 400,000-barrel
drop in stocks of finished and unfinished
motor fuel in the face of a
2-point rise in operating rates of
prices of gasoline
Chicago,
28-30 D
1.22
QUOTATIONS
CUTS
station
April 27—Sinclair
I
I Newark
185
Not Including 2%
2.10
GASOLINE
Orleans_$.05#-.05#
.03#-.04
Tulsa
Terminal
Gasoline, Service Station, Tax Included
Panhandle Texas
North Texas
shown)
I New
I
Gas Oil, F.O.B. Refinery or Terminal
set
>..$2.67
7
$1.00-1.25 Phlla., Bunker C
$.04#
May production allowables at 622,700 barrels, the same as
recommended by the Bureau of Mines. A base
production
quota of 600,900 barrels for California
during
Bradford, Pa
or
California 24 plus D
1.85
N. Y. (Bayonne)—
27 plus
United
Prices of Typical Crudes per Barrel
at Wells
(All gravities where A. P. I degrees are not
Refinery
$1.20
Diesel 28-30 D
on
May has been
by the Central Committee of California Oil
Producers,
up 20,900 barrels from the April figure.
There were no crude oil
price changes.
$.04
$*05# |Los Angeles.. .03#-.05
States Bureau of Mines.
the week, also passed both quotas.
Officials of the Oklahoma
Corporation Commission fixed
Louisiana, although off
May 1,
Kerosene, 41-43 Water White, Tank Car, F.O.B.
Refinery
x
Estimated Bureau of Mines basis,
z
April, 1936 daily
average.
Volume
Financial
144
Production of Coal Higher During
Week Ended April 17
Believing that production of copper outside of the United States is now
of requirements, the foreign group
excess
production of soft coal during the week ended
April 17 is estimated at 6,300,000 net tons.
This is an in¬
crease of 580,000 tons, or
10.1% over the output in the
preceding week, and compares with 6,822,000 tons in the
corresponding week of 1936.
Anthracite production in Pennsylvania during the week
ended April 17 is estimated at 1,644,000 net tons.
Com¬
The total
pared with the output in the preceding week, this shows an
of
58,000 tons, or 3.7%.
Production in the corre¬
sponding week of 1936 amounted to 1,162,000 tons.
increase
2915
Chronicle
future that production,
near
in
is expected to announce in the
beginning with June 1, will be
restricted to
Effective Jan. 14 of this year all restrictions
105% of standard tonnages.
foreign production were "temporarily" removed.
on
The
wide movement in
has
obscured what
prices has almost
copper
The record for the first quarter in
occurred in the market statistically.
exceeded general expectations.
observers, were
United States duty-free copper
quarters of 1936 and 1937 compare as follows. In short
;
.a h*■
1
production and shipments to consumers has
Deliveries In the January-March period, according to some
probably In
of actual consumption.
excess
statistics for the first
tons:
January-March
ESTIMATED UNITED STATES PRODUCTION OF COAL AND
Week Ended—
Bituminous coal:
Apr. 17, 1937 d Apr. 10. 1937 e
Apr. 18. 1936
Production, blister
Deliveries, refined
1,586,000
1,162,000
21,000
10.567
3.500
71,900
11,983
period
Daily average
--a
193,700
Mine and scrap,
Lead
The highly favorable statistical position
crease
Bituminous coal:
1929 f
firm
a
1,627,000
g
g
g
Commercial productions
Beehive coke:
g
g
g
g
g
abroad.
The St. Joseph
11,779
period
Daily average
1,850,700
20,116
450,300
4,895
__
period ended April 28 totaled 5,651
remainder being for either late April
for the seven-day
Domestic producers in their present
Lead Co. received its usual premium on sales
The contract settling
fining Co. continued at 6c.
.
local sales,
b Includes washery and
dredge coal, and coal shipped by truck from authorized operations.
Estimates are
based on railroad carloadings and current production reports furnished through
trade association and
State sources,
c Excludes
colliery fuel,
d Preliminary.
f Adjusted to make comparable the number of working days
eiRevised.
three years,
in the
g Comparable data not yet available.
Zinc
■
moderate demand for zinc, and, with
the supply situation
near-by metal still tight, prices held on the basis
of 6.75c., St. Louis,
around 2,500 tons.
There
on
for
was
Prime
a
OF COAL,
WEEKLY PRODUCTION
BY STATES
(IN
the last week totaled
Sales for
Western.
Shipments of the common grades to consumers remain
metal, zinc concentrate was reduced $2.50 per ton
THOUSANDS OF NET TONS)
Zinc production
[The curreat weekly estimates are based on railroad car loadings and river ship¬
and are subject to revision on receipt of monthly tonnage reports from
district and State sources or of final annual returns from the operators.]
ments
in the Tri-State district.
Output for March totaled
February and 138,537 tons in
of the world is increasing.
158,569 short tons, against 128,466 tons in
amounted to 132,662 tons.
In March, 1936, production
January.
high, totaling close to
decline in the
In sympathy with the recent
4,700 tons in the last week.
ESTIMATED
of its brands
& Rfr-
basis of the American Smelting
Includes lignite, coal made into coke, and
a
well-sold po¬
comfortable as to the situation.
sition are apparently feeling quite
In the East.
1,083,700
metal
St. Louis, despite a
Sales reported by prin¬
pound, New York basis, or 5.85c.,
per
early June shipment.
or
g
Total, including colliery fuel
Dally average
Statistics, which showed a de¬
tons, most of it for May delivery, the
Pennsylvania anthracite: b
Total for
6c.
at
cipal producers
159,323,000
1,751,000
127,093,000
1,409,000
146,769.000
of lead, evidenced by the March
served to keep the price of the
in stocks of almost 20,000 tons,
week of almost steadily declining prices
Total, including colliery fuel
Dally average
13.872c.
electrolytic, f.o.b. refinery.
b Three months' average,
figures of the American Bureau of Metal
1936 f
1937
to Date—
12,374
121,448
7,899
9.025c.
1,107,000
63,400
1,566,000
-
238,704
Average price b
264,300
1,510,000
1,644,000
274,000
Commercial productions
Beehive coke:
162,255
Exports, domestic
Stock at end, refined
6,822,000
1,137,000
237,936
223,006
250,252
167,078
177,443
a
Production, refined
5,720,000
953,000
6,300,000
1,050,000
Total, including colliery fuelDally average.
Calendar Year
1937
1936
a
Total, Including colliery fuel
Daily average
Pennsylvania anthracite: b
Total for
BEEHIVE
(IN NET TONS)
COKE
Tin
Week Ended—
April
SUle
Apr. 10
Apr. 3
1937 p
Apr. 11 Apr. 13 Apr. 13
1937 p
1936
1935
r
r
1923
s
8
1
160
339
15
16
46
124
142
100
140
1
1
408
Georgia and North Carolina
2
218
33
68
Colorado
3
215
7
Arkansas and Oklahoma
2
45
Alaska
Alabama
Avge.
1929
*
1
412
70
184
8
8
895
883
506
788
1,471
104
301
316
151
248
514
Iowa
13
59
61
22
58
57
155
105
72
88
605
651
651
544
692
620
68
201
145
101
196
188
23
49
30
28
43
London market , refraining from
the gyrations of the
138
Kentucky—Eastern.
Consumers seemingly preferred
buying even
when the trend was upward for the moment.
Prices for spot Straits, which
were largely nominal,
declined from 59.50c. on April 22 to 55.375c. on
April 26, and recovered somewhat on April 27, only to slide back to 56c. on
April 28.
Meanwhile, tin-plate operations continued at full capacity.
Chinese tin was nominally as follows: April 22d, 58.25c.; 23d, 56c.;
100
Kansas and Missouri
market during the week ended
Inactivity characterized the domestic tin
April 28, very little business being done.
to watch
52
Illinois
Indiana..
-
Western
Maryland
-----
Michigan
2
4
15
6
7
36
49
54
42
51
34
2S
24
45
59
26
35
34
21
820
sl6
284
365
766
56c.; 28th, 54.75c.
27th,
("E. & M. J."
PRICES OF METALS
DAILY
Straits
Electrolytic Copper
QUOTATIONS)
Zinc
Lead
Tin
St. Louis
New York
New York
St. Louis
14.275
14.050
59.500
6.00
5.85
6.75
14.275
14.250
57.250
6.00
5.85
6.75
14.275
14.250
57.000
6.00
5.85
6.75
6.75
42
32
55.75c.; 26th, 54.125c.;
22
Montana
New Mexico
24th,
North and South Dakota
1,690
1,768
1,814
1,519
2,529
3.531
35
Pennsylvania bituminous
112
106
32
89
121
Tennessee
14
—-
Utah..
15
12
21
20
55
64
40
90
249
208
188
152
215
31
Washington
24
27
28
50
35
1,287
1,551
1.256
338
614
778
85
110
116
1,220
1,491
428
475
71
1,502
West Virginia—Southern .a
99
419
Northern, b
88
Wyoming
*
1
Other Western States _c
*
1
7,090
5,720
Total bituminous coal
7,392
Operations on the N. & W., C. & O., Virginian,
s4
5,573
s6
8,399
10,836
K. & M., B. C. & G., and
onlthe B. h, O. in Kanawha, Mason, and Clay counties,
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Oregon, and Nevada,
p Preliminary,
r Revised
s Alaska, Georgia, North Carolina, and South Dakota included with "other Western
* Less than
States."
14.275
13.900
55.375
6.00
5.85
14.275
13.600
57.250
6.00
5.85
6.75
14.275
13.600
56.000
6.00
5.85
6.75
14.275
13.942
57.063
6.00
5.85
6.75
70
162
Virginia.
a
14
33
Texas
P
412
382
249
Ohio
Dom.,Refy. Exp., Refy.
Apr. 22
Apr. 23
Apr. 24
Apr. 26
Apr. 27
Apr. 28
Average
..
April 24 are: Domestic copper f.o.b. re¬
finery, 14.442c.; export copper, 14.058c.; Straits, 57.583c.; New York lead, 6.00c.;
St. Louis lead, 5.85c.; St. Louis zinc, 6.792c.; and silver, 44.850c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced
to the basis of cash, New York or St. Louis, as noted.
All prices are in cents per
Average prices for calendar week ended
pound.
Copper, lead and zinc quotations are based on sales for
deliveries, tin quotations are for prompt delivery only.
Dally London
1,000 tons.
Copper, Std.
Prices
Zinc
Lead
Tin, Std.
Copper
both prompt and future
Electro.
Unchanged Here on
Moderate Buying—Tin Lower
'Metal and Mineral Markets'' in its issue of April 29 stated
that uncertainty over the Administration's policy on prices
increased last week, and this resulted in renewed unsettlement in all commodity and security markets.
The major
non-ferrous metals—copper, lead and zinc—were unchanged
here, but prices fluctuated over a fairly wide range abroad.
Tin was sharply lower in the absence of consumer buying.
The suit against the Aluminum Co. announced on April 23,
and President Roosevelt's move against monopolistic prac¬
tices in general, disturbed both producers and consumers of
metals.
Otherwise, business news was favorable.
Ship¬
Major Non-Ferrous Metals
„
.
.
4
ments of non-ferrous metals to consumers are
large, and the
is operating at 92.3% of capacity,
The publication further reported:
steel industry at present
ajnew high.
Copper
In the first five
looked
a
little
business days of the last
better,
with
sales to
ment, compared with recent weeks.
trade
was
upset by President
tion and higher
week the market for copper
consumers
showing some improve¬
Yesterday (April 28), however, the
Roosevelt's determined stand against specula¬
commodity prices, and the market turned rather
domestic quotation held at 14He., Valley,
the week amounted to 9,022 tons,
based
on
flat.
The
throughout the week.
Sales for
returns to the industry, bringing
Svot
57 X
64
269 X
264 X
259%
255%
62%
253%
250
Apr. 27
57",6
55%
55 X
65
58 X
61
255
251%
Apr. 28
60 %
58 X
62%
256
252
Export
on
buying
the second call
also
on
advices from Wall
improved in
volume until
the London Metal Exchange
Street
fluence the first session.
3M
Apr. 22
59 %
Apr. 23
Apr. 26
60 %
58 %
Prices for lead and zinc are the official prices
Metal Exchange;
April 28.
Quotations
weakened on unfavorable
that did not reach the other
side in time to in¬
3M
Spot
Spot
3M
25%
24i,6
24%
26%
257ie
249,6
26
24%
25%
257,6
22 %
24",6
25',6
24%
24
24%
24
25%
%
25%
23
for the first session of the London
prices for copper and tin are the official closing
All are in pounds sterling per long ton
buyers' prices.
(2,240 lb.).
Foundry Operations in Philadelphia Federal Reserve
District
Increased
During March
According to
University of Pennsylvania
production of iron and steel castings increased
12 and 14% during March, according to reports
received nby the Industrial Research Department of the
University of Pennsylvania from foundries operating in the
Philadelphia Federal Reserve District.
In noting this, the
Research Department also said:
Total
between
The gray iron
foundries located in or near Philadelphia had the most
marked increase—more than
25%.
The output of gray iron castings in
foundries located around Reading increased 17.0%,
but the production of
Philadelphia Federal Reserve District de¬
Even these foundries, however, had an increase of more
castings in the balance of the
creased
8.7%.
than 25% in their
jobbing work.
The total deliveries
produc¬
extremely
the importance of an 11% increase in unfilled
minimized by an 11% drop in shipments from
Shipments of iron castings also increased in March.
of castings made
the total for the month to date to 24,391 tons.
3M
(.Bid)
Spot
tion.
As
a
by iron foundries rose even more sharply than did
result, the increase of nearly 15% in unfilled orders is
encouraging.
In contrast,
orders for steel castings is
February
to
March.
2916
Financial
Steel Price Stabilization Has Brought
Quieter Market,
But Business
Is
In
Fair Volume—Leveling
Off
Process
Likely, but Future Looks Bright
Companies
Steel
to
The April 29 issue of "Iron Age" stated that the
principal
incentive for forward buying having been removed by the
of a continuation of present steel prices
through the third quarter, an easier situation prevails in
the steel market.
However, incoming business reported by
some companies is not
greatly below shipments, comparing
favorbaly with the February volume, but less than that of
March. The "Age" further reported:
announcements
Deliveries
few products have shortened, chiefly because some buyers
on a
who had entered orders for shipment
during second quarter to escape a
possible price advance July 1 have asked the mills to defer processing of
some
business of
If this tendency spread,
leveling
a
owing to present heavy backlogs and pending
occur
definite character.
a
Some steel companies have booked
large volume of business for the
a
third quarter, most of this having beenk taken prior to the announcement
of prices.
Others that had refrained
the second
quarter are
so
far
possible from booking beyond
as
actively soliciting
now
The
business after
cated
Although pig iron is
integrated steel companies
that
97.7% of the steel capacity of the industry will be 92.3%
of capacity for the week beginning April 26, compared with
91.3% one week ago, 90.7% one month ago, and 71.2% one
year
ago.
This represents an increase of 1.0 point, or
1.1% from the estimate for the week of April 19, 1937.
Weekly indicated rates of steel operations since April 6,
1936, follow:
64.5% July
trying to find
are
an
scarce
so
outside
71.2% Aug. 10
June 22
11
May 18
May 25
June
1
June
8
70.2% Oct.
5
June 30--...74.0% Oct.
July
6
67.2% Oct.
12
69.0% Oct.
26
July
13
that
osurce
markets,
steel
the
merchant furnaces
were
contemplating an early advance, but it now appears that action may be
deferred until about June 1, when books will be opened for the third
quarter.
Tightness in the coke supply also continues, and Connellsville foundry coke
Is 25c. a ton higher at $5.25.
composite
scrap
lting
mi
down to $20, the third
consecutive weekly decline.
full
on
Tuesday when
the waters had receded.
but resumed almost in
In the
Wheeling district,
which suffered most severely in the January flood, an
open-hearth and a
bessemer steel
plant
were
approached that point.
shut
down
Tuesday
as
The
not
than
more
75%, against 99% last week, bringing the rate for the
country down to 90%%.
Iron and Steel Institute
had not appeared.
no
When the estimate of 92.3%
issued
was
on
Aside from flood consequences, which
marked change from a 90 to 92%
by the American
Monday (April 26) the flood danger
be temporary,
may
operation for the industry is looked
The change from the extremely active buying of last month has given
steel
companies
calmer
a
coming months.
period in which to appraise prospects for the
Granted that speculative features of the present
have subsided, there is
no
Even though the high production
of
less
1937 models, and there will be
of 1929.
high production
adding to
business
car
is
in
retail sales
are
more
and
a
best
than keeping pace, indicating
farm
Railroad equipment sales are
considerable additional
implement
manufacturers
will
Only in the construction field,
maintain large output for some time.
par¬
ticularly the large investment type of building, is the outlook unpromising,
though small jobs are making fair headway. One or two pipe lines in the
Middle West
are at
the point of being awarded.
in
AGE" COMPOSITE
PRICES
iron
Pig
2.605c.
rolled strips.
2.097c.[
85% of the United States output.
2.605c.
Mar.
9
2.330c.
Mar.
1936
2.330c.
Dec. 28
2.084c.
Mar. 10
1935
2.130c.
1933
Oct.
1
2.124c.
Apr. 24
Oct.
3
2.008c.
Jan.
2
1.867c.
Apr.
18
2
2.015c.
-
Jan
Central
at
1932
1.977c.
Oct.
4
1.926c.
Feb.
2.037c.
Jan.
13
1.945c.
Dec. 29
1930
2.273c.
-
1928
Jan.
7
2.018c.
2.317c.
Apr.
2
2 273c.
Oct.
29
2.286c.
1929
Dec.
11
2217c.
July
17
Dec.
9
Pig Iron
April 27, 1937, $23.25 a Gross Ton
One week ago
Based
$23 .25
on
average of basic iron at
Valley
furnace and foundry irons at Chicago,
One month ago
23.25
Philadelphia,
One year ago
18.84
Southern iron at Cincinnati.
1937
High
$23.25
Mar.
-
Buffalo,
Valley,
and
Low
9
$20.25
Feb.
16
1936
19.73
Nov. 24
18.73
Aug. 11
1935
18.84
Nov.
17.83
May
14
1934
17.90
16.90
Jan.
27
1933
16.90
Dec.
5
13.56
Jan.
3
1932
14.81
Jan.
5
13.56
Dec.
6
May
5
1
1931
15.90
Jan.
6
14.79
Dec.
15
1930
18.21
Jan.
7
15.90
Dec.
16
1929
18.71
May 14
18.21
Dec.
17
18.59
Nov. 27
17.04
July
24
1928
-
Steel Scrap
April 27, 1937, $20.00
a
Gross Ton
One week ago..
One month ago
$20.75
21.92
One year ago
Based
and
strip
of
bars,
sheets
and
No.
Tubular goods
is expected
speculative
for place
Mills
expect
Some of
their books.
on
shipments.
the
delivery
is
situation
plant
blow
the East
of
coke
for
is
likely for
in
improving
pig iron
national
tions,
the
fourth
consecutive
three
at
80,
to
remains
made
have
slight
increases
91%%
at
of
in
opera¬
gained three points to 79%%, Buffalo
made
was
Youngstown
100, and Chicago half a
95%,
Pittsburgh, at
at
86,
at
Wheeling
Eastern
Birmingham
96,
at
95%.
Cincinnati
Prolonged
further
absence
decline in
but
determine,
renewed
buying
have
three
to
how
far this
strength
it
400,000
June-August.
1929.
production
This
accounted for
market
52,580,
is
a
Increased1
last
week
gain of
Ford
34,850,
and
causing
buying
exporters
for
charges
by
132,340
railroads
by Chrysler.
week
the best
General Motors turned
This
28,500.
rate
would seem to
approaching full capacity, but probably will be bettered in succeeding
weeks.
Production
a
total
of
of
of
Iti
1932
the
only
Continued
steel
402,566
decline
than
the
preceding
loss
of
level
now
same
influence
and
in
scrap
to
This
tons.
is
the
a
rail
1935
over
proves
output,
revival
the
production
decline
This
the
fourth decline,
the first week
of
11c.
in
the
iron
and
lower
with
in
The
March.
steel
The finished steel composite remains unchanged at
composite,
$61.70.
Steel ingot production for the week ended April 26, is
placed at 92% of capacity, a new high for the movement,
according to the "Wall Street Journal" of April 29.
This
compares with 913^% in the two preceding weeks.
Since the
beginning of the current week there have been shut-downs
because of flood conditions
that
so
a
reduction in the rate
is indicated for this week,
only temporary.
although the interruption will be
The "Journal" further reported:
U. S. Steel is estimated at 87 %, compared with 85%
and
87%%
two
weeks
ago.
Leading
in the week before,
independents
are
credited
95%% against 96%% in the previous week and 95% two weeks
with
ago.
The following table gives a comparison of the percentage of production
with the nearest
corresponding week of previous years, together with the
1
$17.92
V. S. Steel
Industry
1937
Low
1936
92
-
70%
Jan.
4
1935
46
June
9
1934
55
Apr. 23
87
+
+
%
%
64
—
%
42
+
Independents
95%
—
1
75%
49%
+
1
1
66
—
1%
+4
32
+
Dec. 21
12.67
10.33
1933
13.00
Mar. 13
28%
9.50
Sept.25
1931
—
1
6.75
%
50
Aug.
48%
—
12.25
Jan.
3
47%
1930
77%
—
%
80
—
1
75
10
8
8.60
Jan.
6.43
July
1931
6
8.50
Dec.
1928
Feb.
18
11.25
Deo.
9
1927
82
42
+4
"
24
+3
85
15.00
+2
101
Jan.
6
29
1929
11.33
1930
12
17.58
-
Jan.
29
14.08
Dec
3
16.50
Dec. 31
13.08
July
2
a
The composite
first week in April.
that
of
is
Dec.
1928
in
1930.
since
prices has brought the composite 58c.
$20.42.
slightly higher than
caused
71.44%
further
largest
rolled1.
tons were
week,
increased
1936
$1.66 from the peak the
is
$40.36.
in
gross
carriers
total
to
rails
1,219,846
17.75
1929
are
at ports.
the preceding week, practically
over
Chrysler
cartel
shipment
cars
units,
a
only
is
in
needing
apparently
European
storage
points
difficult to
five
totaled
7,370
is
The
with
by better operations
five
lost
will continue is
shown,
is
further.
tons
Detroit
the
from
consumers
Just
82.
at
into effect shortly, planned to avoid congestions of
Automotive
be
Louis
St.
scrap
develop
placed
months,
to go
of
prices.
considerable
said
to
and
86,
at
13.42
-
the
for
capacity
1936
1934
Co.
Iron
Other stacks in
May.
in
the Corrigan,
at
Colonial
Inquiries for at least 60,000 tons
steady
Cleveland
No change
59%,
at
stack
Cleveland,
Corp.,
pending in the Pittsburgh district.
are
rate
causing further pro¬
is
additional
an
Steel
Riddlesburg, Pa., early
week.
84%%.
advance.
an
more.
or
shipment,
93, New England three points to
points to
to
at
producing centers
some
bring
In addition to the stack already lighted1
Cleveland, and
for export
Although
but
third-quarter,
for
may
fortnight
a
being prepared for activity.
are
items
pig iron, heightened not a little by export inquiry
Republic
of
stack
a
policy
on
other
and
1935
1933
the
steady
to
buying.
being reduced somewhat as specifica¬
On other items deliveries
are
whole
have not decided
decision
Chicago.
High
$21.92
Mar. 30
1982
also
are
approximate changes, in points, from the week immediately preceding:
on
14.54
1937
to
less than
the
heavy melting steel
quotations at Pittsburgh, Philadelphia
and
shapes
grades
incentive
labor,
of
no
Furnaces,
McKinney
8
1931
most
before
far
who found
consumers,
prices will be put out shortly.
are
producers
costs
2
2.199c.
1934
for
by leading
so
cold-
plates,
on
Some
capacity to be blown in.
activities
1937
level
Action
market.
by steel
pressure
tonnage already booked for foreign
ductive
to
Low
second-quarter
Determination of prices
in the past
On
Insistent demand
and
These products represent
High
1
costs.'
than
products
believed
is
out
(Based on steel bars, beams, tank plates,
„_2.605o.(
wire, rails, black pipe, sheets and hot
-
Feb.
wire,
the
remote.
mounting
It
since
Finished Steel
One year ago
25
gradually.
all
April 27, 1937, 2.605c. a Lb.
One week ago
One month ago
18
Jan.
5
already observed.
some
still
are
Tin plate production con¬
tinues at 100% with no letdown in sight before October.
THE "IRON
79.4%
78.8%
80.6%
77.9%
79.6%
11
Jan.
prices at
to
Heavy accumulations of orders
tions
that
may continue for some time.
Tractors
runs
output approaching the
car
builders' substantial bookings, and
sight.
complete their
quick turnover to 1938 models with
a
With motor
Jan.
92.3%
April
April 12
4
uncertainty by this action
price
is
Pennsylvania
on
April 26
Mar. 22
Mar. 29.
1937—
Jan.
1
8
Mar. 15
definite
detailed
pressure
effect
point
records
April 19
Mar.
Mar.
their
is
remove
probably will make additional large purchases
minimum of die changes.
28
22
their products without knowledge of
semi-finished.
and
of the first several months may not be equaled in the lasc
half, there appears
to be an expectation of well-sustained demand.
The automobile companies
soon to
14
Dec.
Dec. 21
Dec.
to stabilize the
response
quote on
More
Removal
boom
disposition to view the outlook for the remainder
of the year with anything but optimism.
7
80.6%
81.6%
82.5%
85.8%
87.3%
88.9%
89.6%
90.7%
89.9%
90.3%
91.3%
15
Feb.
74.3%
75.9%
76.6%
79.2%
77.0%
77.0%
Nov. 30
8
Feb.
yet covered.
market
much
in
was
to
and
not
will
for during May, at least.
date
reaffirmed.
are
third-quarter
announcement
finished
the crest of the flood
The Pittsburgh rate declined only two points to
92%, but the Wheeling rate must be estimated tentatively for this week
at
usual
this
Flood waters at Pittsburgh and Wheeling have caused the
shutting down
of blast furnaces and steel-making furnaces.
At Pittsburgh one steel
plant stopped operation Monday night (April 26)
Nov. 23
Dec.
Feb.
74.7%
74.0%
74.1%
Nov. 16
being followed generally.
difficult
it
In contrast with strength in pig iron and
coke, scrap has grown weaker,
Pittsburgh and 75c. at Chicago in the heavy
is
of
has done much
products
the foundry industry because fear of an immediate
bringing the "Iron Age"
9
April 26 stated:
on
Announcement
or
one
of supply
contract customers in
grade,
19
1937—
2
Nov.
"Steel" of Cleveland, in its summary of the iron and steel
makers
Some eastern
Nov.
70.9%
71.5%
71.4%
70.0%
72.2%
72.5%
71.5%
68.2%
72.5%
74.4%
75.4%
75.3%
75.9%
74.2%
74.3%
70.1% Aug. 17
69 1% Aug. 24
69.4% Aug. 31
67.9% Sept. 7
68.2% Sept. 14
69.5% Sept. 21
70.0% sept. 28
May
production, there is less pressure for shipments from
price advance has been removed.
1936—
20
67.9% July 27
3
70.4% Aug.
Apr. 20
Apr. 27
May
4
to augment their own
with declines of $1.50 at
1936—
1*36—
Apr.
6
Apr. 13
period of
a
Practically all products except pig iron have been covered by the past
two
Iron and Steel Institute on April 26 an¬
telegraphic reports which it has received indi¬
the operating rate of steel companies having
American
nounced that
relaxed selling effort induced by their sold-up condition for this
quarter.
week's price announcements.
May 1, 1937
June 15
of their tonnage to the third quarter.
off process in production may be expected,
though it is doubted that any
marked down trend will
Chronicle
Note—1932 not available.
3
103
+ 3
99
4%
4-3
80
—
2
90%
—"l%
75
—
2
Volume
Financial
144
2917
Chronicle
Current Events and Discussions
The
The Week with the Federal Reserve Banks
condition
leading cities
During the week ended April 28 member bank reserve
balances
increased
$57,000,000.
Additions to member
bank reserves arose from increases of $48,000,000 in Reserve
bank credit, and $45,000,000 in gold stock, and decreases
of $7,000,000 in money in circulation and $24,000,000 in
Treasury deposits with Federal Reserve banks, offset in
part by increases of $42,000,000 in Treasury
ash and
$24,000,000 in non-member deposits and other Federal
Reserve
Exc'ess
accounts.
banks
member
of
reserves
on
estimated to be approximately $1,640,000,000,
an
increase of $50,000,000 for the week.
Inactive gold
included in the gold stock and Treasury cash amounted to
$551,000,000 on April 28, an increase of $45,000,000 for
the week.
After noting these facts, the Board of Governors
of the Federal Reserve System proceeds as follows:
April 28
were
Principal changes in holdings of bills and securities were increases of
$3,000,000 in discounted
United States bonds, and
bills, $46,000,000 in
$11,000,000 in United States Treasury bills, and a decrease of
in United States Treasury notes.
'
-,.J.
■>
.
" m 1U-."
■»
*m—•»
■—
> »■*
••-•■'amrmmmm
te-The statement in full for the week ended April 28, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 2942 and 2943.
Changes in.the amount of Reserve bank credit outstand¬
ing and related items during the week and the year ended
April 28, 1937, were as follows:
(+)
Increase
1937 April 21, 1937
U.
S. Government securities
Industrial
advances
(not
2,526,000,000
(—)
April 29, 1936]
%
+3,000.000
+1,000,000
+ 39,000,000
11,000,000
4,000,000
bought
Decrease
$
$
Bills discounted
Bills
or
Since
'
.
April 28,
+6,000,000
—1,000.000
+ 96,000,000
Total Reserve bank credit
23,000,000
6,000,000
Treasury currency,.
—7,000,000
+4,000,000
+4,000,000
2,571,000,000
11,7.82,000.000
2,541,000,000
Monetary gold stock
+ 48,000.000
+45,000.000
+1,000,000
+ 99.000,000
+1,561,000.000
+ 40,000,000
balances
+57,000.000
—7,000,000
+42.000.000
—24,000,000
6,934,000,000
Money in circulation
6,381.000.000
.
Treasury cash
2,956,000.000
95,000,000
Treasury deposits with F. R. bank..
Non-member deposits and other Fed¬
+1,428,000.000
+522,000 000
+427,000.000
—584,000,000
loans
securities to others (except
on
and
acceptances
commercial
estate loans increased
"Other
+24,000.000
528,000,000
the
in
Banks in
New York
declined
bought
$7,000,000
San
the
in
district,
but
$2,000,000.
district and
$1,000,000 at all
Francisco
declined
reporting member banks.
Holdings
States
United
of
Government
declined
$18,000,000
obligations
direct
$25,000,000 each in the New York and Chicago districts and
the Richmond
district and $12,000,000 in the Boston district.
Holdings of obligations
fully guaranteed by the United States Government declined $5 000,000.
reporting member banks, and increased $17,000,000 in
at all
member
Holdings of "Other securities" declined $10,000,000 at all reporting
banks.
deposits—adjusted increased $58,000,000 in the Chicago dis¬
Demand
district
$84,000,000
and
at
all
000,000 in the Philadelphia district and
ber banks.
$11,000,000 in the Cleveland
and declined
member banks,
reporting
Time deposits increased $10,$13,000,000 at all reporting mem¬
the Minneapolis district.
$14,000,000 in
deposits declined $40,000,000 in the New York
Government
district and $79,000,000 at all reporting
to domestic banks declined
member banks.
Deposits credited
$60,000,000 in the New York district and $116,-
000,000 at all reporting member banks.
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended April 21, 1937, follows:
~
Increase
(+)
Decrease
or
(—)
Since
j\sscts
21,1937
$
April 22,1936
§
14,1937
$
—25,000,000
Apri
investments—total....22,268,000,000
Loans and
+485,000,00°
Loans to brokers and dealers:
1,051,000,000
218,000,000
securities
on
+42,000,000
+4,000,000
2,047,000,000
392,000,000
—1,000,000
—3,000,000
—12,000,000
+41,000,000
+3.000,000
+2,000,000
—1,000,000
+965,000,000
8,439,000,000
—18,000,000
—366,000,000
1,178,000,000
3,249,000,000
Outside New York City
+7,000,000
+1,000,000
1,156,000,000
76,000,000
4,462,000,000
In New York City
—5,000,000
—10,000,000
—99,000,000
—120,000,000
5,378,000,000
340,000,000
1,962,000,000
—3,000,000 +1,030,000,000
—13,000,000
—32,000,000
—56,000,000
—348,000,000
others
to
(except banks)
Accepts, and com'l paper bought.
Loans on real estate
Loans to banks
+16,000,000
+14,000,000
—93,000.000
Obligations
Member
Holdings
$3,000,000, real
bankB) declined $1,000,000.
paper
Philadelphia
U. S. Govt, direct obligations
Returns of
$1,000,000, and
$3,000,000, and loans to banks increased
increased
loans"
$5,000,000
Other loans
eral Reserve accounts
,
New York City increased $7,000,000,
loans to brokers and dealers outside New York increased
Loans
reserve
brokers and dealers in
Loans to
Apri
$18,000,000 commitm'ts—Apr. 28)
banks, and
deposits, $116,000,000 in deposits credited to domestic
$56,000,000 in balances with domestic banks.
of
101
deposits—adjusted,
$13,000,000 in time deposits, and decreases of $79,000,000 in Govern¬
ment
including
Other Reserve bank credit
Member bank
of $84,000,000 in demand
trict, $24,000,000 in the New York district,
fea
'
yw
$18,000,000
and
member banks in
reporting
weekly
of
statement
April 21 shows a decrease of $25,000,000 in total loans
on
and investments, increases
fully
guaranteed
by
United States Government
City and
Other securities
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal
Reserve
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday:
Reserve with Fed. Reserve banks..
Cash in vault
Balances with domestic banks
Liabilities—
+84,000,000 +1,146,000,000
+13,000,000
+161,000,000
—479,000,000
15,333,000,000
5,146,000,000
272,000,000
Time deposits
United States Govt, deposits
—79,000,000
5,531,000,000
Demand deposits—adjusted
—116,000,000
490,000,000
1,000,000
+8,000,000
—4,000,000
Inter-bank deposits:
Domestic banks
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL
RESERVE CITIES
Foreign banks
-
Borrowings.
....
+19,000,000
+135,000,000
—1,000,000
(In Millions of Dollars)
New York City
Apr. 28
Apr. 21
1937
1937
$
Assets—
Loans and Investments—total-.
Chicago
Apr. 28 Apr. 21 Apr. 29
1937
1937
$
$
$
$
8,353
Apr. 29
1936
8,350
8,571
1,959
dren from Besieged
1,864
In New York
1,011
73
988
68
1
42
1
40
36
728
731
739
149
150
146
Accpts. and com'l paper bought
113
110
159
21
20
16
Loans
129
129
130
15
15
51
46
34
7
4
16
5
on
City.....
securities
to
on
real estate..
Loans to banks
Other loans
^
U. S. Govt, obligations
women
1,621
1,164
408
409
267
3,076
3,545
935
954
1,006
439
439
548
95
95
within
if non-combatants
Other securities
1,098
1,114
1,196
286
287
Reserve with F. R. Bank
2,562
2,579
2,056
58
50
55
635
29
161
66
620
36
183
82
Cash In vault
Balances with domestic banks..
Other assets—net
71
74
478
467
74
495
657
31
167
66
6,324
671
86
6,311
671
86
6,052
576
196
1,498
451
88
1,477
447
88
1,399
461
101
2,101
2,138
452
2,293
322
581
6
592
5
548
4
405
390
22
234
41
1,472
345
1,467
23
1,470
234
231
Liabilities—
Demand deposits—adjusted
Time deposits
United States Govt, deposits
Inter-bank deposits:
Domestic banks
Foreign banks..
465
Borrowings
Other liabilities
Capital
accounts
for
several weeks,
As
explained above, the statements of the New York and
Chicago member blanks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
selves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business April 21:
a
bodied
and rebel troops this week approached
It was said that all able-
few miles of its outskirts.
men
in the city were prepared to continue its
could be removed
defense
to foreign
territory.
Meanwhile several additional British food ships succeeded
running the rebel blockade and bringing food to the be¬
sieged inhabitants.
Previous reference to the Spanish civil war was last made
in the "Chronicle'' of April 24, pages 2742-43. It was revealed
on April 28 that the rebel Government had protested vigor¬
ously against the aid given by British warships to food ships
which ran the blockade to Bilbao.
A London dispatch of
in
April 28 to the New York "Times" discussed the
that city as follows:
plight of
problem of evacuating civilians from Bilbao as the insurgent forces
The
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
sending
and children to places of safety. The city
has been under constant bombardment by Spanish rebel ships
150,000
1,621
92
280
following
urgent pleas by Basque authorities for assistance in
3,072
.
considering
evacuating the city of Bilbao, Spain,
of
means
Obligations fully guaranteed by
United States Government
Basque City—Spanish Rebels
by British War¬
Great Britain and France late this week were
others
(except banks)
Evacuating
ships
1,031
71
City
Outside New York
for
Protest Aid Rendered Food Vessels
Loans to brokers and dealers:
Loans
Plans
Consider
Bilbao—Seek to Remove 150,000 Women and Chil¬
$
1,975
and^ French
British
1936
approach is engaging the attention of Wilfred Roberts, a Liberal; the
Duchess of Atholl, a Conservative; Sir Arthur Salter, an independent, and
other
Members of Parliament, who have formed themselves into a com¬
mittee
It is understood the
but no indication has yet been
representing all parties to sponsor the work.
Foreign Office approves the evacuation,
given that the British Navy will assist in it.
The original plan was to
embark children aboard the British food ship
Backworth, which arrived at Bilbao tonight, and provide homes
in
Britain,
France
and
Scandinavia.
Government offered to charter any
France, and it is understood
Tonight,
the
for them
Basque
the French Government will provide free trans¬
jd
portation across France.
Foreign
however,
ships available at Saint-Jean-de-Luz,
Secretary Anthony
Eden told Mr.
Roberts in the House of
tonight that
General Francisco Franco, the insurgent leader,
had promised to supply
the Government with a list of British prisoners in
Eden was "taking steps to get it."
Commons
bis hands and that Mr.
2918
Financial
Associated Press London advices of April 28 added:
The
British
Navy will begin
of Bilbao's
evacuation
civil
Chronicle
Redemption Requirements
I
population
Refugees
Spanish
be
will
speech.
taken from
insurgents
under
the
General
northern
Emilio
Spanish
Mola,
France, according to Mr. Roberts, who said he
ment with the approval
"There is
making the
was
of the British Foreign Office.
announce¬
5
feeling of concern," he added, "at the ghastly possibilities
a
for 500,000 people, including some 100,000 children, should Mola carry out
his threat completely to destroy Bilbao, as was done in Guernica."
nica,
A
an
Guer¬
undefended town, was destroyed by rebel aviators on Monday.
spokesman for the British Admiralty asserted the
received
thus far had
navy
orders to assist in the evacuation of Bilbao.
no
Informed
sources
suggested British naval vessels would be used mainly to afford protection
to
Basque ships carrying refugees if the Bilbao authorities decided
sale
evacuation
by
whole¬
on
sea.
»
New
Chairman
of
Bessborough
Speyer & Co. and J. Henry
besieged by
port,
Saint-Jean-de-Luz,
to
State of San Paulo 7%
Completed for Final
on
Coffee Realization Loan
1930
Half of Year Ended March 31
probably within two days, Wilfred Roberts, member of the House of Com¬
mons, announced tonight in a
May 1,
nounced
decree
23829
No.
Brazil
Schroder Banking Corp.
an¬
April 26 that, in accordance with the terms of
on
Feb.
issued
by
the
Federal
Government
of
1934, $875,000 dollar bonds and £320,200
sterling bonds of the State of San Paulo 7% coffee realiza¬
on
5,
tion loan, 1930, have been purchased and canceled, complet¬
ing redemption requirements for the last half of the year
ended March
31, 1937.
Out of original issues of $35,000,000
and £12,808,000 sterling bonds, there remain
outstanding $18,887,000 dollar bonds and £6,911,400 sterling
bonds.
There remain pledged for the loan 1,640,294 bags
of government coffee and 7,381,313 bags of Planters coffee.
dollar
bonds
Loans Committee—Earl of
League
Succeeds
Late
Sir
Austen
Cham¬
berlain
Securities
of
Federal
Loan
Home
Banks
or
Board
Exempt from Securities Exchange Act
Speyer & CP., New York, made known on April 26 that
they have received from the League Loans Committee (Londay), through Eliot Wadsworth, the American member, the
following announcement:
The
League Loans Committee have pleasure in announcing that at their
meeting
April
on
G.C.M.G.,
22 the Right Honorable
accepted
left
committee
their
vacant
invitation
by
the following
death
manship
1932 ;
resolution:
they
and
the
the
honor
of
Honorable
Sir
P.O.,
of
the
Austen
meeting the committee passed
same
Chamberlain,
his
committee
to
serve
whose
the
from
had
to
distinguished
well
as
of the
deal, they
chair¬
inception i-
committee's
qualities,
in the solution
gave
have
under
personal
great
he at all times
which
deep
had
At the
chairmanship
Right
the
Bessborough,
of
the
That the League Loans Committee deeply regret
Austen
mindful
powerful aid
with
Sir
of
the Earl
assume
death of
the
Chamberlain, K.G., P.O., M.P.
the
to
as
of
the
difficult problems
Bank Board
or
the Federal Home Loan banks
under
the
authority of Section 11 of the Federal Home Loan Bank Act
had been designated exempted securities under the Securities
Exchange Act of 1934 by the Secretary of the Treasury
pursuant to Section 3(a) (12) of that Act.
This action on
the part of the Secretary of the Treasury, the Commission
explained, had been previously announced in the "Federal
Register" for April 7, 1937.
Following is the text of the letter from the Secretary of the
Treasury to the Commission providing for the exemption:
Securities Exchange Act of 1934
Paragraph 12 of Section 3(a) of the
record1 their
desire to
provides in part that the term "exempted security" or "exempted securities"
of the great loss they have sustained.
sense
The Securities arid Exchange Commission announced
April 28 that securities issued by the Federal Home Loan
used in such act shall include "such securities issued
as
or
guaranteed by
corporations in which the United States has a direct or indirect interest aa
Bulgaria Extends to July 31 Offer for Settlement of
Partly-Paid Coupons on 7% Settlement Loan 1926
and
734% Stabilization Loan 1928
fiscal
settlement
loan,
1926, and
have been advised of
Committee
for the
agents
an
(London)
Kingdom
7%%
as
of Bulgaria 7%
stabilization loan, 1928,
by the League Loans
announcement
that
the offer
communique of Nov. 16, 1936, of
referred
to
in
their
additional payment in
settlement of the balances due on part-paid coupons matured
after Jan. 1, 1935, has been extended.
Although the great
majority of coupons have already been surrendered in
recall that
they recommended the offer for acceptance,
that the payments offered
an¬
will remain available at
the usual
paying bankers for a further three months, i.e.,
to and including July 31, 1937.
offer of Bulgaria was referred to in our issue of
up
The
Nov. 21,
1936,
page
3235.
♦
Bulgaria Increases Service
on 7k£% Stabilization Loan
32%% of May 15 Coupons as
Against 21%% Nov. 15, 1936
1928—Transfers
Speyer & Co. and J. Henry Schroder Banking Corp.,
as
American fiscal agents for the Kingdom of Bulgaria
7%%
stabilization loan, 1928, announce that May 15,
1937, coupons
off dollar bonds of this loan, presented with an
appropriate
letter of
the
transmittal, will be paid on or after that date at
of $12.73 per $37.50 coupon and $6.37
per $18.75
in full settlement for and against surrender of the
rate
coupon
coupons.
This
then
(21%%
plus
due
an
lated
payment
was
represents
paid
on
the
32%% of the interest
Nov.
15, 1936, coupon)
additional amount from balances which has
on
the
accumu¬
trustees' accounts.
May 1 Coupons
on
Republic of Uruguay 6% External
Gold Bonds Due May 1, 1960, and
May 1,
Be Paid at Rate of
3%% Per Annum
1964, to
In
a notice to holders of
Republic of Uruguay 6% exter¬
sinking fund gold bonds, due May 1, 1960 and May 1,
1964, J. Ridding, Minister of Uruguay, announces that, in
nal
accordance
with
dated
15,
Dec.
the
decree
of
the
Republic
Uruguay,
stipulations, the
Outstanding Argentine External 6% Gold Bonds, Due
June 1, 1959, Not
Previously Called, to Be Called
P.
York,
of
Redemption June 1
Morgan & Co. and the National City Bank of New
fiscal agents, are notifying holders of Government
Argentine Nation external sinking fund 6% gold
bonds,
due June 1, 1959, that they will call for retirement
at par and accrued interest, on June
1, 1937, out of moneys
in the sinking fund, all of the
outstanding bonds of this
issue which
have not heretofore been called for retirement.
Payment will be made of the principal sum of such bonds
and of the interest due, at the office of J. P.
Morgan & Co.,
New York, or at the head office of the National
City Bank
of New
will
York,
on
June 1, 1937, when interest
cease.
as
protection of
of this paragraph, I
am
designating
Home Loan Bank Board
under the authority of Section
Federal Home Loan Bank Act,
amended.
may
be revoked, modified,
not issued
or
as
11
or
of the
This designation for exemption
amended at any time with respect to securities
prior to such time.
Member
Trading"Jon New York Stock and New York
Curb
Exchanges During
Week Ended April 3
An increase
during the week ended April 3 in trading in
stocks on the New York Stock Exchange for the account of
all members, except odd-lot dealers, in relation to total
transactions, was made known by the Securities and Ex¬
change Commission yesterday (April 30).
Gn the New York
Curb Exchange the percentage of trading by members for
their own account during the week ended April 3 was un¬
changed from the preceding week ended March 27.
The
week ended March 27 included the Good Friday holiday
(March 26), when the Exchanges were closed.
During the week ended April 3, according to the SEC,
the total round-lot volume of trading for the account of
members of the Stock Exchange was 3,215,240 shares,
which was 17.46% of total transactions on the Exchange of
7,862,770 shares.
In the preceding week ended March 27
the Stock Exchange members' transactions of 2,986,038
shares was 20.04% of total trading of 7,449,440 shares.
On
the Curb Exchange member trading for their own account
during the week ended April 3 was 770,925 shares, or 17.46%
of total trading of 2,207,950 shares; this is the same percent¬
age as the previous week ended March 27, when member
trading totaled 646,365 shares and the total volume amounted
to 1,851,125 shares.
The data issued by the SEC is in the series of current fig¬
ures
being published weekly in accordance with its program
embodied in its report to Congress last June on the "Feasi¬
bility and Advisability of the Complete Segregation of the
Functions of Broker and Dealer."
The figures for the week
ended April 3 appeared in our issue of April 24, page 2744.
In making available the data for the latest week, the SEC
stated:
The figures given for total round-lot
volume for the New
York Stock
Exchange and the New York Curb Exchange represent the volume
round-lot sales of stock effected
on
the volume reported by the ticker.
The total round-lot volume for the
week ended April 3 on the New York Stock
was
of all
those exchanges as distinguished from
8.5% larger than the volume reported
on
Exchange, 7,862,770 shares#
the ticker.
Exchange, total round-lot volume in the
same
On the New York
week, 2,207,950 shares
exceeded by 8.9% the ticker volume (exclusive of rights and
warrants).
The data published are based upon reports filed with the New
York
Stock
Exchange and the New York Curb Exchange by their respective
These reports are classified as follows:
members.
as
the
Secretary of the Treasury
appropriate in the public interest or for the
the Federal Home Loan banks
Curb
♦
for
or
for exemption securities issued by the Federal
of
1933, and current budget
coupons due May 1, 1937, of those loans will be paid at
the rate of 3%% per annum at the New York office of
Hsllgarten & Co. and the Chicago office of Halsey, Stuart
& Co., Inc.
J.
designated for exemption by the
an
acceptance of the offer, the bondholders' organizations, who
nounce
be
necessary
In accordance with the provisions
Speyer & Co. and J. Henry Schroder Banking Corp.,
American
shall
investors."
on
the bonds
\
<N.Y. Stock
N.Y.Curb
Exchange
Number of reports received
Exchange
1,070
868
Reports showing transactions:
As specialists*
Other than as specialists:
Initiated
on
193
floor.
Initiated off floor.....
.
i
loo
364
_
Reports showing no transactions
ioi
300
—
155
435
529
<
*Note—On the New York Curb Exchange the round-lot
transactions of
specialists "in stocks in which registered" are not strictly comparable
with
data
on
similarly designated for the New York Stock Exchange, since specialists
York
Exchange odd-lot dealer, as well as those of the specialist.
the New York Curb Exchange perform the functions of the
New
Stock
The number of reports in the various classifications may total
more than
the number of reports received because, at times, a
entries in more than one classification.
single report may
carry
J
Volume
STOCKS
ALL
IN
EXCHANGE—TRANSACTIONS
STOCK
YORK
NEW
Financial
144
for Free Markets
Total for
Per
Week
Cent a
7,862,770
Total volume of round-lot sales effected on the Exchange
Round-lot
transactions
transactions
except
members
of
of
514,700
the floor—Bought
on
516,630
Sold
6.56
1,031,330
Total..
340,355
405,025
2. Initiated off the floor—Bought
Sold
4.74
745,380
Total
Round-lot
transactions
In stocks
specialists
of
in which
713,890
registered—Bought
724,640
Sold-
April 29:
Total round-let transactions of members, except
tend to improve liquidity and even out
the three types of security
1,568,945
defined
20.45
3,215,240
Total
as
ditions with the
293,140
Seen Watching for
174,600
Sold
and
Sellers
467,740
Total
a
Bought
1,134,705
-
YORK
NEW
"In
EXCHANGE—TRANSACTIONS
CURB
FOR ACCOUNT
* Week
OF MEMBERS*
STOCKS
ALL
IN
(SHARES)
Per
Total for
Cent a
Week
dealer is
professional
a
The
but the balance between
demand are out of balance,
contributes to liquidity, but
the overburdened end tends to destroy liquidity or to
"If the forces of supply and
addition to the lighter end of the scales
any
addition to
said.
except transactions of
members,
of
transactions
future to
liquidity, the question being
supply and demand,
fact of activity does not imply
mere
he contended.
promote illiquidity," Mr. Saperstein
Round-lot
ordinarily willing to trade
already possesses or is likely in the near
acquire some degree of liquidity."
any
2,207,950
Exchange
words,
not the volume of transactions,
Ended April 3, 1937
Total volume of round-lot sales effected on the
other
only when a security
2,385,028
Total
possible, but, Mr. Saperstein said, "Unless
sufficient demand to absorb his
sell, he will not enter the market.
speculator can reasonably anticipate a
commitment when he is ready to
1,250,323
Sold
well.
Liquidity
both interested in a market that possesses as
are
great a degree of true liquidity as
odd-lot transactions of specialists):
In odd lots (including
buyers
and unfounded hopes and
detrimental to themselves and others as
their activities were generally
ro^lstorcd'
In round lota—Bought
2.
by Mr. Saperstein.
Speculation was
deliberate study of market con¬
objectives of enhancement of value and profitable resale.
assuming risk after thorough and
Gamblers, he differentiated, purchased on vague
Transactions for account of odd-lot dealers in stocks in which
1.
purchasers—investors, speculators
—only the speculators were considered
1,646,295
Sold
does the activity
price trends. Of
and gamblers
contended that only in exceptional cases
Mr. Saperstein
of speculators
transactions
of odd-lot dealers in stocks In which registered—Bought-_
and exchange
Commission, in an
address before the Cashiers Association of Wall Street in
New York City on April 28, asserted that most securities
"are altogether insecure" and that this lesson is one of the
most obvious to be derived from a study of corporate finance.
He criticized a speech by Charles R. Gay, President of the
New York Stock Exchange, on April 27, which urged that
security markets be left free from hampering Government
regulation.
That speech is reported elsewhere in this issue
of the "Chronicle."
The address by Mr. Saperstein was
described as follows in the New York "Herald Tribune" of
9.15
1,438,530
Total
Saperstein, director of the trading
David
division of the Securities and Exchange
specialists and odd-lot dealers In stocks In which registered:
1. Initiated
Charles R. Gay
—SEC Director Criticizes Plea by
1937
Week Ended April 3,
Are'Tnsecure"
Saperstein Says Most Securities
David
(SHARES)
FOR ACCOUNT OF MEMBERS*
2919
Chronicle
specialists In stocks in which registered:
1. Initiated on the floor—Bought
95,600
96,375
Sold
Co., American Private Banking House in
Fails—Unable to Meet Its New York Com¬
&
Cudebec
Paris,
4.35
191,975
Total
mitments
52,160
63,425
Sold
Total
stocks
In
specialists
of
transactions
Round-lot
registered—Bought
2.62
243,920
10.49
of all members:
367,205
Bought
—
Total
-
403,720
—
Sold—
770,925
136,922
unable to meet its New York
only sales.
creditors,"
was
the world
Cudebec said,
Mr.
over
during the la6t two weeks created a situation in
circles
Bourse
the
attributed
had
Budget Cited
in
Liquid Markets Are Essential to Economic Recovery,
Charles
R.
Gay Declares—Head of New York
Co.
essential
Charles R. Gay,
orderly business recovery,
to
Manufacturers'
eventually act
than to its
and
of
to the detriment
more
on
April 27.
will, he
of the public
Artificial measures affecting prices
protection.
conduct
the
told the Illinois
Chicago
in
which curtail legitimate speculation
Regulations
said,
Association
Costs
business,
he
continued,
are
costly to
imperative that American
Exchanges be given freedom "to conduct business wisely and
fairly," and that Exchanges be unrestricted for sellers as
well
asserted
Gay
for
as
that
it
is
buyers.
In discussing
government regulation of business and eco¬
Mr. Gay said:
nomic forces,
The government
people."
one
as
To
group
or
in
effort
an
create "means
If
class.
another
against
class
is, or should be, "of the people, by the people, for the
means just
one thing—all
the people.
Not any
this
me
government,
a
vicious
to
secure
legislation, favors one class
which class pursues
through
circle is created around
selfish
For
advantage.
the
worker
it
must
the right of the individual
to work out his own
destiny.
To the business man it must guarantee
freedom, subject to considerate and just regulation, to continue to make
his
contribution
that
high
adequate
To
tive
to
guarantee the right
the
to
standard
of
upbuilding
living which
to work,
of
the
country,
has been
our
the maintenance
pride,
and
to
of
realize
guarantee the right to seek employment
it must
enterprise subject
to
fair
taxation
but
not
confiscation.
in produc¬
Capital is
timid; it is elusive.
day," it
"game is
may
not
thus restrict
Representing the savings laid up against the "rainy
not take undue risks, and if through too great taxation the
worth
the
York
the current
in
become the central
problem, states the Guaranty Trust
issue
of the
"Guaranty
"Tangible evidence has been given that
the time for deficit
has passed," the "Survey"
continues.
"Only when vigorous and effective steps toward
retrenchment in government expenditures are taken can
business proceed with reasonable assurance that recovery
will not develop along radically unsound lines."
The "Sur¬
financing to stimulate
vey"
goes on
recovery
to say:
current position is not
expectations but that the increase in
receipts has been offset by an even greater rise in expenditures, together
with the fact that no real determination to balance the budget has yet been
shown.
The President's letter of April 13 and his message of April 20
seem
to indicate a realization of the need of gaining greater control over
that
significant
most
receipts
have
feature of the Treasury's
fallen
below
general expenditures, as well as of the relief expenditures,
the
ernment ;
of the gov¬
and it is to be hoped that they mark the beginning of a more
determined campaign than has yet been made to
bring about a fundamental
the position of the Treasury.
The situation now calls not for
stimulation but for restraint, and the first step in effective restraint must
change in
b?
a
balanced budget.
receipts further be¬
in the near future and made
necessary
the thorough revision of budget estimates.
A comparison of
receipts and expenditures of the Treasury for the fiscal 3 ear to date reveals
that receipts during the first nine months were much larger than a year
The
clouds
ago,
unexpectedly low
the
prospect of
level
a
of
recent income tax
balanced budget
while expenditures for recovery and relief showed a substantial de¬
But the saving in relief was much more than offset by a sharp
in general expenditures,
despite the fact that expenditures for
crease.
profits.
capital
New
Central Factor in Recovery
Co. Says Retrenchment
Necessary Before We Can
Survey," its monthly review of business and financial con¬
ditions in the United States and abroad, issued April 26.
The
the public.
Mr.
of
governmental efforts,
causing speculators who
the Federal budget has
feature of the recovery
of Business
is
to
Further
state of
The
as
which
meet its liabilities."
Trust
is
Expenditures
Proceed
Stock
Exchange
Argues
Against
Government
Regulations Impairing "Wise and Fair" Conduct
broad and liquid market for securities
commodity drop
American, to discourage rising prices,
bought raw materials to begin covering.
especially
Trend—Guaranty
President of the New York Stock Exchange,
"inspected the books this morning
the liabilities, so friendly
The unprecedented drop in commodity mar¬
upon.
could not collect its assets fast enough to
bank
Federal
Maintenance of a
28, in report¬
assets in liquidation would cover
their firms and their
to
commitments.
The amount of money involved was not
(April 29).
decided
the
*
total Exchange transactions.
In
calculating these percentages the total of members* transactions Is compared with
twice the total Exchange volume for the reason that the total of members' trans¬
itions includes both purchases and sales, while the total Exohange volume includes
,
an American
April 28. The
disclosed.
kets
301,436
"members" Includes all Exchange members,
The term
France,
and decided the
-
partners, including special partners.
a Percentage
of members' transactions
Paris,
liquidation
164,514
Sold...
*
was
liquidator tomorrow
17-46
which registered:
Bought
Total
of
ing the suspension, went on to say:
It suspended
operations during the morning, and Albert B. Cudebec,
head of the firm, announced it would be in the hands of a "friendly"
"Our
Odd-lot transactions of specialists in stocks in
Co.
Associated Press advices from Paris on April
463,365
Total round-lot transactions for accounts
commodity prices on world
drop in
sliarp
a
Cudebec &
institution
219,445
-
-
to
private bank, was forced into liquidation on
Total
i
markets,
which
In
-
Sold
Owing
115,585
Initiated off the floor—Bought
2.
the
candle,"
capital
will disappear
into
productive efforts of business and worker.
hiding and
increase
public debt retirements were smaller this year than last.
The total excess
of expenditures for the first nine months of the current year was $72,000,000 larger than a year ago, despite the large increase in receipts.
In
other words, instead of moving toward1 a balanced position during the yearP
the
Treasury has moved away from it.
2920
Financial
Chronicle
Drop in Government Bond Prices
6.
Whatever may have been the occasion for the
drop in government bond
prices, it is certain that bank holdings of government securities have been
decreasing gradually for several months, and that the decline became very
rapid in the second half of March.
since
the
drop
the
in
latter
The decline in
of
part
1931
prices
following
the sharpest
was
the abandonment
Action
The
Open
April
on
and
creased
Federal
prepared to make
was
for
the
account
times
as
announcement,
toward
the
orderly
be desirable."
may
be
would
made
conditions in the
banks
effective
banks
began
May
immediately
April 14 had
augmented
significant increase in
The
committee
announced
In
1.
by
line
view
a
purchase
to
holdings
their
policy,
to
that
stated
the Board of
by
its
new
$57,000,000,
policy
Governors
is
accord¬
an
reserve
in
require¬
Reserve
and
the
should
policy
new
increasing
securities
become
places
excess
while,
increases in
of
the
at
The
time,
same
Meanwhile,
fact
Reserve
member
conformity
remains,
by
in
with
that
to
that
position
in¬
$7,500,000,000 at the end
to
AND
COMMERCIAL
DEC.
WITH
ASSETS
31,
Corporation:
LIABILITIES
BANKS—DEC.
ALL
OF
31,
1936,
1935
31, 1936
Dec.
31, 1935
% Change *
Asse's—
Cash and due Irom banks
15.9
13.9
16.0
14.7
8 6
14.8
13.3
11.8
Other securities
7.5
6.8
Miscellaneous assets
2.1
2.2
—1.7
Loans
United
Government
States
direct and fully
14.2
obligations
guaranteed
...
Total assets
10 4
,
56.3
50.9
10.7
35.1
30.8
14 5
14.2
13.3
5.8
49.3
44.1
11.9
Liabilities and Capital—
Demand deposits
Time deposits
Total deposits
;
Miscellaneous liabilities
.6
Total liabilities (excl. capital
Total capital account.
.6
1.9
49.9
account).
44.7
11.7
6.4
6.2
3.1
56.3
50.9
10.7
13,974
14.123
"...
of
Total liabilities and capital account
government
by
reserves
Treasury helps
by its gold sterilization policy.
reserves
however,
the
purchasing
lowering those
the
direct and
11.8%, and
securities
'
showing the first
1934.
System
banks
OF
INSURED
OPERATING
in
effective.
Federal
the
reserves
requirements.
reserve
STATEMENT
COMPARED
by
January, whereby open market
operations were to be used to effect such changes in member bank reserves
as
might be deemed in the public interest after the increased reserve
requirements
PRELIMINARY
gov¬
exerting
securities,
this item since the beginning of
other
The following is the statement issued by the
such
Federal
the
government
and amounted
of
gain
a
Holdings of
the year.
of
of
market and1 to facilitate
money
this
with
"in
Such purchases,
with
during 1936,
1936.
Dec.
purchases of
Reserve
orderly adjustment of member banks to the increased
ments
10.4%,
$700,000,000,
31,
System announced
market
open
Dec.
on
(Amounts in Billions of Dollars)
Reserve
Federal
of
of the United States government,
$1,500,000,000
rose
$14,800,000,000
by Federal Reserve Committee
Committee of
such
at
the
to
influence
the
it
securities
amounts
ing
that
4
ernment
Market
Holdings of obligations
fully guaranteed,
were
the
gold standard in Great Britain.
It began, however, from an unprecedentedly high level, with the result that prices at present, while the lowest
in a year and a half, are still
higher than at any time prior to 1935.
May 1, 1937
increasing
Number of banks
further
prevent
*
Computed from amounts in millions of dollars
Contradictory Forces
This
in
situation
of
the
underlying
Tenders of $289,790,000 Received to Offering of $100,-
000,000 of Two Series of Treasury Bills—$50,024,000
Accepted for 141-Day Bills at Rate of 0.543% and
$50,052,000 for 273-Day Bills at Rate of 0.715%
of
of
process
requirements
additional
contradiction
borrowing
borrowed
money
reserve
of
reflection
a
involved
joint
and of
ing
is
and spending money on the one hand
trying to prevent overexpansion of credit on the other.
The spend¬
the
from
the
banks
to
prevent
raised!
are
increases
bank
deposits,
overexpansion.
The
and
creation
bank
deposits by this borrowing and spending process, with¬
corresponding increase in the volume of output of commodities,
threatens to raise prices,
attracts foreign capital to this country, and
out
a
swells
bank
rise;
increase
government
again by
and
reserves;
The
ment.
incoming gold is
in
reserve
security
sterilized to
requirements
fall,
prices
and
check
excess
the
interest
causes
reserves
move¬
rates
to
increased
are
market operations to support the bond market.
open
Fundamentally, the difficulty arises from the fact that an effort is
being made to undo with one hand what is being done with the other.
Borrowing and spending by the government increase bank deposits, and
purchases
member
of
government
bank
reserves.
excess
reduces
reserve,
securities
At
the
by the Federal
Reserve banks
increase
time, increasing reserve, requirements
while gold sterilization prevents incoming gold from
same
increasing those
reserves.
The whole situation illustrates the
difficulty
bringing about certain changes in financial conditions without incurring
the natural consequences of those
changes.
of
Of tenders
totaling $289,790,000 received to the offering
$100,000,000, or thereabouts, of two series of Treasury
bills, dated April 28,1937, Secretary of the Treasury Morgenthau announced on April 26 that $100,076,000 were
accepted.
The tenders to the offering, which1 was referred to in our
issue of April 24, page 2749, were received at the Federal
Reserve banks and the branches thereof up to 2 p. m.,
Eastern Standard Time, April 26. Each series of the bills
was offered in amount of
$50,000,000, or thereabouts; one
series was 141-day bills, maturing* Sept. 16, 1937, and the
other 273-day securities, maturing Jan. 26, 1938.
of
Details of the bids to the two issues of bills were made
as follows on
April 26 by Secretary Morgenthau:
available
141-Day Treasury Bills, Maturing Sept. 16, 1937
For
this
amount
which
series,
applied for
for
was
$50,000,000,
Mortgage Loans by New York State Mortgage and Loan
Associations Increased 60% During March
A 60% increase in the amount of
mortgage money loaned
latter price was accepted.
during March by the savings and loan associations of the
to be issued is 99.787 and the average rate is about
State of New
bank
announced
the New
tions,
York
the
over
previous month
State League of
as
associations
within
following
is
the
also
State
from
for
the
March
is
also
announcement
reported.
issued
by
Mr. Woodard:
Of
this
chase
of
With
the
pated
Of
increase, 50% was loaned on the construction and pur¬
homes, with a decided increase noted in the metropolitan
Westchester,
coming of spring,
in
this
the
totaling $546,981;
124
Staten
an
even
reported, the
Island,
greater
sum
purchase of
there
other loans,
Brooklyn
volume
and
Long
business
of
is
Federal
April 22,
40
were
new
of $1,069,665, in
homes; 175 loans
253
loans,
the
loans
Total
an
totaling $262,564.
Deposit
Insurance
and
Corporation issued,
on
and
deposits
increase
Total
In
were
was
capital
from
12.2
proportion
to
than
$49,000,000,000
of $5,000,000,000, or 12%.
on
Dec.
31,
Approximately
during 1935.
deposits increased by
more
than $4,000,000,000, about
$35,000,000,000 at the year-end1.
$1,000,000,000, or 6%.
The
increase
in
Of
account
to
11.4
deposits,
increased
end
as
of
$200,000,000,
1936
but
its
3%,
or
ratio
to
annum, on a bank discount basis.
a
a
5.
of the
A
asset
items,
gain
was
accepted.
of about 0.749% per
Only part of the amount bid for at the
The average price of Treasury bills of this series
about 0.715% per annum on
Offering of $100,000,000 of Treasury Bills in Two
to Be Dated May 5—$50,000,000 of
135-Day Bills and $50,000,000 of 273-Day Bills
Tenders, to be received at the Federal Reserve banks,
the branches
thereof, up to 2
invited
the percentage fell from
were
cash
and
amounts
due
14.1
from
insured commercial
of
$1,300,000,000
assets
Dec.
to
31,
13.0
was
1935.
banks
the
which
date
of
or
is
a
new
maturity
a
$50,019,000.
this
offering of two series
will
week
be
of
loans
similar
securities
in
Each series of the bills announced
offered
in
amount
of
$50,000,000,
or
thereabouts; one series will be 135-day bills, maturing Sept.
17, 1937, and the other 273-day bills, maturing Feb. 2, 1938.
The face amount of the
without
In
interest
on
said
that
bidders
tplls of each series will be payable
their
his announcement
are
bills will be issued
The
nations
turity
of
$1,000,
respective maturity dates.
April 29 Secretary Morgenthau
required to specify, the particular
of
in bearer form
$10,000,
$100,000,
He added:
only, and in amounts
$500,000,
and
or
denomi¬
$1,000,000
(ma¬
value).
No
tender
must
the
pieased
on
90.125.
outstanding, an
8.6%, brought total loans to $16,000,000,000 on Dec. 31, 1936,
have been on any previous FDIO "call date."
During
loans increased by only $94,000,000,000.
increase of
there
amount of
for
be
an
in
amount
less
multiples of
than
$$1,000.
the basis of 100, with not
Fractions
must not
$1,000
more
will
The price
be
considered.
offered must
Each
be
ex-
than three decimal places, e.
g.,
be used.
Tenders will be
and
volume
April 29 by Secretary of the Treas¬
Henry Morgenthau Jr. to
14%,
showed
$2,000,000,000,
or
Eastern Standard Time,
Treasury bills in amount of $100,000,00 or thereabouts.
The bids to the bills, it is pointed out, will not be received
at the Treasury Department, Washington.
Both series of the bills, which will be sold on a discount
basis to the highest bidders, will be dated May 5,
1937, on
during
banks.
in
on
p. m„
of
$15,900,000,000, representing about 28% of the total reported
higher than they
1935
a rate
Series^—Both
tender
the
total of
assets
thereabouts, the total
or
bank discount basis.
New
and amounted
total
compared with the report for
greatest proportionate increase for the year, rising
to
99.432, equivalent to
series for which each tender is made.
the year.
4.
for $50,000,000,
was
to be issued is 99.458 and the average rate is
15%,
about
$6,400,000,000 at the
reduced
more
occurred
deposits
3.
to
to
year
volume
during 1936, and
time
amounted
increase for the
Demand
2.
per annum, to
amounting to $52,372,
a
System
same
per annum on a
$139,477,000, of which $50,052,000
May 3,
additional
5,325 National banks and 1,051 State
banks members of the System.
The FDIC listed, as follows,
significant developments since Dec. 31, 1935:
1.
which
latter price was accepted.
was
refinanced,
were
statement summarizing the assets and liabilities
of 13,974 insured commercial banks as of Dec.
31, 1936.
Included are 7,598 banks not members of the Federal Re¬
1936,
this series,
0.629%
antici¬
1 Increases During 1936 in Assets
Deposits^of 13,974 Insured Commercial Banks
serve
0.543%
„
The accepted bids ranged in price from 99.523, equivalent to a rate of about
Island.
Notes
The
'
273-Day Treasury Bills, Maturing Jan. 26, 1938
ury
FDIC
per
Only part of the amount bid for at the
The average price of Treasury bills of this series
basis.
amount applied for was
field.
$1,931,583
for the construction and
and
bank discount basis.
large
new
including
areas,
the total
accepted.
to 99.779, equivalent to a rate of about 0.564%
per annum,
discount
For
Savings and Loan Associa¬
the result of reports from 98 associations in all
parts of the State.
This shows a total of $1,931,583 in 592
loans.
An estimated total of
$4,191,535 loaned by all the
The
0.490%
annum, on a
by Zebulon V. Woodard, Executive Secretary of
York
was
The accepted bids ranged in price from 99.808, equivalent to a rate of about
recently
was
thereabouts,
or
$150,313,000, of which $50,024,000
was
trust
ment
of
are
accepted without cash deposit from incorporated banks
companies and from responsible and recognized dealers in invest¬
securities.
Tenders
from
others
must
be
accompanied by a deposit
10% of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an
incorporated
bank
or
trust
company.
Volume
Financial
144
May 3, 1937,
Immediately after the closing hour for receipt of tenders on
received at
tenders
all
Federal
the
banks
Reserve
or
branches thereof up
the ac¬
possible thereafter,
probably on the following morning.
The Secretary of the Treasury ex¬
pressly reserves the right to reject any or all tenders or parts of tenders,
and to
allot less thap the amount applied
for, and his action in any
such respect 6hall be final.
Any tender which does not specifically refer
to
the
closing hour
ceptable prices
will
be opened and
for each series
public announcement of
will follow
as
soon
Federal
May
1937.
particular
a
tenders
the
at
5,
The
from
sale
all
after
rejection.
or rejection
bills
will be exempt,
as
to
of the Treasury bills shall be
allowed as a deduc¬
the purposes of any tax now or
imposed by the United States or any of its possessions.
or
prescribe
Mr.
Roosevelt
the
then
was
1940
census
for
otherwise recognized,
here¬
No. 418, as amended, and this notice
Treasury bills and govern the conditions of
Circular
Department
be
of
terms
the
what the information would
would be a matter of interest,
would be improved if the Government had
He agreed that the data
wanted for.
but asked
how the situation
figures
unemployment
there were 5,000,000 or
that
8,000,000
well determined, both
of the unemployed.
had been pretty
that this information
conclusion was
President's
The
showing
of work.
persons out
and type of work
that the information
it from established sources.
number and as to Industry
as to
His injunction to reporters was
available and they should go and get
Reporter Cites Case
the
in
of the
words
man,
newspaper
than three hours of floor polishing
for
of
the
was
name
While
Mr. Roosevelt reached
The reporter said that he could not
Negro.
since he
——•*>
for pay a day."
pad and pencil and asked the reporter to
scratch
a
Negro on relief in Washington who
"is too busy on relief to do more
of a
Another reporter cited the case
him the
the
issue.
unemployed.
speedier census of the
to obtain a
The President countered with a question as to
interest, and
principal and
relief,
effort was being made to end this
advance
the sale or other disposition thereof will also be exempt,
taxation, except estate and inheritance taxes.
No loss from the
Treasury
their
to
the 2,550,000 receiving
But the President said that
duplication.
asked whether plans had been approved to
several buroaus.
result of registration at
a
every
from
other disposition
or
tion,
subject
as
was
Treasury
gain
any
be
will
series
presumably would include the great bulk of
as
Those submitting
will be advised of the acceptance
thereof. Payment
price offered for Treasury bills allotted must be made at the
Reserve banks in cash or other immediately available funds on
to
2921
Chronicle
a
asked his questioner to give
The President then
friend.
in confidence at the conclusion
of the press conference.
the Labor Department,
Statistical Board,
Central
the
give him the name
identify the person
and the
have evolved elaborate
methods for defining unemployment in behalf of their plea for an early
census, the President said that as a matter of fact in speeches, editorials
and news stories covering the subject, no one has been willing to define
what unemployment was.
The argument of Government experts has been
that an unemployment census should be conducted simultaneously with the
national census on the ground that the national economic and social picture
has been so altered as to make the latest general figures, 1930, no longer
Department of Commerce were reliably reported to
Roosevelt Starts
President
2-Week Fishing Trip—
on
Embarks at New Orleans for Vacation
Gulf of
on
Mexico
President
Roosevelt left Washington on April
28 for a
fortnight's vacation, most of whie,h will be spent in a fishing
trip in the Gulf of Mexico.
The President traveled by special
train to Biloxi, Miss., where he arrived on April 29.
He
then drove to Gulf port, where he again boarded his special
train, arriving at New Orleans the same afternoon and put¬
ting to sea in his yacht, the Potomac.
Mr. Roosevelt ex¬
pects to land at Galveston on May 10 and to return to
Washington on May 13, stopping at Houston and Fort
Worth, Tex.
In outlining the President's plans, a dispatch
of April 28 from his special train to the New York "Herald
reliable.
It is expected that hearings will begin next
subcommittee headed by Senator Overton.
follows in a Washing¬
unemployed.
week
before
a
The Committee's action was noted as
The measure not only provides for a census
Biloxi, Miss.,
and motor twelve miles to Gulfport, stopping en route at Beauvoir to
visit the old home of Jefferson Davis which is now a home for veterans of
the Confederate Army.
He will reboard the train at Gulfport and go on
to New Orleans, arriving there, if the present schedule is maintained, a
Tomorrow at 9 A. M. the
President will leave the train at
little after noon.
,
which left Washington at 6
The President's train,
A. M., rolled along
time table through the hillsides of Virginia and North
of flowering dogwood and apple orchards in
all day on an easy
Carolina dotted with clusters
At Salisbury, N. C., where the train
Mayor O. P. Raney put
stopped to take on icet
abroad for the President a bag of
old-fashioned
barbecued pork.
commission"
ment
temporary executive
will board the IT. S. S. Potomac,
offices at Galveston.
Biennial Surveys Provided
of Connecticut, the bill provides that
and "every two years thereafter
Introduced by Senator Maloney
the
census
shall be taken in 1937, in 1940
of determining the number of unemployed persons
18 and under 65 years of age. These persons
for the purpose
United States" over
be classified by "race, sex, customary
tion of their
Commission would
the Secretary of
Labor, the Chairman of the Federal Trade Commission and the Chairman
proposed Federal Unemployment
the Secretary of Commerce,
General,
Attorney
of the Social Security Board.
If the census showed that more than
number of unemployed is not more
36 hours, and if the number is not in excess
a
Mr. Roosevelt's remarks in
by two years.
connection with
of 2,000,000, a 40-hour week
be established.
working weeks established by the
report filed with the commission
Roosevelt
President
modities—Letter
Seen
mission
Too
The
as
commission would continue in
and
succeeding census has been taken
by the Director of the Census.
Employees
Government
Warns
or
Com¬
Civil Service
Another Step in Move to
Com¬
Curb
Speculation
Against
indicated that he was
if more
week would be fixed at
than 4,000,000, a 34-hour week;
but less than 4,000,000, the work
than 2,000,000,
conference on April 27
opposed to proposals for a national
census of the unemployed because he believed there is no
need for such a census, since necessary information for
making government relief plans is already available.
It
had been revealed on Apirl 24 that the Department of Com¬
merce and the Department of Labor had submitted to the
President a detailed plan for the counting of the unemployed
in 1938, thus advancing the usual census scheduled for 1940
8,000,000 persons are unemployed,
30-hour week; if the
to establish a
the commission would be empowered
force until two months after the next
President Roosevelt at liis press
in the
would
occupation and the causes and dura¬
unemployment."
of the
Members
The
Federal Census of Unem¬
ployed—Says Government Already Has Sufficient
Information to Chart Relief Plans—Senate Com¬
mittee to Hold Hearings on Maloney Bill
number of idle revealed by the
survey.
would
President Roosevelt Opposes
but sets up an "unemploy¬
the length of the
would be empowered to fix
which
working week, graded according to the
be the
which
will take him out where tarpon are to be found.
The President will fish
from a forty-foot whaleboat, equipped with a special swivel chair.
Only the military and naval aides, Captain Ross T. Mclntire, White
House physician, and possibly the President's son, Elliott, who lives at
Fort Worth, Tex., will put to sea with the President.
Colonel Marvin
H. Mclntyre, the President's secretary, and the office staff will set up
At New Orleans the President
"Times":
dispatch of April 28 to the New York
ton
Tribune" said:
full bloom.
_
Despite the views expressed by the President, the Senate
Committee on Commerce on April 28 voted to hold hearings
on the Maloney bill, providing for a Federal census of the
Stocks,
in
Head
to
Bonds
of
Rapid Price Increase
White House on April 26
made public a letter from
B. Mitchell, President of the
Roosevelt to Harry
President
Civil Service Commission, in which
the President said that
employees in stocks, bonds or
speculation by government
commodities should be a factor in passing on
questions regarding this proposal were reported as follows
in a Washington dispatch of April 27 to the New York
"Herald Tribune":
retentions or
Commenting on the letter,
promotions in the civil service.
by any particular case.
Commenting at some length at
his press conferences on questions con¬
of a counting, the need for which had been urged
on Capitol Hill by pirvate business leaders and by experts in Government
Departments, the President returned the questions with other questions,
and vited figures, which, he said, were available to show the extent of
cerning the possibility
national unemployment.
President's attitude is such as to reject recommendations
and the Department of Labor,
urging that the next general census, scheduled for 1940, be moved up to
1938 and 1939 and accompanied by an enumeration of the unemployed.
The President's attitude was criticized by Senator Arthur H. Vandenberg,
Republican of Michigan, who said that the result would be hat the Govern¬
ment would continue to "guess."
The S&nator proposed a simple regis¬
tration scheme for more accurate judgment as to the extent of the unem¬
Apparently the
to him from the
met
the
question on the possibility
believe
I
it
be
to
a
of the government that no officer or
sound policy
directly or indirectly in any transaction con¬
cerning the purchase or sale of corporate stocks or bonds or of commodities
for
speculative purposes, as distinguished
from bona fide investment
shall
employee
participate
purposes.
Engagement
in
the
whether
under
matters
such speculative activities by any officer or employee,
competitive civil service or not, should be among the
considered
by
the heads
departments and establishments and
questions concerning hie qualifications
of
by the commission in passing upon
retention or advancement.
for
would
I
appreciate
would
if you
it
take
steps
to make
this known
throughout the government service.
A
4
of combining an
unemployment count with the regular national census by asking his press
conference for a definition of unemployment. As a matter of plain fact,
he said, each State has a complete list of its needy unemployed available
to any one.
He was asked to tell what these lists showed.
Speaking informally, the President said that figures of the Works
Progress Administration showed 2,150,000 receiving Federal aid, to which
which might be added another 400,000, presumed to be persons receiving
State but not Federal aid.
The lists of these people, he said, were on
hand to be read.
A reporter pointed out that this calculation might show
the number receiving Federal aid and asked how could the many thousands
who never had a job but who are unemployed be ascertained. ?
The President said that the rolls of the United States employment
services answered this and similar questions.
These rolls showed, Mr.
Roosevelt said, that there were 6,000,000 persons looking for jobs.
He
agreed that there might be duplications in the list of 6,000 000, which
Roosevelt
he knew it was not prompted
As a result, the letter was generally
interpreted as another warning of the dangers of too rapid
price increases.
The letter, dated April 22, read:
Department of Commerce
ployment problem.
Mr.
Mr. Mitchell said that as far as
dispatch
Washington
"TimSs"
It
was
commented
that
assumed
immediate checkup
of
April
26 to the
on
the
President's
New York
this letter as follows:
statement
would
result
in
an
of speculative activities of Federal employees.
a rule barring
thereby extending to workers
put on the Commissioners by Congress.
In the case of other agen¬
cies, such as the Maritime Commission, Congress has barred possesion or
purchase of stocks or bonds of companies falling within the agency's juris¬
diction, but this has usually applied only to agency heads.
Just what definition of "speculative activities" is to be set up was left
largely to the agencies involved, as was the whole question of making the
The
all
a
its
and
Securities
employees
Exchange
Commission early adopted
from speculative trading,
ban
President's policy effective.
The
rules
that
at
the
Securities
and
Exchange Commission
bar all margin
all short selling.
At the Treasury, where much information
would be of value to speculators comes to the attention of officials
trading and
2922
and
Financial
important employees, Secretary Morgenthau said that
activities
The
of this
indicated
lative activities
Another
tion
character had
Secretary
is
would
Department
casting
services
reports
are
with
room
whose
agency
the
be
affect
been
to
curb
considered necessary.
employees
any
rules
found
involved
in
of
the
opportunities
Agriculture,
commodity
all
armed guard on
May l, mi
would be much greater than any existing
damage to producers through this
form of price cutting.
The
general
opposition of economists
and consumers to this type of
A questionnaire sent to members of the American
legislation is noteworthy.
gives
work
Chronicle
specu¬
discharged.
being prepared,
an
ever
that
no
those
where
duty and
are
reporting
crop
markets.
doing
for successful
On
the
the work
days
specula¬
and
when
locked up
are
fore¬
crop
in
a
Economic Association
some
years
by Carroll W. Doten, professor of
ago
the Massachusetts Institute of Technology, resulted in a vote of
401 to 87
that the manufacturer should not have the legal
right to control the retail
prices of his products.
There is
isolated until the report it out.
probability that manufacturers and dealers
great
may
abuse
the power to arbitrarily fix resale prices by
unduly increasing prices, re¬
sulting in bitter resentment on the part of the consuming public,
especially
President
Roosevelt
Warns
Increases—Letter
Against "Undue" Price
Vice-President Garner Asks
to
Postponement of Action on Miller-Tydings Bill—
Cites Analysis by Federal Trade Commission
""President Roosevelt, in
in this period of rising prices.
Replying to your inquiry as to the five complaints issued against certain
distillers by this Commission referred to by Secretary
Morgenthau, there
are
enclosed herewith, for your information, copies of those
complaints.
In
charged with maintaining uniform resale prices
and with enforcing agreements with respect thereto
substance, these dealers
in interstate
are
a letter to Vicje-President Garner
April 27, asked Congress to postpone action on the TydingsMiller bill to
control prices of trade-marked articles in
inter-State cjommercp.
He warned that the measure might
cjause undue advances in pricjes, with a resulting rise in the
post of living. House action on the bill had been postponed
on
April 26, as described elsewhere in this issue of the
"Chronicle."
In his letter the President transmitted a
warning from the Federal Trade Commission that manu¬
facturers and dealers might abuse the power to fix resale
prices arbitrarily and thus create bitter resentment on the
part of the consuming public.
The text of the President's
to enter into contracts with distributors to fix minimum
letter follows:
the articles.
on
My attention
for
contracts
law.
me
called
was
the
S 100,
to
maintenance
of
which
resale
would
prices
render
legal certain
illegal under Federal
now
I requested the chairman of the Federal Trade Commission to
give
recommendation on this bill, and 1 attach his reply on behalf of the
a
The present hazard of undue advances in prices, with a resultant rise in
the cost of living, makes it most
untimely to legalize any competitive or
marketing practice calculated to facilitate increases in the cost of numerous
important
articles
which
American
householders,
on consumers
no
study of the effect of resale price
since 1929, but the Commission does mention
Considerable Congressional support was
Tydings
sulting in bitter resentment on the part of the consuming public
in this period of rising prices.
we seem to
be in
a
„
A
having the Commission bring down to date the study which it
years ago by examining the economic effects of resale
price
eight
maintenance under the novel and
rapidly changing conditions
enclosure,
Federal Trade
recommendation
the
on
Miller-Tydings bill.
The Commission has not
reason
policy for determination by
Miller-Tydings
bill would
amend
the
Anti-Trust
Laws
so
as
to
legalize contracts and agreements fixing minimum resale prices for
goods
sold in interstate commerce and resold within the
jurisdiction of any State
where such contracts
or
agreements
A number of States
now
as
In order to do
on
directly and
resale
fair trade acts.
These acts
general class, such as tooth-paste,
prices for resale of
so
contracts.
The
Miller-Tydings bill would exempt the anti-trust penalties toward
for a company doing business
in interstate commerce to establish plants or
agencies in each of the States
in which it does business under fair trade contracts.
Proponents of the
by the
conformity with the public policy expressed in the Sherman Act
and the Federal Trade Commission Act.
Enactment of the Miller-Tydings
bill would in its practical effect void such decrees and
orders and constitute a
reversal of what has been
public policy for
many years.
to
measure say
that the chief need of the Fall Trade Act
cutthroat
prevent
competition
by forbidding merchants
"loss leader" sales.
President
Roosevelt Favors 15%
Cut in Total 1938
Appropriations Rather Than Proposed 10% Hori¬
zontal Slash—Resolution Would
Impound 15%,
Not to Be Released Except on Presidential Author¬
States, and since, under the proposed Federal legislation, Federal
exemption
from the anti-trust laws would be conditioned
upon the legality of similar
contracts in intrastate commerce, the
anti-trust laws in
Miller-Tydings bill would modify the
different degrees in differing States.
Thus, not only would it leave the Federal
as
and
to those States which do not
aDti-trust laws in full
legalize resale price main¬
tenance, but there would be divergent policies
as
to
those
States which
legalize price maintenance, because of the differing terms of the different
statutes in the respective
States; thus, the Federal Government would be
under the necessity of attempting to enforce
divergent regulatory policies
toward shipments made by the same manufacturer to
dealers located in
States,
because
of
the
differences
in
the
respective
State
statutes.
A peculiar feature of many of the State laws
which would, under a recent
decision of the Supreme Court, speaking
through Mr. Justice Sutherland
147), thus be made binding
wholesalers
and
retailres
upon interstate commerce is that
to
conform to the provisions of
private resale price maintenance contracts to which
they are not parties.
Thus a private contract, the provisions of which
are determined without
public hearing, and apart from any public supervision as to the reasonable¬
ness, is made binding upon all dealers and the
consuming public.
"With respect to the economic phase of this
matter, the commission has
not made a recent
study of resale price maintenance.
the commission did undertake such
a
However, in 1929,
study, reporting to Congress thereon
In that report the Commission said:
*
The position taken by both proponents and
opponents of resale price
maintenance is based on the belief that such maintenance of
prices would
limit retail competition.
The real crux of the question,
therefore, is whether
injury done to the
consumers' interests through the elimination of
dealer competition with
respect to price-maintained articles would be
greater than the damage now
allowed to be done to the interests of manufacturers
and distributors of
trade^marked, nationally advertised brands
when they are used as leaders.
Neither injury is capable of exact measurement
but, in the opinion of
the commission, the potential
damage to consumers through price-fixing
ization
^
A
15% reduction in proposed Government expenditures for
the fiscal year ending June 30, 1938, seemed
possible this
week, following the introduction on April 28 of a resolution
tion.
Representative Cannon had conferred with the Presi¬
dent at the White House on April 27. Mr. Bankhead said that
he also favored the resolution, in
preference to a horizontal
10% cut in all appropriations, as suggested by Senator Byrnes
Representative Taber of New York.
were reported
as follows in Associated Press
Washington advices of April 28:
of South Carolina and
His remarks
Mr.
Bankhead said he did not
on
believe there would be any immediate
He said he thought it should be deferred until
the resolution.
after all appropriation bills have passed.
"Frankly, if it
goes
through," Mr. Bankhead said at his
"it will be left up to the President to
The Speaker said he, too,
see
press
conference,
what savings he can make."
approved the Cannon proposal.
It appears evident, he added, that the President favors it in
preference
to a
horizontal 10% cut in all appropriations as suggested by Senator
Byrnes,
Democrat, of South Carolina, and Representative Taber, Republican, of
New York.
"It
an
Since State laws, legalizing resale price
maintenance, differ in the various
force and effect
is
indiscriminately.
This problem,
they assert, confronted National Recovery Administration in the form of
price
Public policy since the passage of the Sherman Anti-Trust
Act in 1890 has been opposed to resale
price maintenance.
Numerous court
decrees have been entered under the Sherman Act and numerous
orders to
cease and desist have been issued
by this Commission and affirmed
in 1931.
some
today, however, to escape anti-trust law penalties the
manufacturing firm must operate in the States in which he holds trade act
action
are
maintenance
Ct.
have passed
competition with other articles in
to intrastate commerce have been
have such statutes.
Many of these State laws and the Miller-Tydings bill
irreconcilably in conflict with the present Federal law
(57 S.
date
amount would be available for
expenditure unless released by
President Roosevelt. Speaker Bankhead said that he was au¬
thorized to state that President Roosevelt favored the resolu¬
yourself and the Congress.
they require
States to
letter of Chairman W. W. Ayres of the
was dated April 14 and read:
a
Commission,
heretofore expressed an opinion as to the merits of this bill for the
that it deemed it to be a matter of legislative
different
behind the Miller-
by Representative Cannon of Missouri, providing for the im¬
pounding of 15% of total appropriations. None of that
Receipt is hereby acknowledged of your memorandum of April 7, 1937,
transmitting Secretary Morgenthau's letter of April 6, 1937, and requesting
the
developing
when the President acted. The bill would operate in this
attending
now
business in this country.
courts in
of 38
total
especially
judgment, receive the consideration of the Congress until the whole
matter can be more fully explored.
Conceivably, the Congress might
legalized.
measure
way:
period of rising retail prices, this bill should not.
in my
The
of
authorize manufacturers who produce articles which are in free and
open
great probability that manufacturers and dealers may abuse
the power to arbitrarily fix resale prices
by unduly increasing prices, re¬
a
enforcement
Washington advices of April 27 summarized
Miller-Tydings bill as follows:
There is
The
boycott, threats of
the
a
says:
approve
to
from cutting prices of a certain product
You will note that the FTC has made
made
of blacklists,
incidental
United Press
the
consumers
reputable body of informed opinion to the effect that such control of resale
prices would be harmful to the consuming public.
Indeed, the Commission
Since
use
their resale price policies.
contracts
and
generally buy.
maintenance
the
as
boycott and other coercive methods
such contracts and thus make it unnecessary
Commission.
and
commerce
by unlawful methods, such
is
practically
absolute
impossible,"
horizontal
cut
in
all
the
Speaker
asserted,
appropriations.
You
"to
provide
just
can't
for
do
it
without injustices in certain spots."
If the Cannon
measure
went
through, Speaker Bankhead noted, there
would be specific appropriations that could not be
touched, such as those
for national debt retirement,
compensation for veterans and their widows
and wages of Government employees fixed
by law.
The Speaker added, however, that Mr.
miss "a lot of
Roosevelt has authority to dis¬
employees if he thought it necessary."
Asked whether the
President could not affect economies
now by with¬
holding appropriations from Federal agencies, the Speaker said Mr. Roose
velt probably would not be seeking the
power now if he already had it.
President
Roosevelt Signs
New Guffey-Vinson Bill,
Creating "Little NRA" for Bituminous Coal In¬
dustry—Also Appoints Seven Members of Coal
Commission
President Roosevelt on April 26 signed the new
GuffeyVinson Coal Bill, establishing Federal control of
prices and
trade practices in the bituminous coal
industry.
On the
same day he sent to the Senate for confirmation
the names of
seven men to serve on the National
Bituminous Coal Com¬
mission created by the law.
The new measure is a sub¬
stitute for the "little NRA" for the coal
industry which
was
invalidated by the United States
Supreme Court in
1936 on the ground thai provisions
hours of miners
ment
of
regujating the wages and
Congress.
The new
Signing of the law and appoint¬
exceeded the
law omirs labor provisions.
power of
Commission members
were
noted
as
follows in
a
Washington dispatch of April 26 to the New York "Times":
The President sent to
members of the
new
$he Senate for confirmation
the names of
seven
Bituminous Coal Commission,
empowered to admin-
Volume
Act, and also the name of John P. Carson as
ister the
'
The members
are
O. P. Hosford Jr. of Pennsylvania and
Lewis of Iowa, representing the
Messrs. Hosford, Smith, Tetlow and Maloney were
whose office is established under the
Mr. Carson,
board
will
have
power
travel
and
tax
a
sale price, but exempts
States, it imposes a tax of 19^% of the
the
American
new
include
elsewhere in our issue of
law is given
Final Congressional action on the legislation was
referred to in our issue of April 17, page 2581.
•
today.
»
'
'
'
port on
cretion
of
sion
or
with
of the United States
various commodities
to be transferred to foreigners before the goods leave the
United States and by forbidding their transport in American
ships.
Previous reference to the legislation appeared in
1885.
these columns of March 20, page
following regarding Senate and House approval
compromise conference agreement, is from United
Washington advices of April 29:
The
accepted
a
of the
Press
controversial House-Senate
the bill to Mr. Roosevelt for signature
before the
expires Saturday midnight.
conference agreement reached Tuesday after a long fight between
temporary legislation
"discretionary" and "mandatory" factions,
the amount of
a
compromised differences over
leeway to be given the President. Chief opposition came from
"mandatory" adherents who charged the President could
small band of
"change the rules of the
exercise his discretionary power to
game" and thus
would plunge this country into war.
commit acts which
Expires May. 1939
The controversial provision
and
and
basis was accepted only as a two-year
carry'*
experiment and will
Vandenberg (Rep., Mich.), and Senator
Senator Arthur H.
The
Calif.)
(Rep.,
tional urge to
keep us out of war and will not
do what it purports to do—it
be
achieved only by mandatory legislation notifying the world in advance
of war exactly what this country would do.
He said that Presidential de¬
cisions on application of embargoes after war began would be bound to hurt
one belligerent more than the other and bring reprisals that would draw this
country into the
ways
fair
changed after the game begins
and pre¬
play," he said.
Senator Vandenberg
"does make many
quarantines and insulation against war."
Nev.) of the Senate Foreign Relations
Committee, and Majority Leader Joseph T. Robinson, led the fight for
approval of the measure which, Senator Robinson said, seeks only to "put
the United States in a better position to maintain neutrality in event of a
future
Key Pittman (Dem.,
war."
the
House,
sideration of Miller-Tydings
(Rep., N. Y.) threw Republican
Chairman Sam D.
McReynolds (Dem., Tenn.) of the
support to the bill.
House Foreign Affairs Committee,
as
The
no
or
or
existing neutrality law provides that the
exportation of
to any faction
arms,
United States will permit
belligerent
It also prohibits loans to such belligerents
ammunition or implements of war to any
in civil strife.
factions.
American
vessels
ican
ing
nationals
republics,
in
visions
are
warned
in
the
law
that
they
may
travel
on
their own risk. Amer¬
non-American Power and not cooperat¬
registered under a belligerent flag only at
such
of
when at war with a
war
with
a
non-American Power,
are
exempt from the pro¬
hours for labor.
.
i
York "Times"
Washington advices of April 26 to the New
follows:
discussed such proposals as
As
Recovery
proposed
of
would
Codes
but one
reenact
would
"the best features of the
be avoided.
Just how far
old
the
would go toward regulation of industry could not be
pointing to President Roosevelt's record: in favor
control, said, "you can be sure it will be
program
learned,
plan
Act."
the
outlined,
National
source,
rather that • State
Federal,
effective."
be
be
alloted
enlarged.
Another
legislation for fair-trade practices
Commission, which of necessity
source
reason
expressed the opinion that
George L. Berry's Committee for
skeleton organization of the defunct NRA.
for the side-tracking of the Miller-Tydings bill was
the
Administration did not want any legislation "cluttering
the Congress any
opposed to Federal
situation, or tending to express as the policy of
the
up
Trade
might be lodged with Major
Cooperation,
real
The
the Federal
to
greatly
enforcement
Industrial
of
that enforcement
believed
was
would
would
compacts
State
toward
or
regulation,
as
regulation."
The Miller-Tydings
the
for
sale
has
Court
and
turers
bill, in its essentials, would give to the States
upheld a California Act validating contracts between manufac¬
dealers which compels the latter to sell trade-marked articles
price specified by the manufacturer.
Other States have similar acts, including New York.
the
bnll would
commerce
in
effect cede to
a
Connery
luncheon
off
covered by contract3
State "fair-trade Act."
White House
Connery at
hold
The Miller-Tydings
the States the authority to regulate interstate
in trade-marked articles, where their sale was
Chairman
to
having
price-fixing contracts
of trade-marked goods in interstate commerce.
The Supreme
authority to compel performance of
"fair-trade Acts"
of the
guest today,
Labor Committee, who was a White
admitted the President was exerting pressure
House
industrial legislation.
was "going slow" on labor legislation,
White House. A case in point, he said, was the
Ellenbogen bill regulating hours and wages in the textile industry. He
said an estimate of the cost of administering the Act, through a board,
would be about $350,000 a year and that this information had: been given
to the President.
But he was unable to say whether he would be asked to
Mr.
Connery
said also that he
waiting for word from the
have
his
"As
the conferees agreed upon today would extend the
scope of the existing law in the following respects:
1. Trade with belligerents or factions could be placed on a "cash and
carry" basis by the President, if he found such a step necessary to pre-
was
President Roosevelt wished
the Act.
The legislation that
Price Abreement Bill
April 26 urged House leaders to
interpreted as an indication that
to defer the passage of legisla¬
tion covering Federal and State rights regarding working
hours and wages, fair trade practices and taxes, pending a
vote on
the President's court reorganization plan.
The
Miller-Tydings bill, under a special rule, had been given a
place on the calendar by the House Rules Committee.
It
was reported that if Congress approves the court reorganiza¬
tion program the Administration plans to submit bills creat¬
ing boards with authority to administer a comprehensive
fair-trade practices program and to fix minimum wages and
This action
day.
House
"Times":
on
which had been scheduled for
made under
urged enactment.
Legislation Until
the Miller-Tydings price agreement bill,
consideration on the following
postpone action on
Principal provisions of the new measure were enumerated
follows in a Washington dispatch of April 27 to the
New York
Administration
The
Bill
Representative Fish
•
Congress Acts on Court Reorganization Proposals
—White House Asks Postponement of House Con¬
at
Fish Supports
In
'
Administration Seeks to Defer Labor
superb advances in regard to
Chairman
to
«.
leaning
agreed, however, that the measure
authorize the President to control exports
the United States."
bordering on
lands
said to be that the
conflict.
"The rules cannot be written or
serve
new
It
shotgun distance of what might occur in war time,"
Vandenberg said that an effective neutrality policy could
slightly
under such limitations and excep¬
as the President may prescribe as
to lakes, rivers and inland water¬
bordering on the United States, and as to transportation on or over
tions
does not go within
Senator
conferees.
language would
belligerents in American vessels "except
Hiram W.
vigorously opposed what Johnson termed "the
delegation of unlimited power to declare war" to the President by leaving
application of the "cash and carry" policy to his discretion.
Senator Johnson charged that the bill was only "a response to an emo¬
Johnson
normal trade with Canada from
at war
Canada
modified by the
"cash
1939.
May 1,
expire on
Canada Modified
on
operation of the law in the event that Great Britain was
should: be considered to be a belligerent as well, was
the full
maximum
for restricting general commerce to a
which
the insurgent forces in Spain,
government by Italy and Germany),
provision, intended to exempt
House
A
decide whether the peace or neutrality
will be served by requiring the title to
The
a
as
exception that contributions to and
food or clothing intended to relieve human
the
Provision
compromise conference report on the Pittman-McReynolds neutrality bill was adopted by the Senate on April 29
by a vote of 41 to 15 shortly after the House had approved it
the same day by a voice vote.
The measure was sent by
airplane to President Roosevelt, who is aboard his yacht on
a fishing vacation, so that he might sign it before the expira¬
tion of the present law at midnight today (May 1).
A con¬
ference committee appointed by the Senate and House
reached the compromise agreement on the neutrality legis¬
lation on April 27.
Senate conferees accepted the House
"cash and carry" proposal, giving the President authority to
A
Both House and Senate speedily
other articles or
would be
solicitations for
medical aid,
suffering might
be permissible by or
to non-partisan welfare organizations such as the
Red Cross, with the approval and under the regulations of the President.
recognized
been
banned,
Roosevelt for Signature
conference report to get
he
that
weapons
materials
raw
(this language was intended to cover
have
Conference Re¬
New Neutrality Bill—President Given Dis¬
on
"Cash and Carry" Policy—House Ver¬
Measure Preferred—Bill Sent to President
House Adopt Compromise
Senate and
embargo the
directed to include in the arms
proclaimed: April 16, 1936, "but not to
materials not of the same gen¬
eral
character as those enumerated"
in that proclamation.
This was
intended to limit the arms sections to primary contraband.
6. Contributions
to
belligerents,
factions or "asserted governments"
lethal
usual
Government."
The text of the
with belligerents would be
be armed.
to
The President would be
6.
might be
belligerents.
engaged in trade
merchantmen
American
4.
forbidden
industry for decades,
of tax revenue for the
permit the
ban
to
contraband by any of the
declared
as
sweated labor and removed the industry as a source
from transporting, as
might proclaim.
This feature was intended to
American
transportation of any goods that
President
the
President
ing competitive practices which have debauched the
prohibited from transporting
ammunition or imple¬
merchant vessels could be
^
certified
correspondents
forth.
ments
President of the United Mine Workers of America, said
Act would "substitute rational stabilization for ruthless and devastat¬
Lewis,
American
belligerents such commodities other than arms,
of war, which they are absolutely prohibited
to
members of the code from its payment.
John L.
by
military officers, government couriers, newspaper
by
so
3.
code
be fixed and bans certain "unfair" trade practices.
of one cent a ton on all coal sold within the United
which allows prices to
In addition to
be limited to two years.
nationals aboard belligerent vessels would be
declared illegal, with such exceptions and under such regulations as the
President might prescribe.
This exception was intended to cover necessary
Department of the
proceedings of the
the industry through a
between
endangered the peace or neutrality of
way
no
The life of this section would
States.
Travel
2.
investigations of the industry.
to regulate
which in
nations
the United
four years.
members of the old
Interior, will appear in behalf of the public at any of the
The
small
two
of Missouri, repre¬
commission, of which Mr. Hosford was Chairman.
Commission and will conduct independent
belligerent
a
permitted to cover the contingency of a war
This discretion was
All the appointments are for terms of
senting the public.
destined for
States.
and John O.
miners, and C. E. Smith of West Virginia,
Pleas E. Greenlee of Indiana and Walter H. Maloney
would accept
individual
or
commodities
Thorn S. Haymond
so that some foreign
all right, title and interest in
before the shipment left the United
and neutrality of the United States,
peace
government
Percy Tetlow of Ohio
of Kentucky, representing producers;
the
serve
consumers' counsel
of the Commission.
2923
Chronicle
Financial
144
of
a
these
plish his
the
at
cemmittee report the bill.
matter of
matters.
fact," he
I do
said,
"we will have to wait a while on some
not know whether the President
opinion that we will be called upon
session."
/
this
intends to accom¬
through several. But I am of
to deal with this type of legislation
labor policy aims in one bill,
or
'
2924
Mr.
both
said
he
sit-down strikes
tries
felt
Financial
Connery
might
there
also
be
Court ruled
preme
The
of
are
alleged
of
for
going
That
by certain
agreeable with
was
him,
the resolution
of
condemning
indus¬
since
since
Miller-Tydings
for. other
bill
perceptibly
floor
at
the
of
rate
retarded
since they felt
measures,
on
the
that the
appropriation measures,
about
each
one
week.
Chronicle
tested
The
Department Supply Bill is the next in line.
that
During
Robert
to Vote
on
Court
Reorgan¬
Proposals not Later than May 18—Unfavor¬
Report Seems Likely as Body Begins Secret
Consideration of
Plan—Three
mitted Senators Announce
Previously Uncom¬
Opposition
Judiciary Committee on April 27 began secret
consideration of President Roosevelt's Court
reorganization
program, after concluding lengthy public hearings on the
plan, as noted in the "Chronicle" of April 24, page 2760.
The Committee on
April 28 decided to vote on the bill and
all amendments not later than
May 18.
A favorable report
seemed
doubtful this week,
following an admission on
April 24 by Senator Ashurst, Committee Chairman, that it
might be reported unfavorably.
However, Mr. Ashurst
pointed out that if this Congress does not pass it
"outraged
public opinion" will demand that the
:
predicted
April 29 that the
on
session
next
measure
will
do
so.
to
come
a
vote in the Senate about the middle of July.
Senator McCarran, whose position had been doubtful and who is a
member of the
Committee, announced
on
April 28 that he
would oppose the bill. • He urded
acceptance of his compro¬
mise proposal, which would increase the size
of the Supreme
Court from 9 to 11'members.
On the same
day Senators
Hatch of New Mexico and
O'Mahoney of Wyoming, who
previously been uncommitted, also announced their
had
opposition to the
the members of
to 8 against the
It
measure.
the
therefore believed that
was
Judiciary Committee
divided 10
were
plan.
Washington dispatch of April 24 to the New York
"Times" quoted Senator Ashurst as follows:
A
"An unfavorable
report would in
hurst said.
no sense
"Everybody knew from
be
a
fatal blow," Senator Ash-
the start that the Committee
was
not
for this bill."
However, he added, the Administration's supporters are
relying on
what he called "the sober second
judgment" of the country to rally support
in favor of the plan, and he
contended that this support was growing
every
day.
If the matter could be submitted to a
plebiscite, Mr. Ashurst said,
it would be adopted
by all but six States in the Union.
He predicted that
New York State would
approve it by 1,000,000 votes and that Pennsylvania
would favor it as well.
He seemed to number the New
England States as
Prospects of the
discussed
as
Judiciary Committee
Washington dispatch of April 27
a
to the New York "Herald
Tribune":
While proponents of the bill indicated
hope of bringing it to
a
Committee
vote in
two weeks and
opponents frowned on such ideas of relative speed,
those who want to tone down the
President's proposal urged their plans to
give him less than the six
Though there is
no
new
justices he
wants.
unanimity among those who want to amend the bill,
power in the committee; and, taken with those
they hold the balance of
who are
friendly toward
the bill
as
Congressmen
approximately 30,000
it is, they appear to add up to a clear
purpose.
dollar
of
ranking
committee
Massachusetts,
the lists
for
asserted
few
a
Representative
to
put
time.
the
submit
motion tomorrow for
the creation of
resentative
submit
the
Gerald
that
the
bill,
went into the Senate after the
meeting and aligned himself with the com¬
promisers by offering an amendment which would
permit Mr. Roosevelt
to name only two more
justices.
In place of the proposal to
provide
the Court who is
extra
more
than 70 years
justice for each
old,
than 75
members of the Committee who
oppose any legislative action to increase
seven
members who appear to lean strongly toward
the President's bill.
House
tag,
Votes
End
to
Passes Measure
to
Publicity on Large Salaries—
Repeal Clause of Revenue Act
of 1936
The House
April 27 passed by a vote of 229 to 112
the Doughton bill
repealing the section of the Revenue Act
of 1936 providing
publicity of corporation salaries in excess
of $15,000 annually.
The measure, sponsored by Represen¬
on
tative Robert L.
Doughton, of North Carolina, Chairman of
Committee, has been sent to the
the House Ways and Means
Senate for approval.
was
It
noted in
was
our
Introduction of the bill in the House
issue of April -10, page 2403.
stated in
Washington, Associated Press
advices of
April 27 that the chief opposition to the repeal bill came
Progressives, Farmer-Laborites and members of the
from
"Liberal"
In
recent
bloc.
years
The advices
the
list
of
noted:
corporation
Congress by the Treasury and turned
Committee.
Republicans
and
he
aside,
income
J.
of
Boileau
public
has
told
to
down
the
to
to
Treadway,
could buy
of
M'isconsin)
attempted
would
permitted
corporation
have
salaries at
any
22.
individual
(Progressive,
vital
a
T.
town."
reporters
inspect
92
Allen
is
business," Rep¬
Wisconsin) argued.
"I
of
interest
public
in
knowing
how
wealth
is
Passes $927,422,896 Appropriation Bill for De¬
partment of Agriculture—Defeats Republican Move
for 10% Cut in Expenditures
The House of Representatives on
April 23 approved a bill
appropriating $927,422,89 i for the 1938 fiscal expenses of
the Department of Agriculture.
The appropriation is $143,245,000 above that for the current fiscal year but $5,054,000
below the budget estimate
by President Roosevelt. Before
passing the measure, the House by a vote of 219 to 32 de¬
feated a Republican
proposal for a horizontal slash of 10%
in the appropriations.
As approved by the House Agricul¬
ture Committee on
April 20 the measure carried appropria¬
tions totaling $927,398,548; the difference of
$23,348 in the
measure as
adopted by the House was due to an amendment
by that body in the item for wool marketing studies.
The
action of the House Agriculture Committee on
the bill was
referred to in our issue of April 24,
page 2751.
Passage of the measure by the House was reported as
follows in a Washington dispatch of
April 23 to the New
York "Journal of Commerce":
Representative
Clarence Cannon (Dem„ Mo.), chairman of the
House
subcommittee in charge of the annual
supply bill for the Agriculture De¬
partment, said shortly before its passage today that it was
impossible for
Congress to effectuate
methods but that
an efficient reduction in
expenditures by piecemeal
general program of economy is being formed.
a
His announcement
York, ranking
introduced
a
made shortly after Representative Taber of New
was
Republican
member
of
the
Appropriations
Committee,
resolution
calling for a general reduction of 10% in all ap¬
propriations heretofore and hereafter to be made
by Congress. The resolu¬
tion
is
similar
to
the
suggestion
made
yesterday
by
Senator
Burnes
It was proposed by Mr. Taber that the
heads of each department of the
Government whose appropriation for 1938
already has been passed by the
Senate and House be clothed with wide
authority to rearrange each item
for which an appropriation has been
made so as to effect in the
aggregate a
10% reduction in the department's total fund.
Senator Borah (Rep.,
Idaho) today questioned advisability of a straight
10% cut in appropriations, declaring that he did not believe that
it would
be a satisfactory
approach to the problem because it is
necessary that some
appropriations be cut much
"That
we
have reached
asked to enact
more
he
a
over
Democrats
to
on
the
the
has
been
House
submitted
to
Ways and Means
committee
have
pro¬
and others
as
to
not at all.
expenditures
sales tax, which would be
blunder.
a
a
crime,
the House
send
the
was
or
or
be
lower exemptions in
I say a blunder because it would
suffering."
Representative Cannon told the House that
a
body of people—a thing
general plan of economy
called upon to vote on
a
motion offered
$927,000,000 appropriation bill back
committee with instructions to slash the
fund
to
the
10%.
$416,413,382 War Department Appropriation Bill Favor¬
ably Reported to House—Committee Warns of
Inadequateness of National Defense
Criticizing the nation's
propriations Committee
national
defense, the House Ap¬
April 27 favorably reported to the
House the 1938 War Department
appropriation bill carrying
$416,413,382.
This amount is $25,395,677 above last
year
but $358,079 below
on
budget estimates.
The Committee
that unless
appreciably larger appropriations are
made in the future the nation's national
defense will consist
"very largely ... of man-power unequipped and
unimplemented and virtually
unprepared to offer resistance to any
force equipped with modern offensive
weapons and agencies."
As to the Committee's further
remarks we take the
following
from Washington
advices,
warned
York "Times" of
April 28:
April 27, appearing in the New
The army, said the
committee, is short of tanks, armored
cars, semi¬
rifles, anti-aircraft guns, ammunition,
towage facilities and
motors.
It called attention to a needed
army housing program, a bill
for which is
pending before the
automatic
Budget Bureau calling for $162,000,000.
Lack
Discussing the
arm
in future
of Equipment Assailed
national defense picture,
"Unless there Is to be
budgets,
an
the committee said:
appreciably larger allocation
our defense preparation
very
to the
military
largely will consist of
man-power, unequipped and unimplemented and
virtually unprepared to
offer resistance to
any force equipped with modern
offensive weapons and
agencies.
"We
are
anti-aircraft
salaries
than 10%
crisis in taxes and expenses must be
conceded
said."We have either got to cut
a
continue to diminish
purchasing power of a large
from which we are all
a new
a total of
one more
permitting only two such appointments in any President's
term.
He would have a Court
fluctuating between 9 and 15 members,
tr Senator McGill's action increased to a total of four that group of com¬
mitteemen who seem seriously bent on
compromise.
There are seven
the size of the Court and
$50,000
were
House
by Mr. Taber
Senator George McGill,
Democrat, of Kansas, hitherto counted among
those committeemen who leaned
strongly toward the President's
an
list,
distributed."
will be presented
Senator McGill Proposes Compromise
one on
them.
latest
single additional
a
thugs and thieves
lady
(Progressive,
which
shoved
was
that
"some
Department
income taxes which would be
are willing to make some increase in the
Court.
As the Committee met in its
first executive session after seven weeks of
justice for each
the
table in the center of
a
Representative
blackmailers,
from
Sauthoff
change
a
Justice
His motion
"I
that
dollars
Harry
through
of
agents
Republican,
public hearings Senator Pat McCarran,
Democrat, of Nevada, proposed
that it name a subcommittee to
draft a bill reconciling various viewpoints.
Mr. McCarran, who has
suggested making a flat increase of two members
six, Mr. McGill would provide
and limit this by
at
names,
He said they had not helped the Treasury obtain
revenue,
and that the costs of preparation
majority who
a
through
L.
by all hands,"
in the court, said he would make
such a subcommittee.
thumbed
Plea for Reduction
before the
measure
follows in
debate,
(Dem., S. C.).
those which would not favor the
bill.
were
by streams of curi¬
Doughton (Democrat, of North Carolina), Chairman of the
Mays and Means Committee, told the House the lists have served no
good
The Senate
He
interrupted
was
$100,000 annually.
ization
able
work
who wanted to copy the lists and sell
persons
today's
volume containing
the chamber.
of
Judiciary Committee
committee
a
The
Senate
May 1, 1937
regular
osity seekers and
he
the Su¬
Wagner Act.
the
the
resolution
unfair labor practices
"go slow" attitude except
a
to
Senate
consideration
House members
White House desired
which
the
on
side-tracking
enthusiasm
War
and
need
the
that
side-tracked.
little
was
thought
short
guns
of tanks,
of armored cars,
of semi-automatic
rifles, of
equipment, of ammunition, of motors,
high-speed towage, &c.
and
of guns equipped for
"Except much of the
accessory
motor
equipment, these
are
of the Chief of Staff, 'of an
exclusively military
items, using the language
character, not susceptible
Volume
Financial
144
of replacement
by commercial substitutes or
improvisations when they are
needed.'
r
policy of continually
"The picture is one which challenges the
to the fiscal
demands of personnej.
construction at military posts calling
Sees Air
adding
standstill on
the Bureau of the Budget now for
We are practically at a
There is a draft of a bill in
housing.
for a total outlay
of $162,000,000.
Corps Need of $20,000,000
"In addition to that, the committee is
at bases
approximately $115,000,000.
"The expanded Air Corps itself, expected to be realized by the end of
the fiscal yoar, 1940, apart from military personnel is estimated to impose
an additional annual demand of not less than $20,000,000 in excess of the
the Wilcox Act will cost
and stations under
$60,500,000 carried in this bill for the Air Corps.
"The committee feels that it should bring these matters to
light. The
be forthcoming
without stint, it would spem that there has to be deferment of personnel
expansion, and perhaps contraction.
There would appear to be no other
way to arrive at a balance as between personnel and material."
situation is extremely
disturbing, and unless funds are to
principal increases in the appropriations for 1938
supply bill resulted froriuaugmented
army personnel, advanced food prices, expansion of the Air
Corps, replacement of deteriorated ammunition stocks re-tnaining after the World War, a 5,000-man increase in the
National Guard and procurement of new land for air bases.
Washington advices, April 27, to the New York "HeraldTribune" of April 28 summarized the appropriations carried
by new bill as follows:
Largest item in the bill is $161,548,460 for the pay roll, $7,404,900
more than last year, to take care of an increase in the enlisted strength to
The
those in last year's
over
162,000 men.
The bill provides
$67,075,514 for the Air Corps,
including funds for 513
has 002 serviceable planes and
83 obsolete craft, and expects to have 1,479 serviceable ships in operation
by June 30. 1938, and 2.149 by 1940
y A $5,003,320 fund for coast defense provides for purchase of $200,000
worth of mobile anti-aircraft guns for the United States, $300,000 for
insular possessions and $300,000 for Panama.
ma
planes.
new
The Army Air Corps now
♦
Government
Act
Sherman
Charges
as
in
Federal Claims
Conspiracies
Company Denies
of America Under
Monopoly—Petition
Restraint of Trade—
Co.
Alleged
Aluminum
Sues
purchase of interest in raw materials
countries
for the alleged purpose of
petition said that on March 1 the company had advanced
the price of the virgin ingot, despite an increase in earnings
from $9,571,206 in 1935 to $20,866,936 in 1936.
Officiate of
the company issued a public statement on April 23 in which
they admitted that the company is the sole producer of pig
aluminum in this country, but pointed out that manufac¬
turers of aluminum products obtain about two-thirds of
their requirements from scrap and from foreign sources.
A Washington dispatch of April 23 to the New
York
"Herald Tribune"
gave
further details of the suit as
petition named, in addition to the company, 25 of its
officers, directors and stockholders, including Andrew
subsidiaries
W. Mellon,
of the Treasury, and several members of the Mellon
family as executors of the estate of R. B. Mellon.
Mr.
Mellon, who recently donated his valuable art collection to the
government, is also being prosecuted by the Treasury Department, which
is seeking to collect additional income taxes.
Robert H. Jackson, Assistant
Attorney General, who is head of the anti-trust division of the Justice
Department, started the income tax proceedings while he was connected
former
with
Secretary
the Treasury's
revenue
division.
tonight it was at a loss to
further investigation by the
Department of Justice, in view of exoneration of monopolistic practices
ia previous investigations.
In fact, this spoksman contended, the Alumi¬
num
Co. has been the "most investigated company in America."
Tiie charges filed in New York today were the outgrowth of an investi¬
gation that was begun by the Department of Justice in 1933.
In the last
four years the Justice Department propounded more than 100 questions,
which were answered in great detail by the company, and thousands of
spokesman for the company here said
understand why it has been singled out for
A
letters
were
examined by
the department's agents.
pany
industry
for com¬
the metal.
Today, the petition states, the com¬
100% of the bauxtie produced in the United States
government's petition traces the growth of the aluminum
1889, when Charles M. Hall obtained; a patent on a process
The
mercial
production
of
controls and uses
100% of the alumina used
in the production
of aluminum, produces all the virgin aluminum pro¬
duced in the United States,
controls more than 85% of the combined
total
virgin aluminum produced and imported, and of the competitive
secondary or "scrap" aluminum, produces and sells more than 90% of
the aluminum sheet and produces and sells more than 95% of ^alloys of
aluminum and produces and sells virtually 100% of the extruded and
structural shapes,
wire and cable for electrical transmission and bars,
rods and tubing made of aluminum or aluminum alloys.
Starting with a capital stock of $20,000 in paid-in cash and $400,000
in
stock exchanged for the Hall patent, the company steadily increased
its
assets, its statement as of Dec. 31, 1934, showing a net worth of
$174,808,682.
Profits from time of incorporation to that date, after
deduction of paid-in capital,
totaled, according to the petition, $155,241,807 "over and above dividends paid iq the same period totaling
approximately $105,000,000."
In 1929, the company's peak year, the
petition alleges, 6ales totaled $92,901,261.
The petition deals with the activities of the company and its affiliates
in foreign countries and alleges that the company has protected its Amer¬
ican monopoly from foreign competition through a series of devices com¬
menced in 1902 and continuing to date.
Among these devices are the
for
the
was
avers,
acquired "by unfair
illegal means."
Depart¬
investi¬
reply to the action of the Justice
ment brought out that no wrong-doing had been shown in previous
gation by the Federal Trade Commission, which lasted seven years,
in a devision clearing the company of all charges.
company's statement in
The
resulted
Supreme Court to Rule on Old-Age Pension Section of
Social Security Act—Tribunal by 5-to-4 Decision
Also Holds Georgia Sedition Law Invalid as Applied
Communist—Other Court Rulings
Supreme Court on April 26 agreed to
rule on the validity of the old-age pension provisions of the
Federal Social Security Act.
Another important decision
made by the Court on April 26 was in the case of Angelo
Herndon, Negro Communist, who by a five-to-four vote was
freed from a prison sentence of 18 to 20 years for violating
a Georgia law forbidding advocacy of forceful resistance to
the authority of the State.
The majority opinion in the
Herndon case was written by Justice Roberts, and was con¬
curred in by Chief Justice Hughes and Justices Cardozo,
Brandeis and Stone.
Justice Van Devanter wrote a dis¬
Negro
to
United States
The
senting opinion.
A
York
April 26 to the New
dispatch of
Washington
the Herndon case as follows:
opinion among lawyers as to whether the
"Times" noted the decision in
There
conflict
some
was
of
Roberts
opinion merely held that the
applied
to Herndon
Reconstruction law had been illegally
whether the statute had
or
been invalidated by the
Supreme Court.
Roberts said the law violated the
guarantees of liberty in the Fourteenth Amendment, but in frequent other
instances he used the words "as construed and applied," "how the Act is
held to apply to the appellant's conduct," "this construction and applica¬
tion of the statute," and like terms.
The general impression was that the
decision applied to the Herndon case as such.
Justice
his opinion,
concluding
In
The
split
liberals
the Court
Court which put Justice
the
in
Roberts on the side of the
was:
To
release
To
uphold1
the conviction—Van
Cardozo, Roberts and Stone.
Herndon—Hughes, Brandeis,
Devanter, McReynolds,
Sutherland and
Butler.
the
Early in January, in a unanimous opinion by Chief Justice Hughes,
refused to sustain the conviction of Dirk de Jonge under the Oregon
Court
Criminal
law.
syndicalism
Herndon
The
interest.
nation-wide
aroused
had
case
The Negro was
the basis that membership in the Communist party
meant revolutionary opposition to the State, and that organization work
of the party was advocacy of forceful revolution.
Justice Robert's finding was construed to mean that States with antisubversive laws must define these closely and not permit wid'e latitude of
proceeded against on
further bulwark for the rights of free
prescribed legal limits.
Court's decision to rule on the Social
It was regarded as a
prosecution.
and assembly within
speech
The
Supreme
its other
and
Security Act,
decisions on April 26, were
Washington advices of
that date:
The
the
manufacture
of
aluminum,
produces
test
Court
Circuit
of
the
law
after
speed by
10 days ago by the United States
at Boston that the old-age pension provisions
unconstitutional.
are
Court did
The
set
not
a
date for
hadi been
argument of the case, as
by the government, but it was indicated
would be argued about May 4.
asked
the
Supreme Court with record
declaration
a
Appeals
of
to the
rushed
was
case
government
at the clerk's office
that
case
would indicate final decision on validity of old-age pen¬
sions before the end of the present term, about June 1.
The First Circuit Court of Appeals ruling in Boston was made in a suit
This procedure
by George P.' Davis, stockholder, to
The
Court
to telephone subscribers and to establish
valuation fixed by the Commission.
$13,000,000
accordance with a
Court acted
The
the
Ohio
orders
were
of
its
also
today
which
Commission
than
restrain officers and directors of Edison
from observing the Act.
condemned orders of the Ohio Public Utilities
directed the Ohio Bell Telephone Co. to refund more
Illuminating Co. of Boston
Electric
on
$20,000 Original Capital
from
petition
the
monopoly,
alleged
markets.
and allocating world
reported as follows in United Press
follows:
36
producers
foreign
limiting production
The
of low-cost
into agree¬
restricting competition in foreign countries,
Division of
Cummings in behalf of the Federal gov¬
ernment on April 23 filed suit in the Federal District Court
of New York against the Aluminum Co. of America, charg¬
ing it with "monopolistic control" over the aluminum indus¬
try and, as the sole producer of pig aluminum in the United
States, with conspiracy to restrain and monopilize" in viola¬
tion
of the Sherman anti-trust law.
The government
The
with
ments
Attorney General
and
abroad.
facilities
and aluminum plants in European
threatening foreign producers with
world markets through control
It is also alleged that the company entered
in
competition
destructive
and
advised that construction
2925
Chronicle
State
just
appeal brought by the company from a
an
on
new
Supreme Court which had
decision
found that the Commission's
reasonable and1 allowed the company a
and
rates in
fair return
property.
The
is
case
and
Court
going
on
The
one
the most
of
cases to come before the
investigation which has been
elaborate rate
represented the culmination of an
for several years.
opinion,
delivered by Justice Benjamin N. Cardozo, condemned the
because of the use of "price trends" in determining
Commission's findings
of the
values
The
property.
procedure,
the Court found in a unanimous opinion, failed
the price trend figure was achieved.
to pro¬
duce evidence to indicate how
The
opinion said, in part:
fundamentals
"The
of
a
trial
were
denied to the appellant when rates
ordered to be refunded upon the strength of
evidential facts not spread upon the record.
"The Commission had given notice that the value of the property would
be fixed' as of a date certain.
Evidence directed to the value at that time
had been laid before the triers of the facts in thousands of printed pages.
To make the picture more complete, evidence had been
given as to the
previously
value
at
collected
cost
were
of additions and retirements.
Condemnation Without Trial
"Without warning or even
considered
the
or
determined
Commission cut
upon
upon
the hint of warning that the case would be
any other basis than the evidence submitted,
down the values
certain
collected and never yet disclosed.
for the years after the date,
the strength of information secretly
company protested.
"The
"It
an
asked
disclosure
of
the
documents
indicative of price trends, and
opportunity to examine them, to analyze
them, to explain and to rebut
2926
them.
Financial
The
known
response
documents
was
curt
a
refusal.
Upon the
strength
of
these
on-
have been ordered for sums
mounting into mil¬
reporting its conclusions, but not the underlying
proofs.
The putative debtor does not know the proofs
today.
This is not
the fair
hearing essential to due process.
It is condemnation without
lions,
the
refunds
The State of Minnesota
banks
held
in
Delaware unit which
The
of
Court acted
the
a
by
on
stock
the
First
of
State
one
to
Montana
Bank
North
and
Stock
Corp.,
a
chain of 84 banks.
the
case
raised
the
"There is
impose k property tax
on
of
Congress
right
of
President
to
of
Roosevelt
April 27 on identical bids for Government contracts
by large steel companies, recommended a revision of the
on
anti-trust laws to restore their force.
Mr. Cummings pointed
out that the Federal Trade Commission had found
the com¬
panies guilty of collusion, but said that his
inquiry had not
produced evidence sufficient to make possible civil or criminal
action
by the Department of Justice in the courts.
He
added that the inquiry had raised the whole
question of "the
adequacy of the anti-trust laws for the solution of the
monopoly problem as it now exists in the United States."
President Roosevelt's only public comment on these recom¬
,
A
some
action would
Washington dispatch
certainly be taken.
of April 27 to the
"Times" quoted from Mr.
Byrd
HOLC
Cummings' letter
as
New
and
Annual
for
overlapping agencies,
duplicated func¬
suggestion for consoli¬
Working separately,
these
two
agencies
last
year
mately 20,000 persons and their operating expenses
Their
age
functions
similar
are
of the FHA.
now
Experts advise
and
me
impairing the functions of either, at
$24,500,000.
There
20
are
justified
as
or
more
emergency
other
were
employed
approxi¬
nearly $47,000,000.
the similarity
is growing with the
they could be consolidated, without
an
annual
saving of approximately
agencies
which,
established
establishments,
and
be consolidated
can
publicly
liquidated
or
profitably.
as
A mere
juggling of agencies from one Department to another will amount
nothing except to freeze into permanency the presonnel and adminis¬
that
experience by the Clayton Act setting
up the Federal Trade Commission
and that new experience with the
anti-trust laws was gained under the
Government
of temporary
a
careful
will
agency structures.
the
There is ample reason to
of unnecessary
survey
reveal
civil
executive
personnel
payroll
is
a
in
the
fertile
Federal
field
for
immediate constructive economy.
An analysis of the revised estimates of Federal
receipts and expenditures
attached to the President's budget and
economy message of last week
indicates immediate and additional administrative
cost reductions are
imperatively
necessary.
Of the 13 divisions of the budget listed in the
break-down of those esti¬
he declared, have "limited their application, modified
the Government impossible burdens of
FHA
dating the FHA and the HOLC, said:
to
Experiences under these laws, as well as under others
affecting the
problems of monopoly, have indicated "many
things to be avoided as well
as
many to be accomplished" by revision of the present
statutes, he said.
of
Economy—Sees
tions and unnecessary personal and administrative overhead."
Senator Byrd, after referring to his
York
National Recovery Act.
of
"we cannot economize and continue to write
unnecessary
just
follows:
Consolidation
Interest
$24,500^000
checks—checks
costs
upon
the Court
a
believe
meaning and imposed
as
Virginia on April 25 issued a statement
combination of the Home Owners' Loan Corporation
and the Federal Housing Administration in the interests of
economy.
He said such a move would result in an annual
saving of about $24,500,000, and he praised recent plans to
cut Government expenditures.
He added, however, that
urging
trative
Court decisions,
far
so
Senator Byrd of
The present laws have not operated
satisfactorily, Mr. Cummings said.
He recalled that the
original Sherman Act was amended after 24 years of
their
be untouchable and sacrosanct,
Suggests
in
Saving of
Laws—Letter
that
It
♦
given property.
Attorney General Cummings, reporting to President Roose¬
was
may enact will
Senator
the
Says They Are Inadequate to Control Monopolies—
Gives Results of
Inquiry Based on Charges of
Collusive Bidding by Steel
Companies
mendations
m
point which I think deserves emphasis and repetition.
one
should not override acts of Congress—from that moment
any law which
^
velt
slightest move
said:
is that, the moment the Court is packed and dominated
by men who see
eye to eye with you—that is, with men who believe that the
decision
a
valid.
was
question
Attorney General Cummings Recommends Revision
Anti-Trust
to resent and defeat every
from democracy and toward personal government."
Discussing the Court proposal, Mr. Pinchot
is concerned."
appeal brought by the company from
an
contended
company
than
more
upheld
was
Supreme Court of Minnesota that the taxation
The
away
1, 193 7
Supreme Court
tax
Minneapolis
controls
on
May
duty of the people of this Nation
Commission
trial."
Dakota
Chronicle
mates, an actual increase in expenditures is shown in 10.
the forecast that expenditures next year will be
proof."
is
Under present conditions, the
Department of Justice has "labored with
inadequate means to enforce laws that do not provide sufficient
than they are in the
pective
weapons to make enforcement
The net result
beginning next July.
legal
effective," Mr. Cummings wrote.
"In the face of a present
tendency to increase prices and a necessity for
a
corresponding increase in the vigilance of the department, the
question
Is forcibly presented as to whether the
country can afford to leave the
enforcement of
The
same
of
procedure
overcome
As
the
of strengthening
Court
its
hand
should
be
applied
interpretations
basing point system,
upon
its
should
powers
to
be
the letter said that communities and
The
plants have been located and built in reference
of the courts
was
The problem
not
can
to it, and that the
machinery
geared to the social and economic factors thus involved.
thus
the Federal Trade
be better handled by the more flexible methods of
Commission, Mr. Cummings held.
Pinchot
Seeking
Court
Charges
President
Dictatorship
Plan—Paul
Roosevelt
Powers—Latter
Windels
in
with
Criticizes
Radio
Address
Assails Measure
President Roosevelt was accused of
seeking the powers of a
dictator in pressing his plan for court
reorganization, in an
open letter to the President made public on April 25
by Amos
Pinchot, New York lawyer and brother of the former Gover¬
nor of
Pennsylvania.
On the same day corporation counsel
Paul Windels of New York
City, in a radio address, criticized
the program on the ground that the 1936 election
gave the
President no mandate to "pack" the
Supreme Court and that,
in so doing, he would be
undermining
a
safeguard of liberty.
Mr. Windels' address was
reported as follows in the New
York "Herald Tribune" of
April 25:
"The debate gets down to this,"
some vague
have that
Mr.
Windels said,
"Shall
we
risk for
us the greatest assurance we now
liberties will be protected by an independent
Supreme Court ?"
The Corporation Counsel questioned whether
any one believed that, had
the Court's decisions been
pleasing to the President, he
made his
proposal for
intention
during the campaign, Mr.
feeling of distrust.
a
He
change.
expressed
never
The President's failure
Windels
doubt
said,
that
the
had
to
would have
declare
aroused
deep
a
Administration
his
would
actually be able to muster the votes to put the plan
through Congress.
Denies Mandate
"As
an
attempt to justify this propsal
we
hear talk about
a
mandate
which the President has received to
carry out his policies," Mr. Windels
"One thing is certain.
The only mandate he has received was to
achieve his purposes as disclosed
by his campaign speeches and his platform •
said.
through the orderly processes of constitutional government.
Certainly the
people cannot be Charged with having given him a mandate to do
something
which he
never
told
us
until after election that he wanted to do.
gave him at any time a mandate to amend the Constitution or
form of
The
our
government by indirection
New
York
Pinchot's letter
as
"Times"
or
of
without
our
express
We
power,
never
change the
approval."
April 26 quoted from Mr.
follows:
"Aa I have watched your steady and
unrelenting drive for more and
more
forced to conclude that, whatever
your
undisclosed purpose may be, you desire the power of a dictator
without the
liability of the
am
name.
"And I am convinced also that, in a world in which so
many nations have
drifted into autocracy, with such appalling results to their
peoples, it is the
and the pros¬
the
fiscal
year
only threat to the electric industry today comes from
Government, C. W. Kellogg, President of the
Edison Electric Institute, told the annual conference of the
National Association of Mutual
Savings Banks in New York
on
April 29.
On
the
same
day
Robert
E.
Healy,
member of the Securities and
Exchange Commission,
that the SEC favored local regulation of retail
said
utility rates.
Virgil Jordan, speaking before the convention on April 29,
said that the only way to save the American
system was
through intelligent and progressive management.
Mr. Healy in his address
said, in part:
The Commission sees nothing in the
Holding Company Act looking or
working toward the nationalization or destruction of the industry.
A good
administration of it should improve the investment
quality of the securities
of
operating companies and
should wrench the predatory type of
holding
and entrepreneur away from the jugular vein of the
operating
Many of the ideals and objectives of the act are being sought
company
companies.
by companies which have
made
and
a
not registered.
I believe the Commission has
definite contribution to the improvement of
accounting methods
that
this contribution should increase
as
time
goes
on.
The Com¬
mission has had very little to
say
about the accounting methods of operating
I believe that in this respect the policy of the
Commission,
it has the right to say
anything, will be that the operating com¬
so
far
as
panies should adopt the classification of accounts
prescribed by the regu¬
lating authorities of the States in which they operate and that the Commis¬
sion
will
not
attempt
to interfere with
cedure is adopted which defeats
or
this unless some accounting
pro¬
impedes the purposes of the act.
The
act
gives the SEC no authority to regulate rates and it is
my personal
belief for the present, at least, the regulation of local retail
distribution rates
should be left in the hands of the local
regulatory authorities.
In opening the convention on
April 28, Carl M. Spencer,
President of the Association, warned both the
Government
and the public against
paternalism and too eager speculation.
Major L. L. B. Angas told the same session that further
business recovery is probable in the United States under a
managed currency, while Henry Bruere, President of the
Bowery Savings Bank of New York, said that the outlook
for the railroad
industry is better than in many years.
Thomas J. Kiphart, President of the Financial
Advertisers
Association, said that banks must educate not only their
customers, but also those who do
and
which has reached its climax in this attempt to control the
Supreme
Court," Mr. Pinchot wrote, "I
for
companies.
benefit which is promised to
our
dollars
the Federal
City
Amos
one-half billion
Kellogg Warns of Government Threat to Utilities
E.
Healey, SEC Member, Advocates Local
Regulation of Electricity Rates in Speech Before
Savings Banks Convention—C. M. Spencer, Major
L. L. B. Angus and
Henry Bruere Among Other
Speakers
by legislation."
for the
approach
—R.
Commission, Mr. Cummings said, and "the devitalizing
of
some
deficit will
exclusive of the bonus,
C. W.
vital economic policy so
poorly sustained."
a
the Federal Trade
effect
$102,000,000 greater
current year,
probably will never have
Mr. Spencer said in
part:
It is axiomatic that
.legislation
not have
bank accounts
one.
the benefits which
are
to
be handed to
people by
frequently must be paid for by the same people in hidden costs,
i Taxes and rising prices touch all and the
average man is least able to protect
himself against them.
It is unthinkable that larger factions of the
popula¬
tion of our America permanently are to look to
the Government for doles
and preferences; that the threat of votes is to
determine the flow of largesse
Volume
to favored
Financial
144
advancement by personal
minorities; that individual initiative,
efforts, independence,
that either Fascism or Socialism
to languish;
are
finally is to control.
April 28, Major Angas said:
head the car toward the ditch
somewhat similar to that of
of inflation
on
The money mana¬
the right.
therefore, must continuously be steering the machine
and interfering
with, or controling, the steering mechanism.
K It is not, however, always necessary for money managers to take positive
statistical monetary action in order to secure the results which they desire.
Threats of monetary action can be almost as effective as action Itself.
It
isjprobable, however, that after
some
time, the implied threats of action
until at last the moment
will lose their influence on the public in general,
arrives when the finger-tip control
other words, at a later
deflate bank credit, but actually to
SSB to Issue Account Numbers to
Will
Over—Procedure
In
merely
of suggestion will lose its efficacy.
date, it will become essential in America not
to threaten to restrict or
Aid
do so in parctice.
Employees 65 Years
States in Adminis¬
Laws
As an aid to States in administering unemployment com¬
pensation laws, Social Security account numbers will now be
issued to employees 65 years of age and. over, the Social
Security Board announced April 24. The Board emphasized
that application for an account number by an employee 65
years of age or over is voluntary in so far as the Social
Security Act is concerned.
However, the same type of
Social Security account number card will be issued to those
65 years of age and over as has been issued to other workers.
tering Unemployment Compensation
The Board's announcement added:
State unemployment compensation
of all ages.
over
needed
are
administered
amounts
by
by the
the
necessary
the
proper
employees 65 years of age
and
Unemployment compensation laws are
States.
States,
for
employees
Security account numbers,
laws, the Board said, cover
Since State agencies will use Social
the Boa»d added that account numbers for
Federal
contributing the
Forty-four States,
Government
administrative costs.
have unemployment compen¬
sation laws approved by the Social Security Board.
In the most recent
months for which estimates are available approximately 18,520,000 persons
including
were
the
District
of Columbia,
at work in employments
passed
a
now
covered by these laws.
Florida, Illinois, Missouri,
The legislatures of Delaware.
have bills under consideration.
that boom conditions may be im¬
pending, and that inflationary prices may
cussions involve considerations of
Almost all such dis¬
develop.
bank credit, and most
which might be taken to avoid any
the expansion of
unduly rapid creation of bank credit.
driving
a'car on a straight country road.
If the car swings of its own accord too
much toward the ditch of deflation on the left, it is necessary to turn the
steering wheel to the right.
But this movement, if left uncorrected, will
or
official circles and by economic writers
of them devote attention to measures
In his address on
The art of monetary management is
gers,
2927
Chronicle
and Nebraska
recently
In addition, the Alaska legislature
prosperity period, the loans of
Reserve System amounted to
something more than $26,000,000,000.
Then they declined for five con¬
secutive years until at the end of 1934 they amounted to only $12,000,000,000.
That was a shrinkage of 54%.
Since then there has been an increase
of about one and one-third billions, but at the present time member bank
loans are still only about one-half as great in volume as they were in 1929.
The developments of this recovery period up to this time have demon¬
strated that in so far as the use of bank credit is concerned this period is
fundamentally different from the recovery period from 1921 to 1929.
Dur¬
ing all of the earlier period building construction went forward in large
volume and the real estate loans of member banks increased from a little
1929, which was the last year of the
In
banks
of the Federal
members
are
$3,000,000,000 in 1929. The increase
building construction has
1936, and meanwhile real estate
loans of member banks have increased less than 2 %.
Clearly no inflationary
influence is now operating in the use of bank credit to finance new con¬
$1,000,000,000 in 1921 to over
over
By contrast in this period,
amounted to 183%.
increased 145%
from 1933 to the end of
struction.
♦
Adopts
Resolutions
Act and in Tax on
Undistributed Corporate Surpluses—Speakers at
Annual Meeting Assail Administration Measures
U.
of
Commerce
Changes
in Wagner
Chamber
S.
Urging
urging amendment of the Federal tax on
corporate surpluses and of the National
Labor Relations Act were adopted on April 29 by more than
2,000 delegates to the annual meeting of the Chamber of
Commerce of the United States at Washington. This action
had been foreshadowed on April 27, when round-table con¬
ferences had approved such resolutions.
The tax resolution
denounced the surtax on undistributed corporate profits as
Resolutions
undistributed
"wrong in principle and destructive in its results."
Colby M. Chester, President of the National Association
Manufacturers, told tlie convention on April 26 that
of
labor, industry and the Government should cooperate in a
joint program for industrial peace and prosperity. A Wash¬
ington dispatch of April 26 to the New York "Times"
reported that address as follows:
Addressing the national councilors of the Chamber of Commerce of the
United States at a meeting preliminary to
ber's
bill which has been approved by the Governor.
which
25th
anniversary
convention
the formal opening of the Cham¬
Mr. Chester called upon
under the law, upon industry to
tomorrow,
labor to be conscious of its responsibilities
national welfare above all other considerations,
faithful to their great trust "even at
the expense of their political future."
Both the address of Mr. Chester and one delivered concurrently before
the American Association of Trade Executives by Ernest G.
Draper,
put human relations and the
for Social Security
Filed
by 26,610,466 Workers
Reports
26,696,137 Employed
ployers
Applications
A total of
Account Numbers
to
April 17—SSB
by 2,711,708 Em¬
in
steel, automobiles, textiles, electrical and mechanical ap-lianees, lumber and woodwork, food processing, building
supplies, and other industrial and commercial groups, whose
employees will benefit under the Federal old-age benefits
provisions of the Social Security Act, have reported to the
Social Security Board since Nov. 16, 1936, that their em¬
ployment rolls number 26,696,137 wage earners.
These
figures and also the number of employers by States are as
of April 17 and were made public by the Board on April 23
along with a State breakdown as of the same date of the
26,610,466 employees who have filed applications for social
security account numbers and for whom social security
accounts are bfeing set up for their participation in the old-age
benefits program. An announcement by the Board also said:
A few employments, such as agricultural labor, domestic service in a
private home, casual labor not in the course of the employer's business,
and several others, are not now covered in this program. Workers who are
not in covered employment may become covered as they transfer to work in
Industry or commerce, whether full time, part time, or on a temporary basis.
As to the difference of 85,671 in the
filed applications and the
on
their rolls,
number of wage earners who have
number of workers the employers have
the Board stated that applications are
reported
still being filed with
of Federal Old-Age Benefits is re¬
ceiving applications from post offices at the rate of approximately 40,000
daily. The Board estimates that ultimately there will be active records set
local
up
postmasters and that its Bureau
those in public office to be
Assistant
2,711,708 employers of one or more persons
and upon
Secretary of Commerce,
carried indication that an outstanding
be the relationship of capital and
theme of the Chamber's convention will
labor in the light of the
Supreme Court's validation
of the National Labor
Relations Act.
Urges Wider Labor Policy
Draper declared a need for a more
Mr.
comprehensive national labor
said, should be fair play on
The chief basis of such a policy, he
policy.
both sides.
man
workers
"no intelligent business
well paid as they
although the past 25 years have seen
Mr. Chester declared that
the large gainers in
leisure and in increased income,
would dare say that
the workers everywhere are as
might be."
The
success
of the American system of
tribution depends from now on,
large-scale production and dis¬
he added, largely upon a consuming
public
steadily and which is capable of
the people with the merchandise which they need for modern
having a purchasing power which grows
providing
life.
.
,
.
•:
employed persons were all cus¬
tomers, he said that "it just doesn't make sense when some one tries to
maintain that industry is insincere, for instance, in its efforts to improve
personnel relations or to do the decent thing in collective bargaining."
Stressing that the 40,000,000 or more
Resolutions tentatively
approved
on
April 27
were sum¬
Washington dispatch of that date to
the New York "Herald Tribune":
marized
The
as
tax
earnings as
follows in
resolution
a
the surtax
denounced
"wrong in principle and
the difficulties with the tax which the
between State and Federal laws,
on
undistributed corporate
destructive in its results."
resolution enumerated were;
Among
Conflict
exceptional burdens on corporations with
faith, no allowance for current earnings
provide for corporations bound by
relief provisions,
the time within which dividends must be paid,
outstanding debts contracted in good
for 40,000,000 workers
used for business expansion, failure to
Balancing of Federal Budget Urged by A. B. A. Eco¬
nomic Policy Commission—Finds No Inflationary
Expansion of Bank Credit
No
inflationary influence is operating in the use
contracts which do not meet
unreasonable limitation on
"coercion of corporations into
of bank
There are no evidences
in the bull movement
in the security markets.
There has been a moderate increase
in commercial loans by banks as general business activity
has expanded.
These are the findings of the Economic
Policy Commission of the American Bankers Association in
a report on "Banking Conditions in 1937," presented April 21
at the meeting of the executive council of the organization
held in Hot Springs, Ark.
The report, which was presented by Colonel Leonard P.
Ayres, Vice-President Cleveland Trust Co., Cleveland, Ohio,
as
Chairman of the Commission, declared that the chief
explanations for the expansion of credit other than com¬
mercial loans by banks are to be found in the policies and
procedures of the Federal Government and that "the most
effective step that could be taken to avoid an inflationary
boom would be to balance the Federal budget."
The report
of the Commission
said:
America* business is entering
ment.
It is moving ahead so
doubtful fiscal policies and general weakening
and harsh provisions which supply
of financial structure" and "ambiguous
the basis for excessive restrictive
credit in financing new construction.
of the inflationary use of bank credit
P
the requirements of existing
the prosperity phase of the recovery move¬
vigorously that fears are being expressed in
regulations."
Evidence Held
There
is
that this tax
development,
in
Available
evidence, the resolution states,
restricts normal business
limits the growth of small organizations and retards increase
already an accumulation of
"produces unevenness in taxation,
employment."
If the tax is retained, it
should be materially amended, the resolution
Allowances for losses and
reasonable amounts actually expended
for expansion or improvements, allowances for amounts set aside to meet
contractual obligations or restore depleted capital, and provisions for carry¬
stated.
The chief modifications
specified were;
reasonable reserves, allowance for
ing losses
forward a reasonable number of years.
though inadequate, corrective measure
which would have the
ameliorate
to retain a
reasonable proportion of their earnings free from the surtax the proportion
most commonly suggested is 30%," the resolution stated.
"A simple,
advantage of being
some
of the present
easily inserted in the law and whidh would;
hardships, would be to permit corporations
employer-employee re¬
preparation of a suitable amendment to the
Wagner Act to "safeguard and protect the interests of employees, employers
and the public by defining and prescribing unfair labor practices that may
be engaged in by other parties than the employer" and to "establish re¬
sponsibility for the acts of labor organizations."
The
lations
resolution
adopted at the round table on
requested the immediate
2928
Financial
Proceedings at the meeting on April 28 were reported
follows in United Press
Washington advices of that date:
Most
heated
criticism
Chronicle
seriously
as
the
Virgil Jordan of New York City,
President of the National Industrial Conference
Board. He said the Govern¬
interpretation
the
of
certain
should
areas,
estimates
of
incoma
due weight
be given
the various
in
in
States.
principle of absolute subjection to the State, which in
nearly every other
the impoverished
and
Employees of General Motors
Is Settled—Agreement Grants
Improved Working
Conditions but Does Not Recognize C. I. O. Affili¬
by the
holds
in
Strike of 3,700 Canadian
"has become an instrument of forces
alien to the enterprise
principle
of American life and
work, who desire to destroy it and replace it
of the world
May 1, 193 7
income
from
came
ment
part
affect
ate
fear-ridden people in its
paralyzing power."
Bargaining Agent
as
systematically
Approximately 3,700'striking workers in the Oshawa,
Ont., plant of General Motors of Canada, Ltd., returned to
upon
work
Mr.
Jordan
said
the
Roosevelt
Administration
has
deliberately
and
attempted the destruction of Government "by playing
and capitalizing the weaknesses of business
management itself, by
exploiting the ignorance, inertia and envy of the masses.
"In consequence," he
said, "the American people, weakened by internal
decay of character, have been an easy prey to persistent
on April 26 as the result of an
agreement which ended
walkout begun on April 8.
This agreement granted most
of the strikers' demands, except formal
recognition of the
a
United Automobile Workers of
America, an affiliate of the
for
Industrial
Organization.
The CIO
has
attempts to under¬
mine and destroy the
enterprie principle and replace it by European and
Asiatic conceptions of life, work and Government."
He charged that the Administration
sought to maintain itself in
Committee
sought to act
bargaining agent for the strikers, but the
and
supported in its stand by Premier Mitchell F. Hepburn
of Ontario, who had announced his readiness to call out
per¬
manent power and desired to create "an
absolute central
was
mechanism," he said, "is engineered out of error,
forged out
of falsehood and driven
by the power of mass delusion mobilized by demagoguery."
Mr.
Jordan's views
Journalist, who told
a
echoed by
were
concurrent
George E. Sokolsky,
troops to protect the company's property.
The strike settle¬
employees shorter hours, higher pay and im¬
proved working conditions.
New York
a
ment granted
meeting of trade association executives—
composed, for the most part, of Chamber
delegates—that "we face in the
United States today a class war."
Settlement of the strike was recorded in the
following
dispatch of April 23 from Toronto to the New York "Herald
,
Lionel D. E<3ie toiH the Chamber
on
April 28 that inflation
Tribune":
is "distinctly improbable" in view of
present Federal controls
and the curtailment of Government
expenditures that will
become
intensified
marized
as
the
by
follows in
Mr.
fall.
next
His
address
was
The
both
sum¬
outside
the financial
on
went
of the nation:
The financial centers of the world
to
decline from its
of $35
an
and
ounce,
any
in
such
From
now
1
and
should
be
There
for grave concern in the fact that credit had been
Oshawa,
both
were
of
W.
A.
"the
set
organizer for the C. I.
to
Millard
called
and
detailed
study
of
State
a
the
U.
claim
the
the
The
States
two
18%
of
of
fourth of the total
receivedi
in
of
the
of
45%
of
New
York
has
to
000,000;
and
the
37%
receive
This
not
Another fourth
"In
the
it
Ohio
New
is received
the
in
population.
13
The
remaining
intermediate-sized
States,
half
largest
income
$9,019,000,000,
of
which
16.4%
or
State,
any
of
the
its
receipts
national total
in
of
1935
$4,810,-
with
York's income
was not
only the largest received by any State, but
larger than the total income received in seven of the nine
regional
groupings of States into which the country is divided for Census
purposes.
The income received in these
regions in 1935 was as follows:
was
also
South Atlantic
$5,510,000,000
5,011,000.000
4,736,000,000
4,488,000.000
West North Central
Pacific
New England
The
West South Central
East 8outh Central
$3,568,000,000
2,214,000.000
1,506,000,000
Mountain
received
000,000,
While
smallest
income
in
1935
was
total
Nevada,
which
with
with
concentration
degree
ference
$163,-
and Idaho,
of
study
Among
and
rural
points
these
areas
of
are
and
as
is the most
income
out
the
that
in
a
between
few of
other
differences
one
important
the
factors
in
reason
States,
are
of
the
ences
in
the
various
which,
the
Strike
characteristics;
stage
States.
A
although
and
differ¬
economic, industrial and social development
among
These, and other factors, such as drought and floods
more
or
less
accidental
two-day
and
temporary
in
nature,
may
fact
points
in
the
Both
union
their
to
are
until
run
final
to
office
the local
union
party
11,
sentence
Oshawa
hereunder
in
successors
either
after June
or
covering the
employees
members of
Canada,
agreement
the life of the agreement is
General Motors Corp. and
by the
agreement
are
chief
is
that
point
of
factory
who
signed
representing the
union."
is
recognized
Vice-President and
took the view that
the
status
at issue,
of
both
the
General
the
the
as
Man¬
had
company
bargaining committee
before
clarify this point now,"
between
Mr.
the company and
in
its
and
of
during the strike,
Carmichael
said.
employees at
"The
Oshawa."
New York Ended When Two
and
Radio
Operators'
When
strike
Company
Invokes
of
longshoremen
in
New
The
insurgent maritime workers
and line officials
in
were
day that Mrs.
Wagner
York
City
accord yester¬
Elinore M. Herrick,
regional director of the National Labor
Board, had been largely responsible for the settlement.
Through the medium of the NLRB it was arranged that
Relations
held'
I.
M.
tracts,
elections would
to
in
M.
determine
their
authorized
inter-union
officials
which it is
then
representation
fights,
will
wages
conduct
and
collective
for
the
various
conditions
bargaining
of
maritime
labor.
and
sign
hoped will end the maritime workers' dispute.
The
con¬
Ends Second Sit-Down
The settlement not
the
sit-down
only released the President Roosevelt, but also
stopped
today.
John
M.
strike
by
on
the
Panama
Franklin, President
time workers, was
He made the
of
met
against the Cunard-White Star Line and
Furness, Withy &
Co. was ended on April 23 when it was
announced that the
National Independent
Longshoremen's Union of Montreal
had merged with the International
Longshoremen's Associa¬
tion, headed by Joseph P. Ryan.
Another maritime strike
in New York was settled on
April 16 with an agreement
concluding a seamen's and radio operators' strike
against
ships of the International Merchant Marine Co. which
had
delayed the sailing of the liner President Roosevelt for two
days.
Settlement of that dispute was noted as
follows in
the New York "Herald Tribune" of
April 17:
Act
between
other
First,
Carmichael,
of
Settled
part
as
of
Merge—Seamen's
Con¬
the
222
full-time
a
union.
the
in
country and
another; differences in occupations and industries in which the
population
in different areas is
engaged; differences in productivity of the population
resulting from climatic conditions and racial
the
Motors
the
also
living costs
section
for
and
Harry J.
signed
sail
$165,000,000.
of population
concentration
Board's
responsible.
urban
the
of only $54,000,000.
Other small income' States included
$122,000,000; New Mexico, with $136,000,000; Vermont,
$138,000,000; Delaware, with $151,000,000; Arizona, with
a
Wyoming,
high
had
Local
now
Act
groups
which
by the
Longshoremen's Strike
be
State
of
and
♦
Middle
Atlantic region, comprising the States of New
York, New
Pennsylvania, received an income in 1935 of $16,044,000,000,
the East North Central
region, containing the five States of Ohio,
Indiana, Illinois, Michigan and Wisconsin, received1
$11,962,000,000.
"This
signed
any
of
was
two
signed
says:
advisable to
agreement
Jersey and
with
view
men
while
The
General
seems
of the national income
income-receiving States and the District
of
recognition
employee
involved way of saying the
of its members," he said.
an
agency
recognized
to
Unitedi States.
themselves
afternoon,
of
ager
one-
$3,907,000,000, California with $3,631,000,000,
with.
$3,084,000,000, Massachusetts with $2,356,000,000, Michigan
$2,236,000,000, and New Jersey with $2,215,000,000.
with
of
"That's just
together
approximately
population.
the
Illinois
Pennsylvania alone, which
population,
smallest
have
income
contain
amounting
the
which
national
York
country's
national income.
33
Columbia,
New
the
Motors
recognition.
agreement
the
is
Unions
contain
constituted
agreement by giving 60 days' notice on
Mr.
Millard called attention
to
the
company
behalf
of
employees of the 'company who
;
and
in
the
Second,
said:
of
W.
bargaining
regional distribution of
the national income for the
years 1929 to 1935, recently
completed by the National Industrial Conference
Board, an
advance summary of which was made
public on April 24.
In issuing the advance
summary the Conference Board also
is
A.
1937.
Income—
comprehensive
states
0., headed the bargaining committee that
attention
his
with
coincide
on
Massachusetts and Michigan—according to
pact
The
substantiate
of
seven
The peace
agreement.
factory recognizes
the corporation
today's pact, which
Illinois, California, Ohio,
their
executives yesterday and today in Premier
Hepburn's
grievance procedure follows closely the lines of the agreement
signed by the General Motors Corp. with the U. A. W. in the United States.
again reached.
More than half the national income is received in
States—New York, Pennsylvania,
W., who has also been active
to
laud
the
General
paid
business cycle
Regional Distribution of National
union,"
with
office.
Mr.
New York State Receives Largest Share
under
up
former
a
terminates
and
allows
the city from Washington
"victory."
recognition, the union leaders point first to the
won
local
Edie attached the utmost
importance, however, to the necessity of
so that the credit of the Government be
restored to a point able to withstand a
heavy drain when the bottom of the
|
that
way
•
Millard,
ex¬
State
U. A.
return
management of the Oshawa
Mr.
Mr.
Conference Board Surveys
the
to
and
procedure
"the
President
curtailing Federal expenditures
Industrial
of
expected
the workers
claiming they
the U.
by $16,000,000,000 during the last four
years, since during the
preceding four years there had been a credit contraction of
$18,000,000,000.
National
a
a shop committee
consisting of nine members who shall be variously elected from their fellow
employees who are members of the local union."
This, said C. H. Millard,
the
panded
was
in
I.
C.
that
further contraction in credit.
a
was no reason
phrased
is
"-,".r1
:y-
grievance
deficit amount to $1 000,000,000 in the 1938
fiscal year there should be no
cause for alarm
considering that deficits in the past four years have been
piling up at the rate of about $4,000,000,000
annually.
Runaway prices in this country could be controlled
by three factors.
These included the gold policy, the
budget and commercial credit. It was
inevitable that the price of gold would decline in
the not distant future,
that the Federal budget would soon
be brought into balance and that there
would
today
a;";'
O. organizer, who directed the strike until he
Washington last Tuesday to report to John L. Lewis, and Homer
to
In
will continue.
Federal deficits will become less and less
on
a-:
Thompson,
tomorrow to address
reduction is bound to be reflected in
commodity price declines.
The nation is now on a "credit
plateau" and probably will continue to be
during the remainder of 1937, but the contraction of credit of about
$750,-
000,000 since Jan.
C.
Martin, international President
convinced that the price of gold is
are
present level
signed
claim
a
victory, and the circumstances surrounding the
of the agreement permit Premier Hepburn to say he prevented
I. O. organizers from
dominating or even participating in the
negotiations,
outlook
agreement
to
up
Hugh
Edie made these additional observations
certain
Oshawa
sides
drawing
Washington dispatch of April 28 to
a
"Times":
as
company refused to discuss grievances with this agency,
Government.*'
"This
of
the I.
petitioning the Labor Board!
gratified
over
Pacific
the
M.
liner
M.,
to conduct
California,
who
which
invoked the
elections among
Wagner
the mari-
early settlement.
following statement late yesterday afternoon.
"We can truly
say that in the
speedy and satisfactory settlement
the strike the
Wagner Labor Relations Act proved as
employer
beneficial
as
to the employee.
will
to
of
the
"Our company invoked the Act
at a moment when the
situation seemed
rather hopeless.
The result of this, the first test of
the Wagner law since
its approval by the
Supreme Court, was a round table conference
at which
all parties
displayed a desire to cooperate.
The men returned to
their
*
Volume
Financial
144
be settled before the
jobs, and whatever may remain in controversy is to
the
"Today
men
earning
are
their
the
wages,
ships
sailing and
are
intelligent handling of the whole situation by Mrs. Elinore M. Herrick
of the Regional Labor Relations Board.
The fair-minded attitude of the
representatives was also a
labor
York
The New
contributing factor in the peaceful
major
of April
24
the
arrangement
new
Shipping
Federation
Canada
of
will be
permitted to work together
of
President
Union,
the
on
becomes
same
J. B. Labelle,
jobs.
the
of
President
Montreal
of
all
include
to
handled
vessels
by
agents
In
to be
Senator Bachman voted
for Roosevelt policies.
approximate third of the Senate roster uncom¬
the Roosevelt court bill.
interests
major
Valley program.
1904
of
York,
Senator's
the
.
among
Federal projects was the
.
.
Chattanooga, Mr. Bachman was born Aug.
Presbyterian
a
of
A tie-up of the German lines awaited the arrival
independent union.
of
an
minister,
2, 1878, the son
Dr.
graduated from the law school of the University of Virginia.
threatened
ship
among
Jonathan Bachman.
He attended South¬
western Presbyterian University.
Later he studied at Center College, the
University of Chattanooga and Washington and Lee University.
He was
o1
of the
first
1934, Mr. Bachman was returned
which piled up for him a majority
1936, by a
reelected for the six-year term on Nov. 3,
was
was
native of
A
Montreal
at
the first vessel
Canadian
Pacific,
Montreal
to arrive at
owners
this
was
the first
McMannen
Pearl
Miss
of Durham,
Duke,
public life in 1906 when he was named as city attorney
Chattanooga.
Bachman
Mr.
of the Duchess
season,
married
Bachman
Mr.
He entered
N. 0.
their
6,
Democratic landslide,
a
He
in the current controversy over
One
companies docking vessels at Montreal which might be served by members
of
of Secretary Hull.
Nov.
of
Senate controversies
all
mitted
will
L. A.
had
strike
The
National
the
I.
of the
local
and political activity from
majority of 185,537.
longshoremen's strike
recognize members of both the National Independent Union and the I. L. A.,
who
by
of 150,476.
He devoted
that time until
defeated in the primary election.
was
practice
election
general
Tennessee
the
but
law
to
However, he
sum¬
follows:
Under
the
office
In
"Journal of Commerce"
marized the terms of settlement of the
as
In
to
the negotiations."
of
conclusion
Senate,
attention
his appointment with the elevation
I cannot speak too highly of the
feeling has been reestablished.
friendly
the
in
seat
his
Board.
Relations
Labor
2929
Chronicle
the first Senator to die since the Seventy-fifth
was
Congress
in January.
convened
threatened, but the Empress of Australia had cleared from New York
previous to that time and without any freight.
A. N. P. A.—
Convention—To
Promote United States Production of Newsprint—
J.
Arrival
Alaunia
the
of
here
without
against
the
and
Andania
Cunard
Line,
Montreal
at
was
the
signal
for a
the
An attempt to hold
which
managed
to get
aid.
any
Attorney General Cummings Urges Support of Court
Plan—In Radio Address He Criti¬
by Chief Justice Hughes
Reorganization
cizes Statement
of
Annual
Conclude
Publishers
Queen
Mary away before the strike became effective.
up the
Queen of Bermuda of the Furness Line by threatening the towboat com¬
pany whose tugs were to have undocked her proved abortive because the
vessel, having turbo-electric engines was able to maneuver out of the slip
strike
President
Elected
Stahlman
G.
Ships Evade Tie-Up
Elisha Hanson Discusses Wagner Act
James G. Stahlman of the Nashville
Decision
(Tenn.) "Banner,"
elected President of the American Newspaper
concluding session of the an¬
City.
He succeeded Jerome
D. Barnum of the Syracuse
(N. Y.) "Post-Standard."
Earlier meetings of the convention were referred to in the
"Chronicle" of April 24, page 2757.
At its session on April 22
the convention discussed the recent increase in the price of
April 23
on
was
Publishers' Association, at the
nual convention in New York
Canadian
Supreme Court is overworked as well
superannuated, Attorney General Cummings charged in
a radio address on April 26.
Criticizing statements by Chief
Justice Hughes in a letter to Senator Wheeler, Mr. Cum¬
mings appealed for support of President Roosevelt's court
reorganization plan, and said that from the amount of work
each Supreme Court Justice had to do in the time available,
"some way must be found to ease or spread the burden."
He pointed out that Chief Justice Hughes in letter spoke
"apart from any question of policy," and he asserted that
questions of policy could not be ignored.
United Press
Washington advices of April 26 reported the address as
newsprint, and supported a movement to create a
in the South, after hearing a
report of a committee headed by W. G. Chandler of the
Scripps-Howard Newspapers.
The New York "Times" of
April 23 described that action as follows:
follows:
lower than quoted by present sources
The United States
as
domestic newsprint industry
After the discussion Mr. Chandler moved
Chicago
The
address.
group
enabled
switch
of Justice
Roberts to the "liberal"
Owen J.
"Whereas, there has been
"Who 'amended* the Constitution on March 29, last?" Mr.
Not Congress.
President.
the
"Not
asked.
Not the
The Supreme Court 'amended* it by correcting its previous mis¬
people.
interpretation.
"This
bewildering history demonstrates how courts may ignore patent
facts and
Nation, by the peripatetic vote of
paralyze both States and
single judge holding office for
a
that
"Whereas,
of its work, Mr. Cummings
answer
the high tribunal is abreast
commented:
No one has contended otherwise, for the Supreme
is simple.
Court itself selects the cases it will review and
its
own
a
thus controls the size of
docket."
Chief Justice Hughes
large court
also cast doubt on the constitutionality of dividing
into "two or more parts
separate courts."
Mr.
.
.
.
functioning in effect
as
Cummings called this a "patent begging of the
suggested anything of the kind.
suggested that except in cases of great
question," asserting that no one had
"Instead," he said, "it has been
enlarged court should sit at a
other Justices free to write opinions or to examine appli¬
importance only a rotating quorum of an
time, leaving the
cations for
No one has even challenged constitutionality of the
review.
statute under which the Court now operates
of six justices to
and which authorizes
a quorum
discharge its functions."
said:
and vital nation of 130,setting its house in order to have a Supreme
Discussing the question of age, Mr. Cummings
"I ask you
frankly whether it is fair to a great
000,000 people bent
upon
Court, two-thirds of the members of which are over
majority who
are over
70 years of age and a
72 years of age."
from any question
of policy," Mr. Cummings said that questions of policy could not be ignored
Admitting that Chief Justice Hughes spoke "apart
in
a
Court concerned with social and
"The point is
example, the Supreme Court held
the channels
was
of
Five years later, however, the Court held that
improper to close the channels
labor.
"Twenty-five years ago, for
valid a statute prohibiting the use of
transportation of women or
of interstate commerce for the
girls for immoral purposes.
It
industrial policy.
easily illustrated," he said.
of commerce to the products of child
between the protection
Yet the Constitution makes no distinction
women
and the protection of
children."
ancial
the
backing is all
that
for the first six months of 1938, and
informed us that fin¬
Southern
newsprint has needed to become a
be it
"Resolved, that this Association appoint a committee, to
the Southern Newsprint Committee of
of Tennessee—Was Former
Court
Justice of State Supreme
aid in every proper manner,
the splendid newsprint committee of the
of Tennessee died suddenly
April 23 as the result of a heart attack.
had been appointed to the Senate
in 1933 to fill the unexpired term of Senator Cordell Hull
when the latter became Secretary of State.
He was for¬
in Washington
He
was
on
and
South¬
Newspaper Publishers Association and, further, to follow all proper
ern
pursuits in interesting financial backing in Southern newspaper
The publishers unanimously
projects."
"Incredible"
adopted also the following resolution:
convention as-,
those
newsprint manufacturers who have announced a $7.50 a ton increase in the
price of newsprint for the first six months of next year are in earnest.
"Such a drastic increase, which is unprecedented over a period of many
years, would come close to wrecking a number of newspapers over the
country.
It is incredible that such a drastic increase should be demanded.
"Most publishers will find it impossible to increase their revenues to take
"The
care
American
go
Association in
record that it is impossible to believe that
on
It is the belief of the American
Newspaper
should reconsider
and conclude that it will be detrimental to the in¬
to attempt to force such a great increase in the cost
Association that these paper manufacturers
the situation carefully
terests of all concerned
of
Publishers
Newspaper
of such abnormal increase.
Publishers
newsprint."
counsel of the Association, tpld the conven¬
April 22 that the decision of the U.S. Supreme Court
regarding the Wagner Labor Relations Act is more important
in relation to its effect on cases arising under possible new
laws than in respect to proceedings under collective bargain¬
ing.
He said that employers should respect the rights of
employees conferred by the law as long as they were exercised
in a legal manner
The final session of the convention (April 23) was described
as follows in the New York "Herald Tribune" of April 24:
Elisha Hanson,
tion
on
.
At its concluding session the convention
Situation
ive
"The
Today," by W.
heard reports on "The Legisla-
F. Wiley, of the Cincinnati
"Enquirer;"
and
Newspaper Boy," by H. W. Stodghill, of the Hearst newspapers,
Stahlman, Chairman of the postal com¬
"Second-Class Postage," by Mr.
mittee.
The
convention
passed
committee to negotiate
International
Dec.
31.
The
Senator Nathan L. Bachman
be known as
the American Newspaper Publishers
Association, whose duty it shall be, among others, to cooperate with,
a
resolution
Printing
authorizing the special standing
directors, of
the
and Assiatant's Union, which expires
renewal, subject to the approval of the
the international arbitration agreement
Death of Senator Bachman
informed us
newsprint committee has further
our
sembled wish to
Referring to Justice Hughes* contention that
"The
be manufactured in
can
has put on a "winter garment of reprent-
demonstrated."
10 years, and
that newsprint
South and delivered at prices considerably
Hold Increase
decisions, "the need of judicial reform has been
which was
manufacturing
engineers and newsprint manufacturers say
eminent
life."
He said that although the Court
ance" through its recent
great expansion of kraft paper
"Whereas, the newsprint committee of this Association has
Cummings
Not' the States.
a
in the Southern States of the United States within the last
reality,
historical reversal of Court interpretation on the issue.
a
and Col. Frank Knox of the
following resolution,
adopted unanimously:
Attorney General Cummings cited the minimum wage decision in his
radio
seconded the
News"
"Daily
Pressmen
between the A. N. P. A. and
1937.
New York
State Publishers'
Barnum a silver plaque
Association presented to Jerome
D.
service as President
Publishers' Association, 1935-1937."
honoring him "for distinguished
of the American Newspaper
58 years ago, and
elected for the remainder of Mr. Hull's term in
November, 1934.
Two years later he was reelected for a
full six-year term.
Mr. Bachman, a Democrat, frequently
W.
M.
presided over the Senate in the absence of Vice-President
Garner.
A brief outline of his career follows, as contained
in the Washington "Post" of April 24:
For
a
number of years
Senator Bachman served on the Tennessee
judiciary.
He left the State Supreme Court bench in 1924 to seek a
Latimer
Security
mally
Declines
Post
Board—President
as
Member of Social
Roosevelt
Withdraws
Nomination
President Roosevelt on
member of the
at
is
April 26 withdrew from the Senate
Latimer of New York as a
nomination of Murray W.
the
Social Security Board. The President acted
Mr. Latimer, who said the fact that he
the request of
a
The
Democrat
Social
apparently barred him from
Security Act
membership.
requires that only two members
■
2930
Financial
of the three-man
board may be of the same political party.
There
already are two Democrats on the board, Arthur J.
Atlmeyer and Vincent M. Miles.
In Associated Press ad¬
vices from
Mr.
Washington, April 26, it
Latimer,
now
nominated
to
Winant
New
of
"I
do
not
national
be
confirmed,"
to
my
"Under
the
Harry
State of New
H.
was
G.
Latimer
said,
affiliation.
and;
I
am
I
"under
have
I
hope
change and currency conditions in the European countries
most
in
as
a
to
pocket, may be procured without charge from the head
office, Poultry, London, E. C. 2, or any branch of the Mid¬
land Bank
of its affiliated
or
Belfast Banking
banks—the
Co., the Clydesdale Bank and the North of Scotland Bank.
L. A. Delaporte and C. S. Leahy Resign as Governors
of New York Curb Exchange
At
regular meeting of the
a
New York
Security Board."
Woodring Nominated
frequented by travelers and should prove of great serv¬
intending visitors to those countries.
Copies of the
booklet, consisting of 20 pages of convenient size for the
ice
will find it possible to withdraw
you
the Social
May 1, 1937
any
always
registered
now
York.
member of
a
as
letter
a
the board,
Mr.
political
Democrats,
circumstances
nomination
my
for
voted
In
John
was
political complexion of
to
the
Board,
Board,
the
as
in
Retirement
Security
recently.
to
desire
elections
Democrat
the
on
impression
erroneous
Railway
the
resigned;
who
Mr. Latimer said the Senate Finance Committee
11,
the
over
of
Republican
a
Hampshire,
President, March
concerned
member
a
succeed
stated:
was
Chronicle
Board of Governors of the
Curb
Exchange, held April 28, the resignations
of Leo A. Delaporte and Charles S. Leahy as members of
Secretary of
War
by
the Board
accepted.
were
President Roosevelt
President
Roosevelt
nomination
of
April 27
on
Harry
H.
Senate the
sent to the
Woodring
Secretary of War.
Mr. Woodring became Acting Secretary following the death
of Secretary George H. Dern on Aug. 27, 1936, and was
temporarily appointed Secretary on Sept. 25.
In Wash¬
ington Associated Press advices of April 27 it was stated:
The
appointment
making
Mr.
today
Woodring's
interpreted
was
position
the
at
permanent.
Mr.
that he could not
in that capacity longer than
him
gave
a
Unless
appointment
recess
a
nomination
Mr.
Senate,
Senate
Dern
Woodring's
was
Department
during the
appointment
law
a
stipulating
30 days, the President
present
would
have
session
of
Arrangements
E.
for
reelection
for
B. Merritt for
reelection
for
as
Robert F. Straub has been
Vice-President,
and
nomina¬
tions for the Board of Managers to serve two years, six to
be elected, follow:
For reelection, Harld L. Bache, W. S. R.
Beane
F.
and
Shirk
Moses
and
Cohen;
P.
J.
Zuurmond.
B.
H.
Wunder
was
nomi¬
nated for reelection to the office of Trustee of the Gratuity
Fund for three years.
The annual election will be held on
June 7.
J.
Magrath Resigns
New
York
Chief of Rating Bureau of
Department
v
as
Insurance
Louis H. Pink,
Superintendent of Insurance of New York
State, announced on April 26, with "real regret," the resig¬
nation of Joseph J. Magrath as Chief of the
Rating Bureau
of the New York
nation
will take
State Insurance Department.
effect
on
July
1.
The resig¬
Gagrath will join
Mr.
Chubb & Sons and the United States Guarantee Co., assist¬
ing in administrative matters.
He has been with the Insur¬
Department since 1922 and Chief of the Rating Bureau
ance
since
1929.
Chamber of
Commerce of State of
Officers
r
at
New
York
to
New
of
Elect
Annual Meeting May 4
The annual meeting of the Chamber of Commerce
State
York will be held
on
of the
May 4, when officers,
chairmen and members of committees for the 1937-38 fiscal
will be
year
elected.
Harry F.
Guggenheim,
former Am¬
bassador to Cuba, will address the meeting.
.i
i
'■
♦
Chicago Stock Exchange to Hold Annual Dinner Meet¬
ing in Chicago, May 20
The annual dinner meeting of the Chicago Stock Ex¬
change is to be held in the Grand Ball Room of the Palmer
House, Chicago,
Virgil
on
May 20, it was announced April 23 by
Webster, Chairman of the Exchange Committee
C.
Public
Relations.
Mr.
Webster
said
that
"1937
marks
the fifty-fifth
anniversary of the founding of the Chicago
Stock Exchange.
We are planning an interesting and dif¬
ferent program,
and hope to make it a real affair."
Members,. their partner and employees have been invited
to
attend.
♦
H. T.
Hill to
and
Resign June 1
Executive
as
Assistant
Vice-President
of
to President
Chicago
Stock
Exchange
Harvey T. Hill, who for 10
years
has served the Chicago
Stock Exchange as Assistant to the President and Executive
Vice-President, announced April 23 that
leave
the
Exchange to
become
on
June 1 he will
general
partner in the
brokerage firm of Clement, Curtis & Co., Chicago.
For 10
years before he joined the staff of the Chicago Stock Ex¬
change Mr. Hill was in Chamber of Commerce work, first
with
the
General
Chicago
Association
was
buying for another, at $6,000,
a
of
Commerce
and
membership on the Chicago Board of Trade sold April 23
$5,300 net to buyer, off $200 from the last previous
transfer.
The officers and directors of
Rochester, N. Y.,
Vice-President
announce
and a
later
as
Secretary of the Illinois Chamber of Commerce.
The
issued
wrork
Bank, London, Issues Brochure
Europe
Midland
a
is
Bank
(Ltd.),
London,
on
Travel in
England, recently
booklet under the title of "Travel in Europe."
The
a very useful and
up-to-date guide to existing ex¬
the Security Trust Co. of
the death of Julius M. Wile,
director of the institution, on April 21.
♦
Two promotions in the personnel of the
Security Trust Co.
of Rochester, N. Y., were announced by the Board of Direc¬
tors
on
and
April 27.
with
Earl
elected
the
G.
George F.
Stone, Treasurer, who has
1905, was named Secretary,
Assistant Secretary since 1929, was
since
company
Hoch,
Treasurer
to succeed Mr.
Stone.
In noting
changes the Rochester "Democrat" of April 27 added:
Appointment
Secretary,
Through
of
which
this
Mr.
he
Stone will
held
arrangement
along
Mr.
Carl
relieve
with
Potter
his
will
S.
and
co-founder
of
the
Potter
position
be
free
responsibility of the work of the late Julius M.
dent
to
of
the duties
of
Vice-President.
as
take
Wile,
the
over
Senior
broader
Vice-Preei-
company.
Incident to the recent expulsion of the North
Bergen Trust
Co., North Bergen, N. J., from the Federal Deposit ^In¬
surance Corp.,
effective today, May 1, reorganization of
the management of the institution was begun on
April 19.
On that day the controlling stock of the trust
company was
purchased by local men from the New York group which
for the past 10 months had supervised the bank's
affairs,
and whose handling of the institution—we
quote from the
"Jersey Observer" of April 20—"had caused it to lose its
affiliation with the FDIC."
Controlling interest in the
bank, held by Donald P. Kenyon, former Chairman of the
Board, and associates, was purchased by HermanH. Dieckmann, First Vice-President; Harvey Bein, a director,
and
others.
Mr. Kenyon tendered his resignation as did
George
R. Grantham, as President, and Norman Dizer and E. Fair¬
banks Chase, as directors, all
representing the Kenyon
interests.
Subsequently Herman H. Dieckmann was named
President; Counselor Harvey Bein, Secretary and Treas¬
urer,
and Wilton C. Williams, Assistant Secretary and
Assistant Treasurer.
and within
a
short
James Bonanno
was
elected
time, it is understood, four
or
a
director
five
more
directors will be named.
Termination of the insured status of the North
Bergen
was announced on
April 16 in
Trust Co.
Washington, D. C.,
by Leo T. Crowley, Chairman of the FDIC.
Charges of
irregular practices were made against the bank following
hearings conducted by the Corporation.
Mr.
Crowley
stated that deposits made prior to the action still
will be
insured and depositors up to May 1 will be insured
for a
period of two years.
Deposits made after May 1, Mr.
Crowley said, will not be insured.
The specific charges
against the trust company enumerated in the official state¬
ment (as contained in Washington advices to the
New York
"Times") were as follows:
■
Operating with impaired capita] lending in excess of the maximum
limit
permissible under the law; unwarranted concentration of
loans and exten¬
sions
of credit
to
holders in the bank
It
was
also
persons
were
or
corporations
in
which
the
principal stock¬
bank
by its principal
financially interested.
found that
stockholders constituted
Midland
decline of
a
A
at
been
+
J.
on
were
members, A. Hansen, Chas.
new
meeting of the Board
a
Clifford
Official
Treasurer.
vacancy, at
a
$100 from the previous sale.
The nominating committee of the New York Produce Ex¬
change has nominated John McD. Murray for reelection
President for the ensuing year.
&c.
The New York Coffee & Sugar
Exchange membership of
M. Richards was reported sold April 29 to F. Shelton
Farr, who
Murray Renominated for Presidency of New
York Produce Exchange
nominated
COMPANIES,
made April 27 for the transfer of a
New York Stock Exchange membership at $106,000.
The
previous transaction was at $110,000, on April 16th.
the
adjourned.
McD.
TRUST
the
when
expired
New York, to fill
April 29.
♦
J.
BANKS,
*
Secretary.
as
ABOUT
W. Gibson Carey Jr., President of Yale & Towne Mfg. Co.,
was elected to the Board of Directors of
Irving Trust Co.,
as
became
automatically
but, because of
died,
submitted
recess
War
He
Acting Secretary when
serve
ITEMS
as
a
the
management
of the
^
hazard to its depositors and the
corporation.!
""It was also pointed out, the dispatch
said, that should
the bank in the future purge itself of the
blame attached
to it by the FDIC and meet all the
necessary conditions, it
could apply for reinstatement.
,
Volume
Financial
144
depositors for which it gave in exchange
affairs of the defunct Chelsea-Second
Co. of Atlantic City, N. J., advices
the
Concerning
"Herald
Regarding the affairs of the defunct First
Approximately $600,000 will be distributed in June to 17,000 depositors
common
creditors of the Chelsea-Second National Bank & Trust Co.
as
an
receiver
initial dividend of 6%, Charles A. Faircloth, Federal
announced today (April 9).
the bank,
for
Banking for
Pennsylvania, announced on April 23 that the Pen Argyl
Trust Co. of Pen Argyl, Pa., had paid its loan of $20,704
from the Reconstruction Finance Corporation.
In noting
this, the Philadelphia "Record" of April 24 further said:
This releases
Harr,
and' a
possible distribution to stockholders were indicated
0. Schram, which showed
the'receivership's only debt had been reduced to $8,000,000.
Since the last statement, at the end of 1936, the debt to the Manu¬
facturers
National
Bank
has
been
reduced by $8,800,000.
This debt
Bank-Detroit
«
A.
Luther
Dr.
State
of
Secretary
liquidation toward
assets appraised at $52,876 for further
Friday in the quarterly statement of Receiver B.
that
originally
interest
able to borrow from the bank at
was
Reconstruction
depositors.
the
by
charged
than
rate
made at first to pay
was
>
The
6, 1936, for $35,800,000.
contracted March
was
The receiver
A RFC loan
dividend payments to depositors.
estimate
receiver's
775,331.
April 28
was to begin paying an additional dividend of 10% to all
depositors who had proved their claims, according to the
Philadelphia "Inquirer" of April 24, which supplied further
First
details
as
National
Bank of Ambler,
Pa.,
on
additional
and
been
stock assessment,
bank as un-
the
collectable.
The
receiver
still
must
depositors
pay
approximately $100,000,000.
the depositors would
substantial surplus for stock¬
Assuming that the receiver's estimate is conservative,
be
follows:
had
which
assets
assets, the
written off by
listed
uncollected)
includes
This
2^%, a much lower
Finance Corporation.
remaining assets is $114,-
all
of
value
the
of
>
The
National Bank-
Mich., the Detroit "Free Press," in its
issue of April 17, had the following to say:
Eventual full payment to all depositors of the defunct First National
Detroit,
Detroit,
and
here,
the receiver all of the
assets of the bank.
York
New
place on April 9, appearing in the
Tribune," had the following to say:
that
preferred stock in the liquidating
The corporation then purchased from
corporation.
National Bank & Trust
from
2931
Chronicle
paid
full
in
be
should
there
and
a
holders.
The third dividend to be paid, this will bring to
bank
The
depositors.
closed
during
55% the total paid to
bank holiday and went into
the
receivership March 26. 1934.
Announcement of the new dividend was made
yesterday by J. C. Maschke,
receiver.
•
First
The
its
brated
National
Bank
seventy-second
of
recently cele¬
is learned from
The institution was
(succeeding a small
Pa.,
Mercer,
anniversary,
it
"Money and Commerce" of April 24.
chartered in the early part of 1865
and opened its doors in April, just after Lee
Grant at Appomatox, officially ending the
C. G. Williams, Presi¬
dent; W. V. Anderson, Cashier, and D. W. Zahniser, Theo¬
dore Craig and E. L. Knapp, Assistant Cashiers.
the assets, 75% in real estate, will be a long
Schram said.
pointed out that, though some of the real estate is being sold
daily, the receiver is collecting small down payments, with the balance
in notes spread over several years.
Of the $25,000,000
assessment levied against stockholders, $9,968,892
paid.
to
$32,128,579
are
of $168,500
of the defunct
an additional
to depositors
Baltimore, Md.,
of
representing
5% on their deposits, was made recently by Warren F.
Sterling, State Bank Commissioner of Maryland, and the
receiver of the institution, on an order signed by Judge
Edwin T. Dickerson.
The Baltimore "Sun" of April 15,
from
this
which
is
details
further
supplied
learned,
as
follows:
report
and
it
was
have received'
now
estimated
improvement in real estate values they
25% in five payments
14)
(April
yesterday
that
on
of the
Total
expenses
estimate
Semmes
yesterday
and William
D.
that
was
now
on
hand
consist
of
Maemillan.
$
The Kanawha Valley
the
this
anniversary
In
year.
paid
stock assessment, $14,894,237.
$114,775,331.
$335,533,518 and dividends
total $238,208,509. Unsecured
total
claim
receivership has been only 2.3% of the cash col¬
since the bank closed have been $7,508,362, exclu¬
on
borrowed money.
To offset the expense, the
such
collected,
cash earnings
Effective
kansas
as
interest,
of $24,434,048.
City,
April 10, the Security National Bank of Ar¬
Kansas, was placed in voluntary liquidation
on
April 10.
The institution, which was capitalized at
$200,000, was absorbed by the Home National Bank of the
place.
♦—_
M. E. Zeigler, heretofore Acting President of the Bank of
Cope, Orangeburg, S. C., was named President of the in¬
stitution on April 21 to succeed the late J. I. Valentine, it is
learned from Orangeburg advices on that date, appearing in
the Columbia "State."
The dispatch added:
Mrs.
Bank of Charleston, W. Va., one of
important banks of that State, is celebrating its
most
seventieth
off,
♦
their
receive another 10% payment.
may
assets
interest
written
for claim total $2,508,362.
yet proven
shows
been
Listed assets, $147,297,667;
with continued
about
$250,000, mostly in real estate.
The bank failed in August, 1932.
Repre¬
senting the receiver in the recently authorized distribution were John E.
An
not
expense
of
sive
same
of the bank
Creditors
claims,
$21,790,108 ;
for
proved
already
Deposits
liabilities
The
Bank
assets,
the assets estimated at a value of
already paid to depositors on these claims
lected.
distribution
non-book
or
having
after
counted
again
collected thus far.
remaining assets, at book value, are:
Total
♦
A
assets
been
has
$8,996,488
These
Park
by the receiver
$3,933,899.
yield
Of
additional
to
Uncollected stock assessments are estimated
has been
surrendered
Its present officers are:
of
Mr.
however,
He
private bank)
Civil War.
all
of
Liquidation
process,
its statement
as
of
will now be actively engaged at the
A. Adden, Vice-President,
F.
for developing new business.
Vice-President.
Other directors include
bank in charge of the department
David
Doar
and
Cashier
is
John Wannamaker and M. C.
June
29, 1867, the bank reported capital of $30,000, undi¬
profits of $753, and deposits of $18,631.
Today the
institution has a capital structure of $2,467,898; deposits
Another director will be named
Valentine.
in the near future.
at a meeting
0
vided
The election of Ernest Lamb,
a
Vice-President
a
National bank examiner,
in Dallas,
of the First National Bank
of
$20,538,364, and total resources of more than $23,000,000.
The bank's affiliated institution is the Central Trust Co.,
as
which has
by Nathan Adams, the President.
$14,535,309 in its trust department, and acts in
all fiduciary capacities.
It is capitalized at $500,000, with
surplus, profits and reserves at $417,854 and has deposits
of $725,748.
"Money and Commerce" of April 24, from
which the above information is obtained, named the officers
of the Kanawha Valley Bank as follows:
John L. Dickin¬
son, President; Waller C. Hardy and John C. Malone, VicePresidents; Hayes Picklesimer, Vice-President and Cashier,
and W. J. Talley, O. S. Summers and Ida D. Jones, Assistant
Cashiers.
Mr. Dickinson is also President of the Central
0
Concerning the affairs of the defunct Citizens National
22 to
Bank of Brazil, Ind., advices from Brazil on April
the Indianapolis "News" had the following to say:
all the
Inc.,
Fairfield,
ment will be made to the
to McDowell &
Mr. Bassett
the highest bid.
111., for $205,
announced that the receivership would be
closed in June when final pay¬
has been
period
in
Corporation
the
branch
ing
Judgments for $24,758
First
were
contained in
"Tribune":
which
he
more
loaned
was
than 16
years,
except for a
to
job.
His
States,
was
territory
and
as
National
he has lived in
bank examiner included five
Dallas for the last seven years.
Southwestern
♦—
Boyd, heretofore Assistant Secretary of the
Security-First National Bank of Los Angeles, Calif., was
promoted to an Assistant Vice-President at the monthly
meeting of the directors on April 21.
Mr. Boyd has been
The Los Angeles "Times"
April 22, from whiqjh the foregoing is learned, also reported
other appointments as follows:
with the institution for 20 years.
Murray J. Hancock was elected Manager of the
branch
L.
C.
receiver,
and
The bank has
were
to
before Judge
The suits were filed by George W.
collected
a
100%
assessment
on
bank
paid depositors in full and will begin payment of
6% interest on deposits soon.
Hancock,
Assistant
0
Giannini
of two
more
interests of San
Liquidating Corp. previously had purchased from creditors
In addition, it received assignments from other
Ariz.,
Phoenix,
April 19, it is learned from the Chicago
on
banks by the
Francisco, Calif., was announced
"Tribune" of
The institutions are the Phoenix National Bank,
with total resources as of Dec. 31, 1936, of $9,374,000, and
April 20.
its
of
Savings & Trust Co., with assets
Sale of the controlling interest in the First
Bank of Phoenix, Ariz., to A. P. Giannini and
affiliate, the Phoenix
$4,311,000.
National
Transamerica Corp., a deal involving
Empire Trust & Savings Bank of Chicago,
111., on April 16 paid $29,000 to depositors, representing
payment in full to all depositors who had not sold or assigned
their claims.
The receivership will be terminated shortly.
We quote further from the Chicago "Tribune" of April 17:
about $33,000 in claims.
Manager,
0
*
The defunct
The Empire
Wilshire and La Brea
Westwood Village branch;
Herfurth, Manager of the branch at Coalinga, and A. W.
F.
Acquisition
a
entered today against three shareholders in
National Bank here, following a hearing
Thomas W. Slick in the Federal Court.
as
for
bank examiner
the Reconstruction Finance
1931 as assistant manager of the Dallas office.
After
organized and staffed he returned to his bank examin¬
in
following with reference to the affairs of the defunct
the defunct
Rauch
90-day
Anderson, Manager of the Culver City branch.
First National Bank of Marion, Ind., was
Marion dispatch on April 20 to the Chicago
stock.
career,
Lamb
William
The bank will pay in full.
depositors.
0
The
Mr.
In outlining Mr. Lamb's
the Dallas "News" of April 15 said, in part:
of
Bassett, receiver for the Citizens National Bank here, has sold
remaining assets of the bank, listed at $23,588,
Nicholson,
hanking
announced on April 21
was
Randall
Trust Co.
J. Harold
Dallas, Tex., effective May 1,
the "Chronicle"
$500,000. was noted in
of April 24, page 2764.
♦—
San Francisco advices by the
of
April
28,
nounced on
stated
that
the
that day that its
Associated Press, under date
Bank of America had an¬
stockholders had approved a
two-for-one stock split to facilitate
distribution of the stock
2932
Financial
shareholders
to
of
the
Transamerica Corp.
The
Chronicle
THE
dispatch
continued:
The
bank
recently
is
than
more
announced
it
the corporation's
among
Par
be
would
CURB
owned
by
Transamerica
division
a
of
which
Corp.,
part
the
of
stock
Friday price movements
have been characterized
$$12.50
share, and shares outstanding would be
a
EXCHANGE
Except for the brisk upturn
owners.
to
cut
99%
considering
was
M*y *> 1937
4,000,000.
on
by sharp declines due, in a measure,
the announcement from
to
Tuesday and again on
on
the New York Curb Exchange
Washington that an anti-trust
against Aluminum Co. of America, the
unsettled financial conditions abroad and the President's
suit had been filed
*
Purchase of the Citizens Bank of
Bremerton, Wash.,
was
announced by the Seattle-First National Bank, Seattle,on
prices.
in
warning against the present hazard of undue advances
April 23. The
Citizens
the
merger will be consummated on June 30 when
Bank will become a branch of the Seattle
institution.
As of March 31, the acquired bank had deposits
approximately $1,500,000 and total assets of $1,681,658.
The Seattle "Post-Intelligencer" of April 24, authority for
the above, also supplied further details as follows:
of
The deal
concluded between M. A. Arnold, President of the Seattle-
was
First National, and Ernest C. Ebert, President of the Citizens Bank, and
is subject to the formalities of approval by the stockholders
stitution
as
well
of each in¬
the Comptroller of the Currency, and the State Banking
as
Commenting on extension of the Seattle-First National banking service
into Bremerton, Mr. Arnold, in a prepared statement, said:
and
of
directors
the
Seattle-First
National
Bank
much
are
pleased to have been able to consummate the deal with the Citizens Bank of
Bremerton by purchasing the bank and establishing a branch at Bremerton.
"Mr. Ernest C. Ebert will be elected
a
Vice-President of the Seattle-First
National Bank,
and Manager of the Bremerton branch.
of the
of the
directors
Citizens
Bank
for
of years
number
a
He and several
have been
stockholders of the Seattle-First National Bank and there has been
relationship between the two institutions for
"This
new
National Bank which is In
of $150,000,000."
Prices
session
16
According to the Montreal "Gazette" of April 28, the Bank
of Montreal has announced the opening of another branch
jn Canada's gold mining area, this time at Senneterre, in'
Northern Quebec, about 40 miles from Val
office three months
an
the Earl
of Westminster
director
of
d'Or, where the
ago.
»
Hon.
Rt.
The
<
■
Bank, Ltd., London.
Europe, South America and the Near East, was reported
unchanged at 700,000,000 lire, with surplus amounting to
145,769,000 lire.
Total deposits increased during the year
850,000,000 lire to 6,757,000,000 lire, the Bank having
than 350,000 depositors.
The announcement in the
more
In
Italiana
took
including
mont
to
commercial
its
active
an
the
to say:
on
addition
capital
Hydro-Electric Co.,
pated
actively
in
part
increases
banking
financing
of
such
the conversion
of
largest amount of subscriptions of
loan
the
to
I.
R.
I.
Mare,
il
per
operations,
Montecatini,
as
Gaslini.
and
loans,
Pied¬
It partici¬
received
the
the 909,000,000 lire
institution to
holding
Commerciale
refinancing
Gas,
government
any
the
and
enterprises
Societa Italiana
Banca
activities,
in
Italian
controlling
company
shipping interests.
The
1936,
erally
bank's
participations
252,000,000
at
carried
on
lire.
at
a
in
foreign
banks
Operations
profit,
of
carried
were
its foreigft
benefiting
from
on
affiliates
the
current
Dec.
were
31,
gen¬
revival
of
business.
The
agency
York and
shared
of the Banca Commerciale Italiana
the trust
in
the
in
companies in New York, Boston
general
business
TREASURY
this country at New
and Philadelphia
have
improvement.
MONEY
HOLDINGS
The
following compilation, made up from the daily Gov¬
ernment statements, shows
the money holdings of the
Treasury at the beginning of business on the first of January
February, March and April, 1937:
Net gold coin and bullion.
Net silver coin and bullion
Net United States notes
...
Jan. 1, 1937
Feb. 1, 1937
$
Holdings in U. S. Treasury
$
497,949.500
393.669.691
3,452,024
Net National bank notes.
1,767.785
Net Federal Reserve notes
18,051,185
Net Fed
Res
bank notes.
Net subsidiary silver
Minor coin, Ac
Total cash In Treasury.
Lees gold reserve fund
Cash balance In Treas..
939.482
601,684,471
437,612.371
2,716 606
2,506,037
17,182.670
744.855
5,772,858
4,704,697
6,215,610
9,258.159
Mar.
1, 1937 Apr.
1,
$
$
1937
684,962,191
827,005,424
449,599.028
454.760.487
2,830.640
3.444,244
1,733,851
14,998,815
1,320,641
16,411.272
417.062
936,648
6,891,912
5,717.098
7,410,316
7,470,916
926,207,122
156,039,431
1077,919,779 1,167,150,597 *1318849,948
156,039,431
156,039,431
156,039,431
770,167,691
.921,880,348 1,011,111,166 1,162,810,517
729,707.000
207.099,007
442,391,000
10.965,908
11,758,836
36.917,475
1,783,121
Dep. in spec'l depositories
account Treas'y bonds,
Treasury notes and cer¬
tificates of Indebtedness
988,859,000
Dep. in Fed. Res. bank..
Dep. in National banks—
275,743,342
To credit Treas. U. 8..
20,135,906
41,578,221
2.277,303
2,665,021
To credit dlsb. officers.
Cash In Philippine Islands
Deposits In foreign depts.
Net
cash
In
38.226,986
2,199,002
2,581,963
216,935,565
2,784,457
425,754,000
367,462,942
13,862,502
35,380.962
1,581.406
3,241,348
Treasury
and in banks
Deduct current liabilities.
2,101,426,484 1,912,660,214 1,723.681,620 2,010,093,677
195,475,670
186,934,850
185,089,198
184,365,375
Available cash balance. 1,905.950.814 1,725.725.364 1.538.592.422 1,825,728,302
•
Includes
on
April 1, $362,633,654 silver bullion and $3,750,999 minor, &o., coins
not Included in statement "Stock of Money."
the
during
the company.
closed with
num
a
against
The weakness in Alumi¬
points.
quickly extended to other parts of the
selling orders
as
less
anti-trust suit had been filed
net loss of 10
along the line.
were
an
Later in the day it climbed back to 140 and
Co. of America
list, and
3
brief
grew
Public utilities
pronounced than in
heavier, prices slumped all
down but the losses
were
of the
other sections
among
the
declines
Jones
were
list.
Laughlin,
&
points to 112; Pepper ell Manufacturing Co., 3 points to
144; Royal Typewriter, 33^ points to 97; Newmont Mining,
points to 118, and Fisk Rubber pref., 2% points to 8034.
Aluminum
shares
stock
Co.
of America
was
continued their sweeping
again the weak spot as
decline
on
Monday.
The
opened at 139, moved rapidly downward and closed at
121 with
a
was
points.
loss of 19
Heavy
points from the previous close.
also apparent in other
groups
and
many
registered declines ranging from 2 to 8
The recessions
included
among
promi¬
or more
American
others
Superpower pref., 334 points to 3534; Babcock & Wilcox, 5
report of the Banca Commerciale Italiana,
presented to the shareholders at their annual meeting at
Milan, Italy, in March, shows operating profits for 1936 of
18,271,144 lire, which, with the approval of the sharehold¬
ers, were credited to reserves.
The capital of the bank,
whose
operations
through affiliates
extend
throughout
matter went
downward
move
recession of the preceding day when the Govern¬
nent issues
Dudley has been appointed a
*
by
to
Saturday, Aluminum Co. of America falling off
points to 134 at its low for the day, the break following
selling
annual
The
continued
on
the sharp
2
bank established
Trading had been
comparatively light throughout the week.
Noteworthy
affiliation places behind the Bremerton bank the entire capital
the
most pronounced among
were
close
a
good many years.
a
Investment and resources of the Seattle-First
excess
but the recessions
specialties and mining and metal issues.
ment announced that
Department.
"Officers
group,
The declines extended to practically every active
points to 120; Bunker Hill-Sullivan, 4 points to 120; Dow
Chemical, 334 points to 136; Gulf Oil Corp., 3^4 points to
5334; Pepperell Manufacturing Co., 6 points to 138, and
Royal Typewriter, 634 points to 9034Stocks turned
the issues
briskly upward
on
Tuesday and
recently under fire canceled
losses and in
some
a
many
of
goodly part of their
instances scored modest gains.
Aluminum
Co. of America moved forward
934 points to 13034 and in
other parts of the list the advances ranged from 2 to 4 or
more points.
Some of the specialties were still behind, par¬
ticularly Babcock & Wilcox, which was off 134 points at
11834; Sherwin Williams, 134 points at 135, and Newmont
Mining, 2 points at 109. On the side of the advance were
such market favorites as American Cyanamid B, 1J4 points
to 2834; Brown Co. pref., 2 points to 74; Dennison Manu¬
facturing Co. 7% pref., 4 points to 84; Driver Harris, 2
points to 37; Lynch Corp., 234 points to 4034* and National
Power & Light
pref.; 2 points to 79.
Renewed liquidation,
due in a measure to President
Roosevelt's warning against the hazard of undue advances
in prices with a resulting rise in the cost of living, together
with the unsettled financial condition abroad, was the feature
of the trading on Wednesday.
There were occasional ex¬
ceptions to the general downward movement but the market,
as a whole, was
considerably lower. Royal Typewriter was
conspicuous on the side of the advance as it moved upward
934 points to 100, dropping back at the close to 98 with a net
gain of 734 points. Among the declines were such prominent
stocks as Brown Co. pref., 534 points to 6834; Bunker HillSullivan, 6 points to 115; Jones & Laughlin, 734 points to
100; Nehi Corp., 6 points to 45, and Newmont Mining, 4
points to 105.
Curb market prices were somewhat higher on Thursday,
and while there were a goodly number of gains registered
at the close, the recessions were still in excess of the advances.
The transfers for the
day were below the preceding session,
dipping to 410,900 shares against 579,530 on Wed¬
nesday.
Liquidation was still apparent though there was a
very substantial reduction from, the heavy volume on the pre¬
ceding day. Gulf Oil Corp. was fairly active and moved up
to 5534 at its top for the day but receded a
point before the
close.
Royal Typewriter went up to 100 with a gain of 2
points, Bunker Hill-Sullivan advanced 3 points to 118 and
Nehi Corp. 4 points to 49.
Declines were recorded by Singer
Manufacturing Co. 3 points to 300, Sherwin-Williams 334
points to 131, Pittsburgh Plate Glass 5 points to 125 and
Aluminum Co. of America 334 points to 12834.
Improvement all along the line was apparent on Friday,
and while the volume of sales dwindled down to
aproximately 333,000 shares against 410,900 on Thursday, there
was a better tone to the market and a number of
prominent
issues in the specialties and metal groups registered sub¬
stantial gains as the session closed.
Prominent among the
market leaders moving on the side of the advance were
Aluminum Co. of America which climbed upward 6
points
to 134 34 Jones & Laughlin Steel 434 points to
10434» New¬
mont Mining 6 points to 111, Safety Car Heating &
Lighting
the sales
>
Volume
2933
Financial Chronicle
144
points to 133, Babcock & Wilcox 2 points to 121, Dow
140 and Youngstown Steel Door 5
points to 69.
As compared with the closing quotations of
last Friday prices were lower, Aluminum Co. of America
closing last night at 134% against 150 on Friday a week
ago, American Gas & Electric at 33% against 36%, Ameri¬
can Laundry Machinery at 28 against 31 %, Carrier Corp.
at 49% against 53, Creole Petroleum at 33 against 34, Elec¬
tric Bond & Share at 19% against 20%, Fisk Rubber Corp.
at 14% against 15%, Hudson Bay Mining & Smelting at
30% against 31, Humble Oil (New) at 79 against 82%, In¬
ternational Petroleum at 35 against 36%, Lake Shore Mines
at 50 against 51%, New Jersey Zinc at 79% against 84,
Newmont Mining Corp. at 111 against 120, New York Tele¬
phone pref. (6%) at 111% against 117, and Standard Oil of
Kentucky at 19% against 19%.
Chemical 5% points to
TRANSACTIONS
DAILY
each
Francs
Bonds (Par Value)
Stocks
Foreign
1,192
576
Pacific.294
Canal de Suez cap
23,900
Cle Dtetr d'Electrlcltle
960
Cle Generale d'Electrlcltle
1,370
Ole Generate Transatlantlque...
57
Citroen B
555
288
24,100
955
1,390
55
545
289
265
275
23,800
23,400
23,600
967
1,340
910
1,260
1,330
690
200
Banque de I'Unlon Parlslenne..
Canadian
.....
...
Saturday
Foreign
Corporate
Total
75,000
372,765
$853,000
$23,000
27,000
39,000
40,000
$758,000
1,381,000
1,456,000
176,355
489,620
Tuesday
$72,000
22,000
14,000
50,000
1,483,000
1,535,000
1,970,000
1,677,000
36,000
40,000
1,984,000
$428,000
$194,000
$9,502,000
Wednesday
579,120
412,715
Friday
333,105
1,772,000
1,605,000
1,908,000
184,000
Thursday-
2,363,680
$8,880,000
50
52
57
500
....
707
200
714
190
695
200
190
225
525
229
520
231
518
223
603
1,500
cap..1,290
343
Electrlque du Littoral..
540
1,500
1,290
321
538
1,510
1,330
330
549
1,480
1,300
330
520
613
890
895
712
606
880
726
710
616
890
726
718
386
24
1,765
64.20
64.40
63.70
69.10
68.10
90.20
5,030
386
22
1,782
64.75
64.80
64.20
69.90
68.80
90.60
5,030
377
23
1.768
65.10
65.20
64.50
70.25
69.30
91.00
4.940
585
884
712
685
375
22
1,681
64.20
64.10
63.40
69.40
68.30
90.80
4,720
1,795
1,110
77
131
1,780
1,100
73
130
1,771
1,115
79
126
1,701
1,085
72
126
1,290
1,290
1,335
1,298
Comptolr Natlonale d'Escompte
Coty S A
Courrleres
Credit Commercial de France..
Credit Lyonnaise.............
Eaux Lyonnaise
Energie Electrlque du Nord
Energle
....
.......
Llqulde
Holiday
Orleans Ry 6%
Pathe Capital
Rentes, Pepetual 3%
Rentes 4%. 1917
Rentes 4%, 1918
Rentes 4^8, 1932 A....
Rentes 4H%, 1932 B
Rentes 5%, 1920
Royal Dutch
Total.
Saint Gobaln C A C
Schneider A Cle
Week Ended April
Sales at
Soclete Francalse Ford
Jan. 1 to April 30
30
York Curb
New
1936
1937
1936
1937
Exchange
65,167,887
56,616,796
Bonds
$8,880,000
$12,980,000
$184,960,000
Foreign government.-
428,000
253,000
5,968,000
Foreign corporate
194,000
195,000
5,286,000
$360,683,000
7,339,000
4,553,000
$9,502,000
$13,428,000
$196,214,000
164
421
Wagon-Li ts
102
423
101
Tublze Artificial Silk,
$372,575,000
Domestic
Total
%
pref
wide
are
in position to extend
Berliner Kraft u. Licht
STREET, NEW YORK
Member Federal Reserve System
Member New York Clearing
Member Federal
FOREIGN
House Association
De-posit Insurance Corporation
EXCHANGE RATES
requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
Pursuant to the
give below
record for the week just passed:
a
RATES
EXCHANGE
FOREIGN
BANKS TO TREASURY
APRIL 24,
CERTIFIED
BY
FEDERAL
RESERVE
und'Disconto-Gesellschtv5%)117
(4%)
152
Deutsche Reichsbahn (German Rys) pf 7%.128
Dresdner Bank (4%)
105
Farbenlndustrie I G (7%)—
170
Gesfuerel (6%)
149
Hamburger Elektrlzltaetswerke (8%)
148
Hapag
17
Mannesmann Roehren (3%)
125
Norddeutscher Lloyd
18
Relchsbank (8%)
200
Rheinische Braunkohle (8%)
Salzdetfurth (7^%)
167
Siemens A Halske (7%)__
200
Value in United States Money
$
Europe—
Apr. 27
S
S
Apr. 28
with
a
S
$
42
43
131
131
131
132
165
165
165
165
114
113
113
113
117
118
118
117
117
117
117
152
152
152
154
127
128
128
128
105
118
105
105
105
169
169
169
169
151
151
151
151
147
147
147
147
18
17
18
18
126
125
125
127
18
IS
18
200
200
202
203
231
232
231
231
•
18
200
231
168
200
18
167
159
156
161
200
200
200
202
CLEARINGS
BANK
clearnings this week will show a decrease compared
Preliminary^figures complied by us, based
year ago.
which it
Apr. 29
OF
43
1), bank clearnings for all cities of the United States from
Buying Rate for Cable Transfers in Neto York
Apr. 26
...
COURSE
Bank
Unit
Apr. 24
30
43
upon
1937 TO APRIL 30, 1937, INCLUSIVE
Noon
Apr.
29
Par
telegraphic advices from the chief cities of the country ,
indicate that^for the week ended today (Saturday, May
UNDER TARIFF ACT OF 1930
Country and Monetary
(7%)
Deutsche Erdoel
AND FOREIGN DEPARTMENT:
BROAD
Gas
DeutscheBank
MANUFACTURERS TRUST COMPANY
55
(8%)
Consumerz'und Prlvat-Bank A. G
Dessauer
OFFICE
Apr.
28
43
130
165
114
118
117
152
128
105
170
151
148
17
125
43
130
165
(4%) -.114
118
Allgemeine Elektrlzltaets-Gesellschaft
Berliner Handels-Gesellschaft (6%)
banking facilities to exporters and importers.
IR1NC1FAL
Apr.
27
28
■Per Cent of
world¬
cable
Apr.
Apr.
24
we
65
day of the past week:
Apr.
countries,
64.30
64.30
64.00
69.90
63.90
91.50
4,840
EXCHANGE
STOCK
BERLIN
THE
practically all foreign
in
379
Ex-dividend,
each
correspondents
880
....
412
91
Closing prices of representative stocks as received by
With
—.
140
150
430
104
163
lUnion d'Electrictie
2,216,265
2,363,680
1,510
1,330
512
Soclete Marseillaise
Stocks—No. of shares-
—-
553
530
Pechlney
Monday.
6,900
7,700
1,229
583
Lyon (P L M)
Governm't
Domestic
Francs
7,670
1,167
7,690
1,202
580
Nord Ry
of
Francs
7,690
Banque de Parte et Des Pays Baa
Soclete Lyonnaise
EXCHANGE
CURB
(Number
Shares)
Apr. 29 Apr. 30
Apr. 26 Apr. 27 Apr. 28
Francs
Francs
Francs
Bank of France
Kuhimann
Week Ended
received by cable
day of the past week:
Apr. 24
L'Alr
April 30, 1937
BOURSE
Qdotations of representative stocks as
Soclete Generale Fonclere
YORK
NEW
THE
AT
PARIS
THE
5
Apr. 30
$
Austria, schilling
Belgium, belga
187042*
.187071*
.1S7085*
.187100*
.187100*
.187142*
168853
.16S907
.169061
.168980
.168876
.168886
Bulgaria, lev
012875*
.012875*
.012875*
.012875*
.012875*
.012875*
Ciechoalo'kia, koruna
034848
.034848
.034860
.034865
.034857
.034855
Denmark, krone
220069
.220253
.220687
.220570
.220759
.220754
England, pound sterl'g4 930416
021731
Finland, markka
.943525
.941541
.946875
944866
.021765
.021812
.021806
.021818
044362
.044378
.044397
.044604
.044857
.044741
Germany, relchsmark
Greece, drachma
Holland, guilder
Hungary, pengo
402007
.402042
.402084
.402092
.402078
.402073
009031*
.009037*
Italy, lira
impossible to obtain weekly returns will be 4.0%
for the corresponding week last year.
Our
those
preliminary total stands at $6,517,011,855, against $6,790,-
.021812
France, franc
below
.935125
134,778 for the same week in 1936.
a'loss for the week ended
tive summary for the
At this center there is
Friday of 5.7%.
Our compara¬
week follows:
Per
Clearings—Returns by Telegraph
Week Ending May 1
1937
1936
$2,938 302,795
269 470,265
$3,114,465,267
237,102,952
311 000,000
279,000,000
192 ,685,000
98 819,606
176,095,000
67,462,150
77 400,000
Cent
.009053*
.009085*
.009060*
.547542
.548214
.548196
.548285
.548414
New York
197750
.197875*
.197750*
.197875*
.197875*
.197875*
Chicago
052607
.052608
.062603
.052606
.052608
.052608
Philadelphia
247707
.247896
.248380
.248291
.248487
.248470
Boston
189466
.189500
.189466
.189433
.189433
.189433
Kansas
044720*
.044775*
.007296*
.055285*
.044808*
.044766*
.044791*
.044783*
St. Louis
.007253
.007296*
.007296*
.007296*
San Francisco
.054714*
.054357*
.054357*
.054428*
Pittsburgh
128 ,267,605
254000
.254278
.254769
.254641
.254870
.254808
Detroit
111
228682
.228710
.229088
.229103
.229210
.229107
Cleveland
81 ,790,501
.023060*
.023060*
.023060*
.023060*
.023060*
Baltimore
56 ,916,870
New Orleans
..
Norway, krone
Poland, zloty..
Portugal, eacudo
Rumania, leu
Spain, peseta
Sweden, krona
.009057*
547535
34 ,176,000
72,400,000
118,135,000
121,300,286
95,666,182
61,115,758
50,525,920
29,384,000
$4,426,865,854
670,644,025
$4,422,652,515
598,031,500
+0.1
+ 12.1
$5,097,509,879
1,419,501,976
$5,020,684,015
1,769,450,763
-19.8
$6,517,011,855
$6,790,134,778
-4.0
007282*
055214*
...
Switzerland, franc
Yugoslavia, dinar
023100*
Asia—
*
»
*
—
City
—
;
126 ,394,000
-
,643,212
China—
Cbefoo (yuan) dol'r
.297250
.297500
.298041
.298083
.297875
.298083
Hankow(yuan) dol'r
.297416
.297666
.298208
.298250
298041
.298250
.298041
—5.7
+ 13.7
+ 11.5
+ 9.4
+46.5
+6.9
+7.0
+ 5.7
+ 16.7
+ 33.8
+ 12.6
+ 16.3
.298250
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
India, rupee
,297291
.297666
.298125
.208250
,297416
.297666
.298207
.298250
.298041
.298250
,305875
.306000
.306000
.306156
.306750
.306828
,372259
.372652
.373225
.373053
.373382
,287259
.287475
.288212
.287857
288054
.288241
.578062
.578062
.579750
.579437
.479687
days
.373221
Japan, yen
Singapore (S. S.) dol'r
days
Twelve cities, five
Other cities, five
.580312
Australasia—
Australia, pound
3
New Zealand, pound_ 3
Africa—
.928S75*3.932142*3.940892*3.937750*'3.941625*3.940625*
.959791*3.962291*3.967767*3.968875*3.972187*3.972083*
South Africa, pound.. 4.882812* 4,883437*4.895156* 4.893541* 4.898515* 4.900357*
North America—
.001754 1.001875 1.001947 1.001826
.001614
Canada, dollar
1.001550
.999166
.999166
.999166
.999166
.999166
Cuba, peso...,
Mexico, peso
Newfoundland,
South
999166
.277500
dollar
peso
Brazil (official) mllrels
(Free) mllrels
Chile, peso
Colombia,
*
.277500
.277500
.277500
.277500
.999114
.999129
.999398
.399375
.999453
.999375
.328660*
.328883*
.329680*
.329350*
.329566*
.329866*
.087155*
.063162
.063150
Total all cities for
week—
Complete and exact details for the
peso
peso
.087205*
.087172*
.087188*
.087222*
.063244
.063150
.063412
.063350
.051725*
.051725*
.051725*
.051725*
.569631*
.569638*
.569631*
.786666*
.786666*
.786666*
.569631*
.786666*
.569631*
.786666*
.087155*,
051725*
.569631*
.786000*
I
.051725*
Nominal rates; firm rates not available.
+ 1.5
week covered by the
week. We cannot
week ends today
foregoing will appear in our issue of next
furnish them today, inasmuch as the
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
until
of the week in
all
cases
America—
Argentina,
Uruguay,
.277500
Total all cities, five days
All cities, one day---
In the elaborate
has to be estimated.
detailed statement, however, which we
below, we are able to give final and complete
week ended April 24.
For that week there was an increase of 4.4%, the aggregate
of clearings for the whole country having amounted to
present further
results for
the week previous—the
2934
Financial
$5,993,138,695, against $5,740,756,319 in the same week
Outside of this city there was an increase of 20.1 %,
the bank clearnings at this center haying recorded a loss
of 6.0%.
We group the cities according to the Federal
Reserve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a decrease of 5.6%, but in the
Chronicle
May 1,
Week Ended April 24
in 1936.
Boston Reserve
Clearings atInc.
District
Reserve
records
expansion of
29.6%, the Richmond Reserve District of 22.6% and the
Atlanta Reserve District of 25.8%.
In the Chicago Reserve
District, the totals are larger by 13.4%, in the St. Louis
Reserve District by 22.7% and in the Minneapolis Reserve
District of 16.0%.
The Kansas City Reserve District
enjoys a gain of 25.8%, the Dallas Reserve Distriot of 47.5%
and the San Francisco Reserve
District of 21.0%.
In the following we furnish a summary by Federal Reserve
an
1934
%
Seventh Feder al Reserve D istrict—Chi cago—
Mich .-Ann Arbor
District the totals register an increase of
Cleveland
1935
Dec.
$
Detroit
Grand Rapids.
11.0% and in the Philadelphia Reserve District of 23.2%.
The
or
1936
1937
Lansing
Ind—Ft. Wayne
Indianapolis
...
South Bend..
Terre Haute.
W is.—M11 waukee
la.—Ced. Rapids
Des Moines.
Sioux
City
HI.—Bloomlngton
Chicago
326,073
121,977,599
3,040,796
1,430,438
1,110,620
18,177,000
1,619,775
5,068,146
21,377,154
1,042,892
8,444,937
3,172,125
539,214
328,222,923
189,479
+72.1
99,660,781
+22.4
+ 19.3
2,548,767
2,078,788
938,630
13,709,000
1,144,640
4,570,115
22,420,410
991,628
8,160,349
3,403.840
452,294
—31.2
+ 11.5
Rockford
865,081
4,882,516
1.257,107
Springfield
1,256,203
294,441,644
851,382
4,526,788
828,905
959,708
523,810,599
461,877,148
Decatur
Peoria
districts:
SUMMARY OF BANK CLEARINGS
Total (18 cities)
+ 18.3
+32.6
+41.5
+ 10.9
—4.7
287,930
93,335,499
2,041,184
931,022
698,861
12,430,000
705,595
4,198,083
14,835,955
282,849
81,726,346
1,447,308
1,092,182
556.277
10,543,000
765,523
3,629,546
11,832,025
980,147
263,111
7,155,249
3,032,261
465,901
5,055,076
2,037,944
425,824
+7.9
+51.7
+30.9
243,884,242
608,617
2,535,421
773,079
729,431
215,705,898
469,243
2,560,771
+ 13.4
389,628,477
340,189,205
74,900,000
23,328.088
66,200,000
--30.1
--32.5
13,554,571
1,624,431
+ 5.2
+3.5
—6.8
+ 19.2
+ 1.6
880,435
915,848
Inc.or
Week End. Apr. 24, 1937
Federal
Reserve
1st
Boston
2nd
New
3rd
Philadelphia 9
Cleveland...5
4th
12 cities
5th
Richmond
6th
Atlanta
7th
8th
St. Louis...
228,989,540
3,572,519,340
+11.0
250,206,054
223,894,352
5.6
3,850,381,299
3,481,161,610
341,146,049
.222,321,081
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
Mo.—St. Louis..
96,000,000
81,100,000
202,042,546
167,653,937
+23.2
259,937,147 +29.6
109,884,522 +22.6
133,295,312 +25.8
523,810,599
461,877,148
151,676,912
123,595,603
134,703,995
•
112,285,659
87,999,024
106,304,080
90,046,282
68,265,179
162,395,613
• •
118,708,092
52,281,670
+47.5
45,093,586
42,715.383
238,003,321
+21.0
197,569,019
172,367,490
.....
.32 cities
add
our
+ 4.4
2,280,184,988 +20.1
5,993,138,695
5,828,991,387
5,196,740,814
2,080,513,621
+15.5
223,728,105
350,257,645
figures for each city separately for the four
years:
S
First Federal
Reserve Dist rict—Boston
Me.—Bangor
546,787
Portland
479,080
1,821,503
Mass.—Boston.
.
1,708,389
218,687,995
,797,093,690
Fall River
608,242
Lowell
-
Bedford..
II
625,875
355,648
574,295
2,893,629
360,014
596,512
Springfield
2,751,107
Worcester
1,970,592
87,999.024
Reserve Dis trict—Minn eapolis
3,414 ,458
1934
$
590,290
330,853
—4.9
2,655,363
+29.3
+10.2
+14.8
+17.8
—0.4
1,266,742
9,411,514
3,331,502
7,903,600
336,289
250,206,054
223,894,352
254,286,304
228,989,540
+ 11.0
1,580,231
221,493,028
750,687
555,955
4
+34.1
1,994,014
+ 19.3
+7.5
59,659.423
23,301,600
—21.8
1,726,776
2,767 ,855
2,546,6 55
60,176,121
23,532,353
2,043,989
543,843
569,308
2,252,414
22.9
2,507,20*
1,666,542
106,304,080
91,664,683
+ 16.0
90,046,282
68,265,179
71,780 000
25,286 ,386
St. Paul
N. D.—Fargo
1,598 ,739
S.D.—Aberdeen.
788 ,310
Mont.—Billings
668 .332
_
Helena
Total (7 cities).
Tenth Federal
Reserve Dis trict— Kans
+45.0
as
96,833
—16.1
+47.7
580,128
78,994
2,541,019
30,586,353
1,762,929
2,270,990
87,879,036
2,759,737
492,964
626,071
162,395,613
129,094,926
2,120,044
3,119,602
118,824,289
3,013,662
597,819
Pueblo
Total (10 cities)
Eleventh Fede ral
Texas—Austin...
Dallas
Reserve
395.64*|
1,721,324
46,751,202
1*,889,183
1,631,962
373,124
341,842
City
81,233
__
Wichita
Mo.—Kan. City.
St. Joseph
Colo.—Col. Spgs.
461,618
--17.4
116,646
2,329,987
31,612,203
Kan.—Topeka
1935
+1.2
+3.9
—2.8
Feder al Reserve D 1 strict—New
-8,3
+3.4
+20.3
+37.4
+35.2
+ 9.2
+21.3
79,452
94,150
1,836,193
25,169,781
81,928
52,184
1,653,918
—7.3
2,222,043
83,730,526
2,746,376
460,885
444,631
22,363,809
1,778,480
2,173,515
62,603,462
2,625,033
328,460
431,219
+25.8
118,708,092
94,092,008
1,924.055
District—Da lias—
1,400,800
49,516,314
19,404,070
1,994,000
1,054,854
3,767,102
1,056,713
40,196,686
77,137,140
52,281,670
+32.6
+23.2
5,846,989 +231.9
1,441,000
+38.4
786,994
+34.0
2,953,280
+27.6
938,361
35,056,860
5,252,547
1,261,000
656,108
1,928,710
719,459
York-
Y.—Albany..
7,774,610
18,072,721
31,779,691
7,057,083
865,836
30,900,000
728,429
497,575
3,460,571,331
6,422,949
4,567,377
2,576,407
3,444,838
373,893
20,823,345
33,690,277
Total (13 cities) 3,371,963,877
3,572,519,340
Binghamton
1,174,764
38,100,000
642,558
Buffalo.
Elmira
Jamestown
788,426
New York
3,253,879,368
7,826,150
Syracuse
4,206,421
Westchester Co.
2.962,105
Conn.—Stamford
4,407,063
Rochester...
_.
N.
J.—Montclalr
Newark
*350,000
Northern N.J.
Third Federal
Pa.—Altoona
+10.2
+35.7
+23.3
10,861,876
927,871
6,736,468
624,368
29,700,000
26,208,654
—11.8
574,591
501,359
+58.5
428,648
440,426
—6.0
3,748,477,766 3,397,347,442
+21.8
5,830,805
5,222,843
—7.9
+ 15.0
+27.9
—6.4
—13.2
—5.7
—5.6
529,504
426,969
+24.0
a383,965
a460,124
—16.6
304,805
...
Chester
—17.6
1,338,610
370,118
1,237,048
406,000,000
330,000,000
1,451,287
2,330,572
1,036,108
1,672,286
1,105,328
Lancaster
Philadelphia
Reading
..
3,793,000
2,242,000
+8.2
+23.0
+31.3
+ 15.3
+3.9
+37.8
+69.2
418,456,172
339,613,107
+23.2
Scranton
Wilkes-Barre.
York
N.J.—Trenton..
Total (9 cities).
3,643,825
2,150,395
2,623,234
273,474
17,077,228
27,806,586
3,388,344
1,775,729
2,307,705
254,131
15,021,899
21.332,142
3,850,381,299 3,481,161,510
2,021,414
997,041
1,213,189
Ft. Worth
Galveston
Wichita Falls.-
La.—Shreveport.
Total (6 cities)
377,152
b
272,133
.
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle
Spokane
43,386,714
9,101,000
Ore.—Portland.
Utah—S. L. City
Calif.—L. Beach.
Pasadena
San FranciscoSan Jose
Santa Barbara.
Stockton
Total (11 cities)
total
b
Cincinnati
68,423,650
103,631,683
12,581,500
2,564,248
Cleveland
Columbus
Mansfield
Youngstown
50,337,673
74,326,765
14,218,100
1,482,042
b
.
Pa.—Pittsburgh
149,575,986
b
119,572,567
b
+35.9
+39.4
—11.5
+73.0
b
+25.1
cities)
cities).
336,777,067
259,937,147
+29.6
W.Va.—Hunt'ton
318,136
821,843
331,000,000
1,199,693
2,050,155
Richmond
372,955
226,242
+64.8
--21.4
1,180,035
66,124,516
24,818,809
2,291,000
31,550,208
1,200,000
55,180,292
19,436,780
134,703,995
109,884,522
39,426,680
858,206
868,733
1,920,483
1,162,214
1,153,118
3,135,800
S. C.—Charleston
Md.—Baltimore
.
D.C.—Wash'gton
Sixth Federal
Ga.—Atlanta
3,828,514
...
1..
Macon
Fla .—Jacksonville
Ala.—B1 rm 'gham
341,146,049
302,591,519
43,266,801
66,287,488
9,500,200
1,366,578
b
101,900,014
b
41,182,194
61,682,011
7,707,400
1,047,968
b
90,422,973
222,321,081
202,042,546
Canada—
924,951
+27.7
55,005,732
15,630,545
-f-22.6
103,375,601
91,212,662
Vancouver
Ottawa
Quebec
Halifax
2,206,205
Hamilton.
Calgary
Victoria
2,023,017
Regina
._
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
New Westminster
Medicine Hat
Peterborough.
+ 19.4
+42.5
3,127,498
13,198,489
10,336,312
46,400.000
33.300.000
Windsor
1,135,274
709,561
17,866,000
17,404,887
i-27.8
+ 19.1
35,100.000
1,351,698
943,795
19,297,000
23,755,420
1,723,440
1,119,767
Mobile
Miss.—Jackson..
Vicksburg
„
Kitchener
59,300,000
b
b
+53.9
b
918,990
619,645
15,113,000
12,893,525
863,197
b
852,062
441,510
10,025,000
11,303,705
861,839
b
La.—New Orleans
127,718
37,215,508
98,728
31,239,245
+29.4
+ 19.1
26,314,428
89,902
20,976,589
Total (10 cities)
167,653,937
133,295,312
+25.8
108,230,188
90,209,936
81,416
Sherbrooke....
Prince Albert.
.
Moncton
Kingston
Chatham
Sarnia
...
Sudbury
Total (32 cities)
a
*
1936
142,944,854
111,287,827
61,441,763
19,298,850
22,213,822
4,719,714
Winnipeg
3,207,534
14,114,316
+8.0
19,526,172
9,822,057
3.255.402
+33.6
+4.1
+ 16.2
+20.0
+ 13.3
11,079,862
3,881,766
2,743,372
121,637,000
1,826,788
21,097,016
5,148,000
2,743,160
106,185,504
1,926,137
—1.1
1,168,735
+ 1.1
1,436,519
1,131,895
1,175,631
+21.0
197,569,019
172,367.490
or
Dec.
1935
1934
$
Edmonton
117,109
2,104,000
29,593,264
—1.7
+ 33.0
356,516
20,101,311
Inc.
Montreal
b
+19.8
+36.5
591,349
7,086,000
+4.4 5,828,991,387 5,196,740,814
1937
20,110,844
Nashville
26,016,317
+9.7
+ 18.5
at—
4,267,800
Reserve Dist rict—Atlani
Tenn.—Knoxville
+30.3
+ 14.6
Week Ended April 22
Clearings
Fort William
cities).
Franci SCO—
+20.1 2,080,513,621 1,799,383,372
960,177
106,318
1,733,000
27,589,960
778,420
48,961,394
12,043,570
--25.0
238,003,321
42,715,383
292,000,000
Richm ond—
2,781,000
Va.—Norfolk
287,972,999
b
1,891,180
5,993,138,695 5,740,756,319
London
Reserve Dist rict
1,616,814
2,269,756
27,635,074
12,896,977
4,590,021
3,806,116
140,235,000
2,800,860
1,634,925
2,245,558
1,817,000
2,739,259,327 2,280,184,988
Outside N.Y
St. John
Fifth Federal
32,746,735
17,230,133
4,779,013
4,424,609
168,226,000
3,172,268
45,093,586
4,224,874
b
335,030
1,036,895
Clev eland—
b
911,879
7,945,000
+47.5
34,062,870
(111
Toronto
Feder al Reserve D istrict-
Ohio—Canton..
33,301,911
999,957
Yakima
Grand
Reserve Dist rict—Philad elphia-
Bethlehem
Augusta
112,285,6M
Lincoln
489,671
1,835,164
194,739,582
650,415
266,874
502,247
2,754,610
1,290,634
9,827,325
3,521,777
7,569,700
446,353
3,775,365
8,790,500
458,756
Total (12 cities)
-
+ 14.1
+6.6
+ 11.0
4,335,450
10,352,400
457,077
New Haven
R. I. Providence.
Total (6
_%
11,798,625
N.H.—Manches'r
Total (5
+22.7
Neb.—Fremont..
Hastings
or
Dec.
1,524,160
10,710,153
Conn.—Hartford
Fourth
123,595.603
Omaha
Inc.
N.
151,676,912
Minneapolis
Week Ended—
Second
384,000
Ml
Week Ended April 24
1936
W*
503,000
Minn.—Duluth..
detailed statement showing last week's
1937
b
+33.0
M
Ninth Federal
280,270,851
404,636,118
19,790,593
b
b
528,000
1,799,393,372
5,740,756,319
2,739,259,327
b
702,000
Total (4 cities).
94,092,008
77,137,140
287,972,999
II
.111 cities
27,438,588
14,529,015
90,209,936
+22.7
91,664,683 +16.0
129,094,926 +25.8
b
Quincy
340,189,205
I
M
35,721,122
19,253,790
111.—J acksonville
91,212,662
108,230,188
389,628,477
II
4
103,375,601
+13.4
+ 18.4
Ky.—Louisville..
Tenn.—Memphis
302,591,519
—
339,613,107
II
Fran..11
now
254,286,304
M
6
Outside N.Y. City.
We
$
336,777,067
10 th Kansas City 10
11th Dallas
0
Canada
1934
?
418,456,172
10
Total
1935
%
• I
Minneapolis 7
12th San
Dec.
S
«•
Chicago ...18
9th
1930
$
3,371,963,877
York. 13
.
1937
Dlsts.
4,261,284
5,972,757
1,981,861
1,879,554
3,247,645
4,215,672
3,760,610
302,744
506,414
1,470,884
718,483
1,113,755
771,807
651,661
234,043
660,689
723,551
1,128,331
3,230,477
348,507
734,546
558,464
641,414
583,746
824,184
404,636,118
Not included in total.
Estimated.
b No
112,636,636
91,962,739
69,441,010
54,013,250
57,164,625
18,622,459
35,071,339
ti
24,516,841
4,053,462
2,223,139
4,767,218
6,164,595
1,999,508
1,661,590
2,791,340
3,630,923
12,632,725
20,441,444
2,833,221
1,819,601
3,234,028
4,321,116
1,243,968
1,213,799
2,010,161
3,234,000
4.153.605
2,066,943
302,729
243,821
486.297
1.397.606
108,090,805
81,225,566
36,622,974
15,246,817
4,017,653
3,539,013
1,933,013
3,505,785
4,089,010
1,664,709
1,411,445
2,340,339
3,374,178
2,568,889
238,190
355,429
330,963
1,038,727
1,093,705
527,759
943,901
415,646
367,151
660,714
559,344
444,162
602,352
449,211
714,078
451,092
433.040
273,159
587.298
166,850
528,995
169,018
624,049
656,710
1,160,238
3,075,746
321,727
715,505
536,524
472,733
485,359
804,078
466,585
350,257,645
t!
763,378
1,891,534
232,669
683,701
415,581
366,260
393,042
527,123
848,452
1,967,854
241,764
759,205
454,508
423,976
635,195
+ 15.5
clearings^*vailable.
363,608
632,154
223,728,105
280,270,851
Financial
Volumt
2935
Chronicle
©HI
-
lO
-
i
**Hl <N
quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Fri.,
as
Mon.,
f*
Apr. 24
Silver, per oz._
20j54d.
Apr. 27
140s.9>4d.
7724
20J4d.
2024d.
140s.534d. 140s.634d. 140s. 6d.
76%
77
7624
Holiday
10324
10124
10124
111?4
11024
H024
British 3}4 %
WarLoaa__-
Holiday
1960-90
4424
U.
50.01
x
INON
| tH* rH* ©
2024d.
140s.324d.
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45
4524
50.01
4524
50.01
45
50.01
Treasury
| (newly mined)
£
'
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cents) in the United
JPThe price of silver per ounce (in
States on the same days has been:
Closed
S. Treasury. 50.01
N rH rH rH
XI
11024
11024
,©
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comtHio
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BarN.Y. (fer.)
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10124
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British 4%
U. S.
Thurs.,
Apr. 29
Holiday
Gold, p. fine oz. 140s.9j^d.
Consols.
j
Wedl.,
Apr. 28
20 7-16d.
Tues.,
Apr. 26
20 5-16d.
Sat.,
m
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The daily closing
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CABLE_
FINANCIAL MARKET—PER
ENGLISH
rH
below tables which show all the monthly changes
bank notes and in bonds and legal tenders on
deposit therefor:
I
|
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;
co
We give
in National
-
A
..
00* <N
National Bank Circulation
Htc N
Afloat on—
T(l©00©©©O-Vl00
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on
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Amount Bonds
© CO rH © ©
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Bonds
Tenders
Total
$
$
$
I-H
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1937
b600,000
a2 90,584,270
Feb. 28 1937
b600,000
30 1937
Dec. 31 1936
b600,000
a297,476,385
a304,831,788
291,184,270
298,076,385
305,431,788
a313,138,265
a321,212,120
a328,059.920
a338,515,395
a347,786,855
a357,525,840
a371,121,815
a383.415.980
a397,548,410
a412,859,760
313,738,265
321,812,120
328,659,920
339,115,395
348,386,855
358,125,840
371,721,815
384,015,980
398,148,410
413,459,760
Mar. 31
Jan.
b600,000
b600,000
1936
31 1936
Nov. 30
Oct.
b600,000
b600,000
Sept. 30 1936
Aug. 31 1936
b600,000
b600,000
31 1936
30 1936
May 31 1936
Apr. 30 1936
Mar. 31 1936
July
b600,000
June
b600,000
b600,000
b600,000
111!
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Net decrease
during March..
—
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$298,076,385
6,892,115
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National bank notes
—....
I
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Notes—Total Afloat—
March 1,1937
I
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month of March:
National Bank
1
IN
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legal tender deposits March 1,1937,
April 1, 1937, and their increase or decrease during the
Amount afloat
,00
OH I"
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afloat and the amount of
and
M 00 r-CO HI 00 ©
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►©
Federal Reserve bank, notes outstanding April 1, 1937, secured by
lawful money, against $2,327,717 on April 1, 1936.
a Includes proceeds of called bonds redeemed by Secretary of the Treasury,
b Secured by $600,000 U. S. 2% Consols. 1930, deposited by the U. S. Treasurer.
following shows the amount of
CO
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<N*rH
$2,279,181
The
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Secure Circula¬
tion for National
Bank Notes
I
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Amount of bank notes
$291,184,270
afloat AprU 1, 1937
Legal Tender Notes—
Amount deposited to redeem
Net amount of
bank notes
Amount on deposit to
a
$297,476,385
6,892,115
National bank notes March 1, 1937
redeemed in March
1,1937
a$290,584,270
called bonds redeemed by Secretary of the Treasury.
redeem National bank notes April
Includes proceeds for
oqa.
3
*
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28,
AS
of the Treasury Department, showing
and liabilities as of Feb. 28, 1937 of governmental
with $1,202,115,376 as of Jan. 31, 1937. In the
these Government agencies, the Government's pro¬
prietary interest is the excess of assets over liabilities, ex¬
clusive of inter-agency
items, less the privately-owned
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compares
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OF
corporations and credit agencies, financed wholly or in part
by the United States, was contained in the Department's
"Daily Statement" for March 31,1937. The report is the 33rd
such to be issued by the Treasury; the last previous one, for
Jan. 31, 1937, appeared in our issue of March 27, 1937,
page 2065.
The report for Feb. 28 shows in the case of agencies
financed wholly from Government funds a proprietary in¬
terest of the United States as of that date of 82,701,558,625,
which compares with $2,749,898,557 Jan. 31, 1937.
The Government's proprietary interest in agencies financed
partly from Government funds and partly from private
funds as of Feb. 28 was shown to be $1,206,891,781.
This
00*
I
The monthly report
assets
0_
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AND
RATIONS
FEB.
ON GOVERNMENTAL
CREDIT
AGENCIES
,
5
I
REPORT
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MONTHLY
©rq©
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CON CC 00
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interests:
FOOT NOTES FOR
a
b Excess lnter-agency assets
c
ACCOMPANYING TABLE
Non-stock (or inoludes non-stock proprietary
interests),
(deduct),
Deficit (deduct).
d Exclusive of lnter-agency assets
and liabilities (except bond
Investments)
held for sale,
e
Also includes real estate and otber property
f
Adjusted for inter-agency items and Items In transit.
i
Includes
U.
S.
U. 8. Railroad Administration, U. 8.
received on account of sale of surnlus war
Housing Corporation.
Spruce Production Corporation, and notes
supplies.
Electric Home and Farm Authority; Farm Credit
loans); Federal Housing Administration;
Indian Rehabilitation loans; Inland Waterways
Corporation; Puerto Rico Reconstruction Administration; Resettlement Adminis¬
tration;
Rural Electrification Administration; The RFC Mortgage Company;
Tennessee Valley Associated Cooperatives, Ino.; Tennessee Valley Authority; loans
to railroads and interagency interest held by the United States Treasury.
k Net after deducting estimated amount of unoolleotlble obligations held by the
j Includes Disaster Loan Corp.
Administration (crop-production and other
Federal
Farm
Prisons Industries,
Credit
Administration.
I Includes $8,038,040
subscriptions
m
Inc.;
to
paid-in
due to Federal Land banks from the U. 8. Treasury for
surplus.
Shares of State building
savings and loan associations,
II
o
Less
ft
9
and loan associations, $23,300,100; shares of Federal
$115,151,200.
I
than $1,000
Asset* not classified
Inoludee only the amount of capital stock
[held by the
3
£
United States.
q
r
In liquidation
m^
Represents capital stock, paid-in surplus, and other proprietary lnter-agency
which are not deducted from the capital stock and paid-in surplus of the
Interests
eorraspendlng organizations
Mill fM
K §518
inii S®
AEIII.
> ft S
fc331S
*
K,
"sealls^ll
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V
V
%.
*
(Si Eft CQ
2936
THE
We
Financial
ENGLISH
reprint
GOLD
AND
SILVER
the
following from the weekly circular of
Samuel Montagu & Co. of London, written under
date of
April 14, 1937:
'
The Bank of England gold reserve against notes
amounted to £313.661.924
April 7 showing no change as compared with the
previous Wednesday.
In spite of authoritative denials of
any intention to reduce the American
Treasury's buying price fr gold, nervousness persisted and the week has
on
heavy liquidation
of gold
holdings.
The
market,
open
therefore,
has been very active with
dealings on a large scale, about £5,000.000
having
been disposed of at the daily
fixing during the week.
In the circumstances
buyers were reluctant and prices ruled considerably be ow dollar
parity;
however a good proportion of the
offerings were taken for New York, and
purchases for an undisclosed destination were also
reported.
The effect of reassuring statements by Mr.
Morgenthau
during the last
more
were
apparent
two
days and conditions became calmer; demand has been
general and offerings in consequence absorbed with less
difficulty.
9
141s. 11 %d.
141s.
9%d.
lis. 11.80d.
141s.
8d.
lis.
141s.
8d.
lis. 11.92d.
April 13
141s.
6d.
12s.
0.09d.
151s.
6%d.
12s.
0.05d.
141s.
8.25d.
lis. 11.90d.
-
April 14
Average
The
—
following
11.92d.
the United Kingdom imports and exports of
gold
registered from midday on April 5 to midday on April 12:
were
Imports
British South Africa
British India
Venezuela
Soviet Union
France.
£1,884.661
256.888
18,069
Germany
Channe Islands.
Other countries.
SS.
11.469
as
123
586
£11.230.485
"Strathnaver" which sailed from
Bombay
gold to the value of about £536,000.
The Transvaal gold output for March,
ounces
compared
933,776 fine
ounces
with
922,941
for March,
20.000
8.000
77.219
98,100
24,345
Other countries
£7,394,090
The
£11,002.235
Aden and dependencies.
Yugoslavia
France
Germany
32.095
17.293
35.881
4.006
6.142
Belgium
Netherlands
Exports
U. S. of America
British India
5,127.586
fine
April 10 carries
on
1937 amounted to 982,304 fine
ounces
1936.
The
for
February,
1937
and
Southern Rhodesian gold output for
February, 1937 amounted to
59,814 fine ounces as compared with 65,572 fine ounces for
January, 1937
and 62,838 fine ounces for February, 1936.
SILVER
Quiet conditions
have
prevailed in
the
market
and movements in prices have been smaller.
Sales
China account continued
on
further reselling
on
by speculators, whi,e
also in evidence.
a
a
during the past week
moderate scale
little
and
was
the latter
buying by
there
was
The Indian bazaars, however, were the
principal buyers
and the maintenance of the present level still
of support from this quarter.
depends upon
a
continuation
The following were the United Kingdom
imports and exports of silver
on April 5 to midday on April 12:
registered from midday
Imports
French Indo-China
£49,751
28,911
Japan
British India
Belgium
Netherlands
6,770
5,303
1,103
*4,350
1,665
Germany
France
Irish Free State
Other countries
*
„
£132,133
Coin at face value.
Quotations during the week:
IN LONDON
-Bar Silver per Oz. Std.Cash
2 Mos.
Apr.
8
Apr.
9
Apr. 10
Apr. 12
Apr. 13
Apr. 14
Average
21d.
21 l-16d.
20 15-16d.
21 l-16d.
21 %d.
20 15-16d.
21.021d.
21 l-16d.
21 %d.
21d.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
21 %d.
21 %d.
20 15-16d.
21.062d.
£4.000
1,885
2,987
3,707
The
following
£12,579
IN
NEW
YORK
{Per Ounce 0.999 Fine)
46% cents
46% cents
7
8
^9
46% cents
46% cents
46% cents
r'
Amount
April 21—The Security National Bank of Arkansas City, Arkansas
City, Kan
WW
et*
www
4*
WW wee *» wee*
10," 1937?" Liq" Agent,"James
G.
Hall",
Absorbed by The Home National
Kan., Charter No. 4487.
$25,000
Acme Wire Co., voting trust ctfs.
(quar.)-.
50c
May
Apr. 30
40c
June
June
1
June
Allentown Bethlehem Gas Co., 7% pref.
(qu.)._
87 %c
May
Aluminium, Ltd., preferred
t$3%
May
Apr.
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
15
30
15
15
20
10
21
21
10
21
common
:
-
April 22—The First National Bank of Sipesville, Sipesville, Pa..
Common stock
-—$25,000
Preferred stock, class A
12,500
Preferred stock, class B
10,000
Effective April 19, 1937.
Liq. Committee, Ralph E. Dickey,
L. C. Berkey and C. B. Korns, care of the liquidating bank.
Absorbed by The First National Bank of Somerset,
Pa.,
47,500
June
$1%
$1%
June
June
June
$2% preferred (semi-annually)
Consolidated Edison of N. Y. (quar.)
Consolidated Paper Co. (quar.)
Copperweld Steel Co. (quar.)
Creameries of America, Inc., pref.
(quar.)
Davenport Hosiery Mills
7% preferred (quar.)
Deere & Co., pref. (quar.)
June
June
June
June
June
June
June
June
June
May 15
May
May
Apr. 30
May
7
May 11
May
1
June
May
4
4
Apr. 27
June
June
June
May
July
June
May
$1%
371!
50c
June
June
June
July
July
June
June
Juno
June
June
June
May 15
May 31
May
1
June
19
May
1
Apr. 30
May 15
May 10
May 14
June 108
June
18
May 10
May 15
May 15
June
May
May
May
May
May
31
7
21
15
10
$1%
July
July
June
June
15
35c
June
May 15
May 15
May 10
May
5
30c
87^c
Preferred
Eddy Paper Co
Electric Shareholdings Corp., preferred
Payable at the rate of 44-1000th sh. common
or optional
$1% cash.
Emsco Derrick & Equipment Co.
(quar.)--.
t$l
June
60c
May
June
25c
May
May
May
50c
60c
Fairbanks Morse & Co. (quar.)
Extra..
Preferred (quarterly)
Fall River Gas Works,
(quar.)
Fishman (M. H.) Co., new
Financial Association, Inc. (monthly)
May
$1%
Equity Shares Corp
25c
June
25c
June
$1%
June
May
May
May
May
May
May
40c
Foundation Petroleum, Ltd
Fuller Brush, class A (quar.)
Apr.
June
80c
Franklin Rayon, $2% prior pref.
(quar.)--
May
15c
May
May
May
Apr.
Aprl
20c
25c
25c
37 %c
62 %c
4-5c.
June
June
May
May
Apr.
12 %c
(s.-a.)
Globe Democratic Publishing Co.,
7% pf. (qu.)
Golden Cycle Corp. (quar A
Goodyear Tire & Rubber Co
Preferred (quar.)
Grand Union Co., $3 preferred
Graton & Knight, pref. (initial
s.-a.)___
7% preferred (quarterly)
Greenfield Tap & Die Corp., preferred
-
May
i2m
May
May
$1ti
50c
Guelph Carpet & Worsted Spinning Mills—
6%% preferred (quarterly)
Hackensack Water Co
(quar.)
June
June
June
June
-
50c
90c.
$1%
$1%
June
May
May
May
May
Apr. 20
June
June
June
June
(qu.)
Houghton County Electric Light 6% pref. (s.-a.)
Hummel-Ross-Fibre Co
Ingersoll-Rand Co
May
May
June
June
June
Intertype Corp., common
Ironwood & Bessemer Ry. & Lt. Co.
7% pf. (qu.)
Kobacker Stores, Inc., common
(quar.)
June
June
7% pref. (quar.)-_
June
June
June
June
Lawson
Realty Co. 7% preferred (quar.)
Lee (H. D.) Mercantile Co
Lehigh Power Securities Corp., $6 pref.
(qu.)-Lehn & Fink Products Corp., common
(s.-a.)
June
May
May
May
June
June
Luzerne County Gas & Electric $7 1st
pref. (qu.)
$6 1st preferred (quar.)
Madison Square Garden Corp
May
May
May
May
May
June
»
McKesson & Bobbins. Inc., preferred
(quar.)-Mead Corp. $5% preferred B
(initial)
Mead Corp., preferred (quarterly)
Mar. 31
Apr. 26
Apr. 20
May 15
May 20
May 31
May 15
May 15
May 10
May
1
May
1
Apr. 29
June
June
June
Hoover & Allison 5% pref. (initial)
Horn & Hardart Co.
(N. Y.) $5 pref.
11
5
5
12
12
12
27
15
30
30
21
29
24
24
$1%
Apr.
Apr.
-
May
May
Apr.
Apr.
15
25c
43 %c
June
Extra
$25,000
7
7
10
15
15
14*
28
June
50c
McColl Frontenac Oil Co. (quar.)
McKenzie Red Lake Gold Mines, Ltd
Va.
10
June
June
25c
Mallory Hat Co. 7% preferred (quar.)
Manhattan Shirt Co
STOCK REDUCED
21
July
July
May
37 %c
Extra
June
Preferred (quar.)
$1,125
Cleveland & Pittsburgh RR. Co. gtd.
87%c
(quar.)..
Connecticut Light & Power Co.,
$1%
5%% pref
Connecticut Power Co.
62 %c
(quarterly)
Consolidated Diversified Standard Securities—
Manufacturers Casualty Insurance
Charter No. 4100.
April 22—The MIddleburg National Bank, Middleburg,
(from $50,000 to $25,000); amount of reduction
June
40c
25c
Lexington Water Co., 7% pref. (quar.)
Lunkenheimer Co. (quarterly)
of
Arkansas City,
COMMON CAPITAL
June
50c
-
Preferred (quarterly)
Hale Bros. Stores, Inc.
June
$1%
Archer-Daniels-Midland Co__
Armstrong Cork-Associated Dry Goods Corp., 6% let pref
7% 2d 2d preferred
Atlas Corp., 6% pref. (quar.)
Baltimore Radio Show, Inc. (quar.)
6% preferred (quarterly)
Barber Co., Inc
Bethlehem Steel Corp
5% preferred (quarterly)
7 % preferred (quarterly)
Blue Ribbon Corp., Ltd., 6%% preferred
Borden Co., common (quar.)
Boss Mfg. Co., common
Brooklyn Edison Co. (quar.)
Bullock's, lnc
Byron Jackson Co. (quarterly)
Canada Malting Co. (quar.)
Canada Vinegars, Ltd. (quar.)
Canada Wire & Cable, 6%% pref.
(initial)
Canadian Oil Cos., Ltd. (quar.)
8% preferred (quarterly)
Chartered Investor, Inc., $5 pref.
(quar.)
Chase (A. W.) Co., Ltd., pref.
(quar.)
Chicago District Electric Generating Corp.—
$6 preferred (quarterly)
Chicago Mail Order Co. (quar.)
Chrysler Corp. (irregular)
Cleveland Electric Illuminating (quar.)
6% preferred (quar.)
100,000
Holders
Payable of Record
$1%
Allegheny Steel Co.,
Preferred (quar.)
Preferred (quar.)
Lake of the Woods Milling,
preferred
Lake Superior District Power
$52,500
47»500
Arkansas
Bank
When
Per
Share
Inland Steel Co__
Extra
Comptroller of the Currency, Treasury
Common stock
second table in which
are:
Name of Company
Holophane Co
April 21—The First National Bank of Churchs Ferry, Churchs
Ferry, N. Dak
Effective March 24, 1937.
Liq. Agent, H. C. Hansen, Churchs
Ferry, N. Dak.
Absorbed by The First National Bank of
Devils Lake, N. Dak., Charter No. 3397.
Pr6f6lT6(i stocks
The dividends announced this week
Hammermill Paper Co
>
a
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared:
Haverty Furniture Cos., Inc. (monthly)-.
VOLUNTARY LIQUIDATIONS
Effective April
City, Kan.
follow with
Heywood-Wakefield, 5% pref. B (quar.)
BANKS
Department:
we
Garner Royalties, Ltd., class A (special)
General Finance Corp., 6% pref.
information regarding National banks is
from the office of the
Then
dividends
Extra
Fitz Simons & Connell Dredge & Dock
Ford Motor Co. of Canada, A. & B.
(quar.)
Fort Worth Stockyards Co
The highest rate of exchange on New York recorded
during the period
from April 8 to April 14 was $4.91 and the lowest
$4.88%.
NATIONAL
the
Ewa Plantation Co
Exports
Aden and dependencies
Anglo-Egyptian Sudan
Switzerland
Other countries
16,370
17,910
show
Anaconda Wire & Cable Co
11.63d.
April 12
April 10
bring
lis.
Eauivalent Value
Ounce
8
we
current week.
of £ Sterling
Per Fine
April
first
grouped in two separate tables.
In the
together all the dividends announced the
are
Preferred (quarterly)
American Arch Co
American Investment Co. of 111., common
American Metal Co., resumed
Preferred (quarterly)
American Tobacco Co.. com. & com. B
Quotations:
April
May 1, 1937
DIVIDENDS
Dividends
we
GOLD
seen
Chronicle
MARKETS
May
May
June
May 15
16
May 15
Apr. 10
Apr. 22
May 22
May 15
May 15
May 12
Apr. 20
May
May
May
May
May
May
May
May
May
May
May
1
10
14
14
15
15
15
15
15
15
15
Apr. 27
May
5
Apr. 19
May 28
May 20
May
5
Apr. 30
Apr. 30
May 10
Apr. 17
May 11
May
1
May
1
May 15
June
June
1
June
June
June
1
June
June
May 31
May|15
Mav
15
(quarterly)
Michigan Associated Telep. Co. 6% pref
Michigan Bakeries, Inc., $7 pref. (quar.)
$1 non-cum. prior preferred (quar.)
Michigan Surety Co. (Lansing)
Midland Grocery Co., 6% pref. (s.-a.)
Midland Mutual Life Insurance Co. (quar.)
Midwest Oil Co. (semi-ann.)
Montana Power Co. $6 preferred (quar.)
Muilins Mfg. Corp. class B (payable in stock) —
Muskegon Piston Ring Co., (quarterly)
New England Water Light & Power 6% pf. (qu.)
New Haven Clock Co., pref. (quar.)
New Jersey Zinc (quarterly)
New Mexico Gas Co. (initial common)
6% cumul. conv. preferred (s.-a.)
New York & Queens Light & Power
Preferred
Preferred (quarterly)
New York Telephone Co. 6)4% pref.
Nonquitt
nil
$2)4
May
Apr.
July
May
50c
June
$1)4
May
Apr. 26
May 15
Apr. 12
June
June
May
May
50c
June
Apr. 21
Aprl 28
May 20
May
5
May
5
May 25
May 25
June
June
«<x
July
May
(quar.)
June
25c
preferred (quarterly)
Orange County Telep. Co. 6% pref. (s.-a.)
Oxford Paper Co. $6 preferred
$5 preferred, new (quar.)
;
Pacific Finance Co. of California (quar.)
Pacific Fire Insurance (qutr.)
Panhandle Eastern Pipe Line Co., SO pref. A & B
Parker Rust-Proof Co., common (quar.)
Common, no par, (quarterly)
Payable at such time as said stock is turned
in for exchange to $2 )4 Par common.
Preferred (semi-ann.)
Peerless Casualty
Pender (David) Grocery Co., class A (quar.) —
Pennsylvania State Water Corp. $7 pref. (quar.)
Petroleum Corp. of America
Phillips Petroleum Co. (quar.)
May
May
May
May
tS5M
SI
$3
tS2
*k
SIM
tS7M
37 Mc
37 Mc
June
SIM
June
40c
May
50c
June
25c
June
SI
Extra
Sioux City Gas & Electric
Sound view Pulp Co
Preferred
Co., pref. (quar.)-—
-
Sovereign
Investors
$6 prior preferred
tSIM
25c
SIM
.
75c
75c
40c
SI
SI
SIM
25c
June
1 June 21*
1 May
3 Apr.
May
1 Apr.
May
May 28 May
May 28 May
June 15 May
1 May
June
5 Apr.
May
May 15 Apr.
May 15 Apr.
1 May
June
15
27
26
15
15
15
15
24
30
30
May
May
May 10 Apr.
May 25 May
May 25 May
1 May
June
15
15
15
15
1 June 15
Preferred
Westvaco Chlorine Products
June
20c
June
June
S14
SIM
May
May 15 Apr. 30
1 Apr. 22
May
May 15 Apr. 30
Apr. 20
1 May 10
June
SIM
June
SIM
25c
May 15 May 10
June 30 May 28
SIM
June 30 May 28
50c
8
May 18 May
8
May 18 May
8 Apr. 30
May
8 Apr. 30
May
June 15 May 21
May 15 Apr. 30
1
May 29 May
1
May 29 May
SIM
SIM
90c
40c
10c
t50c
1 May
1 May
(quar.)
...
1 June
1
1
1
Apr. 26
May 15
2 May 20
May 29 May 15
June
1 May
May 31 May
May 31 May
1 May
June
1 May
June
15
10
10
10
20
15 June
1
June
June
-
we
Per
Share
Name of Company
-
Alaska Packers Association (quar.)
Albany & Vermont RR
Allied Chemical & Dye Corp. (quar.)
Allied Kid (initial)
Class A
$6)4 preferred
.
Altorfer Bros. Co., common
Quarterly
Quarterly —
7% preferred (quar.)
7% preferred (quar.)
(quar.)
—
_
—-—
7% preferred (quar.)
(A. 8.) Co. (quarterly)
—
preferred (quar.)
Amalgamated Sugar, 5% pref. (quar.)
—
American Bakeries Corp. 7% pref. (semi-ann.)
Aloe
Altorfer Bros,
15
16
16
15
10
10
30
30
9
24
24
May
May
May
May
May
May
May
May
May
May
May
May
May
Apr.
Apr.
Apr.
June
Sept.
-
Aluminum Manufacturing, Inc.
Holders
June
Adams (J. D.) Mfg. Co. (quar.)
—
Adams-Millis Corp
Preferred (quarterly)
-—
Alabama Power Co. $5 preferred (quar.)
Alaska Juneau Gold Mining Co. (quar.)——
Extra
When
Payable of Record
(quar.)
Sept. 15
Dec
15
June 15
June
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Corp
Apr".'15
15
Dec.
Dec.
Sept. 15
Dec. 15
May
May
May
July
Apr. 20
Apr. 15
Apr. 16
June 15
Sept.
(quar.).
Broadway Department Stores (initial)—
Broadway Dept. Store, Inc. (Calif.), 7% 1st
Broadway & Newport Bridge (quarterly)
(quar.)
Brooklyn Union Gas Co
Bruce (E. L.) new $3H preferred—----------Covers period from Oct. I *36 to Mar. 31 37.
Buckeye Pipe Line Co. common
Buckeye Steel Casting Co., 6)4%
Ltd. (quar.)
-
Corp. 1st $5 pf. (qu.)
(quar.)
Co
—
Byron Jackson Co. (quar.)
—
Cable & Wireless (Holding), Ltd.—
American deposit receipts, 5)4% preferred—_
Bunte Bros., 5% pref.
Less tax and depositary expenses.
(quar.)--
———
Calgary Power preferred (quar.)-—
California Packing Corp. (quar.)
(quar.)
——
6% pref. (quar.)--—
Assoc. (s.-a.)—
California Water Service,
Campbell, Wyant & Cannon Foundry (quar.)—
Canadian Bronze Co. (quarterly)
—
Preferred (quarterly)
Canadian Converters Co., Ltd. (quar.)
Canadian Investment Fund ordinary shares—
Special shares
Canadian Investors Corp., Ltd. (quar.)
Capital Management Corp
—
Carman & Co., Inc., class A
new common
Caterpillar Tractor (quar.)-Preferred (quar.)
Cedar Rapid Mfg. & Power Co.
Celanese Corp. of America—
(quar.)
(quar.)
15
May
1
May
May
May
5
5
1 May 22
1 Apr.
l'Apr.
10
13
1
15
20
1
1
16
1
1 Mar. 31
1 Mar. 31
1 Apr. 24
Apr. 24
June
1
May 15
1 May 15
15 May 28
1 Apr. 21
1 Apr. 21
1
1
1
5)4%
June
July
July
May
May
May
May
May
May
May
May
May
May
May
May
May
15
15
15
15
25
1
1
3 Apr. 20
June 15
June 15
1
15
15
15
1
29
1
1
15
June
May
May
May
May
July
pref. (quar.)———--——& Power Co. $7 pf. (qu.)$6 preferred (quar.)
Central Arizona Light
(quar.)—
(quar.)-
Light & Power
June
10
25
25
15
15
30
30
30
15
8
20
20
Apr. 30
Apr. 15
Apr. 15
Apr. 17
Apr. 20
May 15May
3
May 15
May 15
Apr. 30
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
1 June 15
June 30 June 15
Celotex Corp. 5%
& Electric
1
—
7% cum. prior preferred (quar.)—
7% cum. 1st partic. preferred (s.-a.)
(quar.)
1
24
15
15
.
Burroughs Adding Machine
6% preferred
Apr.
Apr.
Apr.
Apr.
May 15 May
May 15 May
May 15 May
Apr.
May
Apr.
May
Apr.
May
June
May
June
May
June
May
May 15 May
Bullock's, Inc., Ltd., 5% preferred (quar.)_—_
Bunker Hill & Sullivan Min g & Cone., new (qu.)
Central Massachusetts
June 21
May
May
SI H
pref. (quar.).
-------—
Central Hudson Gas
1
Dec.
June
—
Buffalo Ankerite Gold Mines,
Camden Fire Insurance
1
Sept.
Apr. 15
June
6% preferred (quar.).;
Buck Hill Falls Co. (quar.)
Calamba Sugar Estates
Preferred (quar.)
5
June
May
May
May
May
May
July
pref
Extra
Buff. Niag. & East. Pow.
Bullock Fund, Ltd..
-
May
1 Apr.
May
May 25 May
May 20 May
May 20 May
2 June
July
1
May
1 Apr. 20
May
Extra
British American Oil Co., Ltd (quar.)
British Columbia Telep. Co., 6% pref.
Preferred (quarterly)
Bronxville Trust (N.Y.)
Apr. 10
Apr. 10
May
1
May 15
June 25 June
class A (quar.) —
(monthly)
Distillers of Vancouv
Central Cold Storage
Apr. 20"
Apr. 15
1
May
1
May 15 May
9
1 Apr.
May
May 10 Apr. 23
1 Apr. 24
May
5
1 Apr.
May
May 15 Apr. 20
1 Apr. 20
May
1 Apr. 20
May
Apr. 21
May
May
May
Brentano's Book Stores. Inc.,
M.) & Co.,
v
10
June
Roller Bearing
(A.
June
June
cash.
Boston Edison Co. (quarterly)
Bourne Mills of Fall River
Castle
V
10
25
June 10
1
July
1
July
1
July
1
May
1
May
May 15
June
$3 convertible preferred (quar.)_Optional payment 1-32 sh. of com. or
Bond & Share Trust, 6% pref. (quar.)
5% preferred, new
24
May
May
May
May
May
May
(quar.)—
Bonus...--
20
20
24
June
(quarterly)
Preferred (quarterly)
Brewers &
20
Dec.
Brewer (C.b Ltd.
1 May 15
15 Apr. 30
Apr. 17"
Apr. 17
1
Sept
Blauner's, Inc.
Blue Ridge
1
1
June
Bank (quar.)
—
(quar.)-
V
2 June 19
May
May
Extra
Preferred
20~
Apr. 20
June 20
June
(quarterly)
Benson hurst National
Apr.
1
1
May
May
May
(quarterly)--
1 May 15
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Below
(quar.)
Beatty Bros., Ltd.. 6% 1st pref. (quar.)
Belden Mfg. Co. (quar.)
Bellows & Co., class A (quarterly)
Bower
June
if
11
15*
8
35c
Beattie Gold Mines
1 May
8
1 May 15
May
60c
25c
(quarterly)
Williamsport Water Co. S6 pref.
Youngstown Steel Door Co
June
56c
(quarterly)
Taylor & Fenn Co. (quar.)
Thatcher Mfg. Co. preferred (quar.)
Thompson Joanne Gold Mines, Ltd
Tide Water Power Co. $6 pref. (quar.)
Trane Co. $6 preferred (quar.)
Tyre Rubber Co. 6% preferred (quar.)
—
United Gas Improvement (quarterly)-Preferred (quarterly).
United Engineering & Foundry Co., common
Preferred (quarterly)
United National Corp. (initial)
Cum. partic. preferred (increased)
United Profit Sharing Corp
United States Rubber Reclaiming Co. 8% pref—
United States Steel Corp., pref
Preferred (quarterly)
Universal Winding Co. 7% pref. (quar.)
Utility Equities Corp., $5& div. priority stock—
Vanadium-Alloys Steel Co
Washington Ry. & Electric Co
Wesson Oil & Snowdrift Co., Inc., pref. (quar.)
Westinghouse Electric & Mfg. Co
June
40c
(quarterly)
June
40c
Tampa Electric Co. (quarterly)
July
HP
31Mc
(quar.).-
Class A
1
I Apr.
May
1 Apr.
May
1 Apr.
May
May 20 Apr.
20 Apr.
May
1 June
July
June 15 May
i
Class A
/
5
1
May
—
Badger Paper Mills, Inc.. 6% pref.
Bankers & Shippers Insurance Co
Bangor Hydro-Electric Co. (quar.)
Barusdall Oil Corp
(quarterly)-.
Beacon Mfg. Co., 6% pref. (quar.)
Best & Co. (quar.)
Blrtman Electric Co.
30
May 20 Apr. 30
May 28 May 10
June
pref
preferred (quar.)
Arrow-Hart & liegeman Elec. Co., 6)4 pf. (qu.)
Asbestos Mfg. preferred (quar.)
Associated Telephone Co., pref. (quar.) —
Associated Tel. & Tel. Co. 7% Is pref—
First $6 preferred
Atlantic City Electric Co., $6 pref. (quar.)
Atlantic Coast Line RR., 5% pref. (s.-a.)Atlantic Macaroni, inc. (quar.)
Atlantic Refinery Co., pref. (quar.)
Atlas Plywood Corp
1 "referred
5
15 Dec.
May
May
July
July
May
May
Inc., 7% pref.
(quar.)--
Atlas Powder preferred
5
15 June
June
pref
Old 7%
25c
--—
A
May 20
May 20
May 13
May
7
May
7
May 18
May
1
May 15
May 15
May 15
May 29
15
May 15 Apr. 30
1 Apr. 15
May
7
May 29 May
pref. (quar.)
Armour & Co. (Del.),
Armour & Co. (111.)
15
8 June 17
July
Dec.
Extra
23
25c
Cap & Seal Corp. (quar.)
Preferred
1
Apr.
15
1
Sept. 15 Sept.
Argo Oil Co. (seuii-ann.)
May 10
95c
,
Extra
Preferred
1
June
-—.
Appleton Co., preferred
Preferred (quar.)
Archer-Daniels-Midland Co. pref. (quar.)--
tSIM
A
(semi-ann.)
Extra
Standard
25c
SIM
62 Mc
SIM
SI
SI.19
Sterling Products, Inc. (quar.)
Stewart-Warner Corp.
1
June
23
May 10
May 10
8
Apr.
1 Apr. 14
Apr. 17
5
May 15 May
1 Apr. 21
May
ann.)
Anglo-Canadian Telep. Co.. 7%
Animal Trap Co. of Amer.,
7% preferred (quar )
Juiy
May 25 May 10
5
May 20 May
1 May 15*
June
10c
lc
(interim)
May 15
Apr. 20
1 Apr.
1 Apr.
1'referred (quarterly)
7
\nr.
May 14*
I
American
Amoskeag Co. preferred (semi
May
1
May
American Ke-Insurance
50c
30c
50c
Spring Valley Co. (liquidating)
Standard Brands, Inc., $7 pref
Standard Steel Construction $3 class
1
June
(bi-monthly)
Shipbuilding Co. (quar.)
American Smelting & Refining Co_-l
6% 2nd preferred
American States Utilities Corp.. 5)4%
American Thermos Bottle Co. (quar.)
v.
Nov. 25
I
1
May
Goods Co. (quar.)
preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
June'15"
15
25
Dec.
7%
19
10
25
May
May
Co
American News. N. Y. Corp.
June
SIM
Southwest Consol. Gas Utilities Corp
1
1
June
Sept.
American Paper
25c
2c
(quar.)_
29
_
June
si
$12*c
(quarterly)
Simon (Wm.) Brewing (
(quar.).
Extra
May
June
pref. (quar.) — ..si
(quarterly)
May
June
87 Mc
»
5)4% preferred (quar.)
Quaker State Oil Refining Corp
Reading Co., 2rd preferred (quar.)
Republic Insurance Co. of Texas (quar.)
Reyborn Co
-—
Reynolds Metals Co., common
5M% preferred (quarterly)
Rustless Iron & Steel Corp., pref. (quar.) — .
Sagamore Manufacturing Co
St. Louis Screw & Bolt Co. 7% preferred
Savage Arms Corp
—
Preferred (quarterly)
Sears, Roebuck & Co. (quarterly)
Second Investors Corp. (R. I.) $3 pref. (quar.) —
Selby Shoe Co
May
June
87,M0Cc
(quar.)
June
July
3M%
17Mc
Extra
Phoenix Hosiery Co. 7% preferred
June
1 Apr.
1 Apr.
1 May
1 Aug.
1
May
May
American Machine & Foundry
Apr. 27
May 14
May 29
Apr. 22
May
7
May
7
Apr. 30
May 15
June
$2)4
June
May
May
June
(quar.)
American Light & Traction Co.
1 "referred (quarterly)
~
7%
Preferred
May
May
SIM
Ontario Steel IToducts, 7% pref
Sherwin Williams
12
25c
20c
15 June
cl. B
(1-32 of 1 sh. of
Distilling, pref. (semi-ann.)
American Envelope Co., 7% pref. A (quar.)—
7% preferred A (quarterly)
7% preferred A (quarterly)
—
American Gas & Electric Co., pref. (quar.)
American Home Products Co. (monthly)
Monthly
American Investment Co. oi III., $2 pref. (quar.)
19
$1)4
$154
Norfolk & Western Ry. Co. (quarterly).
Ohio State Life Insurance (new) (quar.)
Postage Meter,
June
15 Apr. 23*
June
American
100%
40c
Potomac Electric Power Co. 6%
Conv. A opt. div. series
stock or 75c. cash)
May
$1
American Chicle Co. (quar.)
American Cities Power & Light Corp.—
19
Apr. 26
Apr. 26
Apr. 24
May
$1
$3
Mills
Poor ^ Oo»« class A
Mar. 15
June
SI
American Can Co. (quar.)
May 10
25c
Northern Pipe Line Co
Pitney-Bowes
May
July
Apr.
10c
Memphis Natural Gas Co
Payable of Record
Share
of Company
j.
Holders
When
Per
Name
Payable of Record
Share
Company
Holders
When
Per
Name of
2937
Chronicle
Financial
144
Volume
1 Apr. 24
1 Apr. 13
May
1 Apr. 13
5
May 15 May
May
1 Mar. 31
May 31 Apr. 15
May 15 Apr. 30
May
May
J
2938
Financial
Pe'
Shart
Name of Company
Central Illinois Securities, pref. (quar.)
When
(quarterly)
Central National Corp., class A
37 He
i
Central Ohio Steel Products
Central Power & Light Co. 7% pref. (quar.)—
6% preferred (quar.)
Centrifugal Pipe Corp. (quar.)
Quarterly
Quarterly
Century Ribbon Mills
7% preferred (quarterly)
Cerro de Pasco Copper
Chain Belt Co. (quar.)
Chain Store Investment (initial)
Preferred (quar.)_
Champion Paper & Fibre, preferred (quar.)
Charis Corp. (quar.)
Chile Copper Co
Chicago Yellow Cab (quar.)
Cincinnati Sandusky & Cleveland RR.—
,-*■
6% preferred (semi-arm.)
Cincinnati Street Ry. Co
Cincinnati Union Terminal Co., 5% pref. (qu.)_
Preferred (quarterly)
City Water Co. of Chattanooga, 6% pref. (qu.)>
Cleveland & Pittsburgh RR. Co., gtd. (quar.)
Guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Cluett, Peabody & Co.. Inc
Coast Breweries, Ltd. (quar.)
Oolgate-Palmolive-Peet (quar.)
Columbia Gas & Electric Corp., com. (quar.)
6% preferred series A (quarterly)
5% preferred (quarterly)
5% cumul. preferred (quarterly)
Columbia Pictures Corp. §2% pref. (quar.)
Common (quar.)
U
May
1 Apr. 20
June
May 15
Apr. 21
10c
May
Apr. 24
May
May
Apr. 15
May
Apr. 15
May 15 May
5
Aug. 16 Aug.
5
10c
Nov. 15 Nov.
25c
91X
%\&
10c
llli
62 He
5c
91X
81X
37 He
50c
50c
28
4
20
May 10
Aug. 10
Nov. 10
Nov. 10
Mar. 12
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
May
15
15
15
15
15
20
19
6
20
20
20
20
4
June 21 June
(quar.)
Community Public Service (quar.)—
Special
Compania Swift Internacional (quar.)
Concord Gas, 7% pref. (quarterly)
—
(Ont.) (quarterly)
Quarterly
Quarterly
1
May
Apr.
May
Apr.
May
Apr.
May
Apr.
Mar.
July
May
Apr.
May 15 Apr.
May
Apr.
June
Apr.
1 Apr.
May
May
llApr.
June
1 May
May 15 Mar.
June 30 Sept.
Sept. 30 Dec.
24
24
24
24
12
15
15
14
30
20
20
15
25
25
24
Dec.
31 Mar. 15
Connecticut River Power, 6% pref. (quar.)
June
Consolidated Chem. Industries A & B.
A & B (extra)
May
May
Consolidated Cigar Corp. 7% pref. (quar.)
June
May 15
Apr. 15
Apr. 15
May 15
0H% preferred (x-w. & w. w.) (quar.)
Consolidated Edison (N. Y.), $5 pref. (quar.)__
Consolidated Laundries Corp. pref. (quar.)
Consolidated Oil Corp. (quar.)
$5 cum. preferred (quar.)
Consolidated Paper Co. (quar.)—
Container Corp. of America (quar.)
Continental Can Co., Inc., common (quar.)
Corn Exchange Bank Trust (quar.)
Corporate Investors, Ltd. (quar.)..
Cosmos Imperial Mills (quar.)
5% preferred (quar.)
Cresson Consol. Gold Mining & Milling (quar.).
Crown Cork & Seal Co. (quar.)
Crown Drug Co., preferred (quarterly)
Crum & Forster Co., preferred (quar.).
Cuban American Sugar Co., pref. (resumed)
Cuban Tobacco 5% preferred
Cudahy Packing Co., 7% preferred (semi-ann.)_
6% preferred (semi-ann.)
Cumberland Co. Power & Light, 6% pref. (qu.)
5H% preferred (initial, equar.)
Cuneo Press, Inc. (quar.)
Preferred (quar.)
Dallas Power & Light, 7% pref. (quar.)
6% preferred (quar.)
Davenport Water Co., 6% pref. (quar.)
May
May
May
May 15
June
June
May
May
May
Apr.
Apr.
Apr.
Apr.
15
21
5
24♦
23 .
30
30
June 30
Apr. 30
Apr. 30
May 10
19
5
18
Payable in stock.
Derby Oil & Refining preferred
Detroit River Warehouse, Inc. (initial)
Detroit Gasket & Mfg. preferred (quar.)
Diamond Alkali Co., stock div
Diamond Ice & Coal Co., 7% pref. (quar.)
2 H%
tS2
15c
30c
Nov. 20
1
Oct.
Oct.
1
Dec. 23 Dec. 23
May
1 Mar. 15
July
May
June
15
May 15
Mar. 27
25c
Apr. 25
1 Aug. 14
25c
Dec.
1 Nov. 15
s
Diamond Match Co
Common
Common stk. div. of 4-50tbs of a sh. of Pan
Amer. Match Corp. for each sh. of Dia¬
mond Match com. stk. held.
three installments, the lso of
2d & 3d of l-50th each,
Pref. stk. div. of l-50th of
Match
Corp. for each
a
of Diamond
Sept.
...
Preferred (sem-ann.)
Diem <fc Wing Paper Co., 5% pref. (quar.)-_»
Distillers Corp .-Seagrams, preferred (quar.)
Dividend Shares, Inc
Doctor Pepper Co. ( quarterly)
June
of record previously
reported as June 20
Domestic Finance Corp. $2 pref. (quar.)
Dominion Bridge, Ltd. (quar.)
Dow Chemical Co
Preferred (quar.)
Dow Drug Co
50c
J30c
75c
91X
15c
Duquesne Brewing Co
Eastern Shore Public Service Co., %6H
25c
pf. (qu.)
$0 preferred (quar.).
Eastern Utilities Associates (quar.)
SI8/*
91H
60c
50c
Quarterly
Eaton Mfg. Co. (quar.)
Edison .Electric Illuminating Co. of Boston
1
1
July 20 June 30
July 20 June 30
„
Holders
.1
Sept.
Dec.
...
Quarterly
Dome Mines, Ltd. (quar.)
Extra
14
May 15 Apr. 30
May
1 Apr. 23
May
1 Apr. 15
July
1 June 10
July
1 June 10
Dixie-Vortex Co. (quarterly)..
Class A (quarterly)
Correction:
1 Aug.
Marl'38 Feb 15'38
May
May
May
May
May
May
June
June
May
Aug.
50c
Nov.
50c
May
May
$2
Apr.
Apr.
May
May
May
Apr.
May
May
May
Aug.
20
30
1
1
4
21
10
10
7
6
Nov.. 9
u,May
1
llApr. 10
June
Sept. 15
Dec.
June
July
10
Oct.
Sept. 10
June
10
Oct.
Sept. 10
July
June
Oct.
Sept. 20
Apr. 20
19
May
June
June 10
$1
81
15c
May
May
May
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
81
June
June 23
July
June 15
60c
June
June
825*
815*
87 He
Sept.
June
Aug. 20
May 15
May 15
50c
June
1
July
July
June 15
25c
"ft
June
10 May 31
1 Apr. 20
1 Apr. 20
1 May 15
2 July 15
1 Apr. 15
1 Apr. 15
1 Apr. 19
1 June 22
Sept. 22
Apr. 20
Apr. 15
1 Apr. 15
Apr. 24
Apr. 15
1 May 22
15 Apr. 30
Apr. 10
25c
10c
May
May
June
Aug.
May
May
May
July
30c
t815*
88
75c
15*%
50c
15c
81
81 *4
37Hc
75c
..
15
20
19
23
20
825
815*
815*
815*
25c
'hi
825*
81X
815*
815*
25c
10c
5c
Extra
Great Western Electro-Chemical
80c
Green
40c
75c
815*
50c
10c
40c
Oct.
May
May
May
May
May
June
May
May
May
May
May
May
May
May
July
May
July
May
May
May
May
May
May
May
May
May
May
July
May
June
June 15
Apr.
Apr.
Apr.
Apr.
Apr.
1 Apr.
15 July
5
Apr.
1 Apr.
15 May
Apr.
1 Apr.
15 May
1 Apr.
Apr.
12
12
3
15
15
15
15
15
1
Apr.
2
1 Apr.
15 May
24
24
5
15
10
15
1
1
2 June
5 Apr. 30
50c
815*
685*c
685*c
Hartford Electric Light Co. (quar.)
Hartford Times, Inc., 5X% pref. (quar.)
Hat Corp. of Amer., class A & B common
20c
A and B preferred (quar.)
Hawaiian Agricultural (monthly)
815*
20c
Hearn Dept. Stores, conv. pref. (quar.)
Hecker Products (quarterly)-,
Heel a Mining Co
75c
-
15c
25c
Heileman (G.) Brewing Co. (quar.)__
Hercules Powder Co., pref. (quar.)
25c
Hershey Chocolate Corp. (quarterly)
Preferred (quarterly)
Hibbard, Spencer, Bartlett & Co. (mthly)
15 June
4
June
1 May
14
June
Preferred (quar.)
Hanna (M. A.) Co. preferred (quar.)
Harbison-Walker Refractories Co
Preferred (quar.)
1 May 15
1 May 10
June
July 20 July
6
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May 31 May 25
May
1 Apr. 26
May
1 Apr. 10
June 15 May 15
1
May 15 May
May 15 May 4
May 15 Apr. 24
May 15 Apr. 24
May 28 May 18
June 25 June 15
Hollander (A.) & Sons (quar.)
Holly Sugar Corp. preferred (quar.)
Holt (Henry) Inc., participating A
Home Insurance Co. (quar.)
Extra
.
-
(quar.)
Voting trust certificates (quarterly)
Voting trust certificates (quarterly)
Household Finance Corp. (quar.)
Preferred (quar.)
'
Houston Lighting & Power, 7% pref.
(quar.)
$6 preferred (quar.)
Humberstone Shoe Co. (quarterly)
i
Hussman-Ligonier Co. (quar.)
Hydro-Electric Securities Corp
Idaho Power 7% pref. (quar.)_,
6% preferred (quar.)
Imperial Life Assurance of Canada (quar.)
Quarterly
Quarterly
May 17 Apr. 30
May
1 Apr. 15
June
1 May 11
May
1 Apr. 15
May
1 Apr. 15
May 10 May
5
May
1 Apr. 20
May 15 May
1
May 15 May
1
May
1 Apr. 24
May
1 Apr. 10
May
5 Apr. 24
Aug.
6 July 24
Nov.
July
July
5 Oct.
6% preferred (quarterly)
Institutional Securities, Ltd.—
Insurance group shares class 2 (optional div.)
Insuranshares Certificates
International Cigar Machinery Co
International Harvester preferred (quar.)
International Nickel Co. of Can. pref. (quar.)_
International Printing Ink (quar.)
Preferred (quarterly)
International Silver Co. 7% preferred
International Utilities Corp. 87 prior pref. (qu.)_
-
25
15 June 30
15 June 30
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 20
May 10 Apr. 20
May
1 Apr. 15
May
1 Apr. 15
July
2 June 30
Oct,
1 Sept. 30
Jan.
Indiana Pipe Line Co
Indiana Security Corp. 6% preferred
(quar.)
83 H prior preferred (quar.)
15
15
July
815*
815*
Horne (Joseph) Co. preferred
(quar.)
Horn & H&rdart Co. (N. Y.)
(quar.)
Hotel Barbizon, Inc., vot. tr. ctfs.
sh. of Pan Am.
sh.
Match preferred stock held.
Preferred (semi-ann.)
Nov. 30
May 15
Apr. 20
Apr. 20
25c
Extra
Freeport Sulphur Co. common (quar.)
Preferred iquar.)
6% preferred (quar )
Froedtert Grain & Malt Co., pref. (quar.)
Frost Steel & Wire Co., 7% 1st preferred
Fuller Brush Co. 7% preferred (quar.)
7% preferred (quar.)
Gardner-Denver Co., preferred (quar.)
Gas Securities Co.
(monthly)
6% preferred (monthly)
General Baking Co., common
General Cigar Co., Inc. (quar.)
Preferred (quartrly)
General Metals (quar.)
General Mills, Inc., common
General Motors Corp. pref. (quar)
General Public Service Corp., 86 pref. (quar.)
85 H preferred (quarterly)
General Stockyards
86 conv. preferred (quar.)
General Telephone Allied Corp. 86 preferred
Georgia RR. & Banking Co. (quar.)
Gillette Safety Razor preferred (quar.)
Goodyear Tire & Rubber, 87, 2nd preferred
Gotham Silk Hosiery Co., Inc., 7% pref
7 % preferred (quar.)
Greai Lakes Dredge & Dock (quar.)
Great Lakes Engineering Works (quar.)
Honomu Sugar Co. (monthly)
Horders, Inc. (quarterly)
Hormel (Geo. A.) & Co. (quar.)
Preferred A (quar.)-
Payable in
2-50ths; the
Dec.
50c
Ferro Enamel
Monthly
June
May
May
Sept.
Aug. 31
50c
Fibreboard Products, Inc., 6% pref. (quar.)
Fidelity Fund (quar.)
Fiduciary Corp
Fire Assoc. of Philadelphia (semi-annual)
Firemen's Insurance Co. of Newark
(s.-a.)
First National Bank (Jersey City)
(quar.)
First National Bank (N. Y.) (quar.)
First Security Corp of Ogden(Utah). ser A
(s-a)
Fishman (M. H.), Inc.. 5H% preferred (s.-a.)-Florida Power Corp., 7% pref. A
(quar.)..
7% preferred (quarterly)
Florsheim Shoe class A (quar.)
Class B (quar.)
Ford Motor Co., Ltd
Four Wheel Drive Auto Co.
(irergular)
Franklin Fire Insurance, (quarterly)
1
Jury
Mar. 31
Sept.
02Hc
15 June
Sept
Nov. 30
Dec.
June
35c
35c
„
Hall (C. M.) Lamp Co
Hamilton Watch
Dec.
Apr. 15*
May 31
Aug. 31
Sept.
June
82
(quar.)
17
20
July
Dec. 23
June
May
May
$2
Quarterly
Federal Knitting Mills (quar.)_
June
—
Sept. 21
May
Dec.
(H. L.) Co. (quar.)
Preferred (quar.)
Greenfield Gas Light Co. 6% pref. (quar.)
Gurd (Chas.) <fc Co., Ltd., pref. (quar.)
Halifax Fire Insurance Co. (M. S.) (s.-a.)
May 20
Aug. 20
June 22
Oct.
Jan.
80c
80c
80c
50c
51
20
20
17
June
Sept.
July
Sept.
_
Apr.
Apr.
Apr.
Apr.
Apr.
May
1 Apr. 17
May
1 Apr. 17
May
1 Aim-. 20
3
May 10 May
May
1 Apr. 26
May
1 Aim-. 20
June
June
Extra
May
May
May
May
May
June 30 June
...
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Deposited Insurance Shares A & B (semi-ann.)
Quarterly.
15
15
15
15
15
15
15
15
Mar. 15
May 15 May
Dentists Supply Co. of N. Y. (quar.)
Quarterly
Quarterly
20
Mar. 15
Apr.
June 30 June
D eisel-W emmer-Gil bert
De Mets, Inc., preferred (quar.)
Dennlson Mfg. Co. debenture
A div. of $2 a sh. remains in arreas
1
May
May
May
May
May
July
May
May
May
Apr. 15
Quarterly
81
83 H
56Hc
50 He
50Hc
81
87 He
87 He
87 He
6
6j
Apr. 20
May 21
Sept. 11
Apr.
Apr.
May
May
May
815*
815*
Guaranteed betterment (quar.)
Faber, Coe & Gregg, Inc. (quar.)
7% preferred (quar.)
Fair (The) preferred (quar.)
Fansteel Metallurgical Corp. $5 pref.
(quar.)
$5 preferred (quar.)
85 preferred (quar.)
Extra
Federal Insurance (Jersey City)
Mar. 20
Apr. 20
June
Angeles) (quar.)
Empire & Bay State Teleg. Co., 4% guaranteedEmporium Capwell Corp., 7% pref. (s.-a.)
4)*% cumul. preferred A (quarterly)
4J*% cumul. preferred A (quarterly)
4H% cumul. preferred A (quarterly)
Eureka Pipe Line Co. (quar.)
Erie & Pittsburgh RR. Co., 7%
gtd. (quar.)
7% guaranteed (quar.).
7% guaranteed (quar.).
Guaranteed betterment (quar.)
Guaranteed betterment
(quar.)
Holders
Payable of Record
1
81
Farmers & Traders Life Insurance (N.
Y.)
May
May
Commonwealth Investment (quar.)
Commonwealth Utilities Corp., 6H% pf- C(qu.)
Confederation Life Assoc.
15
Sept.
_
Electric Bond & Share Co., $6 pref. (quar.)
$5 preferred (quarterly)
Elmira & Williamsport RR. (s.-a.)_
-
1
15
15
Dec.
Commercial National Bank & Trust (qu.)
Commonwealth Edison Co
Commonwealth International
19
Dec.
7% preferred (quar.)
Share
Apr. 15
Apr. 24
Sept. 18
June
—
Commercial Discount Co. (Los
Extra
7
20
Oct.
_
Acceptance (Pittsburgh) 5% pref_
May 15 May
June
May
Apr.
May
May 15 May
May
1 Apr.
May
1 Apr.
July
1 June
May
1 Apr.
May 27 May
June
1 May
May
Sept.
—
Commercial
5
When
Per
Name oj Company
—
May
May
July
_
May 1, 1937
Holders
Payable of Record
Central Mississippi Valley Electric Property—
6% preferred
Chronicle
3 Dec.
May 15 Apr.
July
1 June
Oct.
1 Sept.
May
June
31
23
15
15
Mar. 31
June 16
May
Apr. 17
June
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
May
5
1
20
20
20*
22*
22*
Volume
Financial
144
Per
Name of
Company
Share
Interstate Dept. Stores, pref. (quar.)
nterstate
$l'A
Hosiery Mills
62 He
30c
Iron Fireman Mfg. Co. (quar.)
Quarterly
Quarterly
30c
30c
When
May
May
Apr. 10
Apr. 30
May 10
Aug. 10
June
Sept.
8% preferred (quar.)
Jamaica Water Supply Co., 7H% pref. (s.-a.)-_
Jantzen Knitting Mills (quar.)
Preferred (quar.)
Jewel Tea Co., Inc., (quarterly)
Kable Bros. Co., 6% preferred (quar.)
Kalamazoo Stove & Furnace Co. (quar.)
Kansas City St. Paul & Chicago RR. Co.—
6% preferred guaranteed (quarterly)
Kayser (Julius ) & Co
Kelvinator of Canada, Ltd., 7% pref. (qu.)
Kemper-Thomas Co.—
7% special preferred (quar.)
7% special preferred (quar.)
7% special preferrred (quar.)
Kendall Co
Dec.
Nov. 10
May
2ftc
Ma.v
20
20
$1H
May
May
June
Apr.
Apr.
Apr.
Apr.
May
June
June
5
May
May
May 15
Apr. 20
25c
•1H
25c
S1H
50c
t$l X
10
15
25
1 Apr. 19
May
May 15 May
1
May 15 May
5
vpartlcipating dividend)
UK
$1 %
$1H
June
25c
May
Apr.
26
June
June
May
May
May
May
Apr.
Apr.
Apr.
10
89c
(quar.)
Preferred
Kentucky Utilities, 7% jr. pref. (quar.)
Keokuk Electric, 6% pref. (quar.)
Keystone Steel & Wire Co
King Oil Co. (increased)
Kings County Trust Co. (quar.)
Klein (D. Emil) (quar.)
5°?, preferred (initial, quar.)
Kokomo Water Works Co., 6% pref. (quar.)
Kresge Dept. Stores, Inc., 4% 1st pref. (initial).
Kress (S. H.) & Co
Special preferred
Kroger Grocery & Baking (quar.)
6% preferred (quar.'
7% preferred (quar.
7% preferred (quar.)
Landis Machine (quarterly).
Quarterly.
87 He
Dec.
May
May
May
May
May
July
May
May
May
May
May
10
1
10
12
15
26
Apr.
19
Apr.
19
June
June
Sept.
Sept.
5
Dec.
Dec.
5
Apr.
20
July 20
May
5
Aug.
5
5
Apr. 15
May 21
ay
Apr. 20
Apr. 30
Apr. 14
Apr. 15
Apr. 19
10 June
3
June
Sept.
May. 15
Aug. 15
Dec.
....
Nov. 15
Apr. 30
May
May 10 Apr. 30
June 15 May 28
June
May
1
June
May 18
June
May 18
Apr. 24
May
Aug.
July 27
.......
Nov.
Link Belt Co. (quar.).
Preferred (quarterly)
Oct.
May
...
Apr. 20
May 15
June
Little Long Lac Gold Mines.
Little Miami RR.. special guaranteed
June
July
May
26
15
May
5
May 21
Aug. 25
June
(quar.)..
Special guaranteed (quar.).
Special guaranteed (quar.
*.)■
Original capital
Original capital
Original capital.
Locke Steel Chain (quar.)
preferred
Sept.
Dec.
Nov. 26
June
May 25
Aug. 25
Oct.
Jan.
May
May
June
Sept
Dec.
30
May
May
July
Apr.
Apr.
May
Aug.
20
17
27
27
Nov. 26
May
Apr. 24
June
June
May 15
June 17
Sept.
Sept. 18
Dec.
Dec.
May
May
May
Apr. 15
Apr. 15
June
! He
May
July
May
May
May
May
May
iik
June
16
Apr. 26
May 20
Apr. 20
June
17
May
Apr.
Apr.
Apr.
27
22
15*
Apr.
24
12
-
_
-
June
May 28
Apr
16
Apr. 26
May
May
May
May
(quar.)
Neiman (Marcus) Co. 7% pref. (quar.)
Neisner Bros, preferred (quar.)
Neptune Meter, preferred (quarterly)
Nevada-Calif. Electric pref. (quar.)
Newberry (J. J.) Co. 5% pref. (quar.)6H% preferred A (quar.)
6% preferred B (quar.)
New England Fund, ben. int. (quarterly)
New Jersey Zinc Co. (extra)
New Process Co. (quar.)
Apr. 14
Apr. 15
Apr.
5
May
Mar. 29
June
May
May
May
June
May
May
May
May
May
-
New York Air Brake
New York Merchandise, new (quar.)
June
May
May
Niagara Hudson Power Corp. pref. B (special)
This div
Aprl
Jan.
National Biscuit Co. (quar.)
Preferred (quar.)
National Casket Co. (semi-annual).--
National Power & Light Co. common (quar.)
Nov.
June
\ Win, R.) Dry Goods
(quar.)
Quarterly
Quarterly
Moore Drop Forglngs (quar.)
Morrell (John) & Co
Morris Plan Insurance Society (quar.)
Quarterly
Quarterly
Mortgage Corp. of Nova Scotia (quar.)
Muskogee Co. 6% cum. pref. (quar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
6% pref. (quar.).
6% pref (quar
Nash-Kelvinator (quar.)
$6 preferred (quarterly)
National Tea Co. preferred (quar.)
Nation-Wide Securities Co., series B
Nehi Corp., $8 pref. (quar.)
Nov.
May
May
May
Moore
National City Lines $3 pref. A (quar.)
National Distillers Products (quar.)
National Electric Welding Machines Co
National Lead preferred A (quar.)
Holders
Oct.
Preferred
Class B
When
Payable of Record
May
May
May
July
Moody's Investors Service preferred (quar.)
Apr. 20
Apr. 20
1
May
June 18
May
Montreal Light, Heat & Power (quarterly)
June 21
May 10
May
May
May
Share
Company
7% preferred (quar.)
July
May
Aug.
May
Aug.
...
Quarterly
Quarterly
Lincoln Printing Co., pref. (quar.)
Sept.
June
Quarterly.
7% preferred (quarterly).
7% preferred (quarterly).
7% preferred (quarterly).
Lane Bryant, Inc.. 7% preferred (quar.)
Lanston Monotype Machine
Lawbeck Corp.. 6% pref. A (quarterly)
Lehigh Coal & Navigation (semi-annual)
Lehigh Portland Cement Co., common (quar.).
Leonard (C.) Tailors (quar.)
Lerner Stores Corp., 4H% pref. (quar.)
Lessing's, Inc
Le Tourneau, Inc. (quar.)
Quarterly
Quarterly
Lexington utilities, 6 H% preferred
6H% preferred (quar.)
Libbey-O wens-Ford Glass (quar.)
Life Savers Corp. (quar.)
Liggett & Myers Tobacco Co. (quar.)
Class B (quarterly)
Lincoln National Life Insurance Co. (qu.)
Per
Name of
Nashua & Lowell RR. (s.-a.)
National Automotive Fibres class A
National Bearing Metals Corp. (quar.)
$1H
Preferred
2939
Holders
Payable of Record
t40c
Ironrite Ironer Co. 8% preferred
Chronicle
Apr.'IS
May
Mar
1
30
May
Apr.
Apr.
Apr.
Apr.
Apr.
17
16
16
20
20
20
May 7
Apr. 20
Apr. 15
is in accordance with terms of consol.
and
on
is payment in full for arrears of divs.
Mohawk Hudson Power 2d pref.
1st preferred (initial)
-—
2d preferred A & B (initial)
Nineteen Hundred Corp., class A (quar.)
Class A
Class
A
(quarterly)
(quarterly)
1 Apr. 15
May
1 Apr. 15
May
May 15 Apr. 30
Aug.
July 31
Nov.
Nov.
1
Norfolk & Western Ry., preferred (quar.)
North American Edison Co.. pref. (quar.)
North American Oil Consolidated
June
May 15
North Central Texas Oil Co., Inc. (interim)
North River Insurance
Northern Illinois Finance Corp. (quar.)
May
July
June
June
$1 H
conv.
preferred
May
(quar.)
Northern New York Utilities, pref. (quar.)__.Northern Oklahoma Gas Co. 6% pref. (qu.)
6% preferred (quar.)
6% preferred (quar.)
Northwestern Engineering Co
Oahu Sugar Co., Ltd. (monthly;
O'Connor Moffatt & Co., class AA (quar.)
June
Sept.
Apr. 26
10
May 28
Apr. 12
Apr. 12
Apr. 10
May 17
Aug. 17
Dec.
I
6% piclWlOU iLUUUUUljr
preferred (monthly
5% preferred (monthly
Nov. 16
May
May
May
May
May
May
May
May
May
Ohio Public Service Co. 7% pref. (monthly)
U VO
May
May
May
Apr. 30
Apr. 15
May
6
Apr. 30
Apr. 15
Apr. 15
Apr. 15
Apr. 20
Apr. 20
Dec.
Nov. 26
Oils & Industries, Inc
preferred
Oliver United Filters class A
Class A (quar.)
May
May
Apr.
Apr.
Ontario & Quebec Ry. (semi-ann.)——_
Debenture (semi- annual)
June
Apr.
May
June
1
Lock Joint Pipe Co. 8% preferred (quar.).
July
June 28
May
8% preferred (quar.)
8% preferred (quar.)
Loew's Boston Theatres (quar.)...
Loew's, Inc. preferred (quar.)
Lone Star Gas Corp., $6H preferred (quarterly)
Loose-Wiles Biscuit Co., common (quar.).
5% preferred (quarterly)
Lord & Tavlor. 1st pref. (quar.)
2nd preferred (quar.)
Los Angeles Gas & Electric, pref. (quar.)...
Louisiana Power & Light Corp. $6 pref-
Oswego Fall9 Corp. 8% 1st pref. (quar.)
Oct.
Sept. 28
Outboard Marine & Manufacturing
Outlet Co. (quar.)
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
July
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
26
20
Sept.
Extra
Ludlum Steel Co.
common
Jan.
Dec. 31
IMay
!May
May
May
July
June
May
May
May
May
May
July
...
Lumbermen's Insurance Co. (Pnila.) (s.-a.)
Lunkenheimer Co.. preferred (quar.).
Pre (erred (quar.)
Preferred (quar.)
Apr. 24
Apr. 30
Apr. 15
Apr. 16*
June
18*
May 17
Apr. 17
Apr. 30
1 Apr. 14
15 Apr. 30*
15 Apr. 23
June 22
Oct.
Jan.
Luther Manufacturing Co
15
15
Sept. 21
Dec.
21
May
Apr. 13
May 15 May
5
1 June 19
July
June
May
7
May
May
5
Aug.
Aug.
5
_
Lynch Corp. (quar.)
Mabbett (G.) & Sons, 7% 1st & 2d pref. (quar.).
Macy (R. H.) & Co. (quarterly
Magnln (I.) & Co., 6% preferred (quar.).
6% preferred (quar.)
6% preferred (quar.)
Magor Car Corp., common
Managed Investment, Inc. (quarterly).
Nov.
Extra
Marconi's Wireless Teleg., Ltd.. ordinary.
Marsh (M.) & Sons (quarterly)
Nov.
May
May
May
Apr. 20
May
May
5
1
1
June
McGraw Electric Co.
20
15
15
Nov. 30
June
June
Apr 20
Apr. 20
May
1
May 15
May
Apr.
June
May 20
May
May
May
May
May
-_
1
Apr.
Apr.
Apr.
Apr.
May
Aug.
May
May
6% pref. (quar.).
(quar.)
common
June
May
May
May
May
May
Aug.
Mclntyre Porcupine Mines (quar.)
McKinley Mines Securities Co., Ltd
McLellan Stores Co., pref. (quar.)
McWilliams Dredging (quar.)
Mead Telep. Co., 6% pref. (semi-ann.).
Melville Shoe Corp. (quar.)
2nd preferred (quar.)
Merchants Refrigerating Co.. 7% pref. (qu.)
Mercantile Stores Co., Inc.. 7% pref. (quar.)
Correction: Previously reported as Merchants'
Apr. 27
Nov.
McCrory Stores Corp
June
May
Maytag Co. 1st pref. (quar.)
Cumulative preference (quar.)
McCall Corp., common (quar.)
McClatchy Newspapers, 7% pref. (quar.).
Apr.
Apr.
Apr.
Apr.
Apr.
19
15
31
31
10
15
23
23
23
30
Stores.
Mergenthaler Linotype Co. (quar.)
Metal & Thermit Corp.
7% preferred (quar.)-.
Michigan Public Service Co., 6% pref
7% preferred.
Midco Oil Corp. vot. tr ctfs
(quar ).
Milwaukee Gas Light, 7% pref. A (quar.).
Minneapolis-Honeywell Regulator Co
Minnesota Valley Can Co., 7% preferred.
Mississippi Power & Light $6 preferred.
Modine Manufacturing Co.
Monmouth Consol. Water Co.. $7 pref. (qu.).
Monolith Portland Cement, 8% prefMontgomery (H
A ) Co. iquar ).
Montgomery & Erie Ry. (semi-ann.)
50c
$1H
7% first preferred (quar.)
6% second preferred (quar.)
Owens-Illinois Glass (new initial quar.)
Paauhau Sugar Planation Co. (mo.)
Pacific Finance Corp. of Calif. pref.A (quar.)__
Preferred C (quar.).
Preferred
D (quar.
•.).
5% preferred (quar.)
Pacific Gas & Electric 5H% pref. (quar.).
6% preferred (quar.)
Pacific Lighting Corp. (quar.)--Pacific Power & Light 7% preferred
6% preferred
Pacific Public Service preferred
Preferred (quar.)
Pacific Truck Service, Inc.
(Calif.), 7% pref.—
Package Machinery Co. 7% 1st pref. (quar.)
Pan American Airways (quar.)
Parker Pen Co. (quar.)
Pearson Co., Inc., 5% pref. A (quar.)
Peninsular Grinding Wheel Co. (quarterly)
Pepeekeo Sugar (monthly)
Penmans, Ltd. (quar.)
Preferred (quar.)
Peninsular Telephone (quar.)
July
Massashusetts Bonding & Insurance Co. (quar.)
Massachusetts Fire & Marine Insurance Co
Mayfair Investment (Los Angeles) (quar.).
,
June 15 May 19
June
June 21
Apr.
May
1 Apr.
May
May 25,May
June
May
May
May
Apr.
May
Apr.
May
1 Apr.
May
May 15 May
May 15 May
15
15
15
15
4
24
15
20
1
1
June 30 June 15
May 10 Apr. 30
June
May
May
May
May
May
July
20
1
20
20
29
15
15
15
15
15
30
30
20
17
17
15
15
June 30
Apr.
Apr.
May
Apr.
20
20
15
20
26
May 10
Aprl
May
5
Apr. 21
June
15
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Pfeiffer Brewing Co. common
Philadelphia Co., 6% preferred (semi-ann.)
Philadelphia Electric Co., $5 pref. (quar.)
Philadelphia Suburban Water pref. (quar.)
Phillips-Jones preferred (quar.)
Phoenix Finance Corp.. 8% pref. (quar.)8% preferred (quarterly)
8% preferred (quarterly)
Feb.
Feb.
May
May
May
May 15
Apr.
1
Jan
Dec.
31
Pickle Crow Gold increased
June
June
15
Pioneer Mill Co.
May
Apr. 21
Sept.15
Oct.
May
Aug.
Nov.
June
May
July
Oct
-
(monthly)
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)
6 % preferred (semi-ann.)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (qu.).
Quarterly
7% preferred (quar.).
7% preferred (quar.)
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Plymouth Fund Inc. A (quar.)
—
Extra
Nov.
5
5
Apr. 10
May 12*
Apr. 20
June 30
Sept. 30
June
July
June
Oct.
July
Sept. 10
July 10
Oct.
5 Sept. 10
June
1 May 20
1 Aug. 20
8ept.
Dec.
June
10
1 Nov. 20
1 May 15
15
1 Apr. 20
June 30 June
Potomac Edison Co. 7% preferred (quar.)
6% preferred (quar.)
Water (N. J.) (quar.)
Procter & Gamble Co. (quar.)
Extra
Oct.
Sept. 15
May
5
Aug.* 5
Princeton
-
Public Electric Lignt Co. (quar.)
Public Service Co. of Colorado 7 % pref. (mthly.)
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp. of N. J., pref. (monthly)-
May
1 Apr. 20
May
1 Apr. 20
May
May 15 Apr. 23
May 15 Apr. 23
1 Apr. 24
May
58 1-3c May
1 Apr. 15
50c |May
1 Apr. 15
41 2-3c May
1
Apr. 15
50c
May 31 May
1
2940
Financial
Per
Share
Name of Company
76c
76c
SIX
Public Service of Northern Illinois (quar.)
No par (quar.)
6% preferred (quar.)
7% preferred (quar.)
Pullman, Inc. (quar.)..
Quaker Oats Go., preferred (quar.).....
Quarterly Income Shares, Inc
SIX
37 Ho
--
...
30c
126c
Quebec Power Go. (quar.)
Quincy Market Gold Storage & Warehouse—
5% preferred..
Railway & Light Securities, pref. (quar.)....
Randall Go., class A (quarterly).
—...
Rapid Electrotype Go. (quar.)
Quarterly
.....—..
Quarterly.............................
Rath Packing, 5% preferred (initial, s.-a.)—
Raymond Concrete Pile Co., common
+75c
hit
60c
60c
60c
26c
Extra..
Preferred
...
—
(qu.)
ltd., $1.60 pref.
SI.60 preferred
(quarterly).
$1.60 preferred (quarterly.
>)..
Reliance Mfg. Go
Extra...
Preferred (quarterly)
—..——
-
—...
....
Republic Investors Fund, Inc., common—.——
A special div. in corn, stock.
Distribution will
26c
76c
60c
60c
40c
40c
40c
16c
10c
SIX
200%
When
Holders
May 1 Apr. 15
May 1 Apr. 16
May 1 Apr. 16
May 1 Apr. 16
May 16 Apr. 24
1
May 29 May
May
1 Apr. 16
May 16 Apr. 28
May
May
May
June
June
Sept.
Sept.
1
1
Dec.
Dec.
1
May
May
May
May
May
Apr.
Apr.
Apr.
Apr.
20
20
20
20
June
June
May 20
May 15
Aug. 15
Nov. 16
Apr. 21
Apr. 21
Apr. 16
Sept.
Dec.
May
May
July
May
June 21
Apr. 24
Apr. 15
May 20
Aug. 20
Sept.
Dec.
....
Nov. 20
May
May
May
May
May
May
5% preferred (quar
r.).
Apr. 10
Apr. 10
Apr. 15
Apr. 15
Apr. 20
Richmond Fredericksburg & Potomac RR.—
May
May
May
May
-
—
t$3.60
Roan Antelope Copper MinesIs. 6d.
Rochester Gas & Electric, 6% pref. E. (qu.)—$1X
6% preferred C & D (quarterly).
Rockland Light & Power Co. (quar.)
Rolls-Royce, Ltd., ordinary registered
Amer. dep. rec. for ord. reg. (final)
Less tax and deduction for depositary ex¬
1
1
1
1
Apr.
Apr.
Apr.
Apr.
30
30
10
15
May
1 Apr. 20
May 21 Apr. 30
June
1 May
7
7
June
1 May
18c
16<
16(
May 1 Apr. 15
May 28 Apr. 14
June
5 Apr. 16
'lit
May
May
8c
June
Apr. 15
Apr. 20
May 15
16c
June
June
HP
26c
May
May
May
July
July
May
Apr. 15
Apr. 20
Apr. 20
June
June 15
May
May
Apr. 23
May
6
June
June
1
May
July
May
May
May
May
May
May
Apr. 30
penses.
6% preferred
7% preferred
(quarterly)..
(quarterly)..
7.2% preferred (quarterly)
6% preferred (monthly)...
6% preferred (monthly)...
6 % preferred (monthly). _.
7.2% preferred (monthly).
7.2% preferred (monthly'
Roxborough Knitting Mills, Inc., pref. (qu.)—
Rudd Mfg. Go. (quar.)
Saguenay Power Co., pref. (quar.)
—
St. Lawrence Flour Mills new common
Preferred (quar.).
St. Louis Bridge, 6% 1st pref. (s.-a.)
$1[
3% 2nd preferred (semi-ann.)
Savannah Sugar Refining (quar.)
Schoellkopf, Mutton & Pomeroy, Inc.—
5X% cum. pref. (quar.)
Schwitzer-Cummins (quar.)
HP
60c
...
Scotten-Dillon
(quar.)
-
Seaboard Surety Co
Securities Acceptance Corp. 6% pref. (quar.)—
Securities Corp. General $6 pref. (quar.)
—
$7 preferred (quar.)
Security Insurance Co. (New Haven) (quar.)
Security Realty Corp., Ltd., 6% pref. (quar.)—
Seeman Bros., Inc., com. (quar.)
5
June 15
June 15
Apr. 15
Apr." 15
uaV.
pref.
6 % preferred (quar.)
Thatcher Mfg. Co conv. preferred (quarterly)—
Third Canadian General Investment Trust
Thompson (John R.) Co
Tide Water Associated Oil Co.
Tlmken-Detroit Axle Co. Preferred (quar.).—
Preferred (quar.)
Tobacco Securities Co., Ltd., ord. (interim).—.
Less tax and depositary expenses.
Toburn Gold Mines, Ltd. (quar.).
...—-
581-3C
7% pref. (monthly)
50c
6% preferred (monthly)
412-30
5% preferred (monthly).
Tradesmen's National Bank & Trust Co. (quar.).
Trane Co., common
—
Tung-Sol Lamp Works preferred (quar.)
Toledo Edison Co.,
Union Oil Co. of California
United Biscuit (quar.)
Preferred (quar.)
...
.......
United Biscuit Co. of America, preferred (quar.)
United Corporations, Ltd., SIX class A
United Dyewood Corp. Preferred (quarterly)..
Preferred (quarterly)
Preferred (quarterly).
United Light & Rys. Co., 6% pref. (monthly).
United States Fire Insurance Co
United States & Foreign Securities, pref. (quar.)
United States Graphite Co. (quar.)—
1
May
May
May
Apr. 15
June
June
May
May
May
May
Apr. 15
June
June 24
Sept.
Apr.
Apr.
May
16
15
1
5
Apr. 15
May
1
Sept. 23
Common
•
(quarterly)
(quarterly)
(quar.)
-
—
Valley Mould & Iron Corp. (irregular)..
$5X preferred (quarterly)
Vapor Car Heating Co. 7% pref. (quar.)—..—
7% preferred (quar.)—
...
7% preferred (quar.)
Virginian Ry. Preferred
-—
Vulcan Detinning Co., preferred (quarterly)—
Preferred
Trust Shares B
Super-Mold Corp. (quar.)
Swift International Co. (quar.)
Sylvania Industrial Corp. (quar.)—
Syracuse Lighting Co., 8% pref. (quar.)
6X% preferred (quar.)
6% preferred (quar.)
racony-Palmyra Bridge, preferred (quar.)
Tamblyn (G.) Ltd. (initial, quarterly)
Quarterly
Telautograph Corp. (quar.)
Telephone Investment Corp. (monthly)
pref. (quar.)
.
-
Extra
7% preferred (quarterly)
i
_ -
Wheeling & Lake Erie $4 prior pref. (quar.).
5X% preferred (quar.)—
—
Whitaker Paper Co. (quar.)
—
—
Extra
7% 2d preferred (quar.)
White (S. S.) Dental Mfg. Co. (quar.)
Wilson & Co. (quarterly)
Quarterly
Extra
Dec.
Dec. 15
May
June
Apr. 24
May 15
June
June
25c
June
June
37 Xc
May
May 25
May 10
Apr. 15
May
May
27 Xc
Preferred (quarterly)
Wilson-Jones Co.
Winstead
——....
Hosiery Co. (quarterly)
Extra
Quarterly
Extra..
—...
....
...
*
Quarterly plus extra
Quarterly plus extra....
Quarterly plus extra.....
Wood, Alexander & James Ltd., 7% 1st pref
Woolworth (F. W.) Co. (quar.)
Worcester Salt Co., 6% pref. (quar.)
Wrigley (Wm.) Jr. Co. (monthly).—
Special.
......
Monthly
———.
Monthly
Monthly
Monthly.......
Monthly
—
—
Apr. 20
Apr. 20
Apr. 20
Yuba Consolidated Gold Fields——.
May
Aug.
June
Dec.
May
May
June
June
Sept.
Dec.
May
July
May
July
May
May
May
June
June
June
Apr. 20
Zeiiers Ltd., 6% pref. (quar.)...
.........
....—
30 Dec
31
May 14 May 3
Apr. 20
May
May
Apr. 10
May 15 May
1
May
Apr. 24
Apr. 24
May
June 21
July
June 21
July
June 21
July
Apr. 20
May
June
May 15
May
Apr. 15
Apr. 24
May
May
Apr. 15
Apr. 16
May
Aug.
July 15
Aug.
July 15
15
15
Nov.
Nov.
Oct.
May
Aug.
Apr. 15
July 15
Oct.
Nov.
Oct.
May
Apr. 20
June
Apr. 26
15
May 15 May
5
Apr. 20
May
May
Apr. 20
June
May 20
June 20
July
July 20
Aug.
Sept.
Aug. 20
Oct.
Sept. 20
May
Apr. 14
May 15 Apr. 30
Mar. 17
*
Oct.
15c
June
Jan.
Quarterly
Weston Electrical Instrument—,
Weston (Geo.),"Ltd.,pref. (quar.)
Westvaco Chlorine Products pref. (quar.)
West Virginia Pulp & Paper Co., pref. (quar.)—
Sept. 15
20c
May
May
1 Apr.
5
May
1 Apr.
5
May 20 Apr, 30
5
May 15 May
July
1 June 21
July 30 June 30
Oct. 30 Sept. 30
7% preferred (quarterly)
6% preferred (quarterly)
Western Cartridge, 6% pref. (quar.)
Western Tablet & Stationery Corp. (qu.)
5% preferred (quar.)
Westinghouse Air Brake (quar.).........
Quarterly
Sept.
m
Sept.
July
July
July
West Penn Power Co.,
June 15
HP
20c
June
May
May
July
May
May
West Jersey & Seashore RR. Co. (s.-a.)—.
West Penn Electric, 6% pref. (quar.).
June
May
May
May
May
May
July
1
Dec.
......
Wentworth Manufacturing (new common)...
Westchester Fire Insurance (quar.)
18
$2
1
Sept.
Quarterly
Quarterly
7
30
30
23
23
35c
June 15 June
June
Weisbaum Bros.-Brower (quarterly)
Dec.
May 15
July
July 10 June 21
May
1 Apr. 23
May
1 Apr. 19
Oct.
—...
5% preferred (semi-ann.)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr. 25
1 Apr. 15
1 May 15
1 June 15
1 Apr. 15
1 May 15
1 June 15
1 Apr. 15
1 May 15
1 June 15
Oct.
(quarterly)
Walgreen Co. (quarterly)-......-....--...-..
Walt ham Watch, prior preferred (quar.)
Dec.
9.9269c May
1 0.4269 c May
20c
May
June
50c
May
Dec.
—
United States Playing Card Co. (quar.)
Extra
United States Sugar Corp., preferred (quar.).—
United Steel Corp., 6% preferred A
.
Universal Insurance (Newark, N. J.) (quar.)—
Universal Leaf Tobacco Co., Inc., com. (qu.)—
Utica Clinton & Bingham ton RR
—..
Debenture (semi-ann.)
—
Debenture (semi-ann.)
Utica Gas & Electric 7% pref. (quar.)
May
May
May
May
May
1
10
3 Dec. 10
May
SIX
;
Super-Oorp. of Amer., trust shares A
Nov.
Apr. 15
Apr. 20
Apr. 30
10
Jan.
1st) prBforrcd
«*«*«»■•.
United States Pipe & Foundry Co., com. (quar.)
Common
Sun Oil Co. (quar.)
Preferred (quar.)
Sun Ray Drug Co., preferred
im
lil
Aug.
15
15
30
1 Apr. 20
Washington Gas Light Co. (quar.)
—
Washington Ry. & Electric Co., 5% pref. (qu.)
May
May
May
19
May 14
May
—.........
Dec. 20
Nov.
1
Aug.
1 July
May
1 Apr.
May 15 Apr.
July
1 June
Oct.
1 Sept.
ted States Hoffman Machinery, pref...
United States & International Securities—
Juarterly
Apr. 16
Apr. 28
Apr. 20
May
3
May
3
"i!
June
21
15
15
15
24
1
19
30
8 Nov. 24
Jan.
...
May 21 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May 15 May
May
1 Apr.
May 10 Apr.
May 10 Apr.
11
17
17
30
30
5
10
20
20
28
Dec.
...........................
May
May
May
May
May
1
1
15
Sept. 15 Sept.
uarterly
Warren Foundry & Pipe Corp. (quar.)..
May
1 May
1 May
Sept. 1 Aug.
May 21 Apr.
June
June
Sept. 17
Apr. 20
June
July
May
June 17
May
May
May
May
May
May
May
May
Aug.
June
May
Apr.
May
Apr.
May
May 15 Apr.
May 15 Apr.
May 15 May
June
Oct.
....
Apr.
May 15
July
May
July
17
15
24
18
23
5
20
June 15
June 15
June
6% preferred (monthly)
6% preferred (monthly
7% preferred (monthly
7% preferred (monthly
7% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
.....—
8.36% preferred (monthly)..
United New Jersey RR. & Canal (quar.)
Prior preferred (quar.)
Walton (Chas.) & Co. 8%
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr. 15
May 15
July
June
June
June 15
June 15
June
Servel, Inc. (quar.)
Preferred (quar.)..
Preferred (quar.)
SIX
Preferred (quar.)
tlX
87 He
Sharp & Dohme, Inc., pref. (quar.)
Shawinigan Water & Power Co. (quar.)
J20c
Sierra Pacific Electric pref. (quar.)
SIX
62 Xc
Signode Steel Strapping (quar.)
Preferred (quar.)
62 Xc
Simmons Broardman Publishing Corp.—
75c
$3 convertible preferred (quar.)
Simpson (Robert) Go. pref. (s.-a.)
$3
Simpson's, Ltd., pref
tnx
Singer Mfg. Go,, Ltd., ord. reg. (interim)!
6%
Amer. dep. rec. for ord. reg. (interim).
6%
Skeily Oil Co., 6% pref. (quar.)
SIX
Smith Agricultural Chemical Go. (quar.)
12Xc
6% preferred (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
Quarterly
SI
Solvay Amer. Investment, 5X% pref. (qu.)
SIX
Southern Calif. Edison Co., Ltd., com. (quar.)
37 Xc
Southern Canada Power Co., com. (quar,)
20c
Southern Indiana Gas & Electric Co.—
4.8% preferred (quarterly)
1.2%
25c
Spiegel, Inc. (quar.)
Preferred (quarterly)
SIX
New $4 H Preferred (quarterly)
$1,125
Squibb (E. R.) & Sons $6 1st prer. (quar.)
Stamford Water Co. (quar.)
$2
Standard Steel Construction $3 class A pref
t75c
Stanley Works 5% preferred (quarterly)
Stecher-Traung Lithograph 7X% prer. (quar.).
7X% preferred (quar.f.
7X% preferred (quar.)
Steel Co. of Canada, Ltd. (quar.).
t43Xc
Stein (A.) & Co. (quar.)
25c
Sterling Aluminums Products
25c
Sterling, Inc. (quar.)
5c
i
Preferred (guar.)
37Xc
43 Xc
Stix, Baer & Fuller Co. 7% pref. (quar.)
43 Xc
7% preferred (quar.)
43 Xc
7% preferred (quar.)
Stouffer Corp., class A (quar.)
56 Xc
Strawbridge & Clothier Co. 6% pref. A (quar.)
SIX
Sullivan Consol. Mines (initial)
2Xc
...
June 15
July
May
Apr.
Apr.
Apr.
Apr.
Apr.
May
Common (extra)
15
16
24
15
15
19
June 15
July
July
July
July
May
June
«•
Roos Bros., Inc. (Del.), $6X pref. (quar.)
Rose's 5-10-25.\ Stores, new common (quar.)—
Co
Seaboard Oil Co. (Del.)
Tennessee Electric Power Co., 5% pref. (quar.).
Apr. 16
Apr. 26
Apr. 26
June
5% preferred (quar.).
6% preferred
Name of Company
Payable of Record
May
Revere Copper & Brass, Inc., 7% cum. pref—
5X% cum. preferred
—
Rhode Island Public Service Co., pref. (qu.)—
Glass A (quarterly)
—.—.....
Rich ice Cream Co. (quar.).
...
—
7% guaranteed (semi-ann.)
6% guaranteed (semi-ann.)
Richmond Insurance Go. of N. Y
Riverside Cement, $6 pref. (quar.)
Riverside & Dan River Cotton Mills, Inc.—
May 1,
Twin Coach Co—
be charged at par to paid-in surp. account.
6% preferred A & B (quar.)—.....
Republic Portland Cement Co. 5% pref. (qu.)—
Rich's, Inc. (quar.)
Chronicle.
Apr. 15
Apr. 20
Transfer books not closed for this dividend,
t On account of accumulated dividends.
% Payable in Canadian funds and in tne case of non-residents of Canada
deduction of a tax of 5 % of the amount of such dividend will be made.
Volume
144
Financial
Chronicle
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
weekly statement issued by the New York
Clearing House is given in full below:
MEMBERS OF THE
NEW
YORK
CLEARING
City
The
following shows the condition of the Federal Reserve
Bank of New York at the close of business
April 28, 1937,
in comparison with the previous week and the
corresponding
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 24. 1937
•
Clearing House
Surplus and
Capital
Net Demand
Deposits,
Average
date last year:
Time
Deposits,
Undivided
Members
York
New
The
STATEMENT OF
2941
Profits
Apr. 28, 1937 Apr. 21, 1937 Apr. 29, 1936
Average
$
6,000,000
20,000,000
Bank of Manhattan Co..
National City
Bank
144,859,000
404,326,000
56,699,400 al,422,182,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
Cent Hanover Bk & Tr__
42,837,000
21,000,000
16,000,000
10,000,000
60,000,000
4,000,000
100,270,000
Corn Exchange Bk Tr Co
First National Bank
Irving Trust (Jo
Continental Bk & Tr Co.
Chase National Bank
Fifth Avenue Bank
Marine Midland Tr Co..
New York Trust Co
Com'I Nat Bk A Tr Co..
Publlo Nat Bk A Tr Co.
Totals
Nationa
companies, March 31, 1937.
Includes deposits In foreign
957,000; d $37,856,000.
The
New
Total
reserves
are
following
3,469,340,000 3,472,850,000 3,145,504,000
Bills discounted:
Secured
by
U.
Govt,
S.
obligations,
direct and (or) fully guaranteed
564,000
84,419.000
7,932,200
8,324,400
283,953,000
77,904,000
78,350,000
4,469,000
884,780,100
9,636,224,000
674,900,000
BUSINESS
FOR
IN
THE
CLEARING
210,856,000
WEEK
ENDED
WITH
FRIDAY,
THE
725,029,000
709,661,000
729,383,000
720,856,000
742,229,000
88,000
88.000
5,712,000
149,377,000
10,088,000
6,845,000
6,515,000
168.882,000
126,036,000
10,088,000
10.849,000
12,395,000
27,487,000
331,891,000
Total U. S. Government securities..
$145.-
c
1,754,000
68,473,000
178,150,000
A
bills
and
ecurltles
Due
from
foreign banks
Federal Reserve notes of other banks...
Uncollected Items
Bank premises
All other assets
CLOSING
APRIL 23,
NATIONAL AND STATE BANKS—AVERAGE
196,531,000
335,152,000
177,978,000
482,760,000
182,282,000
Treasury notes
Treasury bills
31, 1937; State, March 31, 1937; trust
$263,620,000; b $76,633,000;
HOUSE
7,656,000
Bonds
the figures for the week ended April 23:
NOT
1.453,000
6,081,000
1,743,000
United States Government securities:
number of banks
are
INSTITUTIONS
3,436,000
1,731,000
6,094,000
York
a
3,661,000
bills discounted..
Bills bought In open market
Industrial advances.
3,184,000
31,997,000
1,421,000
48,821,000
a
1,693,000
12,755,000
Total
8,831,400
March
2,949,000
712,000
Other bills discounted
27,849~ 000
27,781,300
branches;
3,411,000
1,058,000
737,323,000
2,424,000
82,545,000
"Times" publishes regularly each week
and trust companies which
not members of the New York
Clearing House.
The
of
3,383,347,000 3,386,691,000 3,044,144,000
908,000
1.607,000
1,061,000
85,085,000
99,753,000
85,098,000
....
Other cash f
Total
returns
hand and due from
on
United States Treasury x
Redemption fund—F. R. notes..
350,000
62,021,000
125,302,300 cl, 941,792,000
3,610,600
52,203,000
74,400,100
d732,190,000
2,727,000
16,783,000
g23,607.000
As per official reports
537,918,000
476,290,000
60,860,400
4,014,700
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
7,000,000
Title Guar A Trust Co..
26,681,000
46,741,000
94,644,000
52,364,000
23,722,000
3,457,000
104,479,100
500.000
Bankers Trust Co
11,984,000
33,197,000
182,955,000
54.108,700
463.703,000
179,693,200 bl 397,733,000
42,429,000
465,221,000
67,456,800
730,566,000
17,452,000
263,811,000
77,600,000
20,000,000
Chemical Bank A Tr Co.
*
13,010,800
25,666.700
$
$
Assets—
Gold certificates
Bank ol N Y A Trust Co.
OF
—
239,000
Total assets
4,384,683,000 4,391,984,000 4,058,859,000
1937
FIGURES
Liabilities—
Loans,
F. R. notes In actual circulation..
Other Cash,
Res.
Dep.,
Dep. Other
Disc, and
Including
N. Y. and
Banks and
arose
Investments
Bank Notes
Elsewhere
Trust Cos.
Deposits
$
$
S
%
Manhattan
$
Grace National
Sterling
22,341,900
20,608,000
5,137,410
National...
Trade Bank of N Y.
889,743,000
reserve aco't..
3,051,462.000
U. 8. Treasurer—General account
Deposits—Member bank
Other deposits
113,200
6,224,800
2,941,200
612,000
313,919
7,764,000
3,742,000
1,971,068
117,183
27,683,500
29,081,000
6,538,338
30,413,000
225,528,000
Total deposits
3,228,776,000 3,222,861,000 3,030,730,000
4,936,000
100,000
661,000
434,000
Loans,
Manhattan—
$
Empire
Fulton
...
Lawyers...
States
Deposits
$
%
♦6,421,600
9,368,600
1,971,082
654,699
4,622,300
843,390
585,900
148,263
♦905,971
20,900,500 ♦5,907,400
28,855,300 ♦16,806,400
67,262,569 30.467,004
9,260,000
1,800,000
160,825,000
51,259,000
51.474,000
7,744,000
9,260,000
1,822,000
123,740,000
50,907,000
50,825.000
7,744,000
8,849,000
4,078,000
Gross
Trust Cos.
$
63,857,800
10,173,750
11,209,620
Federation
Fiduciary
Banks and
%
Cash
51,474,000
7,744,000
Dep. Other
Elsewhere
Disc, and
51,274.000
Reserve for contingencies
All other liabilities
Res. Dep.
N. Y. and
Investments
144,612,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
5,598,000
TRUST COMPANIES—AVERAGE FIGURES
421" 900
970,900
17,370.423
4,384,683,000 4,391,984,000 4,058,859,000
Ratio
of total reserve to deposit
F. R. note liabilities oomblned
Contingent liability on bills
for foreign correspondents
74,026,900
11,130,237
10,170,112
23,211,600
44,873,000
85,166,898
and
84.5%
84.2%
purchased
82.5%
283,000
Commitments
to
make
Industrial
ad¬
vances
6,302.000
6,293,000
10,240,000
t "Other oash" does not Include Federal Reserve notes or a bank's
own
Federa
Reserve bank notes.
Brooklyn—
Brooklyn
*
309,973.000
Deferred availability Items
People's National.._
Ktnsrs
57,112,000
35.802,000
70,706,000
102,992,000
Brooklyn—
United
781,986,000
886,739,000
3,059,241,000 2,464,816,000
39,663,000
34,659,000
Foreign bank
82,072,000
34,433,458
County
3,726,000
2,517,386
Includes amount with Federal Reserve
ciary, $533,838
Fulton, $5,639,200
■
40,719.000
10,977.746
x
followsEmpire, $4,884,400
Lawyers. $16,052,100,
as
These
certificates given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
100 oents to 59,06 cents, these certificates being worth less to the extent of the
49,000 117,279,000
42,180,649
Fidu¬
are
difference, the difference Itself having been appropriated
as profit by the Treasury
under the provisions of te Gold Reserve Act of 1934.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve
System, giving the principal
Items of the resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve
banks themselves.
The comment of the Board of Governors of
the Federal Reserve System
upon the figures for the latest week appears in our
department of "Current Events and Discussions
Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The Statement beginning with Nov. 6, 1935, oovera
also been revised further so as to show additional items.
reporting banks in 101 leading cities. as It did prior to the
banking holiday in 1933 Instead of 91 cities, and has
The amount of "Loans to banks" was Included
heretofore partly In "Loans on securities—to others" and partly
ln"Otber loans." The Item "Demand deposits—adjusted" represents
the total amount of demand deposits
standing to the credit of Individuals, partnerships, corporations,
associations. States, counties, municipalities, Ac., minus the amount of cash Items
reported as on hand or In process of collection.
The method of computing the Item "Net
demand deposits," furthermore, has been changed In two
respects In accordance with provisions of the Banking Aot of 1935:
First, it Includes United States Government
deposits, against which reserves must now be carried, while previously these
deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to
banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
oomparable with those shown prior to Aug. 23,1935.
The Item "Time deposits" differs In that It formerly Included a
relatively small amount of time deposits of other banks,
which are now Included In "Inter-bank deposits."
The Item "Due to banks" shown heretofore Included
only demand balances of domestic banks.
The Item "Borrowings"
represents funds received, on bills payable and rediscounts, from the Federal
Reserve banks and from other sources.
Figures are shown also for "Capital account." "Otner
•soots—net," and "Other liabilities."
By "Other assets—net" Is meant the aggregate of all assets now
otherwise specified, less cash Items reported as on hand or in process
of collection which have been deducted from demand
deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS IN 101 LEADING CITIES. BY
DISTRICTS. ON APR. 21. 1937 (In Millions of Dollars)
Federal Reserve Districts—
Total
ASSETS
$
New York
Phila.
S
S
$
$
1,280
9,253
1,170
1,893
648
568
3,035
1,051
16
1,019
9
218
Loans and Investments—total
Boston
25
75
17
12
4
7
45
220
52
210
22,268
Cleveland Richmond
Atlanta
Chicago
St.Louis
S
S
s
$
Minneap. Kan. City
s
$
Sottas
San Fran.
S
681
398
692
5
3
4
$
481
2,169
3
18
Loans to brokers and dealers:
In New York
City
...
Outside New York City
on securities to others
Loans
3
1
(except
banks)
2,046
142
q
857
135
71
30
49
392
86
130
25
17
10
5
42
12
11
22
2
1,156
84
240
62
30
178
27
27
76
45
6
19
76
22
5
46
2
370
4
Other loans
1
8
5
4,462
332
1,790
203
261
U. 8. Government direct obligations..
128
179
579
152
116
155
145
8,439
429
3,316
335
422
867
Obligations fully guar, by U. S. Govt.
280
184
1,478
229
166
260
21
184
1,178
3,249
482
91
711
59
53
35
167
44
27
1,298
291
56
12
140
131
275
75
78
427
100
54
137
55
313
5,378
257
2,694
305
310
155
100
Acceptances and com'l paper bought.
Loans
on
real estate
Loans to banks
Other securities
Reserve with Federal Reserve Bank..
Cash In vault
98
828
deposits—adjusted
Time deposits
Borrowings
Other liabilities
Capital account
307
340
72
66
16
40
19
12
60
10
5
12
10
107
157
148
18
195
126
118
333
105
64
227
167
544
215
91
107
41
39
98
24
16
23
28
223
1,011
6,881
879
1,108
431
335
2,214
408
240
489
278
389
1,072
284
948
716
198
179
849
181
122
146
272
120
2
92
14
13
7
8
96
1,001
2
2
4
9
23
5,531
237
2,205
297
344
208
217
806
263
124
378
182
270
89
deposits..
Inter-bank deposits:
Domestic banks
65
4
1,962
1,323
LIABILITIES
Foreign banks
130
1
167
5,146
Other assets—net
Demand
129
43
15,333
Balance with domestic banks
United States Government
71
490
8
453
4
1
1
15
33
403
25
21
28
7
30
9
4
2
236
1,607
227
6
342
91
88
347
353
87
55
90
79
328
1
915
3,583
.
m mm m m
—
1
'•
6
1
1
Financial
2942
May 1, 1937
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System
was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, April 29,
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal deserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of " Current Events and Discussions,n
The
following
COMBINED RESOURCES
AND LIABILITIES OF THE FEDERAL
Apr
Three ciphers (000) omitted
Apr. 21,
28,
1937
1937
RESERVE BANKS AT THE CLOSE OF BUSINESS
Apr. 7,
1937
1937
Mar. 31,
1927
Mar.
24,
Mar.
17,
APRIL 28. 1937
Mar. 10,
1937
1937
1937
7,703,833
263,025
9,120,630
9,125,256
8,056,426
3,170
1,164
3,919
1,005
6,572
767
2,858
2,465
7,692
4,334
4,924
7,339
5,323
3,310
22,666
3.079
22,653
3,083
23,037
3,083
23,106
4,684
30,319
636,890
1,218.843
574,494
631,784
1,231,343
567.100
589.725
1,261,343
579.159
533,682
533 682
1,303,971
592,574
1,303,971
592,674
265,723
1,554,889
609,667
2,430,227
2,430,227
2,430,227
2,430.227
2,430,227
2,430,279
8,844,385
8,844.417
8,846.407
12,095
12.523
11,198
279,673
11,375
285,028
270,407
265.865
9,134,223
9,128,812
9,140,803
9,126,887
9,122,805
6,260
1,432
9,789
1,259
6,650
1,500
10,860
1,147
6,175
1,517
10,999
7,692
11,048
8,150
12,007
3,743
23.180
3,465
23,084
3.522
22,544,
3,436
22,566
3,347
22,338
688,621
1,174,343
689,621
1,190.343
662,084
Treasury bills
734,728
1,156,393
635,119
623.619
606,619
1,190.343
606,619
Total U. S. Government securities.
2,526,240
2,486,583
2.486,583
2,459,046
8,843,894
289,136
9,142,133
Redemption fund (Federal Reserve notes)
8,843,903
9,776
282,306
9,135,985
9,366
1,633
8,843,402
9,595
Other cash *
Total reserves.
10.656
1936
$
t
8,844,400
hand and due from U. S. Treas-x
on
29,
Apr.
8,847.402
11,449
266,405
8,843,905
11,149
273,758
Gold ctffl.
Mar. 3,
1937
I
$
S
$
*
2
$
ASSETS
14,
Apr.
12,942
339,651
Bills discounted:
Secured by
direct
U. S. Government obligations
and(or) fully guaranteed
....
Other bills discounted..
Total bills discounted.
Bills bought In open market.
Industrial advances.........
United States Government securities—Bonds-
Treasury notes
—
181
Other securities
Foreign loans
on
gold.
Total bills and securities
2,520,824
2,564,162
2,523,697
2,493,198
2,467,919
2.463.895
2,460.293
2,461,271
2,463.756
Gold held abroad
227
227
232
230
225
226
19,185
622,090
45.880
19,810]
19,664
45,973|
42,933
22,043
664,065
46.015
50,043
649,595
46,020
43,393
20,740
804.811
45.987
40,858
22,180
618,002
43,944
21,008
600,029
45,870
44,129
48,248
522,097
48,031
38,093
12,445,145
12,464,032
12,550,625
12,333,273
12,339,497
12,317,732
12,495,724
12,264,292
12,355,279
11,155,728
4,176,990
4,184,068
4,176,094
4,178,661
4,174,231
4,166.726
4,172,763
4.169,467
4,195,436
3,741,690
6,578,279
6,829.578
6,749,105]
5,506,314
310.950
71.405
278.659
102.999
88.588
186.381
79,217
159,198
6,661*,i38
216,471
108,924
171,342
All other assets
...
LIABILITIES
Federa Reserve notes In actual circulation...
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)._
Reserve for contingencies
All other liabilities
Total liabilities
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
bills
purchased
111.674
99,234
145,780
93,622
142,271
6,683,964
274.867
93,463
153,102
164.149
223,223
154,860
7.240,285!
7,248.319
7,205,396
7,185,584
7,183,160j
7,159.564
7,173,901
7,156,875]
6,547,026
691,279
132,186
145,854
27,490
36,142
6,728
776,110
132,168
145,854
27,490
36,177
8.413
600,749
132,176
145,854
27.490
36,177
6,770
631,997
132.235
619.5731
571,707
132,276
656.079
521,228
132 281
130.657
145,501
12,464.032
12,550.625
79.7%
80.0%
17,528
10,226
Total deposits.
Deferred availability Items
6,900,752
118631
12,445,145
Other deposits
6,876.640
94,747
96.017
619,975
132,183
145,854
27,490
36,142
7,965
—
6,933.816
7,298,546
Foreign banks...
6,639,080
173,966
Deposits—Member banks' reserve account.-.
United States Treasurer—General account.
Contingent liability on
foreign correspondents
230
23,904
693,276
45,869
45 495
Bank premises
.......
631
230
20.621
780,351
45,872
45,631
230
21,033
626,231
45,861
Due from foreign banks...
Federal Reserve notes of other banks
Uncollected Items
Total assets
2,470,786
,
86,538
679,209
83,356
278,147
132.236
815.722
132.242
145,854
27,490
145,854
145,854
145.854
27,490]
86,176
5,930
36.176
6,517
27,490
36,166
5,023
27,490
36,200
145,854
27,190
36,200
7,397
5,364
26,513
34,108
9,005
12,333,273
12,339,497
12,317.732
12.495.724
12,264,292
12,355.279
11,155,728
80.0%
80.2%
80.5%
80.4%
80.5%
80.4%
80.4%
78.3%
17,530
19,211
19,370
18,611
19,135
19,178
19,496
19.537
25,576
6,971
3,611
4,240]
6,902
3,670
for
784
Commitments to make Industrial advanoes
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-80 days bills discounted...
81-60 days bills discounted.—
Total bills discounted.
11,360
248
303
88
20
149
157
59
48
51
287
338
310
95
756
487
355
228
293
82
104
74
65
79
723
89
84
74
211
242
291
160
106
146
7,692
4,334
4,924
7,339
5,323
10,999
1-15 days bills bought in
open market.
16-30 days bills bought In open market
81-60 days bills bought In open market
61-90 days bills bought In
open market
Over 90 days bills bought in open market...
Tota
7,487
253
106
143
—
10,424
41
84
61-00 days bills discounted
Over 90 days bills discounted
7,101
59
11,048
8,150
171
2.715
12,007
82
717
394
1,642
310
198
59
385
301
395
414
309
1,934
1,642
671
666
"""441
'""263
263
280
886
461
3,339
373
614
2,789
2,795
353
2,555
2,665
2,744
996
3,743
3,465
3,522
3,436
3,347
3,310
3,079
3,083
3,083
4,684
942
883
781
983
1,285
1,271
1,343
843
876
1,716
.......
221
249
233
204
137
133
177
710
707
267
.......
413
459
446
445
400
433
348
340
363
424
661
620
668
695
553
508
607
496
515
584
20,943
20,873
20,416
20.239
19,963
20,321
20,178
20,648
20,645
27,328
23,180
23,084
22,544
22,566
22.838
22,666
22,653
23,037
23.106
30,319
23,790
27,770
59,278
67,123
2,348,279
22,277
27.320
12,277
12,250
24,309
25.474
25,806
53.010
48"597
35~017
45.905
80.158
2,301,301
52,437
71,271
2,326,858
12,250
55,905
28,535
24,309
85,527
5,000
22,277
61,827
84,365
2,285.577
.75,922
2,289.018
78.171
65,827
58.186
71,082
2,291,209
72,437
2,298.464
2,270,771
2,273,292
2,215,015
2,526,240
2,486,583
2,486.583
2,459.046
2,430,227
2,430.227
2,430,227
2.430,227
2,430.227
2,430,279
bills bought In open market
1-15 days Industrial advances
16-30 days industrial advanoes
81-60 days industrial advanoes
61-90 days Industrial advanoes
Over 90 days Industrial advances
...
Tota llndustrlal advanoes.
1-15 days U. S. Government securities
16-30 days U. S Government securities....
81-60 days U. S. Government securities—
61-90 days U. S
Government securities
Over 90 days U. S. Government sec unties
Total U. 8. Government securities
1-15 days other securities
16-30 days other securities
81-00 days other securities
7,692
30
28
23,740
12,277
24.000
94,376
.....—
...
61-90 days other securities
Over 90 days other securities
181
181
Total other securities..
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R
Held by Federal Reserve Bank
In actual circulation
I
Collateral Held by Agent
l
v
Agent
...........
as
4,474.511
298.417
4,478.480
299,819
4,480.832
306,601
4.473,064
306.338
4,464.801
292.038
4.474,025
304,558
4,476,257
280,821
4,012,215
296,416
4,176,990
4,184,068
4,176.094
4,178,66)
4,174.231
4,166.726
4,172,763
4,169,467
4,195,436
3,741,690
4,518,132
10,848
4,516.132
4.510,132
10,949
4,508,132
7,912
45,000
4,509,132
4.499.132
11,750
62,000
7.394
72.001
4,511,132
3,813
72,000
4,158,132
4,492,132
7.168
52,000
87,000
4,029,903
3,928
57,000
4,573,081
4,561.044
4,582.882
4,578.526
4,586,945
4,587,650
4,586,300
4,090.831
4,480,484
4,494.218
317,228
Security for
Notes Issued to Bant—
Gold otfs.
on band and due from U. 8
Treas..
By eligible paper..
United States Government securities.........
Total collateral
a
"Other cash" does not Include
These
are certificates
tents on Jan.
Federal
52,000
7.472
52,000
4,580,980
...
•
4,575,604
Reserve notes,
the provisions of the Gold Reset ye Act of 1934|
4,518
65,000
t Revised figure.
given oy the United States Treasury for the gold taken over from the
Reserve banks when the dollar was devalued from
31, 1934. these certificates being worth less to the extent of the difference, the difference
270,525
100 cents to 59.06
Itself having been appropriated as profits by the Treasury under
Volume
Weekly Return of the Board
Omitted
Bant of—
OF EACH OF THE 12 FEDERAL
Three Ciphert (000)
Total
BUSINESS APRIL 28 1937
RESERVE BANKS AT CLOSE OF
%
$
*
'
certificates
Gold
on
hand
and
due
638.424
169,436
265,731
180,559
*
S
S
%
San Fran,
Dallas
Louis Minneap. Kan. City
St.
Chicago
Atlanta
S
S
$
S
5
S
RESOURCES
Cleveland Richmond
Phila.
New Yorh
Boston
System (Concluded)
of Governors of the Federal Reserve
AND LIABILITIES
WEEKLY STATEMENT OF RESOURCES
Federal Ret erne
2943
Financial Chronicle
m
540
522
1,883
1,021
590
483
346
750
908
316
9,595
901
271,732
1,335
20,680
11,085
13,525
6,192
23,897
16,908
16,611
85,085
27,077
5,532
32,603
29,941
289,136
Other cash •
Total reserves
284,932
251,682 1,794,805
286,592
282,825
663,342,
670,031
176,168
565,985
186,841
509,590 3,469,340
120
175
*5
155
630
1,250
748
1,718
180
170
3,411
1,058
23
31
5
64
9
7
105
18
79
127
206
20
249
853
219
1,257
143
9,142,133
...
263,730
652,533
538,562
476,086 3,383,347
8,843,402
from United States Treasury
Redemption fund—Fed. Res. notes..
238,714 1,764,548
Bills discounted:
Secured by U. S. Govt, obligations,
9,366
794
1,633
direct and(or) fully guaranteed..
107
Other bills discounted
10,999
901
4,469
1,845
198
639
3,743
223
318
292
119
1,006
1,339
1.911
2,190
704
1,044
784
50,806
127.440
33,447
27,905
69,993
56,821
31,207
24,798
55,072
61,828
50.988
28.004
100,273
60,898
45.150
112,575
23,899
37,617
28.686
71,520
80,965
36,099
53,544
84,278
46,287
32,329
63,704
38,690
32,393
734,728
4,225
62,043
97,656
53,636
337
3,278
268
23,180
1,731
6,094
82,176
124,127
98,634
219,049
83,040
125,167
100,913
221,428
Total bills discounted
Bills bought in open market
Industrial advances
Bonds.
U. 8. Government securities:
1,156,393
635,119
Treasury notes
Treasury bills
182,282
725,029
213,335
245,923
133,035
111,040
278,398
111,385
188,511
219,723
247,457
135,983
112,672
279,931
112,014
2,564,162
10
8
6
21
7
23
3
88
4
17
27
230
522
1,736
348
5,712
904
1,251
21,033
35,660
149.377
46,219
1,269
3,419
10,088
4,910
31,158
3,244
24,550
63,470
3,043
2,720
1,732
3,327
6,190
1,994
12,755
1,221
27,836
2,376
1,704
1,268
18,005
626,231
Total bills and securities
445,646
305,160
928,928
Fed. Res. notes of other banks....__
Uncollected Items
45,861
Bank premises
45,495
resources
U. 8. Treasurer—General account-
Foreign bank
Other deposits
193,379
182,747
963,699
178,254
139,700
159,270
324,449
425,686
88,713
311,912
4,561
234,673
7,461
2,785
,152
167,984
2.302
11,138
1,632
197,829
4,540
2,881
8,167
116,546
2,726
4,900
517,898
7,693
6,817
11,868
176,114 1,078,538
213,417
126,041
245,071
177,971
544,276
87,316
12,588
21,504
1,416
7,888
29,544
3,810
4,655
31,288
3,993
3,613
1,142
27,336
3,862
35,884
10,115
3,851
9,645
1,197
17,095
2,897
3,116
1,003
2,069
941
1,262
1,847
2,037
1,391
325
316
328
318
526
397,427 2,174,340
431,747
292,237
445,646
305,160
928,928
346,012 3,051,462
39,663
4,167
34,659
7,010
102,992
2,757
433,948
1,867
9,410
6,307
437,003
7,366
8,834
21,346
5,673
359,946 3,228,776
451,532
474,549
222,315
64,245
51,274
51,474
7,744
9,260
424
1,800
145,854
27,490
36,142
7,965
13,362
4,325
3,000
754
1,522
1,690
617
374
277
1,269
545
1,996
843,954
993,904
479,420
91
18
56
27
23
72
34
23
77
23
283
358
1,004
302
3,269
1,355
2,185
136
174
65
6.293
10
2,377
17,528
Federal Reserve notes.
81.
Chicago
Atlanta
S
S
S
S
San Fran.
Dallas
Louis Minneap. Kan. City
$
S
S
S
s
S
S
S
S
Federal Reserve notes:
STATEMENT
Cleveland Richmond
Phila.
New Yorh
Boston
Total
Federal Reserve Agent at—
992,281
28,582
187,275
9,021
143,653
3,953
170,974
11,704
97,752
9,039
369,894
45,445
10,662
203,542
20,795
193,379
182,747
963,699
178,254
139,700
159,270
88,713
324,449
204,000
174,632
138,000
174,000
98,500
200
15
244
229
630
846
180
180,000 1,000,000
120
1,250
30,000
389,000
457,000
15,000
7,000
211,250 1,000,120
189,832
145,015
174,244
99,346
389,229
4,494,218
317,228
353,636
34,198
992.010
102.267
326,877
14,965
26,597
319,438
889,743
311,912
425,686
4,518,132
371,000 1,000.000
887
4,497
332,000
1,750
371,887 1,004,497
333,750
204,041
452,283
4,176,990
In actual circulation
5,616
3,121
FEDERAL RESERVE NOTE
Bank....
4,317
2,785
57
784
Three Ciphert (000) Omitted
Held by Federal Reserve
25.912
4,858
4,869
3,422
2,208
767,699 4,384,683
12,445,145
Contingent liability on bills purchased
Issued to F. R. Bank by F. R. Agent
3,361
3,611
48,681
1,007
12,666
2,069
2,227
4,129
61,748
12,853
14,323
46,314
12,240
144.612
9,376
9,826
2,874
1,570
"Other cash" does not Include
167,073 1,053,102
210,286
132,183
for foreign correspondents
1,500
1,580
889,743
619,975
Commitments to make Indus.advances
4,682
431,747
Deferred availability Items..
Total liabilities
4,098
397,427 2,174,340
Capital paid In
Surplus (Section 7)
All other liabilities
1,793
479,420
6,933,816
94,747
96,017
173,966
Surplus (Section 13-B)
Reserve for contingencies
26,664
2,224
88,152
2,773
2,800
993,904
7,298,546
Total deposits
51,097
16
843.954
Deposits:
Member bank reserve account
2,645
292,237
319,438
4,176,990
W. R. notes In actual circulation
2,384
j
767,699 4,384,683
12,445,145
resources
1,825
1,217
64,043
6,333
4,802
LIABILITIES
*
20,660
737,323
Due from foreign banks
Total
331,891
184,109
2,526,240
Total U. B. Govt, securities
All other
210,856
249
87
87
60
86
384
107
457,180
held by Agent as security
Collateral
for notes Issued to banks:
Gold
certificates on
hand and due
from United States Treasury....
10,848
Eligible paper
52,000
U. 8. Government securities
4,580,980
Total collateral
204,630
Exchange ,
and Federal Farm Mortgage
Securities on the New York Stock
in Treasury, Home Owners' Loan
the New York Stock Exchange during the current week.
United States Government
Below
we
furnish
Corporation bonds on
a
daily record of the transactions
m
Apr. 26 Apr. 27 Apr. 28 Apr. 29 Apr. 30
Dally Record of U. S. Bond Prices Apr. 24
114.10
114.20
114.18
114.14
114.13
114.20
! Low.
114.20
114.14
114.12
114.10
114.15
114.20
114.20
114.14
114.12
114.10
1
77
5
104.29
104.29
104.27
104.28
Low.
104.18
104.28
104.26
104.24
Close
3Hs. 1943-45...
104.29
104.28
104.26
104.25
99.18
99.16
99.17
104.27
105.5
Close
99.22
99.16
99.18
105.8
99.17
105.6
31
183
104
46
39
2Jis, 1948-51
Total sales in SI .000 units
187
35
61
109.18
110
110.5
109.14
109.18
109.31
110
Close
109.16
109.20
109.14
109.18
Total tales 1n SI.000 units...
1
112
*2
2
mmmm
107.23
107.23
107.19
107.19
135
99.15
99.18
Low-
98.30
98.30
98.29
98.30
99.5
99.14
Close
99.7
98.30
98.29
98.30
99.15
99.16
105.16
High
97.5
Low-
96.24
2J4s. 1956-59
105.10
105.10
105.15
2
1
32
101.29
102.3
102.11
23^8, 1949-53
105.15
105.12
7
101.26
102.9
Low-
101.20
101.26
101.23
101.25
Close
101.30
101.26
101.25
101.29
102.2
104
264
28
33
102.20
103
99.1
105.10
Total tales in SI.000 units...
102.24
Close
102.28
102.20
102.18
102.22
102.18
102.28
Total sales in SI.000 units...
6
23
12
105.13
105.13
105.14
105.14
105.11
105.13
105.14
105.14
105.13
105.13
105.14
5
1
2
105.23
105.27
1
105.24
High
105.22
106.2
105.23
105.22
105.20
105.23
105.23
105.22
105.23
105.27
1
17
13
High
•»«*»
«
103" 10
103.11
103.7
103.9
103.10
103.9
High
3Hs. 1949-52....
. Low.
Ciose
.
103.12
Low-
101.24
101.16
101.20
101.14
101.28
102.2
101.24
101.16
101.20
101.29
101.28
2
3
54
101.10
101.14
101.5
101.8
101.23
101.21
Low-
101.8
101.11
101.4
101.2
101.16
101.21
101.10
101.11
101.4
101.8
101.23
101.21
103.20
—
103.10
103.9
103.16
High
105.26
- Low.
105.25
106.2
106
105.26
105.23
105.22
105.27
105.26
105.23
105.25
106
145
15
High
104.27
104.27
104.22
• Low.
104.22
104.24
Close
104.27
104.24
Total tales in $1,000 units...
52
175
12
33
3tfs. 1944-46
High
2«s, 1955-60
1
Low.
1 Close
Total sales in SI.000 finds
..
100.5
99.23
100.5
113
100.8
99.31
99.31
397
34
105.1
104.22
104.21
104.23
104.24
105.1
1C5.5
99.30
99.30
100
100
63
101.30
101.28
22
38
100.20
100.17
100.18
100.28
100.22
100.20
100.14
100.17
100.16
100.23
100.22
100.20
100.14
100.17
100.18
100.28
100.22
2
10
100.22
101.4
101.6
< Low.
100.17
100.18
100.11
100.15
100.20
101
100.21
100.20
100.15
100.20
101.4
101.3
Close
60
112
20
23
40
High
99.14
99.15
99.5
99.10
99.22
99.24
Low.
99.6
99.9
99.2
99.6
99.16
99.19
Ciose
99.14
99.11
99.4
98.8
Total sales in $1,000 units...
45
Home Owners' Loan
2Ms. series B, 1939-49.-
46
99.22
99.21
•
99
99.12
99.12
Low-
98.31
98.26
98.28
99.12
99.12
Close
2^8, 1942-44
137
High
Home Owners' Loan
63
98.30
98.31
98.27
99
99.12
99.12
56
31
1
6
77
Total sales in SI,000 units
Note—The
bonds.
above
table
includes
Transactions in registered
1
100.15
5
to 103.11
to 105.20
2 Treas.
100.15
2
to 104.24
2 Fed'l
67
77
«
Deferred delivery sale.
10
only sales of
bonds were:
coupon
to 102.7
2^s 1955-60... 99.28 to 99.28
2^s 1945-47... 101.2 to 101.2
Farm 3s 1944-49.101
to 101
100.22
1947-52...114.12
Treas. 3Hs 1946-49.__103.il
Treas. 3>£s 1941
105.20
Treas. 3}£s 1944-46...104.18
65
47
Treasury 3s, 1951-55 .102.7
1
100.6
47
99.5
to 114.12
100.20
10
1
100.17
5 Treas. 4WS
35
22
4
100.23
Total sales in $1,000 units...
105.8
19
10
25
100.16
100.3
100
101.18
101.20
100.20
100.26
3s, series A. 1944-52
105.3
104.22
101.28
Close
10
104" 24
101.26
| High
106.2
1
101.14
Total sales in SI.000 units...
106.2
Close
Total tales in SI,000 unds...
ZHB, 1941
101.30
101.20
21
LOW.
Home Owners' Loan
20
105.25
26
101.30
33
High
2^3, 1942-47
103.16
57
15
3
113
101.18
Low.
Federal Farm Mortgage
103.16
103.7
103.9
116
■»
13
101.20
6
Close
11
103.16
13
1
High
Total sales in SI,000 units
.
Total sales in SI.000 units...
102.4
1
High
103.18
71
103.7
103.9
103.9
*«.
406
High
3s. 1942-47
103.16
103.17
32
9
41
103.9
m «•
103.6
103.7
103.7
28
103.18
103.7
103.7
Close
103.17
103.6
Low.
Total tales in SI,000 units...
3tfs. 1946-49
97.14
102.4
Federal Farm Mortgage
36
103.8
103.7
182
102
106.2
4
Low.
97.16
210
Total sales in S1.000 units...
106.2
Cloee
Total tales in $1,000 units...
3Hs, 1941-43
96.31
101.29
105.14
5
105.9
96.28
97
97.5
209
103
1
105.9
97.13
Total sales in SI.000 units...
103
102.20
321
Close
97
101.20
3s. 1944-49
102.22
102.22
Low.
96.30
Close
103.2
102
Total sales in S1.000 units...
96 28
298
Close
102.24
3Hs. 1940-43
97.19
96.31
101.16
Federal Farm Mortgage
102.29
105.9
97.16
137
372
Federal Farm Mortgage
23
Close
High
17
97
13
101.24
ZHs, 1944-64
Low.
3s. 1946-48
107
97.6
96.31
470
162
Total sales In SI.000 units...
102.9
40
71
98.31
Total sales in SI.000 units...
102
204
99.6
7
105.12
144
99.7
108.6
105.9
38
High
108.6
105.9
102.29
99.17
Total sales in SI.000 units...
13
157
105
3
47
High
99.16
99.16
107.23
105.11
3s, 1951-55
99.22
99.6
99.1
107.23
105.11
102.2
99 16
98.30
99
77
25
102
99.1
98.30
107.23
105.7
High
99.1
99
107.23
105.14
7
99
4
Low-
80
99.6
107.23
Close
100.2
100
98.24
107.18
105.10
|
100.2
99.5
108.6
105.16
25
100.5
99.24
99.6
107.23
105.14
100
Low.
107.23
Total sales in SI.000 units...
3«s. 1943-47
10
101.14
101.14
Close
High
2^8. 1951-54
110.5
110
101.15
5
35
99.16
109.14
105.12
8
99.17
36
High
120
99.24
109.20
Total sales in 11.000 units...
101.16
99.24
109.28
mmmm
101.2
101.2
99.22
9
!Low.
100.30
101
Low.
109.16
1 Close
100.31
101
431
High
109.16
(High
101
Total sales in SI.000 units...
Low-
3$*s. 1946-56
101.16
101
101.7
2
105.6
High
Total tales in SI.000 units...
4s. 1944-54
101.3
101
101.9
Low.
Close
2^s. 1945-47
105.10
12
37
High
Total sales in SI.000 units...
Apr. 26 Apr. 27 Apr. 28 Apr. 29 Apr. 30
101.7
High
Treasury
114.10
Close
4J4s. 1947-52
Bond Prices Apr. 24
114.10
(High
Treasury
Daily Record of U. S.
1 Treas.
2944
May 1, 1937
Stock and Bond Sales—New York Stock
Exchange
DAILY, WEEKLY
AND
YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are
disregarded in the day's range, unless they are the only transactions of the
day.
computing the range for the year.
No
account is taken of such sales in
United States Government
Stock Exchange—See
York
Securities
previous
the
on
Transactions
New
the New York Stock
at
Exchange,
Daily, Weekly and Yearly
page.
Stocks,
United States Treasury
Rates
quoted
5 1937
May 12 1937
May 19 1937
May 26 1937
June
Bid
Sept. 22 1937
6 1937
Oct.
Asled
0.70%
0.70%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
Sept. 29 1937
Oct.
Railroad dk
Total
Mis cell.
State,
Municipal db
United
Number of
Shares
States
Bond
Bonds
For'n Bonds
Bonds
Saturday
Asled
0.60%
0.60%
0.50%
0.50%
Ended
April 30 1937
for discount at purchase.
are
Bid
May
Week
Bills—Friday, April 30
13 1937
:::::
Monday
Tuesday
Wednesday
807,640
2,023,210
1,411,700
2,525,580
Thursday
Friday
2,026,020
1,449,500
$3,576,000
7,470,000
6,812,000
9,561,000
10,181,000
8,865,000
10,243,650
$46,465,000
Total
2 1937
0.60%
June
91937
June
16 1937
Aug. 18 1937
Aug. 25 1937.
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.70%
0.70%
0.70%
0.70%
Jan.
1 1937
0.70%
Jan.
19 1938
0.80%
0.80%
Total
Sept.
Sept.
8 1937
0.70%
0.70%
Jan.
26 1938
0.80%
Sales
$536,000
1,062,000
1,342,000
$1,371,000
3,705.000
1,216,000
1,522,000
1,091,000
8,846,000
11,868.000
1,233,000
12,936,000
1,079,000
1,345,000
11,289,000
$6,757,000
$9,437,000
$62,659,000
$5,483,000
12,237,000
692,000
*
June 23 1937
June 30 1937
July
7 1937
July
14 1937
July
21 1937
July
28 1937
4 1937
Aug.
Aug. 11 1937
Sept. 15 1937
Oct.
20 1937
Oct.
27 1937
Nov.
3 1937
Nov. 10 1937
Nov. 17 1937
Nov. 24 1937
Dec.
1 1937
Deo.
8 1937
Deo.
15 1937
Dec. 22 1937
29 1937
Deo.
Jan.
5 1938
12 1938
Sales at
Week Ended April 30
Exchange
1937
Stocks—No. of shares.
$9,437,000
6,757,000
46,465.000
$4,472,000
5,395,000
$232,488,000
145,738,000
124,676,000
43,333,000
967,580,000
1,134,575,000
$62,659,000
$53,200,000
$1,345,806,000
$1,375,324,000
219,874,443
Bonds
$116,073,000
Volume of transactions for Friday, April 16, should have been 1,068.110 instead
of 1,057,310.
This difference of 10,800 shares has been added to the grand total.
Below
the
are
and
32ds of
Bond
daily closing
stocks and bonds listed
more
1936
193,872,545
State and foreign
Railroad and Industrial
Indebtedness, &c.—Friday, April 30
or
1937
10,322,230
Stock
one
1930
10,243,650
Government
Quotations for United States Treasury Certificates of
Figures after decimal point represent
Jan. 1 to April 30
Neto York Stock
on
Averages
averages
of representative
the New York Stock
Exchange
compiled by Dow, Jones & Co.:
as
point.
a
Stocks
Int.
Maturity
Bonds
Int.
Rate
Bid
98.18
98.22
100.11
100.13
Ailed
10
Rate
Maturity
Bid
15
1941
Deo. 15
1939
Mar. 15
1939...
IM%
1 H%
1H%
lh%
Mar. 15
1941...
1 H%
June 16
1940...
Dec.
1940...
June 15
1941...
Mar. 16 1940.
June
99.10
99.12
100.24
100.26
Feb.
99.28
99.30
June
15
Date
10
20
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trial»
Rails
Rails
ties
Bonds
Total
1H%
2H%
2H%
2H%
214%
1939.
Sept. 15 1938.
1
Asted
30
Indus¬
Dec.
1938.
15 1938.
174.27
58.63
29.01
62.63
105.68
107.11
88.41
101.18
101.20
Apr. 29.
170.52
56.90
28.46
61.17
105.74
106.84
87.98
103.31
100.97
102.14
102.16
170.13
56.61
28.36
60.98
105.58
106.71
87.78
103.09
100.79
174.52
57.96
29.40
62.61
105.44
106.84
87.89
103.16
100.83
100.19
100.21
101.29
101.31
102.7
Apr. 30.
102.9
103.26
101.12
Mar. 15 1938.
3%
102.8
102.10
100.2
1K%
IX %
100.8
100.4
Sept. 16 1937.
3H%
101.6
101.8
Apr. 26.
171.97
57.26
29.02
61.75
105.44
106.80
88.02
103.30
100.89
Apr. 24.
15
100.6
Apr. 28.
Apr. 27.
176.98
59.54
29.94
63.74
105.68
107.19
88.73
103.80
101.35
New York Stock Record
LOW
AND
HIGH
SALE
PF
CES—PER
SHARE.
NOT PER
Sales
CENT
STOCKS
NEW
for
Saturday
Apr. 24
$ per share
Tux
Monday
Apr. 26
$ per share
50h
»5834
Av.
$ per
ay
Wednesday
Thursday
■>1
1.
Apr .28
$ per share
wa; ?
5084
5034
51
*50i2
51i4
*5834
66
*59
66
80
66i2
80iS
77
80
79q
-.u
1778
18i4
17i2
18's
1712
1734
26
26
*3212
212
34
*25
338
338
*97
12
2l2
2 2
V234
/0l4
3i8
2l2
74i2
3i8
32i4
2i2
7012
7312
3<4
.
314
99
97
97
13l2
1314
26l2
2
31&8
2i2
72
*25
26l2
4984
*5834
76i2
1678
25i2
32I4
2l2
13i8
13l2
*65
13
72
$ per share
$ per share
Shares
49
*5884
77
78
1678
25i2
3114
1714
25i2
2512
32i2
2i2
2i2
733s
3i8
284
*82i4
1138
"lb"
*
~""378~
4
334
4
I .4612
47
46l2
47
*4718
47i8
46
46
>45
;*4058
48
3658
*103
*21l2
,237
&2534
42
3634
105
2234
*44
4012
3534
103
22
238
229
26
25
334
2234
237
46
49
47
*45
49
*
*2ir2
233
22
234
2534
25
18lS
16l2
18
1658
25q
1758
82'8
81
81
81
81
665s
67»4
65i4
67
31
30i2
65i4
30l2
*28
612
6
6l4
6
40
405s
39
99
9934
98
39i2
98l2
6U
89i2
26l2
89i2
27
88
2534
*60i2
61
61l4
58
60i2 61
*128
*12734 138
4812
40
3638
106
18
31
4
50
51
44
*81
«-
4iJ
378
51
*48i2
42i4
3638
47l2
40l2
36i2
103
412
47
6638
30
6i4
51
4754
4614
106
21"
2178
224
233
24i8
1658
7978
2478
17i2
81
64
66I4
32
*28i2
584
6I4
17
25l2
3214
3H8
25s
25g
74
74
3
1*
40
40
35U
36
*48
*41
3514
*
106
20
20i2
224l2 227U
1,000
301, Apr 12
2i2 Apr 20
68i2 Apr 9
36
9
22i,
Jan
4% Jan 26
zli,
Jan
211,
3,900
1,400
6,200
4,400
278
10
1212
15,300
41,500
4l4
5
59
4
40
Apr
3514 Apr
103
Apr
20
Apr
28
28
26
58ia Feb 17
62i, Feb 18
453)1 Mar 15
6612
21,200
32i2
6ig
40i4
10,700
26i4
*2534
63
63
*61
5,000
26,100
59
60
*128
300
61
138
700
65
57i2
No par
Jan
6434
*2878
255s
138
2,200
2,500
par
par
Alleg A West Ry 6% gtd-.lOO
Allen
Industries Inc
1
Allied Chemical A Dye.No par
Allied Mills Co Ino
No par
Allied Stores Corp
No par
6%
preferred
Apr 28
24i8 Apr 28
16i*
100
No par
Alpha Portland Cem_..JVo par
Amalgam Leath Coe Ino new 1
00m preferred
9714
99
154
9712
*152
99
99
154
*151
57
51l2
53
9112
9H2
89
90
91
92
89
91
135U 13512 *130
*99
103
98
145
5412
*23
25
*1812
2634
19
18
27
25l4
2758
2512
275s
9712
97i2
10
10i4
*1358
*156
95s
15
300
934
*23
*93
9i8
13i2
*156
834
9934
35
53i2
*85i8
8812
*130
99i2
*25
98
101
99
100
154
*151
154
153
153
54
52
53U
51l2
53i2
8912
9012
87
87
89
89
10H2
145
99l2
35
86
8912
*120
145
98
98
*23
35
87
60
3414
Jan
95
Apr 29
83
Jan
180
Amerada Corp
.No par
Am AgrloChem (Del)..No par
American Bank Note
10
Preferred
50
4,800
100
Am Brake Shoe A Fdy .No
par
57q Apr 28
2,100
2,700
8712
26i2
5H%
9812
*23
conv pref
100
115
96
96
96
13
595s
55i2
56
56i4
55q
5534
24
24
24
24
22
23
*46
50
*4514
*46
50
4434
45U
51i4
2134
4434
1734
I6I4
1658
1714
49i2
1834
17l2
Bid and asked prices; no sales on this day.
90
10,700
1714
54
2234
12312
2312
45
^*45
48
t In receivership,
17
17i2
65
Jan
40
Apr
124
May
160
Feb 18
Jan
49
July
Dec
39 q
Deo
Deo
125i, Mar
89
Nov
551, Apr
73
70q
141
Nov
Deo
Deo
li2 Mar 31
200
M
•
-
•>
-
-.
24,400
1,900
3,500
500
2,600
a Def. delivery,
n
6% 1st pref
Jan 25
133,
Jan
7
99q Mar
131, Jan 28
13
Jan
5
17
225
Mar
4
225
7U Jan
2
4484 Apr 28
I6I4 Apr 28
Cash sale,
x
3
4
Jan
No par
r
2358 Mar
2
8i8
$6 preferred
No par
Amer Hawaiian SS Co
10
New stock,
Jan 25
3084 Mar 31
33*8 Jan 21
6II4 Apr 29
20U Jan 2
preferred
29
941, Apr
100
Amer A For'n Power...No par
Preferred
No par
2d
1041, Feb 4
9912 Apr 20
148
Apr 20
1051, Jan 22
2418 Apr 30
25t2 Apr 26
10
Amer Encaustic Tiling new._l
Amer European Sees
No par
Amer Express Co
100
5
98 ? Apr 26
2714 Apr 8
No par
Co)..25
96
26
*
100
Chiole
10
5712
18
5% pref
American
Am Coal of N J (Alleg
97
9i8
36
751, Feb 4
8034 Feb 18
75
534
1131,
-
9
83g
*52l2
31»4 Nov
1147, Mar n
10112 Jan 22
413, Jan 16
341, Nov
Nov
-
97
812
52i4
Deo
Oct
875, May
100
900
10
778
81
4
Deo
97
9tg
Jan
19*4 May
87S Mar 13
52 q Mar 15
Deo
97
778
353,
3934 Jan 28
78q
120*4
97
87g
83ij Jan 22
Jan
Amer Colortype Co
10
Am Comm'l Alcohol
Corp..20
934
Nov
31
American Crystal Sugar
300
90
Jan
1,700
*11
2018 Nov
72
3,300
*156
Nov
Jan
Jan
Amer Chaln&CabCoInoNo par
4,900
13
34
684
6,600
18
300
Aug
69
174
26l2
*10
9
Mar
100
25
*156
6
85
67
1712
2418
2612
1418
217s Mar
Apr 28
2514
300
23
Deo
Aug
87
2634
*12
245
600
24l2
*156
Uli,
Jan
Dec
26U
13l2
Feb
Apr
Apr
2714
300
9
33*8 Jan 16
May
17»g
25i8
*12
98
157
237s Apr 12
2581, Mar
162
1638
2434
*156
Nov
110
26
300
60
541, Nov
403, Oct
4
18
95g
Apr
9
2738
914
27
267, July
9
99l2
938
611, Nov
601, Nov
Jan
Jan
2578
85S
Jan
Jan
17i8
9l2
Jan
12q
121,
Feb
25
Ids
1358
51, Nov
71
35
1714
Apr
174
Preferred
2612
17
Mar
21,
123,
121
137
*98l2
Nov
171, Sept
195
5H2 Apr 26
90
*23
Jan 26
103
97q Apr 24
91
*125
...251
7
110
Feb 11
Oot
861, Nov
6ig Apr
15212 Apr 12
*88
98i2
Mar 25
125
5934 Feb 11
Feb
100
4,600
35
Can
5
53s Feb 18
Jan
Nov
1584 Nov
American Car A Fdy ...No par
Preferred
100
200
56
88i2
American
5
25ig Apr 12
69
Apr 8
84 Apr
18ig
2634
27i4
26
19*8
9,600
54
137
9i8
56'4
19
9914100
*1527S 154
90
*127
Jan 13
7978 Apr 28
63l4 Mar 22
301, Jan 7
478 Jan 5
Allis-ChalmersMfg
6%
29
224
Rights
154
Aug
Jan
6 534
5934
July
43
64
63
Mar
13
43®4
10
173g
88
2
91
100
1,000
4,900
Apr
514 Jan 25
100
83
8612
Mar 11
100
*80
88i2
2578
1138 Apr 29
10
2H% prior conv pref .No
Allegheny Steel Co
No
58
178
97
Allegheny Corp
938
1001, Jan 22
1684 Feb 25
234 Apr 29
Ala A Vlcksburg RR Co. .100
Alaska Juneau Cold Mln
Pref A with $40 warr
Pref A without warr
2,100
88
7
1,200
5,000
88
80U Jan
7,300
37
2534
Jan
334 Apr 26
43i2 Jan 2
4934
50i2
4278
88
Air Reduction Ino new.No par
Air Way El Appllanoe..ATo par
Pre! A with $30 warr
50
26i2
26
Albany A Susque RR Co.. 100
1738
8H8
*128
Jan
10
No par
36*4
87U
100
138
Feb
177« June
97l2
*128
74»4
3
95
138
Apr
Apr
283, Feb
99
*129
69
2
963s
86i2
2512
138
70
247s Mar
99
5714
Mar
No par
99
*61
42
Address Multlgr Corp
Advanoe Rumely
*39
63
6
84i2 Apr 20
39
2534
8
Mar
223s Mar 11
39
6012
Mar
69
6
40
5934
55
Feb 10
4
38
*61
Apr 29
Jan
600
share
49
58
15
40
63
per
63*4 Jan
39i2
60
Highest
$ per share $
share
No par
25
87
per
Adams Express
Adams Mlllls
165s
6
$
Acme Steel Co
106
6
share
20,200
243a
34
Straus
ver
~T~9do
*80
*28i2
534
&
S
No par
No par
1734
25i2
3H2
234
7434
20i2
20i2
22734 230
*25
2534
17
Par
Abbott Laboratories
Abraham
185
4914
4934
47
1QQA
Vi,nr
Lowest
Highest
80
4
4l8
49U
Lowest
65
98
"l2"
1234
50
*
4914
278
*
98
*46
40l2
3612
3514
*
65
185
9,
■to
49U
*5834
7912
7914
1738
73
12l2
4912
66
Range for Previous
On Basis of 100-Share Lots
Week
*65
1314
Range Since Jan. 1
YORK STOCK
EXCHANGE
Apr. 29
50i2
278
98
the
Friday
Apr. 30
Ex-div.
y
Ex-rlghts.
2
Jan 18
Mar
4
13*4 Jan 22
68 7g
Jan 18
30*8
111
27
Nov
71, July
201, July
16q
Dee
Deo
Deo
Oot
35*4 Deo
16q Deo
35*8 Nov
Jan
32
Aug
Apr
Apr
101
Sept
9s4
Jan
175
Oct
61,
29*4
Apr
12
Jan
38i, jan 22
687, jaa 22
25
Apr
Apr
13
Jan
6
601,
31,
89
21
Feb
1371, July
If Called for redemption.
83,
145,
175
Dec
Feb
Oct
9»4 Mar
608, Dec
221, Deo
60i, Deo
21i, July
Proctor
Abbott,
Members Neiv York
Paine
&
other leading exchanges
Stock Exchange and
Commission orders executed in
institutions and individuals
Stocks, Bonds, Commodities for
New York
Chicago
•
Volume
•
Boston
Buffalo
•
Montreal
•
•
Toronto
Cleveland
•
Indianapolis
•
HIGH
AND
SALE PRICES—PER
Apr. 24
7*4
39i2
4534
3i2
8*8
4214
Friday
the
Apr. 29
Apr. 30
14l2
$ per share
7i2
3978
41*4
46
*22
14i4
45i2
$ per share
40
45*4
45
45'2
*3I4
21l2
13*4
3
22
14'2
14
3*8
22i2
13*8
3'2
22*4
1378
45*4
8'4
7*4
1,400
Amer Home Products
4,200
1,400
7,200
American
3*8
24l2
14i2
45*2 46'4
109*4 10934
3*8
24
14
86
84
83*2
81*4
8H4 8412
140
140
140
140
14H8 141*2
105",6105'*,e 105'*,6105'*,# 105'*,6105'*,6
*105»,6106
105'i,6l05*i,6 105'»,6l05»,6
60
60
*59
5912
60
*59
59*2
60
59*4
♦59
59*4
6012
87
82i4
85l2
140*8 140*8
♦
140
"53*8
*
140
*5ir2
54
♦1091s 11078
110
214
278
2*8
*23l2
24
*48
49*4
2312
47*4
131*4 *130
•130
*22
*21*8
22*8
83l2
140
♦
140
131
*130
78
80
82
80i2
8II4
14*8
10i2
14*4
19l8
20
99
9i2
65l4
105s
08
79
8OI4
*125
15'8
19
*94i2
15i2
69
*94l2
914
10's
67i8
131
2178
2178
164i4 165U
22'2
80
99
133
*
64
.
*2U8
79
79
81
130
130
130
130
79*4
8OI4
*125
81
130
13i8
1978
80*4
*128
15
18's
*94i2
99
15
98is
9*4
9i8
62*4
65
130
13*4
18*2
*94l2
9*8
19*4
9*2
63
64*8
11,300
500
340
American Locomotive. _No par
>
0% oonv preferred
100
Amer News N Y Corp..No par
Amer Power A
Am Rad A Stand San'y .No par
50
13*8
1434*
135s
♦140
190
*130
190
*130
61
61
58
60
*54
55*8
56
5214
5418
8112
*7612
19*4
8U2
8112
20i8
2012
110
110
*109
*22
30
*25
7*4
8I4
8I4
52*8
*75
20
1958
190
*24
28i2
8
712
5478
5212
84i2
1934
42U
13
13i8
1278
127s
1278
12i2
*96
*96
105
400
10
50
100
100
-
*
*87
93
108
*
108
21ifMar 23
Preferred
Founders tnc
"61*4
61*2
"60*4
12*a
12*8
12*8
12'2
1234
12
10*2
10*4
10'2
11
*95
105
*95
62
99
99
*99
7912
8214
9934
17l8
237«
2378
*2312
25
*23
*3412
3218
37
*32
35
*34
32*8
30*4
30U
32
lllis 112
112
112
48*4
98
97
97
79'2
82*8
81*4
98*2
4434
86*s
98i2
86'2
47
47
*98i2 100'4
25
44U
*22*4
46
24
*22
36
*32
36
35
31
29*8
29*8
31i8
111
llli2 11H2
111
17*2
17i8
17i8
16'2
17
*51
51*4
51
51
51
51
51
51
♦76*4
79
76
76
*75
77
73'4
75*4
113*4 115
115
116
1712
*115
120
15i2
15*4
*15i2
30
2812
30*4
*7'2
42*4
8'a
7*4
7's
7*4
♦41 I8
S'8
39
14
15i2
3058
2S12
*113*4 121
14
1458
27'2
29U
7i2
7
7
41i8
39
39
678
39
14
29
7
39
*23
24
35*2
30'4
*34
38
*113*4 121
*13*4
27*2
6*4
39
678
714
7*8
6*s
*6*8
*35
6
6i4
5*4
5*2
92l2
94*4
109
100
200
*93
5*4
.
600
26
26
Copper Mining..50
$6 prior pref..
No par
Cap
$0.60 conv preferred.No par
Andes Copper Mining
A P W Paper Co
20
No par
Archer Daniels Midl'd.No par
63« Jan 2
100
Jan 13
441s Jan
7
4812 Apr 29
79
Apr 10
18
Jan 4
92*4
97*2
345s
3314
34i2
31'2
33
32*8
37
39
35*4
37'4
35*4
3378
38*4
37
34*8
38'2
86,600
39
41*2
40
41
*39*4
41
40*4
40*2
*40'4
4H2
900
33I4
7,700
Jan
52*4 Sept
70*4
Feb
2
Feb
111
Jan
43
Nov
512 Jan 8
40
Apr 26
10U Feb 10
3
July
7
Nov
Mar 29
111
69ij Jan 18
IOI4 Apr 28
12i8 Apr 29
95
Mnr
2
15*s Apr 28
97
Apr 29
69ia
Jan
49*8 Mar 24
4
9712 Apr 30
100
44ls Jan 26
23
Apr 14
Atl G A W I 88 Lines..No par
100
Preferred
26
4% conv pref ser A
100
1
Corp
50
preferred
No
Atlas Powder
par
No par
No par
A
35
Apr
7
2938 Apr 29
111
Mar 15
I6I4 Apr 30
61
Apr 7
1
6
Pref assented
100
Baltimore A Ohio..
...100
Preferred
84
Jan
Aug
128
Deo
47U
Feb
Feb 27
Jan 21
Feb 18
24*4 Mar 5
7ia
Jan
8'a
Jan
95
Jan
62*8 Mar
185s Nov
22t8
108
Feb
May
277s Nov
12*8
Apr
Jan 28
95
Dec
112
Oot
9
98
Feb
124
Oot
Mar
67ia Feb 18
106
Feb 18
59
Jan
9
90*4
651a Mar 17
21*s
89U Apr 30
104
29
Feb
Mar 13
44
Jan 18
37
Mar 11
1161a Feb 0
18ia Mar 0
52 <8 Mar 10
88ia Aug
Jan
107
Oct
Apr
11
Apr
13ia Apr
49
Deo
20*8 June
35i8
118ia
Apr
Deo
109
Sept
3Ua Oot
6H4 Nov
8
94
Mar 11
48
Jan
84
Nov
11334 Apr 26
14
Apr 27
133
Jan 13
zll2
Jan
131
Nov
9
2
1
25
12
29
14
Juue
72U Jan
2712 Apr 28
6I4 Apr 29
39
Apr 26
18is Jan
36*4 Feb
91* Feb
52ia Mar
9U Jan
11U Jan
9'a Jan 30
80*4
512 Apr 29
Jan 6
120
Feb
5
884 Jan 21
100
Preferred
104
Jan
Jan
66I4
Mar 13
70ia
16U
17*8
97U
125
Jan
100
Atlantic Refining
Jan
101
6% pref with warrants.. 100
Atlantic Coast Line RR
Mar
126
9
114
Jan
7*8
May
105U
9512 Apr 26
0% 1st preferred
100
7% 2d preferred
100
Assoo Investment Co ..No par
Jan
4*8 June
118
6
4
No par
Jan
HOia
Apr
8
Feb 18
40
Feb
Armstrong Cork Co...No par
Arnold Constable Corp
6
50
122
Jan
37
121U Feb
991* Mar
96
15i|
111
2
Santa Fe__100
Dec
89ia Deo
26*4 Mar
81*4 Jan
Atoh Topeka A
Preferred
60
65*8 Nov
Jan
6
1
Deo
35
13*4 Feb 27
Associated Dry Goods
Jan
7*4 Mar
78
Jan
4
100
10
Feb
Jan
Jan
Artloom Corp
Oct
11 ia
May
7
100
27*4
109*4 Sept
Jan
May
13,700
38
Apr
7*8 Sept
June
0i4 Apr 28
33
19is
92*4
9
6*8 Apr 28
40
Deo
97
Works.No par
35*8
Mar
18
371* Jan 12
7
Avia'n Corp of Del(The)new.3
500
Feb
150
44
2
Prior
104
Jan
87a June
28
Jan
0%
884 Mar
136
24
107*4
No par
Feb
Feb 23
119
Atlas
102ia
79*8 Feb 23
69ia Mar 10
97
Feb 23
185
7% preferred
...100
ArmourACo(Del)pf 7% gtdlOO
Armour of Illinois new
Jan
190ls Nov
24*8 Jan 16
Feb 13
Jan
28
J Baldwin Looo
Assented
1,700
20
26*8
Apr
Apr 12
106
18,100
97's
1
14*8 Jan 18
79
Jan 12
Jan
03*8 Aug
Sept
Mar
3ia July
1
6
5*4
97
Feb
107
36
145
87
Feb 23
Smelt
31,900
*97
9978 Feb 4
150'a Jan 26
20is Feb 3
291* Jan 13
20*8 Mar
*4 May
4is Apr
Austin N'^hols
90
39
ill
Amer Zinc Lead A
146i» Nov
149ia
1*4 Jan 22
1,000
1,000
257s Jan 25
Jan 8
99
Jan 28
187
Jan
129
9*4 Jan 22
5,900
90
6078 Jan 11
*8 Apr 10
7'4
678
96
36,000
2,300
Jan
37g Apr 14
26ia Jan 20
3*8 Apr 10
387g
7*8
7
7*s
67s
6*8
400
19,000
1,300
10,600
67ia Mar
1
7
14i2
27*4
6*4
39
7*8
92*4
300
Feb
....No par
Writing Paper
29'4
14
29
65s
5*8
100
347s
*107
9'8 Apr 28
0234 Apr 28
Preferred...,
100
Atlas Taok Corp
.No par
Auburn Automobile...No par
*113*4 121
14*2
6'4
9234
200
600
7i2
6U
5,300
2
No par
100
Woolen
Preferred
Anchor
1318 Apr 28
18i8 Apr 28
9712 Apr
Preferred
11H2
111*4 *111
16*8
16'4
16*2
16*8
51
51
51 *8
51*8
75
*73
*72'2
7714
29*8
*111
7*4
101i4
4,100
2,200
2,700
23,000
7i2
101
100l2 100l2
*100
100i2 102
56,600
307g
7i8
6*8
115
89'4
98i2
4814
97'2
24
8is
7*4
7*8
7*4
612
*107
17
17*8
100
*92
98
102
83
80i2
9912 IOOI4
46*4
45*4
500
105
*95
105
*95i2
4512
10
Preferred
*109
49*8
8OI4 Apr 27
1281s Mar 18
No par
preferred
200
12'4
10'4
105
48*4
26
100
Common class B
108
*
61
1,400
3,500
8
1601s Apr 28
78
Apr 26
$0 conv pref
55
99i2
143*4 Jan 13
9
Telep A Teleg Co—100
American Tobacco
26
200
55
100
Apr
Mar 23
Amer
93
*86
93
83U
99
8214
100
48U
130
59
Am Sumatra Tobaooo..No par
Preferred.
26
*20
26
99
*51*4
100
Sugar Refining
Preferred
Anaconda W A Cable..No par
17'4
16
*16'2
16*2
15*2
17*8
15*8
95
*91
95'2
95*2
97l2
*95'2 97*2
1147s
*109
117
1147Si*105
11712 *109
54
53*4
53*4
*51*4
54*4
52l2 52*2
*5212
18
95i2
Dec
No par
82
115
17
95l2
24ia
...
Stores
81
115
18*8
97i2
120
Deo
Anaoonda
55*4
I8I4
*96
♦115
Deo
04
5178 189,900
50
Jan
73ia
145U
55
2,900
Nov
Jan
190
300
Dec
Apr
55
800
4518
20ig
107*4
49*4
"60*4
12
*96
93
12*4
12
35,800
28*4 Nov
Jan
100
Rights
American
Apr
133*8
100
Preferred
1st
4,700
148
Oot
Deo
18
5
Am Water Wks A Eleo.No par
5,700
1071$ Apr
Apr
Apr
39*4
31
7314 Jan 21
115
Jan 20
Am Type
8
Jan
Nov
5H2 Apr 26
10912 Apr 7
214 Apr 26
20
Apr 9
45
Apr 29
*100
*20
27
7's
37
26*s
7
681* Jan 29
Jan 15
133
Preferred
Amer Steel Foundries. .No par
10,600
7'2
7*4
*7'4
7*4
40*8 41
40*2 40*4
4H2
40'2 405s
*116*4 120
*116*4 120
*116*4 120
120
*110
11012
110*8
109*4 110
110*8 *110
10*4
11'8
107S
1058
10'2
11'8
Ills
7*4
12i2
13is
12*4
105
*22
28
27*8
108ia May
23,900
79*4
*65i8
19'2
19*2
185g
185s
1812 20
*10658 109*4 *106*8 109*4 *106*>8 109*4
23*4 July
74ij Sept
165ia Aug
152*4 Mar
5412
*80
Jan
103
8II4 Apr 28
13812 Apr 14
105
50*2
190
Apr
Jan
100
54l2
4812
*100
55
49l2
Feb
18*4
Jan
Refg.No par
Preferred
\2A preferred 0% cum...100
American Snuff
26
14's
13'4
36*8
157
Jan
Amer Smelting A
197g
125s
13*8
87i2 Sept
104
26
80
190
*100
65
41
40
40*4
*116*4
♦116*4 120
11012 11012
IIOI4
♦109*4 110l2
11*8
10*4
10*8
11*8
11*8
94
*93
*92
95
94i2
94i2
100
100
101*8 101*8
*100*4 101*8
6314
61
62i4
6012
605s
6234
411s
♦116*4 120
1214
13*2
535s
IO8I4 109
109*4
1214
1414
Nov
14*8 July
Feb
43
87is Jan 18
72ij Jan 12
29i« Feb 3
170
Jan 21
56*4
1361a
800
1,400
Preferred
1514
69
Feb
10ia Jan 13
105*4 Mar 11
154
Jan 28
41,500
Am
'1478
Jan
7ia
1
Feb 15
75
Feb 20
99
64
x35'a
1291* Feb
9U Apr 28
59'2 Apr 28
6H2 Apr 28
21
Apr 29
153
Apr 16
Feb
Mar 19
200
64
July
15
6478 NOV
58
20,700
4,600
7,900
641S
134
29
22
9*4
Deo
Jan 23
22
9*8
118
68*4 Mar 10
4018 Apr 29
116
Apr 24
02
Mar 11
1221a Nov
297s Jan
41
160'4 163
95g
27
Apr
Apr
Amer
*130
18*8
May
10
2,890
Amer
13*2
21
45U Mar 11
30
Feb 3
200
*94l2
8
22U Apr 27
2,200
14i2
19*4
5
Dec
33'a Jan 6
28
Apr 29
Mill
Razor new. 18.60
Co. .No par
Shipbuilding Co .No par
2,500
99
Feb
13H Jan 20
Jan
151s Nov
48*8
American Beating
46
79*4
5878 Feb
125
Apr 27
2114 Apr 28
9
Apr 28
24
Amer Safety
American Rolling
21
8134
Jan
10ia Sept
9*8 Apr
2318 Apr
00
Apr
17*4 Mar
4
2i8 Sept
3,000
131
130
617g Nov
5*8 Jan
2,200
55,700
45
79*4
100
Preferred
American
80*4
No par
2,000
75,200
*128
par
Amer Mach A Metals..No par
Amer Metal Co Ltd
Jan
108
100
Co. .No
41,400
1,000
24,400
20'2
100
Preferred
46
Jan
3
16
15
11
4
29*8 Mar
17is Jan
133s Apr 29
Amer Mach & Fdy
Oot
37
4*4 Mar
27*8 Feb
42
6% non-cum pref
8*8 Mar
4*8
3118
5
7
Amer Internat Corp._-No par
Oct
HUMar 13
55s4 Mar 13
52*8 Mar
2i{ Jan
No par
ice
Light...No par
$0 preferred
No par
$5 preferred
No par
28,900
55l2
81
130
300
4,700
2,600
110's 110's
3
278
217g
*2118
160's 162
79
78*4
2178
160i8 164*4
140
"11"
54
"52"
55*4
53*4
"51*4 53*4
11078
*109l2 11078 *109l2 1107S *110
3
25s
25g
214
25s
2*8
22
23
23
2338
20*4
2078
2312
45
46
46
46*2
47l2
48'4
4712
7978
20*8
133
2*4
81
1514
2018
140
53*8
1287a 12878 *128*8 130
♦93*8
*
110
164i2 165*8
165*4 16714
855S
1401s
8,600
1
Highest
$ per sTiare $ per share
$ per share
0i] Jan 2
37is Jan 0
45
Apr 29
1
60
6% oonv pref
45'2
*4212
.
14H8
Amer Hide 4 Leather
2,500
44
49
49
46
49*8
46U
4512
4414 45
111
♦101
109
108
108
*105
10934
10934 *105
,111
22
22
22
21*2
22U
22h 22*8
22*8
21*2 22
2H4 22
9
9
978
10
10
938
984
107g
9*8
♦10*4
107s
10l2
49
54
49
47*8
47*2
49'2
46l4 4734
46*8
63*4
5214
4812
116
116
116
116
"116
116
116
*116l4 122
116*4
*116i4 121
63
63
63
67
63
65
*65
627g
63i2
65l4
63&8
*635s
10'4
95S
97g
10*8
1012
914
10*8
10*4
978
10*4
938
10i8
62
60
61
62'4
60
67
♦63
64
64'2
65i2
59i2
*60l8
54
54i2
55
53U
52l2
52l2 527g
57U
56*8
5H2
♦5614
5314
22
22
21
2212
r 2314
22*4
23*2
22*8
2314
2214
2118 22*4
156
156
156
156
*154*4 159*4
*15414 156
*15414 156
*15414 156
35
35%
36
3378
37
3414
33U 3578
33*8
36U
35i8
30i8
29
28
29
29'2
31
30l2
30i2 30*4
29l2 30
*30*4
30j8
24
23*4
24
*23
23*4
2378
23i8
22U 23*2
22i2 2212
22'4
50
49
41
44
48
49*2
43
47
46*2
4412 46*2
467s
86I4
24.800
$ per share
Par
Shares
Year 1936
Lowest
Highest
Lowest
41
41
41
24
3'2
$ per share
75s* 8
8*8
41
Ranoe for Previous
1
100-Share Lots
On Basis of
Week
4512
3i2
2312
1312
Thursday
Apr. 28
40*4
3*8
23
14*4
•140
STOCKS
NEW YORK STOCK
EXCHANGE
Wednesday
% per share
8>4
7*4
46
24
24
1 14*4
2945
Range Since Jan.
Sales
Apr. 27
I per share
,1 per share
8*4
8*8
4514
4514
47
*46i4
3*4
3*8
NOT PER CENT
SHARE,
Tuesday
Monday
Apr. 26
Saturday
Norfolk, Va.
•
New York Stock Record—Continued—Page 2
144
for
LOW
Richmond, Va.
•
120
Feb
5
20*8 Jan
33*8
Jan
4
4
20*8 June
5*8 June
3018 Feb
64U Mar
101 g
Jan
29'a June
3
Apr
40ia
Jan
7*4
Mar
2i| July
2*s July
11*4
Deo
Dec
97»
947a
Deo
94 ?8
Deo
40'aMar 17
29ij Apr
33*4 July
157g Apr
47*4 Mar 17
21
Apr
41U
Oot
Feb 11
39
Dec
49i|
Feb
45
3378
13,900
Barber Co Inc.
10
Apr 29
IU434 Apr 15
32
Apr 28
27'2
1,000
Barker Brothers
....No par
253s Apr 28
32
Jan 21
38'2
38'2
38*4
*38*8
38*4
*36i2 38*2
38*4
38*4
27% 28'2
287S
27*8
2934
27'4 29*8
28*8
28i2 30
30*8 30*8
15
15'2
15'4
16
15*4
15*8
15*4
16
16*8
15i2
16U
I6I4
♦Ill's 115
♦Ill's 115
♦Ill's 115
♦Ill's 113
♦Ill's 115
♦Ill's 113
24
2412
*24
23*4
25
24*8
23*4
2412
23*4
25
25
2412
102*8 102'2
103'4
103
103
103*8 103*8 *102
*102l2 103*S
*103
106*8
*40'2
42l2
42i2
*40
*40'2
*40
42i2
*40*2 42*2
*41
42l2
42i2
150
614% preferred
Feb 17
42
Jan 21
36,600
Barnsdall Oil Co
27*8 Nov
*4H4
♦
105
*
105
*
105
"37"
3714
"34"
37
"34"
35
*28
29
*27i2
29i2
38*4
*27i2
28*s
39
39
109
*107
*106
109
12*4
13's
12*8
12*4
*85*4
90 ig
22U
*85*4
2n2
90i8
22i8
2118
2H8
2078
2214
2078
*55
56U
55
56
88
89*4
84l2
86*4
*19'*
19U
19
*105
1914
♦1191s 121
120
109
13
90i8
215s
2178
20*4
2078
30i2
105
"32"
25*8
107
*103
36
31
27
26*2
107
12*8
12*4
12
*85*4
20*8
90*8
*86
20*2
2078
21*4
82
86*8
8H4
19
19
19*8
18*4
57
54*4
56
30
29
29*8
28
28*2
asked prices: no sales on this day.
12*4
90*8
20*4
54i2
8434
18*4
873S
55*8
109
20*8
*48
18*4
117*8 117*8
53*4
53*4
33*8
26'2
21*4
85U
12014 12014
105
2058
54lo
29
*105
*45
3012
Bid and
*
54i2
*52
59
*58U
*
*117
125s
*86
*39
4112
U7'2 117*2
53
53*2
28
28*2
*
105
"32"
26'4
109
*106
12*4
12l2
*86
3,700
2,000
600
5,000
84*8
15,200
5,800
300
18*4
18*8
117
117
85,100
2,300
400
55
29'2
a
1,100
29'2
*53
1,900
Def
....5
No par
100
Beatrice
25
Creamery
31
38
26is Jan 5
15
Apr 28
11134 Apr 19
2334 Apr 28
No par
$6 pref w w
101*4
Jan
6
60
40'a
Jan
5
Feb
5
RR Co
20
105
Beldlng Hemtnway Co-No par
12
Beech-Nut Packing Co
84
Belgian Nat Rye part pref
2134
20*4
5412
86'4
20'2
*50
.......60
preferred
Beech Creek
100
..
Bay.uk Cigars Inc
1st
90's
21'4
t In receivership,
______
50
100
Bangor A Aroostook
Conv 5% preferred
Apr 29
Jan
16
110i2 F.-b
43*8 Mar
35U Feb
20U
114
8
9
1
Jan 16
Feb
2
Beth Steel new
(Del)...No par
6% preferred
20
7% preferred
100
Blgelow-Sanf Carp Inc.No par
Black A Decker MfgCoNo par
delivery, n New stock,
r Cash sale, x
73
183s
117
Jan
Jan
Aug
Feb
85
Feb
o
13
Deo
10U Mar
Mar 17
83
June
89>s May
112
Mar 30
16*4 Feb
87
23*4 Jan
02*4 Jan
20
Jan 18
i^yia
8
28
Apr 28
28*8 Nov
18
Jan 27
Apr
Deo
35
Apr 29
52
Dec
22U Nov
100
Beneficial Indus Loan..No par
Apr 26
28U
115
9
6
8
jnft'a Mar 11
55
Jan
16*4 June
May
110
38ia Dee
28*| Nov
8
30ia Feb 11
No par
Jan
28*4 Feb
2()3s Apr 29
Beet A Co
14's
-
43U Feb 19
203g Apr 28
Aviation
13U
106*4 Mar
6
Bendlx
24*8 Nov
Feb 16
09*4 Feb 10
38
Jan 21
106
427a
112
32*8
21*8
Jan
20
Jan
25U
48
Jan
72
46*4
Apr
10ig
Apr
107ia July
23
Jan
28*4
Dec
July
Oot
Dec
Oct
Oct
Nov
77*4
Dec
20
Dec
135ia Nov
65'a
x34ij
Ex-dlv. y Ex-rights. If Called for redemption.
Deo
Dee
aancan
2946
New York Stock
LOW AND
HIGH
SALE PRICES—PER
SHARE, NOT
PER
Record—Continued—Page
CENT
Sales
STOCKS
for
STOCK
EXCHANGE
Monday
Tuesday
Apr. 24
Wednesday
Apr. 26
Apr. 27
Thursday
the
Apr. 28
Friday
Apr. 29
Apr. 30
Week
$ per share
Shares
$ per share
25l2
*30%
$ per share
26i2
31%
92%
*87
2278
30%
*87
38i2
39%
36%
44 X2
45
¥ per share
25%
30%
9278
43
23%
29%
*87
38%
4384
$ per share
22
24%
30%
29
90
$
24%
29%
89%
*87
per share
2284
2334
34%
37
35
42
42%
41%
42
41%
28%
28%
87
87
37%
25
30
*28%
36%
24
87
87
35%
41%
36%
41%
*86%
37%
42
90
90
90
8934
90
44%
45%
25%
45
25
45%
24%
44%
26%
42%
11%
3%
44%
25%
8934
45%
89
44%
45
45
25
41
40
41
25%
38%
11%
11
12%
11
40%
11%
24%
39%
24%
39%
11%
*2%
15%
25%
41%
11%
3%
15%
♦2%
16%
16%
3
%
48%
47%
46
*4%
♦2284
34
♦8978
47
46%
46%
42
48%
47%
43%
478
23%
34%
*42
42
4%
*22%
35%
48%
20%
1878
*48
20%
18%
*109
9%
9%
65%
*3534
29%
66
33%
*46%
29%
77%
29%
40%
51%
*71%
28%
*15%
50%
16%
♦51
52
104
*102
48%
*99
8%
162
884
7634
34%
9%
160
87g
8
29%
72
73
55
55
36%
8384
5938
60
15
*11S4
96%
10
10
3%
9%
278
2%
14
13
13%
*8%
10
*8%
10
28%
28%
2%
28
28
2%
2%
5%
4%
5
4%
Capital Admin olass
10
76
33
75
33%
7%
8%
100% 102
*27% 28
*14% 15%
11%
*103
33
*79%
*80
83
58
58%
*94
95%
3%
56%
*94%
3%
9%
2%
58%
95%
*234
*9%
10
234
12%
*8%
*27%
2%
284
12
13%
10
8%
27
28%
2%
5%
5
105
800
70i2
82X2
3%
9%
2%
2%
2,600
13%
13%
8%
3,100
12%
8
8
28
2%
434
*8
*26%
2%
5%
13
64
61
6334
61
61
59%
21%
59%
21%
*57
2%
7%
6%
20%
2%
6%
21%
18
14%
13
2%
7%
6%
20%
1734
2%
7%
6
6
20%
*15%
13%
*46%
20%
*19
17
*15%
12%
20%
18
1334
*
72
*97
8
107%
34%
*49
*48%
91
92
85
127
127
127
127%
157
157
148
165
58%
*58%
90
59
22
22%
21
*103
104%
57%
103
103
53
57
4034
43%
14
96
55
55
15%
39%
7
35%
34
21%
70
8%
35%
7%
35
129
*48%
82%
87
129
*127
152
153%
58%
20%
21%
*103
129
105
129
95
*
95
91
60%
61%
*94
91
106
15%
2%
54%
*13
37%
66%
60%
106
16%
2%
54%
14%
38
115
31%
*42
12%
95
94%
*
91
38
43
13%
94%
90%
62
10534
64%
65%
„
Bid and asked prices; no sales
on
*41%
12%
*94%
this day.
*
13%
5,600
76
70
7%
36%
.
*127
-
-
100
Chicago Mall Order Co
5
129
60
2,100
90
3,600
20%
22%
21,900
102% 102%
53i2 54%
700
*37
3712
20%
20%
23
23
*21l2
117
23X2
117
32%
3184
32%
43
42
42
13
5,300
45
*37
13
95
200
1334
2,300
90
240
50
1,600
3,900
600
56,200
94
400
91
9334
*
30
59
"59" 6034
103% 103% 106
106
64%
65
65
6534
105% 105% *104% 107%
14%
15%
15% 15%
2%
2%
2X2
234
50
53
52
52X2
13%
14%
14%
15%
38
3784
38%
3834
( In receivership.
180
a
10,700
800
3,500
900
27,900
par
No par
Chllds Co.
No par
25
Chile Copper Co
Chrysler Corp
City Ice A Fuel
5
Nonpar
Preferred
100
Jan
4
Mar 24
5% conv preferred
Colonial Beacon Oil
4% 1st preferred
4% 2d preferred
v t 0
v
7
2% Jan 6
6% Jan 4
2% Jan 2
12
Apr 28
8
Apr 29
27
Apr 28
Jan
2
6
21
Apr 28
58% Apr 30
2% Feb 16
6% Feb
5% Apr 28
19% Apr 29
17% Apr 26
12% Apr 12
46% Jan 22
109% Apr 28
18% Jan
84
Apr 28
32% Apr
7
4
6
19% Feb 11
51% Apr 28
108% Mar 29
1% May
2% Jan
II4 Apr
314 Jan
8ig Deo
4
Mar
8
I8I4 Mar 6
11% Jan 22
32
Jan 20
3% Mar 18
25% May
1% Apr
2% Apr
2ij Apr
33
Feb
9
70X2 Jan 25
3% Mar 17
10% Feb 19
12i| Apr
40% May
1%
3ij
314
19%
17%
22
Apr 20
31% Apr 28
Apr
7
12% Apr 28
56% Apr
100
8
Mar 15
63% Apr 28
104
Mar 27
1,600
4,500
Congoleum-Nalrn Tno._No
Apr 29
13% Apr 28
36%
Ex-dlv.
Jan
y
2
100
Nov
Mar
3
7
Jan
80
Mar 11
25
Jan
85X2
15x4
72%
Jan
Mar
8
Jan 14
Jan 29
135% Feb 11
21% Feb 18
45
434
2334
Jan
2%
Jan
Sept
Jan
Jan
Mar
Feb
14% Deo
12
Jan
33% Nov
2% Feb
5% Feb
4%
Feb
12% Oot
24% Deo
65Xf Deo
Apr
Apr
Apr
8%
27i2
22i8
15%
3
Feb
8
Jan
8
July
32% Oct
30x4 Jan
14% Deo
51
Deo
138% Nov
23
Nov
8984 Nov
60
Nov
Jan
13% Nov
Jan
46 x8 Mar
98
Oct
Feb
Jan
1I134
Deo
44% Apr 22
33
July
90
82
Feb
90
Deo
61
Oot
Jan 14
50i2 Feb
98% Feb
130% Feb
170i2 Apr
68X4 Apr
2534 Mat
26
47if
Oct
48
Mar
11
48
Apr
18
124
Jan
129
July
2
84
Jan
134
Nov
68
Nov
7
55%
Jan
77%
Deo
19
13
June
21%
Deo
104i2 Jan 6
6234 Feb 13
11234 Mar 11
100
Aug
Apr
106i2
Feb
51% Feb 10
27x4 Mar 5
50
*
May
6% May
Apr 28
93% Apr 30
90% Mar 9
par
Jan
6
714 Mar 17
6% Mar 4
36
6% preferred series A—. 100
5% preferred
100
Commercial Credit
10
Cash sale.
4
19% Feb 17
45
41
r
4% Mar 16
13i2 Mar 17
Jan 18
21% Apr 28
112% Mar 12
Deo
38*4 Deo
69i| Apr
77% Nov
26
20% Apr 30
72lf Deo
111
Jan
90
Jan
Oot
Nov
19% Mar
Jan
107%
2
Nov
59
5
Jan
12
108%
51
7
47% Mar 31
Jan
Feb
Mar 11
103X2 Apr
..No par
Columbia Gas A Elec..No par
n New stock,
22>4
57
74
Jan
8% June
57ij Sept
113
5
$6 preferred series...No par
Conde Nast Pub Inc...No par
Def. delivery,
6if Apr
97% May
Mar 25
14% Apr 28
2% Apr 27
3,500
Jan
Apr
47%
Mar 19
6
Commercial
35
105
Jan
4 X% oonv pref
100
Comm'l Invest Trust..No par
$4.25 oonv pf ser '35.No par
May
6% Nov
100
126
No par
54
25%
Jan
Deo
397g Deo
86
Sept
37 if Deo
9ig Deo
6
4% Apr 28
3% Jan
11% Jan
122% Jan
pref
Apr
4
4
par
100
19
110
90i2Mar
Feb 18
;__100
Nov
32X4
68% Mar
Feb 23
10 No par
July
100
Apr
10% Mar 1
38% Jan 18
100
June
91
Feb 13
92
100
186
Aug
48
Feb
143
Mar
Solvents..No par
Commonw'lth A Sou...No par
74,600
Feb 10
Feb
70
Colo Fuel A Iron
Corp .No par
Corp
82
111
Nov
*91
Jan
Deo
Jan 14
86% Mar 10
23% Feb 10
63
103%
934
Jan
106
14% Mar
115
Feb 16
No par
Colorado A Southern
conv
39% Apr 15
113% Mar 4
48% Mar 8
82% Jan 7
39x4 Jan 12
12% Jan 28
107% Jan 26
41% Jan 15
24% Jan 11
Apr 28
No par
Feb
5434 Jan
21% May
19
.100 £102% Mar
Collins A Alkman
92 ij
116
1
101
100
preferred
$2.76
Feb
4
78
Columbian Carbon
100
z60X2 Apr 13
Cluett Peabody A Co. .No par
Colgate-Palmolive-Peet
18%
Oot
6% May
35% Jan 4
30
Apr 28
78% Mar 30
56% Apr 28
57
Feb
68% Nov
Deo
9% Apr 20
176% Feb 9
129% Jan 22
7
No par
No par
16
Apr
12% May
45% Jan
Jan
Apr 23
Preferred
37
30% Deo
60
Aug
Jan *100
86
Col Plot
Jan
91
Jan
6%
10%
87
35
Class A
Jan
Jan
17% Mar 6
61% Jan 9
18%Mar 11
52x4 Jan 2
Nov
8
(The).l
Clev A Pitts RR Co
7% gtd.50
Special
50
Coca-Cola Co (The)...No
3
16XB Nov
40% Apr
10% Apr
54
Jan 14
60
No par
C C C A St Louis Ry Co
pf 100
Clev El Ilium Co pref..No
par
Clev Graph Bronze Co
Jan
Jan 18
Apr 29
14% Apr 29
2
33% Oot
48% Deo
Jan
61
100
Equipment
%
38% Mar 19
__6
City Investing Co
City Stores
58
110
Cony preferred
Clark
3,800
88if Deo
Feb
28
100
100
6,400
58
110
Preferred
Preferred
4,300
-
152X2 152%
45
90%
60%
(Chlo Ind A Louisv pref
6% preferred
100
Chloago Yellow Cab..-No par
Chlckasha Cotton Oil
10
300
712
36
36%
20%
*21% 23
*21% 23%
112% 115
32
100
1,800
800
36
*18
115%
32
Preferred
(Chlo Rook Isl A Paoifio___100
7% preferred
100
17
*61%
21
*37
20%
23
23%
59% 61%
102% 103%
63% 64
*104
104% 105
105%
15%
1534
14%
15%
2%
234
2%
2%
53
53
54%
54%
*14
14%
13%
14
38
38%
37% 39
*10134 103% *103
65%
36
20%
*21%
21%
43
(Chic A East 111 Ry Co
100
6% preferred
100
J Chicago Great Western.. 100
5,400
3,600
113% 121,400
19
19%
3,600
84i2 84i2
460
58%
20%
25
100
Chloago Pneumat Tool.No
21
12%
151
68%
*37
23
7%
6%
*97
*30
45
234
*46%
7%
36%
150
..No par
Preferred series A..
4,200
1,400
111
70
5334
54
109% 110
45
24
*15%
84%
*127
Chesapeake Corp
Chesapeake A Ohio
(Chicago A North WesternlOO
_
149% 151
*58% ' 59
19% 21%
*58%
5
7,400
107% 107% *10634 107%
36%
39
39
4012
*85% 88
*85% 88
*48%
*48%
83
88
88
84%
83
Cab
3,300
6%
*97
107% 107% *106% 107%
36
39%
40
39%
*86
88
88
*86%
*48%
8534
Checker
4%
13%
59
Apr
June
Apr
Nov
Nov
Mar
Deo
106
6
100% Apr 28
(Chlo Mil St P A Pao._No par
20
19
*97
38% 39%
*20% 21%
2234
2234
*23% 25
*23% 25
115
11634 *115% 116
32
33
32
32%
*42
43%
41% 42
13%
13%
13%
1334
25
16%
2%
*61%
8%
-
300
7
5
*83%
*61%
80
100
No par
4,900
12,400
234
*15%
17
12%
12%
*47% 72
111% 114%
85
300
1,700
6% prior pref
Common
5%
4i2
102% 103
*102% 103
53
51% 54
54%
109% 109% *109% 110
23
119%
33%
16%
234
70
8%
34%
39% ' 40
20% 20%
21%
23%
67%
107%
84
85%
*61%
17
100
16%
3314
6%
29ig
Jan
102
Jan
16% Jan 6
67% Jan 6
108
Apr 29
2%
13%
21%
58%
20
*30
45
62% 63
•102% 106
85
5%
19%
1234
*46% 54
109% 113
19% 20
72
43g
13%
22
110% 110%
♦110% 112
91
13%
*97
"10634 107%
4034 4034
*86%
88
4234
*86
5%
111% 114%
19%
1934
8
32%
2%
25,200
Deo
Dec
6
62% Apr 29
ChampPap A Fib Co 6% pf 100
Mar
5
10% Feb 23
105% Mar 30
5
2
7
2%
7%
7
4
27
1,600
9
33 if Deo
31% Nov
Jan
par
Copper.No
2%
59
6
100
2%
12
234
4,700
9
57%
21
6%
29
290
50
54%
*25%
83
13
284
784
108
5334
Jan
Jan
Apr
Feb
...1
Certain-Teed Products
par
Mar
Mar 19
100
Preferred
Cerro de Pasco
108
9
Jan 11
14
50% Mar 31
4
85% Jan 5
26% Jan 6
106% Jan 6
36% Jan 13
7484 Apr 26
33
Apr 28
7% Apr 28
Central Vloleta Sugar Co...19
Century Ribbon Mills..No
84X2
59%
95%
3%
934
12%
1
12,200
23%
4
Central Foundry Co
Central 111 Lt 4H% pref.,100
Central RR of New Jersey. 100
10,400
12
4
No par
17%
70X2
*27
116
preferred
100
Central Aguirre Assoc..No par
68
29
50
138
6%
17
54
Jan
99
100
300
*94i2
2%
5%
•4%
Celotex Co
63%
108
91
30
100
Preferred certificates
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% preferred...
100
17
71
33% Max
37% Feb 13
7
11%
105
18% Mar 2
36% Mar 3
9% Feb 25
6
100
16
*103
1
Sept
59% Deo
35i| Deo
34% Oot
Apr
2Xf
8X4
14ig
13%
29%
2%
16X|
54x8
1
45% Feb
6
4
Feb
115
15% May
115% Sept
Jan
25
11% Jan 29
39
Oot
22% Deo
21% Deo
8% Apr
11% Jan
20% Apr
2
45% Jan 18
35% Feb 9
6% Feb 25
1
Carriers A General Corp
Case (J I) Co
65%
22%
4%
700
Feb 15
65% Mar
85
20% Jan 12
15
10
400
57%
27
2%
4%
23,200
13
7
4
100
31
*94%
*3%
3%
9%
234
13%
8%
Preferred A
29
15%
82%
170
Jan
Apr 29
27% Apr 30
25% Apr 28
67
Apr 23
12% Apr 29
48% Apr 28
1
170
*10S4
53%
A
101
11%
*25
83
784
14%
108
30
2,700
343g
8%
"§4X4
14%
62%
16%
69%
100
Mar 12
Jan 11
98
Apr 28
Apr 9
Jan 7
2% Jan
25
101
28
*103
100
2,700
62,600
7712
28
*11
1134
105
30
331
8
7%
101
101
4,200
15
12
...No par
Stamped
13,800
29
28
Apr 28
Apr 29
Apr 18
1
Carolina Cllnoh A Ohio Ry.100
*
75
13
*97
♦
500
24%
111% 114%
19%
19%
85
86%
*61% 70
38%
1534
4%
1134
72
15
15%
23
115% 116%
1978
1978
*86% 8684
*61% 70
*8%
8%
*34% 3584
♦106
Cannon Mills
13%
2578
284
*7%
6%
67%
105
*30
59%
95%
3%
9%
234
*94
4
14
*4%
13%
25%
6384
15
12%
*103
81%
5884
95%
*3%
2%
29%
15%
81
700
70
33
8'
103
12%
3584
42,200
53
Jan
Jan 11
Feb 3
Mar 22
50
104
Oot
65%
24%
25%
117%
14%
7
50
483
*100
57
Jan
51% Mar
58% Sept
3OI4 Apr
Canadian Pacific
101
44if May
45
Sept
8i« May
8% Jan
107ij Sept
9ig Jan
52% Jan 14
50
2
12%
101
106
Jan
48% Feb
28
102
Feb
Apr 29
"12%
*51
Deo
40x4
97%
2
37
123
53
33
Jan 12
22
Callahan Zlno-Lead
Apr
53
2
Calumet A Heola Cons Cop..5
Campbell WAG Fdy__No par
Canada Dry Ginger Ale
6
Canada South Ry Co
100
153
Jan
preferred...........50
5%
64% Mar
38% Jan 14
102% Jan
28
Jan
Jan
4i|
34% Mar
3,100
18,500
*51
Jan 13
5
49,300
57
8
50X2 July
12% Mar
Jan
29,200
53
76
No par
100
334
*
69
Jan
27
12%
48%
57
Deo
41
No par
No par
13%
28%
29%
*
48%
15%
5
Preferred
•
8
34
8%
*28
*30
84
2%
34
105
Byron Jackson Co
California Paoklng
101
76
*102
29
3,400
4,200
30
1284
27%
13
47
7
........10
3%
12
13
68% 72
6734 6884
66% 69
17%
18
17%
18
16%
17%
7134
71
7134
72%
70% 7034
108% 108% *107
110
*108
110
63
5184
54%
54
51
63%
18%
1834
'73%
74%
1087g 10878
*30
75
8%
*103
3%
7,900
6% oonv preferred
Butte Copper A Zlno
Byers Co (A M)
51
4314 Apr
25%
24%
13%
29%
4%
22%
75%
(Bush Term Bldg gu pf otfslOO
3,600
10,000
lli2 Jan
6ij Nov
18% Feb
Jan 23
26% Apr 30
100
Butler Bros
*48%
*15%
83
15
13
105
39%
*50%
Debentures
9,200
...
12%
16%
*12
♦103
1434
30%
5%
24i2
75i2
30%
40i2
8
8%
8
8%
155
155
153% 156%
159
161
165
167%
*120% 135% *120% 135% 120
120
*119
135%
87
88%
85% 88
86
86
86% 88
34%
35%
33% 35%
33%
35%
35% 36%
*111
113
*110% 113
*110% 113
*110% 113
40
40
39
39% 40
40
40
4184
103
*28
140
*51
103
8
34
103
*28%
*15%
76
12%
48%
15%
49
*98
*102
8%
7484
13%
32
29
29%
67
16
53
12%
300
*71%
29
*
60
16
...
*31
♦103
29%
12%
2784
25%
*51
♦120% 135% *120% 135%
91
91%
87%
87%
36%
3678
33% 35%
111% 111% *110
11534
*4084 42%
40
41
*76
13%
29
*
103
154
*30
51%
3%
*48%
8%
163
*50%
6,300
3,100
5
37
61%
3%
8
23%
*71
13%
No par
No par
27
Nov
32% Aug
47
Apr 26
8
Apr 28
60% Apr 9
31% Apr 28
Burroughs Add Maoh..No par
fBush Terminal..
No par
Bulova Watch
Bui lard Co
47
Jan
"is Apr 13
73
No par
8,700
4,300
30
5%
228%
52
52
*102
76
29%
39%
13%
49%
16%
*16
4%
22%
29
30
60
12%
preferred
63% Mat
IOOI4 Apr
June
6
Apr
1% July
yl2x8 July
4% Jan 11
Apr 22
Apr 27
Apr
16% Apr
108
Apr
9
Apr
5
56
30
32
14
30%
5%
3%
7%
Deo
59% Feb 11
53% Feb 13
18
No par
100
Budd Wheel
25%
Jan 18
ov
Oot
37%
23% Feb 23
4
100
new
33%
13,800
31%
14%
29%
38
29%
40
100
884
26%
784
*26
13%
28%
4
*56
78
29
39%
*50%
384
75
7% preferred
39
28
32% Apr 30
45% Mar 30
Budd (E G) Mfg
Jan 22
Deo
41
par'
Buoyrus-Erle Co
Feb 13
247g
38ij
120
43% Mar 30
Bruns-Balke-Collender.No par
9,700
26,100
3
43% Apr 23
1534 Mar 23
Apr 28
%6 Apr 27
45
Apr 29
No par
8%
54i2
*29
23%
4%
3,500
Mar
93
2% Apr 15
No par
No
14i2 July
18% May
77% July
16% Apr
40i8 Deo
80i8 June
7
Jan 16
46% Apr 13
22% Apr 27
32% Apr 20
86% Apr 30
20
934
*66
55%
712
*
1434
22%
*71%
2834
14%
♦49
13%
24%
500
Preferred
Mar 10
Jan
Highest
$ per share $ per share
15
Bklyn Manb Translt-_.No par
16 preferred series A .No par
33
33
30%
78
3,900
5
100
4
Brooklyn I nlonGas
Brown Shoe Co
6,400
108
9%
54
33
5%
29
13%
7
*26
30
*__..
8
28%
8%
2634
24
18%
17%
33
28
34
19
*65%
54%
52%
31%
33%
2834
8%
31%
4,900
400
33%
4834
18%
18%
*46
9%
8%
25%
384
60
8
46
Corp
Rights
Brlggs Manufacturing.No par
Brlggs A Stratton
No par
Bristol-Myers Co
5
Brooklyn A Queens Tr.No par
13,600
1,000
700
108
10
74
884
55%
28
45%
18%
40% Apr 8
85% Mar 22
41% Mar 12
24% Apr 28
38% Apr 28
8% Jan 28
(Botany Cons Mills olass A.50
Bridgeport Brass Co...No par
800
4%
32i2
Borg-Warner
600
89
*
108
9
*69
15
5%
2284
*71%
2884
39%
*50%
30%
*
86
55%
3234
4%
18
14%
13%
13%
17%
15%
31%
5%
30
32%
18
10%
8
29
30
33%
46%
4%
*80
34%
46%
1934
108
9%
34
14%
*56
89
18%
*26
14%
34
87
20
19%
17%
65%
35%
2934
32%
34%
48%
8%
30
91
32%
*70
14%
*4234
13%
*94%
32%
*
30
33
33
22%
4%
23
45%
33% Jan
No par
Boston A Maine
32,200
105,700
23
8
61%
4%
4
119
23
34
80
*60%
39%
*20%
23%
*23%
23
30
41
*35
*22%
9
7%
29%
67
4
45
5
5
Bon Ami class A
2,200
42
4%
2284
34%
89%
34
41
*58%
47%
42
29
29%
*41%
47%
42
10%
32%
26
*73
♦107
47
41%
4%
33
684
25%
*
46
42
35%
15%
31%
578
15%
31%
14
"45%
46""
46
28
8
35
18
46
45%
37%
30%
8%
*31
*20
45%
33%
73
8%
54%
%2
42
89%
108
9%
3
15%
r% 4
47
20%
18%
73
3
15
42%
2284
4784
108
11
847„
3
15%
116
^64
Apr 10
Class B
.—.No par
Borden Co (The)....
15
Year 1936
Lowest
share
per
29%
32%
94%
49%
48%
Feb 26
87
180
4
33%
47%
19%
17%
110
10%
*71
4584
34%
90%
89%
234
15
%
4634
4634
24%
33
3
16%
28
Bohn Aluminum A Brass
22,300
20,200
Apr 28
par
330
*4184
4%
34
92
36
*234
15%
%6
16%
*16
40%
11%
11
90
22
$
100
Blumenthal A Co pre!
Boeing Airplane Co
Range for Previous
Highest
$ per share
No par
Bloomlngdale Brothers-No
15,700
45
24%
40
Blaw-Kaox Co
110
2,600
90%
*10%
278
1578
Par
30
44%
26%
41%
11%
*86%
Lowest
11,400
90
May 1, 1937
Range Since Jan. 1
On Basis of 100-Share Lots
NEW YORK
Saturday
H
3
Apr 12
39X|
8X4
Jan
30
Oct
28I4 Sept
48
Deo
19
36%
Feb
Dec
30
Jan 14
29
Jan 25
16
Jan
12534 Apr 1
39x2 Jan 20
94
Jan
46i8 Jan 20
20% Jan 14
108
101
Jan
Jan 14
69% Jan
114
8
8
Jan 12
80% Jan 26
120
2D4
4%
75%
19%
45%
Ex-rights.
19%
Jan
31
May
39if Deo
14
Jan
90 x2
Jan
8034
Jan
44
Jan
IOOI4 July
55
Jan
Jan 25
97
Jan
Jan 21
1414 June
214 Apr
59x4 Apr
7
July
307g Aug
Jan 13
Jan 13
Feb 11
Mar 11
6684 Nov
377g Mar
36
Mar
136X2 Aug
*45if Jan
51%
Jan
23i8 July
10884 Oct
103
Aug
847f Pspt
128
Nov
91'4 Nov
136
24%
5xa
Nov
Feb
Feb
82
Feb
15Xf
44i2
Deo
H Called for redemption.
Jap
Volume
LOW
SALE PRICES—PER
HIGH
AND
Monday
Apr. 28
*15
$ per share
15
15
165ft
13*2
16*2
16*2
12*4
13
*12
*85
98*2
*80
90
*13
98*2
*85
98*2
*85
*89
90
*89
90
89
110
*89
110
*89
358
14*2
14i2
3834
38*2
14
16*2
16:*8
105
*10434 105*2
1045ft 105
10
10*4
16*4
153ft
15
16
16*ft
157ft
*10434 105*8 *10434 105*8 *10434 105*8
*10434 106
86,000
103ft
34*4
353ft
24
2634
99
99
55
66*4
54
22
2034
*21
50
50
51*2
2,430
125
*118
35*8
33
347ft
24*2
3*4
33*2
34*2
34*2
35*8
40,200
23
23
24
24
2534
12,600
*93
983ft
♦90
505ft
53*2
21*2
800
975ft
975g
53
5034
20*8
36*2
2*8
42*4
51*8
53
2
*178
10*2
119
*116
16*8
96
96
65s
6*2
20
10*4
116*8 116*8
39*2
*3938
16
153ft
937ft
93*4
39*2
16*8
39*2
80
80
*50
54
50
*75*4
15*8
1978
20
78*2
96
80
80
74
77
30
30
30
30
23*8
22
22
46*4
44
4534
22
2134
43*4
*121
8
8
500
preferred
No par
Feb 27
Cutler-Hammer
Ino__.No par
30*8 May
43*4 Jan
100
Davega Stores
2,200
40
10,800
Preferred
2,300
8,500
1,400
63l2
3134
*60*2
64
63
63
100
37
*36*4
37
*36*4
1912
19*2
21*4
20*2
22l2
"391*2
40
22*8
*
3034
78
258
47
45*8
45*8
31*2
29*2
*7ft
2912
29
29
1
5
434
5*8
15*4
15*4
*109
152
1535ft
132
132
132
114
114
157*2 158
155
154
36*8
1358
3712
1F>8
13
12
156&8
155
154
153
153
3414
125ft
36*8
11
47ft
2).
19
76*2
75
73
40*4 40*4
*1*4
138
5*4
5*4
24*4 2412
57*2
57*2
*11034 111*4
1
155
*151
538
123ft
152
153
*151
343ft
117ft
12*ft
36
3434
36*8
113ft
10*2
11
11*2
47ft
193ft
747ft
5
20*4
175ft
747ft
70
*67
67
40
3934
1*4
4*2
1*4
5
5
24
2278
58*8
*565ft
111*4 111*4
230
50
Eltlngon
9,200
Eleo Auto-Lite
1,700
68
1,400
40
2,400
preferred
—-No par
SO preferred
No par
Elec Storage Battery—No par
39*4
*1*4
4*2
23*2
57*2
1*8
1*8
13ft
4*2
4*4
4*2
22i2
57*2
225ft
22
138
2,000
45ft
3,500
2434
6,400
300
57*2
111.
220
10*4
10*4
200
111
67*4
*64*2
66
*64*4
66
*64
66
64
64
100
73
*70
73
70
70
*68
70
*68
70
200
*72
81
7
7
1938
19*2
18
28
28*2
*27*2
*2234
23
21
*76
81
*76
26*2
26
273ft
27
*20
21
21
215ft
22
22
81
*76*4
81
*76*4
81
*76
*76
11*2
12
*11
28
29
28
5
334
4
47ft
47ft
37g
25
23l2
53
53
52
----
58*2
22ift
9634
*125
—
--
-
56
57
20*2
2058
45ft
3*2
*128
56*4
*20*8
1684
24
28
18
17*8
12
11
U38
28*4
285ft
25
2634
412
3i2
2112
54
51
47g
35ft
MM
M —
*120
334
21
23*2
53*2
—
—
-
81
*120
*
93*2
*
93*2
♦loo"
135
100
100*4 *100*8 105
*100
101
*100
102
100
100
*100
125
7*4
4*4
9978
*92
39*2
39*2
40
*30
•
*
967ft
38
*30
7*4
412
34
9978
39*4
40
4*8
34
*95
38*8
*30
4*4
34
99
38*2
40
Bid and asked prices; no sales on
35ft
34l2
97
38
*263ft
034
4
34l2
97
38*2
40
this day.
Apr 28
~3~,600
58"
20
140
34
11
6% conv preferred
.100
Fajardo Sug Co of Pr Rloo.20
Federal Light A Traction.—16
*120
*l66~
45g
80
Fairbanks Morse A Co .No par
93
8
60
5
Apr 26
Jan 14
4,800
140
36
Apr 28
21
53*2
93
734
24
——100
25
20
8*4
——100
Second preferred
3i4 Apr 29
57
6
First preferred—
900
26
100
20
7
4,400
Fairbanks Co
57
7
Apr 9
6i4 Apr 29
1378 Jan 4
2,150
1,130
20
8*2
76
334
54*2
7
10i4 Apr 30
312
57
734
li8 Jan 2
4i4 Apr 28
215a Apr 28
65ii Jan 14
108s4 Mar 20
4i4 Apr 29
20
8*2
Apr 28
2634 Apr 28
*110
734
39
Mar 23
7*2
6*2
378
34*4
97
8*ft
7
4
34*4
97
700
20
100
500
Preferred
2034 Apr 2
51
Apr 28
150
Mar 31
Apr 28
4
7
7*4
37ft
34*2
99*2
512 Jan
4
4,100
Federal Water Serv A..No par
500
Federated Dept 8toree.No par
38
*203ft
f In receivership,
38*2
a
40
3,300
-M-M-M
Def. delivery,
n New
18434 Nov
Feb
136*8
Deo
116
Deo
5*8 July
150
123a
Deo
Apr
185
Aug
July
160
Mar
40*8 Nov
157g Nov
Jan
Jan
7
32®4
Jan
94*4
87
Jan
8
29*8
39*8
Jan
Dec
8758
44*8 Jan 16
7*4 Feb 6
265s Jan 14
2
Jan 19
8
Jan 18
29
Jan 18
60
Feb 11
*8 Jan
1*8 Jan
2234 Nov
6318 July
Aug
115*8 Jan 19
17»4 Jan 16
78*4 Jan 30
110
Feb 19
48
Feb 10
Jan 15
Mar 17
65
Mar 17
81
80*8
984
235g
353s
28*4 Mar 17
80
Jan 14
14*8 Jan 21
34*4 Mar 3
684 Jan 21
58g Jan 28
28
Jan 28
7*8
45*8
5*4
1078
1134
08
Jan
29
Oot
Jan
69
Jan
12
Jan
157g Aug
407g Jan
8*4 Mar
23*8 July
4*8
Jan
25g June
8*8 Apr
18®4 Apr
84
Jan
Mar 11
37
Aug
697ft Mar
73g
1118 Feb 25
3
Jan 14
94U Apr 23
4
10878 Mar
36U Apr 23
39i4 Apr 23
3984 Feb 19
stock, r Cash sale, x Ex-dlv. y Ex-rlghts.
Deo
34*8
115s Feb 19
6
June
18*4 Sept
Apr
4
4384 Mar
16*8
10
3158
Apr 26
Feb
July
97
Jan 11
2
09
116
Jan
Jan
Feb
Apr
Feb
Deo
11
122*8
Jan
15g
6*4
2914 Deo
Jan
Jan
293* Jan 18
Deo
Deo
Jan
Apr
Apr
3434
70
55*4
Deo
84®4 Oot
89*8 June
Jan
Jan
717| Jan 15
210*4 Jan 14
60
—100
Apr
92*4
Feb 23
Co No par
434 % preferred
Oot
Jan
Deo
129
ill 1*4 June
152
Jan 11
9
455g Jan 18
Fidel Phen Fire Ins N Y
Fllene's (Wm) Sons
35s Apr 28
34
120
Feb
47*8 Nov
173g Feb
7»4 Feb
257g Deo
129
94i4 Apr
Federal Screw Works._No par
38
16
9
100
Federal Motor Truck—No par
5,200
40
3
150
4,500
37*2
175*4 Feb
66*1 Jan 27
75ft
*263ft
5
No par
8*2
300
Mar
Co.—100
8
34*2
99*2
135*8 Feb 19
115*8 Jan 22
103
Preferred
18*4
133
180*8 Jan 18
53U Mar 5
20
Apr 28
93
Mar 29
Preferred
Federal Mln A Smelt
Jan
13*8 Aug
Dec
Mar 31
Erie A Pitts RR Co
Jan
03g
68
100
1>4
3
5
175s Apr 28
Apr 29
66
Apr 29
69
63
Erie
Deo
10i2 Apr 28
45s Apr 28
No par
SO preferred
No par
Equitable Office Bldg—No par
preferred
preferred
conv
$5 HI
36*4
834
Deo
114
Jan 19
163
Deo
5*8 Jan
5g May
1*8 Jan
47g July
Apr
No par
$5
5
3ia Feb 19
8*4 Jan 16
17*8 Jan 19
17
Oot
51
10
5
20
9634
—100
1
7
122
123g
82*4
16
Exchange Buffet Corp .No par
55*2
Deo
61*8 June
Jan
Jan
Apr
Apr
Evans Products Co
21
407g
Jan
30«4
Eureka Vacuum Cleaner
57
Jan
Deo
Nov
25
Apr
29
Jan 16
Jan
4518 Feb 11
1,900
-
Aug
41*8
7*8
505a
3434 Apr 28
2,200
M
40
534
5,700
23*8
52*4
Jan 25
Jan 28
28*8
4*2
53
95*8
Oct
Mar 17
11*4
23
345a
Deo
37*8 Feb 11
35ft
c
Apr
19
3134 Apr 12
1134 Apr 28
2834
140
*93
60
Corp
preferred
Apr 29
Apr 2
11
*110
9634
6%
Engineers Public Serv
150
2
285ft
*43ft
142
858
10,400
Endlcott-Johnson
151
2
Mar 13
4*2
125
*93
4jo6
t Elk Horn Coal Corp. No par
6% part preferred
—.50
3
El Paso Nat Gas Co
112
11*4
51
18*4
138 Jan
28
11*4
27*4
4*4
3*4
434
—
19
125
*102
'MM
81
12
54
18
7
2214
2734
29*2
2578
63ft
*21
5
53
75
*72
6*2
6*4
658
22*4
28
12
25
747ft
*72
76
6*2
19*ft
275ft
18
29*4
3*2
245ft
*72
$7
'
*70
67ft
1834
shares...
72
39*2
81
3
Boat
72
*64
634
(The)
69
73
*72
4
Elec A Mus Ind Am
23*2
57
57
*57
58*8
*567ft
*11034 111
11034 11034 *11034 111
10
11
*9*2
*10
103ft
*93ft
67ft
193g
Eleotrio
100
No par
5
Schild
Electric Power A Llght.No par
12
78
0% cum preferred
Eaton Manufacturing Co
6,500
67*4
634
J)-No par
11,800
66
Jan
Aug
93
39*4 Jan
116i2 Mar 30
14812 Apr 28
1112 Jan
Mills
54,000
39*2
43
9
55
Apr 29
5
13,000
14,200
15
1311J Feb
Eastman Kodak (N
*70*2
*72
Duquesne
478
66
Oct
9
123s Mar 8
77*4 Jan 25
Apr 28
100
Light 1st pref—100
4,600
*64*2
11
100
Nemours(EI)A Co_20
6% non-voting deb
Eastern Rolling
*11
11
Du P de
20*4
74*2
67
1*8
4*4
13,200
434
39*2
215ft
No par
;
185ft
39
1*4
47ft
Silk
Duplan
47ft
67
23
300
1834
68*2
3713
Feb
41*4
>4 Jan 12
2
45ft
40*8
Deo
40*8
Mar 17
4912 Apr 28
37
67
63
Oct
Mar
Dresser(SR)Mfg conv A No par
3,600'
11
Jan
29
8
Jan
42
96
Douglas Alrcr Co Inc..No par
177ft
5
Jan
39
Oct
30*a
25
2012 Apr 30
No par
127ft
105ft
197ft
7212
11*8
Ltd No par
5% pref with warrants..100
Dixie-Vortex Co
No par
3478
337ft
123ft
36*2
11*2
76ia Feb 19
36*f Feb 2
40*8 Feb 4
23
Apr 10
900
152
2:33*2
12*4
5*4
20*4
75*4
395ft
1*4
152
35*4
1134
3434
10*2
45ft
67
152
32*2
36*2
2
36is Apr 7
1834 Apr 28
2012 Apr 30
90
Feb 11
Participating preferred—25
Preferred
154
1234
37
13*4
Jan
25,200
400
153
355ft
345ft
12*2
355ft
36*4
117g
213s
3012 Mar 23
Feb
Feb
Feb
Apr
June
434 Apr 29
152*2
938
4
51
2,800
151
156*2
23*8
153
13
Convertible class B__No par
1133ft 1133ft
12*2
12*8
33*8 Nov
5434 Oot
8
JDuluth S S A Atlantic.,.100
Preferred.
100
Dunhill International
-.1
113*4 114
12
1134
May
108*4 Dee
108®4 Deo
323g Nov
2
400
151
*1133ft 114
1234
1234
117ft
Jan
70*a Jan
8834 Dec
197g Nov
Jan
61
Diamond T Motor Car Co..2
Deo
90
4684 Feb 17
132
132
9*4 Mar
217g
Jan
400
151*2 154*4
153*2
151
*1317ft 1335ft
132
Deo
12
3812 Apr 29
10
Apr 7
117
*109
117
*109
148*2 152
*1317ft 130
Jan
128
7
3634 Apr 10
153ft
*15
Apr
26
500
5
Jan
24*4
6
78
434
15
15
117
*109
117
152*4 155
132
5
44*8
2018 Apr
2*2
*2
2*8
Apr
146*2 Jan
4518 Apr 29
29
Apr 26
78
2
2*4
Jan
14?g
438
No par
Dominion Stores Ltd—No par
32
*29*2
1
78
2
19*8
3034
300
5434
103ft
Apr
5
Jan
Dome Mines Ltd
46
*
1078
Jan
Jan
Deo
583» Mar 17
Apr 28
93s Apr 9
Raynolds A—No par
Diamond Match
No par
Class A
52
27
29
6l4 Apr 28
Devoe A
Distil Corp-Seagr's
107
24*2 Mar 17
107a Feb 18
120
Detroit Edison
5
Deo
5
Jan
137*8 Apr 21
3134 Mar 5
5
Apr 13
Feb
Doehler Die Casting Co No par
1034
52*2
117
113*4 113*4
11,100
46
156
11358 11358
135g
13*4
4034
5334
46
117
4,800
5034
46
132
*109
------
4158
49i2
*15*4
15*2
15*2
38*2
40*2
38*2
*10*4
11
5*2
900
20*2
39*2
39*4
39*2
57*4
78
25g
512
15*2
2,200
13,400
------
38*2
42l2
105ft
56*4
78
*2*4
5*2
88
21*ft
*37
38*2
*37
20
20*2
217ft
21*8
38
2,700
------
3934
*29
49*4
5*2
16*4
*85 4
373ft
4134
10*2
11
78
*2*4
6
88
565ft
*45*4
1034
59
29
1
258
43
19*4
21
37
*36*4
*19*ft
20*4
*80
21*4
21*4
40
32 84
19
89
*36
39*2
42*4
42*2
1034
55*2
*45*4
22
~3834
37
20*4
22*4
*86
700
32
3134
3134
19*4
1834
20*4
1934
221ft
91
♦
40*2
42
37
22
91
3134
*36*4
32*4
*89
*88*2
2134
593s
49*4
317ft
32*4
121
Apr
75a
18*2 Jan 16
109
Apr 29
42is Jan 4
17i8 Jan 4
JDenv A Rio Gr West pref.100
*53
155
*43g
Delaware & Hudson
907g Mar 10
24
20
Corp.10
100
Diesel-We mm er-Gllb
64
*109
36
29
Delaware Lack A Western. .60
*253ft
33
85a
1043s Jan
No par
.20
Deere & Co
1,600
25*4
23*2
40*2
40*2
4234
1138
*93
6
Corp
pref
.25
Dayton Pow <fc Lt 4>£ % pf.100
Conv 5%
5% non-cum preferred-.100
32
Jan
Sept
62
50
*58
Jan
4
10*i
48
190
64
114
59
8%
De
14*4 Mar
99*t Mar
1
Deo
20
129
Jan 14
Apr 28
76
Apr 10
15i8 Apr 24
19
Apr 29
100
Apr 23
33g
Jan
35*8 May
107g June
86
12
11*8
11*8
Jan
73
28
*11934 121
2384 Mar
Sept
6*8
Oot
Deo
125
63*8
6
4
6
Deo
56>4
pref. .100
Cushman's Sons 7%
11*8
*25*2
22
*22*8
512 Apr 28
18is Apr 28
Apr 29
1
A
Mar
109*2 Jan
83gMar
19*8
Apr
9
4
205s Feb 11
1412 Apr 29
9
1
Curtias-Wrlght
Class
43
92 i2 Apr
493# NOV
95*8 Apr
1*4 Sept
143s Jan 12
Jan 11
3834 Apr 29
No par
Preferred
28
91
58*2
*2112
60
No par
Packing
91*8 Nov
58*4 Nov
Deo
28
127
Jan 30
110
100
Preferred
Cudahy
Curtis Pub Co (The)
173g Jan
Apr 26
10
*25*2
23
*130
(The)
Cuba RR 6% pref
Cuban-American Sugar
11*8
21
*70
Ills Apr 12
Cuba Co
28
*36*4
*89
11*2
5*4
20*2
*76*8
1»4 Apr 23
100
500
*10
37
3538
13*2
37*4
No par
Jan 11
5
Mar 30
353g Sept
Jan
7*4 May
MarlO
3
120
317ft
*151
135
10
*58
*78
*2*4
*5*2
*15*2
8
25*4
65
*31
4
124
*59
11*2
5834
*45*4
Jan
Apr
25,000
77ft
778
121
Deo
Nov
140
44
51
Preferred
10
*25*4
3934
42*2
19
73ft
7
121
Deo
73g Mar
50*8
155a Mar
Jan
56*2
120
Jan
17
99
124
25
*38
445ft
18
19
173ft
75ft
43*2
45
170
46*4 July
I007g Feb
100
6
11
11
11*4
25
20*2
223ft
17*4
6*4
9
19*ft
43
Oct
Apr 16
41
*120*2 125
125
317ft
1834
*734
2934
2134
43*2
18*2
Oct
82*8 June
69*a
July
41
56*1 Feb
9
5
19i4 Apr 29
70i2 Apr 7
4712 Apr 10
100
Det A Macklnao Ry Co.__100
11*4
*36
44*2
18
19
177ft
125
2934
20*2
42*2
30
23*8
45*2
19*4
1934
8*2
122
128*2
30
4
3
4
400
77
125
4
Jan
Aug
Crucible Steel of America.. 100
4,900
100
77
Jan
158
25*4 Apr 13
10834 Apr 15
8184 Mar 3
170
15*2
*14*4
19*2
*18*2
10234 10234 *100*2 10234
132
129
126*4 128
30
30
*29*2
30*4
207ft
20
21*2 £20*2
19
Apr
035a Aug
55*4
7D4 Jan 15
171*2 Jan 14
10*4 Mar 16
6
No par
Zellerbach Corp
$5 conv pref
1,300
15
*14*4
preferred
Crown
18,600
77
101*2
8*2
200
49,500
79,000
*71
Dec
Apr
355s Mar 8
77
Feb 13
435a
73
78
Mar
40
Deo
25
3
8
47*4 Jan 28
193ft
*71
4
447g
37g Feb 11
473S Apr 20
2834 Jan 15
49
128*4
15*2
197ft
Feb
No par
73
78
*75*4
*14*4
77*4
40
No par
18*2
49
Apr
2*8 Apr
28*s June
46
J2.25 conv pref w w-.No par
Pref ex-warrants
No par
57ft
49
35*a
Crown Cork & Seal
18'8
48
4234 Jan 23
Crosley Radio Corp
300
73
48
243g Mar
9,000
370
48
Jan
17*8 June
377g Nov
300
50
*
Nov
87*4
Mar
1,500
5*2
18*4
18*8
109
Nov
9434
57ft
73
6*4
19*2
6*8
19
Nor
Jan
Deo
35
94*2
55ft
94*2
94ift
6*8
19*8
4
07*4
63»4
130
4,800
9312
93*4
5i2
35*8 Nov
Jan
Jan 16
15
1434
Jan
15s
Jan 28
39*2
39*4
14*2
26*4 Mar
103s
37
*38*2
1434
3834
1584 May
1,500
*116*2 122
117
117
15*2
Dee
121
103ft
39
Deo
2912 Apr
80
15
15a
9*4
377g
38 May
2
11534 Apr
9,300
39
Jan
June
12*4 June
100
7%
-
134
116*2 120
1234 Nov
No par
-
113ft
934
Deo
106*8 June
Cream of Wheat ctfs
-M
134
10*ft
17*4
Jan
5*8 Sept
101
600
•-M
113ft
15*2
*143ft
15*2
1912
19*8
19*2 19*2
101*2 101*2 *101*2 10234
123
Crane Co
134
10*4
25
No par
26
Coty Ino
11,300
11*2
129
l28~
17,600
95$ Nov
Apr
Apr
2534 Jan 23
6212 Apr 29
6738 Apr 28
153
Apr 14
100
Preferred
1*4
101*2 *100
*
1,150
10,800
Corn Exch Bank Trust Co. .20
*10*4
97ft
*94
50
1934
Continental Steel Corp.iVo par
134
934
6
Corn Products Refining
Oct
July
3618 Apr 30
218 Apr 28
40i4Mar 2
263s Jan 4
1
Motors
2,000
1134
8178
76*2
*14*2
15*8
Continental Oil of Del
Continental
Feb
109
20
Continental Insurance__.J2.60
1*4
197ft
*80
23,600
1134
6*2
6*4
19
203s
3,300
5,500
17,300
1**4
134
505S Apr 28
Apr 28
20
Continental Diamond Fibre. .5
120
*114
124
*114
20&8 Jan
Jan
11*8
5
10&8
23
Continental Can Ino
12*4
al2*4
10*2
934
11634 122
393ft
393S
153ft
153ft
17«
13
*11*2
934
1334
*11*2
10*8
125
*115
125
*118
Preferred
------
I057t Jan 23
33
14,400
2034
36*2
2034
36*s
2*4
43*8
21
Class B
35,100
975ft
*87
21
3*4
3
3*8
27ft
981ft
53*4
20
55
21
125
9
6i4 Apr 29
7g Jan 2
8*g Jan 26
5% preferred v t o
100
Container Corp of Anaerlca.20
Continental Bak class A No par
37
38
38
37*2
3734
3634 373ft
238
2*4
25ft
2i2
258
2*8
2*2
2i2
44*2
44
435ft
413ft 43
4234
4234 437ft
30
28
29
30*2
33
31
29*2
31*2
31*2
3138
31*4
64*2
63
64
63*4
64
6312
67*4
62*2
657ft
64*2
6534
587ft
583ft
58*2
5712
61*8
573ft 59*2
59*8
603ft
59*8
6034
*152*4 156
*152*4 156
*152*4 156
*152*4 156
*15214 156
*152*4 156
75ft
738
8
8
7*2
734
8*4
7*4
7*4
7*2
734
7*2
48
49
48
46*2
49
473ft 50
49*2
48*4 49*2
4934 5034
»
115*2
115*2 *112
115*2 *112
115*2 *112
11558 *112
115*2 *112
32*4
*31*2
33
33
32*4
32*4
32*4 32*4
32*8
"32*2 32*2
32*8
20
22
22
22
*19*4
20*4
20*4 20*2
19*4
21*4 22
21*8
71
77
77*8
75*4
7534
74*2
7534
7434
7158
7234
7612 77*2
48
48
*46*2
48
48
48
48
*44l2 48*4
*46*4
*47*4 48
43
42
42
43
43
*42
*42
*41*2
*42
42*2
42*2
43*8
2034
20*8
21
21*4
19*4
21*ft
19*2 205ft
2134
20*8
1934
21*8
101
101
101*2 1027ft
102
100*8 101*4
102*2
105*8 105*2 101*4 103
64
65
63
055ft
62
62
64
65
68
63*4
6834
62l8
*121
9*4 Jan 4
Apr 28
10934 Feb 17
69 ia Jan
9
46
483a
37s
13*g Feb 26
177a Apr
Apr
102
975s Apr 30
50
3
497S Jan 23
Jan 12
108
15
Feb
7*8
20*8
27*4
100
46
,
9
373s Apr 13
3734 Jan 14
5*4 Jan 15
46
3*4.
6'4 Jan 20
1834 Jan
Apr 29
Apr 26
10434 Apr
Consol Coal Co (Del) v t 0..25
3858
234
4512
38*4
258
44*8
*32*4
67*4
6038
Nov
tConsolidated Textile.-No par
9,300
3
21
Nov
94
4
Apr 28
27g Apr 29
16,600
1284
9812
5434
98l2
95
Feb
4*8 Sept
15*4 Apr
,.No par
78
12*2
33ft
3
3*4
Jan
73*8
Feb 24
78
125ft
Nov
72*4
Jan 4
is8 Feb 27
13*4 Apr 6
5234 Apr 6
78
11*4
7
7S
Dee
85
5
Consol RR of Cuba pref.._ 100
1,300
7
7
6*4
78
634
78
1134
7
Jan
33*8
1934
65*14 June
Mar
37
No par
Preferred
100
25>4 Mar
Mar 11
10412 Mar 30
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
3,000
7
Jan
92
13
$5 preferred
11
1
25
3
104*2 105
934
9*4
157ft
15*s
June
95
Consol Ed Co of N Y..No par
25*2
46
4634
38
Aug
8
9
2
3?s Apr 29
.1
11*2
7*2
27
3412
26*4
37*4
105*2 10534
10*4
97ft
10*2
*7
'
1158
38*4
15
9012 Feb
No par
Preferred
16
187a Jan 15
87
Mar 2
22
8312 Apr
_
Consol Film Industries
2,300
36
47
Prior
38,300
13
100
preferred
100
pref ex-warrants. 100
Prior
MM
38*4
7ft
11*4
4534
34*8
11
-
373ft
14
33ft
3*2
3*2
35ft
13*4
37*4
37*4
383ft
106*4 106*4
78
7S
78
,
M -
150
14*4
13*2
14
11*2
47*2
7S
11*4
w
MM-
Jan
80
Highest
share % per share
S per
19i4 Jan 23
Jan 14
Apr 28
15
I6I2 Apr 6
12i4 Apr 28
No par
_
W M M
89
88*4
*88*2 110
*133ft
734
*73ft
734
*7*8
105
90
*80
88*2
88*2
Consolidated Cigar
Preferred
1,500
Highest
J per share
No par
pf—100
Connecticut Ry & Ltg
90
12*2
12*2
*88*2 110
*88*2 110
3*2
334
334
14
1053ft 1053s
105ft
*1038
1534
I6J4
105*2 106
1034
1034
98*2
8 934
110
3*2
14*2
383ft
37
18
Cigar
Congress
500
163ft
*12*8
16*2
16*2
Lowest
Lowest
J per share
Par
2,700
2,700
334
334
358
*14
91
*88*2
14*4
*89
*85
Shares
12*2
135g
14
the
Week
$ per share
$ per share
15 L 15*8
$ per share
1534
16*2
17*8
18i2
100-Share Lots
EXCHANGE
Friday
1534
*1658
18*2
On Basis of
NEW YORK STOCK
Apr. 30
Thursday
Apr. 29
Wednesday
Apr. 27
$ per share
3 per share
*15
17*8
*1678
1334
Tuesday
Apr. 26
Range for Previous
Year 1930
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
JUI
Saturday
Apr. 24
2947
New York Stock Record—Continued—Page 4
144
2*a
20*8
Jan
Apr
Jan
Oct
5S4 Mar
25
Deo
71*4
210*4
Deo
61*8
2734
101*8
Deo
92
Deo
Deo
Deo
Mar
123*8 NOV
12*4 Mar
0
Dec
O
Oot
Jan
46*4 NOV
105
Dec
1153s Nov
38
Apr
4934 Nov
Jan
40*g Sept
20*4
If Called for redemption.
New York Stock Record—Continued—Page 5
2948
LOW
AND
HIGH
SALE
PRICES—PER
Saturday
Monday
Apr. 24
Apr. 26
Apr. 27
$
per share
3584
*104
$ per share
36i4
3418
104
104l2
47%
47?8
36
50%
36is
5038
35
35
778
*30
Apr. 28
34%
3434
IO284 10234
46i2 4634
3458
35
4734
3578
51
5134
36
124
Apr. 29
33
*116
*30%
738
36
54
*121
45l2
35l2
2,000
5412
800
35
*31
35
*31
35
7
45i2
3212
738
53
718
54
53l2
12012 121
*118
4418
46
*11212 120
*113
12
12l2
67
67
67
*67
2614
2758
26*4
27
46
45
34
7l8
54
7%
116
*9%
*45
53
*31i2
3478
31l2 31i2 *29l2 31%
6
5
434
5%
578
22
26
2234
23
2438
*100i2 102i2 *100l2 115
*100% 115
*5%
47l8
*10l8
*67
72
14I8
*1312
*101
14i2
1378
1214
1334
103i8 *101
70% 71
1358
1334
14512 14512
7014
13
13i2
146
10
9i8
28
28
2538
5412
54i2
52
120
4314
*136
*119
....
147
46
140
*26
147
136
1%
2%
*67
6484
58
58
56
*62
78
78
6434
*118i2 120
*118i2 119i2 *11812 120
6712 58i2
5534 57%
56%
116
116
115i2 11578
11512
*4658 48
*4658 48
46%
*11
11%
*1612
*108
4
1034
46
4
47
45
114
*110
16
378
43
45i2
114
378
*111
441
114
78
*
64
118%
"2~600
64%
117% 118
130
111
10%
300
46
111% *111
7014
69
70
62%
66
63
65
*60%
70
27i8
2434
251
23
23%
25
25
25
25
40
40
40
40
38%
39
38
40
39%
39%
1,200
15%
15%
15%
83%
15%
83%
15%
15%
13,400
*83%
83%
200
23
23%
23
23%
16,800
5338
678
7
3%
3%
684
83%
23%
83%
42%
43
*52%
54
4212
4312
11
*92
4034
131
11
93
128
10i2
*92
378
9
'
3l2
9%
64
'32
*334
838
'128
3%
2038
378
2U8
37%
*4112
2114
38%
43
33
41
23
24
22
51%
3578
52
49%
3512
*135
3578
138
5934
*135
5934
4234
125
42i8
12534
*10l8
1034
9%
93
*92
92i2
91%
334
3%
884
838
'64
%28
3%
334
60
33%
76
76
94,100
1,000
10
2,400
60
31,700
8%
11,700
16,500
"3%
-
46,500
3234
33
32
85
*71
14%
14%
13%
1438
1334
14
1H8
*10%
3%
lli8
10%
1034
*43
50
*41
3%
3%
32%
31%
85
*71
33
33%
85
1,900
12.200
4,000
40
70
66
33%
*71
3,600
85
10
13%
14
13%
14
13%
14%
*10%
11
11
11
11
11
3%
3
2%
Glmbel
2%
3
2%
16.300
500
3
3,600
Brothers
*51
*32
*30%
17U
$6
preferred
No par
Goodyear Tire A Rubb.No par
$b preferred
No par
Gotham 811k Hose.....No par
Preferred
100
Graham-Paige Motors.
Gr'by Con M S A P 2d stpd
Conv pref series
Granite City Steel
Great
32
32
31
30%
31
290
15%
*28%
17
5,200
Hall
1,100
Hamilton Watch Co
*106
107
*106
107
*
101
*98
100
4414
*128
45
...
*14
43%
2878
287S
"43"
43i2
*129
*129
1478
*10H2
5%
106%
1358
*110
13l2 1312
105
10278 10278
5%
538
5%
106% *10512 10712
14
1314
1378
115
148U 14814
3112
*30
*110
1334
104
*29%
105
1314
115
*111
*
31l2
45
133
133
104
538
156
*
28%
55
106
131
28
43%
*129
*98
4434
133
28
28%
*105% 106% *105% 106%
43%
*129
101
43%
133
*111
113
*112
156
*__
156
~28%
28%
"28%
*140
162
*152
158
155
155
*150
*130
132
*130
132
130
130
*12S
130
*123% 130
*108i4 110
*40i4
43i2
58%
108
39%
58%
58
108%
108
40%
*107l2 109l2 *107i2 109
27l2
2784
33
3314
*
112
360
375
*3714
2678 27%
32i2 33%
*11034 112
360
363
4038
58i4
108
4078
107% 107i2
2658
3234
2678
3338
*58%
108
32%
374
3812
37
37
37
3714
37
22
22
2112
2214
21l2
22
20%
*6114
64
61
61%
61%
61%
*90
93
91
91%
91%
14%
1358
7814
15
81
8OI1
334
334
3%
3%
1038
1038
1038
9%
9%
2038
1938
1978
18%
19%
60%
37%
21%
61%
338
*37%
20%
60%
*60%
1434
82
78
4
1038
2018
334
2038
4
378
*878
19%
358
3238
33
30
57
*50
54
*45
60
*47
58
*47
58
*63
65
63
63
*57
62
*60%
20%
63l2
19%
*59
*2018
92%
14
15%
75%
79%
15%
77%
334
3%
3%
%
19%
3%
3038
3H2
28%
716
30%
28%
20
19l2
Bid and asked prlcesnu) sales
on
19%
19%
this day,
t
316
19
Conv
1,750
64
91%
32
cum
Holland
6,900
1,300
92%
800
14%
16%
77,300
75
79%
16,700
1,100
9%
3%
9%
17%
3%
18%
29,900
3%
9
18%
400
3%
3%
14,500
%
3%
ST6
30%
700
38%
Ji6
31%
25,100
9,900
64
29%
*48%
*60%
64
10
19%
*20
21
560
In receivership,
a
58
M
M
—
«,
«.
*
Deferred delivery,
Feb
9
2
June
27*4 Feb
48% Feb
47% Jan
J5
16
24% Aug
28% Jan
6
28% Mar 8
65% Mar 10
Jan
Jan
65
39% Mar 10
89% Nov
98
69
22
Apr
Mar
3
65
May
Feb
8
14%
Dec
1% July
30%
34%
Feb
8
30
Jan
36
Jan
33
June
24
July
14
Jan
Feb 18
xl04
Dec
Apr 26
105
Jan 22
100
June
100
102% Apr
9
4% Apr 29
101
Jan 13
1234 Apr 28
ill
Jan
107
Feb 26
104
Nor
8
JaD 14
109*4 Mar
15%
3
Jan 25
4% Apr
99% Dec
12% Aug
Jan
9
Mar
133
Mar
31%
117
May
141
Jan
150% July
165
Deo
Apr
41
185
3
84
Jan
150
Deo
135*2 Feb 2
67*4 Jan 21
126
Aug
135
Apr
111
102
Apr
2
39% Feb 11
52*4
Feb
Jan 19
Feb
6
120% Jan
4
25%
68% Sept
30%
Sept
Jan
80
Jan
Feb
49%
Dec
108
June
30*4 Mar
9
9
Jan
33%
Oot
4
43% Jan
7
19%
Jan
42%
Deo
110% Apr 27
337
Apr 30
114*4 Mar
3
108
Feb
116
Mar 29
407
Dec
344
21
Jan 27
31% Mar
37
Maris
431
41
5
39% June
44%
22% July
33
stk No par
67% Mar 25
73
Jan 11
64% June
Dee
Oot
Feb
Mar 20
v
10 new 25
88% Apr
12
Apr
9
94
8
62%
4
Jan
124
27% Feb 11
100
100
3% Apr 29
17% Jan 22
90% Mar 10
5% Jan 21
100
9% Apr 28
15%
No par
17% Apr 29
3% Apr 28
3,6 Apr 29
6
Preferred
Hudson Motor Car
Hupp Motor Car Corp
1
Rights
Illinois Central
100
pref series A
Jan
22% Jan 28
Jan 21
23% Feb 17
4
Apr 24
%6 Apr 28
38
Mar 17
Jan
137|
Deo
Jan
65
Dec
18%
Apr
100
46
Jan
67% Mar 11
30
June
63
Apr 14
72
Jan 20
58
Jan
RR Sec ctfs series A
100
14%
Jan
25% Mar 11
11
May
Cash sale,
x
Ex-dlv.
y
4
Ex-rlghts.
»78% Nov
6%
3% June
8*> Apr
13% May
100
4
Feb
Mar
48%
lines
r
Oot
119
20% Apr 28
Manhattan
New stock,
Jan
9
6
105%
6
Howe 8ound Co.
n
Deo
115
No par
B
com
Deo
18% nov
Jan
39% Apr 26
preferred
Leased
35
135%
Feb
102% Mar 12
100
Jan
12
Nov
126
par
par
Jan
120
32
115% Nov
105% Mar
166
No par
100
30%
Deo
Apr20
No par
No par
6
Feb 26
Jan
Jan 11
17*4
Deo
Mar
148% Apr 24
28«4 Apr 13
150% Jan 5
preferred
pref erred... No par
58% Mar
140
4%
•6
6212 Oot
34% Deo
37
Aug
15% Deo
Feb 16
Apr 30
Jan
17% Nov
Jan
31
6
Oot
19V
108
20% Feb 10
95
Jan
I
12%
52% Nov
32% Oct
46% Oot
42% Deo
149% Aug
60*2 Mar
26% Apr 17
1
Deo
31
32
13%
Jan
Nov
44
136
6
Apr 29
6%
*25%
42% Jan 2
145% Mar 2
64% Mar 10
69% Mar
Furnace...
Houston OU of Tex
6%
Jan
47% Apr 29
128% Mar 22
58
Apr 27
A
Jan
9%
100
Household Fin
Hudson
16
32%
4
Homestake Mining
5%
Apr
Apr
1
8
2
Houdaille-Hershey cl A.No
Class
3%
Jan
preferred
conv
1% July
5
Jan 22
25% Apr
Hershey Chocolate....No
90
21
91
4
$7
Deo
Jan
104% Apr
Preferred
Holly Sugar Corp
7% preferred
20%
Feb 27
Dec
96% July
4% Feb
11% Mar
77
9
2
Hazel-Atlas Glass Co
25
Hecker Prod Corp v 10-No par
Helme (G W)__
26
5,700
*37%
8
Apr
5
Jan 12
Oot
14%
Jan
7n Apr
6%
Feb
35*2 Deo
86% Nov
31%
6
100
33
37%
15
118
Nov
105%
.100
32
20%
60%
Dec
Dec
No par
6%j % preferred
Hayes Body Corp
800
130
4%
Apr
Jan
10
Preferred
2,700
"
4*4
8%
17% Mar
No par
352
Jan
234 Apr 29
40
Powder
*90%
06
21% July
xlOO
26
Printing
33
14l2
73
Hercules
500
Mar 11
13% Jan 18
Sept
11% Apr 28
Hollander A Sons (A)
*378
*834
5934 Apr 24
31% Apr 29
10
337
Mar 15
47% Mar 11
141
Jan
25
Water
7% preferred class A
3,800
363"
35
300
93
14%
75%
3%
*9%
17%
3%
Hackensack
26
8OI4
378
4
100?
25%
90%
13%
*91
3
100
Mobile A Northern.. 100
26%
110% 110% *100
364
4
Apr 27
61
11034 11034
Jan
Feb
155
41
40%
40%
40%
107% 107% *106
107%
£25%
31%
6%
Apr 13
109
26%
33%
2
Apr 28
*123% 130
61
Jan
19
No par
*108
91% Apr28
40
Motors
bl
4
43
29%
108
4
Jan"
9% Apr 28
40% Jan
Preferred
30
108
27«4 Jan
100
Mar 26
Hercules
155
Feb
Dec
17*2 Nov
Feb
74
19% Apr 28
700
154
6%
67
118% Mar
Jan
6% Nov
116
87*4 Mar 11,
128
100
Feb 17
7
Hat Corp of America cl A
1,100
8% Feb 19
115
79% Jan
Harbison-Walk Refrao.M? par
Preferred
100
5,100
6*4
13%
1,100
18,700
Aug
70
50% Mar 11
101
100
July
4
Hanna (M A) Co $5 pf.No par
112
~28%
Apr
Jan
33
Preferred
Gulf
»
156
*60
364
373
112
61
40%
107% 108
-
31
3,300
44%
108
40%
26
-
133
*
28%
159
61
43%
*129
115
*__
159
*5814
«.
6% Apr 28
110% Apr 29
10
13
13
13%
13
12%
*101% 104
*101% 104
*101% 104
5%
5%
4%
5%
5%
4.%
103
105
103% 103% 103% 104
13
12%
13%
1278
13%
12%
113
291
M
101
13%
156
_29%
*98
6% Feb 25
11% Mar 18
4*4 Jan 11
30%
107
9
Jan 18
16%
32
101
Mar
10% Apr 15
*32
28i2
2
9
13% Apr 28
500
101
Feb 23
Mar
Greyhound Corp (The) .No par
5Yi°70 preferred
.10
Guantanamo Sugar
No par
52
*106
1
137% Apr 27
*49%
*30%
29
4
'178 Apr 26
3% Apr 29
1
Western Sugar..No par
47%
104
20% Jan
Feb
Preferred
100
Green Bay A West RR Co. 100
Green (H L) Co Ino
1
Greene Cananea Copper... 100
47%
107
5
Grant (W T)
No par
Gt Nor Iron Ore Prop. No par
Great Northern pref
100
48%
29
83
4
Apr 12
No par
51
*101
15*4 Jan
No par
*4834
*106
Jan 26
3
Rights
_
100
1
„
Grand Union Co tr ctfs
5112
3238
15%
Jan
Jan
51
15%
*27%
3% Apr
32% Apr
106
Feb
"766
16%
2838
4
Dec
13
31
6% Jan 13
65% Feb
7*2
10%
50
14%
117% Jan 22
5% Jan 20
48% Jan 7
4% Apr 28
*12%
*32
Apr29
Deo
June
Gobel (Adolf)
1
Goebel Brewing Co
..1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
*41
*30%
111
15%
110
36
12
16
par
Jan
35%
50
31
Jan
105
92
12
3238
6*4
123% Nov
39% Dec
Oct
*41
16
Jan
1
Jan 19
Jan
18%
Dec
12%
31
118
Jan
84
11%
1634
Nov
62% Sept
3% Jan
13
31
77
37%
50
1534
Jan
63%
58%
*1214
31
Aug
51*2 Jan 28
*43
*32
123
52% Apr 29
preferred
12%
32%
3134
17i2
Oct
83% Apr 28
39% Apr 30
conv
49
48%
3234
16% Feb
116
70%
50
4H%
12%
50
70*i Feb 11
122% Feb 2
60*8 Jan 9
Oct
July
Mar 20
$6 preferred
No par
Glldden Co (The).....No par
13%
*41
1
19
No par
54
13%
*
41%
4,200
*71
10i2 Apr 27
15% Apr 13
Feb
110
Gillette Safety Razor..No par
Conv preferred
No par
3,200
22
*10%
*3%
*50
20
128
*60
114*2 Apr 8
45i2 Apr 15
124
68
Oot
35%
66
117*2 Mar 23
5538 Apr 28
65% Jan 18
Jan
34
*60
Mar 22
30
21%
66
60
Oct
Deo
20%
34%
40%
21%
*59
81
19*s
19%
60
Jan
13% June
34
60
19%
Jan 27
20%
88%
29%
90%
35
,
77
Dec
3%
-
Apr 16
44% Nov
91%
«.
69
31%
400
81
7%
-
77
17
3%
7%
Jan
30% July
91%
%28
Jan
19
Jan 25
40
4034
40%
40
40%
40%
22
20% 22%
21
22%
21%
49% 5034
49
49% 50
51%
52%
50%
35
35i8
3512
35%
35%
35%
35%
35%
13778 138
*135% 138
*135% 138
*135% 138
138
33%
7
Oct
14
43% Feb 11
36,000
*_
Feb
64% Jan 29
70% Feb 17
4%
71
33*4
114% 114%
44
42%
8%
3%
Jan
37
6,900
3%
%
2,700
5,300
92
Jan 18
Deo
6%
3%
Nov
89
4%
9%
44
3212 Apr
6%
4058
Deo
Feb
1% Apr 29
56
Apr 28
64i2 Apr 5
3%
Deo
55
9
6
4%
*124
59*2 June
162
Apr
Jan
6%
9%
Jan
88
4%
41%
Jan
Dec
34*2
33%
107% Jan 4
3% Apr 28
42
Apr 29
Gen Realty A Utilities.
900
123
70*i
49
140
60% Deo
128*4 Nov
62*4 Apr 28
23
Apr28
7,600
*91%
40%
21%
Jan 13
Jan
Gen Steel Castings pf_.No par
20
19%
52% Jan 23
17
Oct
Gen Theat Equip Corp. No par
Gen Time Instru Corp .No par
1,700
2,100
35
Dec
360
3%
36
Jan
28
Dec
3%
35
11*4
Jan
48*2
53%
3%
6%
Oct
5*4
71
6%
92
3%
.
7
26% May
33% Apr
"3%
_
Feb 11
14
4
39%
9%
Deo
Nov
Jan
Feb
*83%
40
76
20
155
141
70%
39%
*52%
122
Apr
Apr
4
loo
Railway Signal...No
Preferred
Jan
10*4
Apr 28
52%
10%
97
42%
Jan 14
Apr 26
42%
81
1
Apr 29
14% Nov
104% Apr
3
4%
41%
....
20%
20%
35%
41i2
23%
5034
3534
3414
87g
'64
312
20%
Apr 13
Aug
17% Nov
8*2 May
Jan 5
Feb 17
Feb
105%
Dec
58i2 Apr 29
52%
125
3%
378
5978
3%
39%
120
1078
85
34%
*76
4114
128
9
Nov
16%
35
41
110% 110%
41%
43%
81
79%
100
1
84
*83%
11% May
$6 preferred
No par
General Refractories ...No par
84
5
458
4%
4%
684
634
6%
6%
*111
119
*110l2 114
*110% 114
*110% 114
46
4558
43
4278 4512
44
41%
43%
8314
8358
7934 83
81%
8118
80%
81%
*128
3%
.......No par
No par
26
5538
Common
10
Gen
273s
4178
44
Mar
152
Gen Public Service
2,300
45„
1
126% Mar 31
$8 pref class A
...No par
General Mills.........No par
Preferred
..100
20
26,400
2,000
55
153
Feb
136
2,100
3%
4212
19%
15%
105%
86%
19%
112% Apr 28
39
Apr 29
..100
2,200
114
59%
5
106% Jan 2«
100
No par
No par
36%
56
Jan 16
4
General Printing Ink
$6 preferred
10
3%
44%
33
Mar
No par
*41
10%
59%
5
Feb
7% Aug
30
Nov
65
No par
45
36%
44l2
*5558
Dec
63*2
4712 Apr 28
Gen Outdoor Adv A
10%
114
83%
78
Jan
4
*41
3,400
83%
Jan
32% Mar
preferred
Oct
Feb
Apr
Apr
838 Apr 28
Genera] Motors Corp
$6 preferred
16
1578
16
16%
16%
*106% 108% *106% 108% *106% 108
3%
3%
3%
3%
3%
3%
42
42% 43
*44
46
43%
23
4
36%
Nov 2135
3*4
23i2 Apr 28
55%
5678
56%
58% 214,200
115% 115% *116
116%
3,100
10%
241
Jan
23% July
108
Feb
47%
6
Conv pref series A ...No par
17 pref class A
No par
20
75
"64%
64%
118
84%
145
97*4
31%
No par
7% cum prelarred
7%
Apr 28
I2i2 Apr 27
July
Deo
3
No par
General Cigar Inc
66%
58%
23%
84l4
42%
No par
Mar 13
68
63
127
4
Gen'l Gas & Elec A
*66
Deo
Deo
8
19,200
36
85
Apr 26
100l2 Apr 9
95*4 July
45%
Jan
2
59%
11*4 Mar
48%
120
7%Mar
44% Feb
58%
2418
22
101
73
39
*55
68% Nov
42% Dec
66*4 Dee
34% Deo
48% Jan
6
No par
No par
36
85
Jan
Mar 25
10,800
60%
87
46s
32% Jan 13
117
64% Jan 21
37
25
Apr 22
Apr 28
26
9
Jan
50i2 Apr 26
*
85
7
Jan 14
No par
60
161
53
Apr
24%
General Electric
35
1578
2534 Apr 29
109% Jan
54% Feb
135
General Foods
60s4
*8338
preferred
Class A
10
37%
1612
85
$8
600
62
16i8
*833s
2314
Gen Am Trans Corp........6
General Baking
5
Bronze
36i2
85
Gabriel Co (The) cl A..No par
GamewelICo (The)
No par
Gannet Co conv 56 pf__No par
Cable..
70
I684
100
4
86,500
59%
3%
10
Preferred
Fuller (G A) prior pref.No par
16 2d preferred
No par
General
60
1658
*8338
2412
*847S
Freeport Sulphur Co
1,100
36i4
*38
83
5,900
72
2738
Apr 26
4,300
37%
6138
6138
67
share
36% Deo
105*4 Nov
18% Jan 12
General
3634
*70
Aug
Apr 22
2,100
*111
106
12
10
10%
3
Apr
Francisco Sugar Co
No par
F'k'n Simon & Co Inc 7%pfl00
Jan
lli2 Apr 29
384
3i2
June
128
Mar 22
13i2 Apr 28
"3%
3
32
53%
66%
115% 115*2
45%
45%
10834
4
25% Mar
3% Aug
Apr
39%
1%
Dec
68
51%
2
Jan
Feb
40
Apr
30% Sept
45
39
*60
57%
10%
15%
Feb
Mar
Feb
53
*55
118% 120
10%
1738
16l2 16i2
10834 *108
10834
4
*
11
Feb
39%
1%
64%
55%
Mar
51%
78
64
100*2
43
3
1,700
x24%
9
118
Gen Amer Investors...No par
Preferred
No par
140
Mar 11
Feb
Highest
% per share $ per
39
56
*67
643
*134
66%
*61
*68
6434
136
41^8
107%
52%
46%
58%
39%
9%
share
10
Gar Wood Industries Inc
147
•
52%
40%
2%
*-
per
No par
6,300
25
140
4
8,100
"~8%
50%
65
12
100
39%
5978
30
14%
8,100
53%
66
14
12
2,500
403s
214
*61
100% 100%
14%
12%
12%
51%
*58
380
68
40
78
3,300
105
52l4
67
""loo
578
24
12%
40i2
60
3H2
58s
24
68
5012
*58
514
preferred... 100
conv
Foster-Wheeler
60
*101
40
*
5,100
51%
12%
5314
2l4
20
69
41
218
72
101
4078
214
~~2~406
12%
*136
4H%
Preferred
68
5238
214
8,800
101
*
Jan
80
13
9
34
634 Jan 14
70%
147
Florshelm Shoe class A.No par
Apr 30
32l2 Apr 29
Apr 12
47% Jan 25
116% Jan 19
8%
"8%
9%
25
25
23%
25
51%
50%
50%
*50
50%
112% 115% *106
122% *108
122%
39
42% 42%
41
39
39
119
*4318
*136
11%
102
23%
47%
24%
*50
119
14
46
No par
12%
*
8%
43
140
14%
12%
No par
Food Machinery Corp new.. 10
68
13
1212
120
43
*101
70
*
9%
2734
5314
*136
4314
140
13%
12%
13
1214
45
Florence 8tove Co
X Follansbee Bros
2578
26%
110
110
22
22
2238
10012 10012 *100i2 115
1334
103i8 *101
70
*
10
120
1414
1312
5U
4
1021* Apr 28
3,100
*
22
5
z3234 Jan
$
2,400
*67
Range for Previous
Year 1936
Lowest
Highest
share
7i2
129i2
1238
12%
12
72
100
First National Stores..No par
Fllntkote Co (Tbe)
No par
139l2 *115
1238
5
*2438
100
Preferred series A
per
12912
46i4
47%
2714
2584
2612
114l8 116
*110
114
*45i2
53
*4512
5H2
26
2612
*2738
31
*114i8 116
5412
5,700
*118
26
12l2
Firestone Tire A Rubber_._10
$
55%
54
122
4584
Lowest
Par
700
34
67
*45
9,500
*51
*10%
116
35i2
5412
*31
121
34i8
10278 10278
102l2 102i2
*51
7%
129i2
45%
47l2
35
Week
Shares
share
per
34i8
50i4
54
122
3358
Apr. 30
%
Range Since Jan. 1
On Basis of 100-Share Lou
STOCK
1937
EXCHANGE
46
13
5412
STOCKS
NEW YORK
the
3334
72
117
*50is
Sales
4514
28i4
28
34i8
50i8
8
4538 4718
*118
*11414 122
CENT
Friday
$ per share
102U 103
51
55
122
12912
4738 4912
PER
Thursday
$ per share
share
per
7i2
*124
*lll2
*6814
Wednesday
5384
55
*117
3514
104
*47i8
34i8
50%
818
55
$
SHARE, NOT
for
Tuesday
May 1,
5%
Jan
17%
Feb
22% Nov
29*2 Oot
54% Sept
73% Oct
20
? Called for redemption.
Oot
Volume
LOW
144
New York Stock Record—Continued—Page 6
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER
STOCKS
Sales
CENT
Monday
$ per share
$ per share
Tuesday
Apr. 27
Wednesday
Thursday
Friday
the
Apr. 28
Apr. 29
Apr. 30
Week
$ per share
16
16
$ per share
$ per share
$ per share
Shares
Apr. 26
15%
15i2
1534
1534
42i4
42l2
43i2
43%
129
128% lz8% *125
111 ^8 113
22%
113
24
5
5
5i8
8%
734
8i2
8 >4
8I4
7
8i8
20l8
7-ts
*55i4
20r,8
1812
734
161
161
105% 106U
*151
152%
20
6i2
73s
5H2
55i2
158
56
48
*156
165
157
51
146
934
1112
10%
1078
934
10 3s
978
11%
10i2
1034
IOI4
123s
12
Ills
1214
10
1178
III4
H78
6134
62%
5834
6014
58i2
133s
7>s
107
6*8
98
61
6l3g
61
107*4 IO7I4 *107*4 109
7*8
*5l2
6%
*45
14%
7%
104%
98
57*2
6%
6*4
47
46
50
50
27
25%
45
44
44%
4334
40
43
*92
95
99
43*4
96
*42*4
98
95
95
73s
103
No par
19,500
3,500
800
16,900
27,200
12,900
434 Feb
5
6%
Int Hydro-El Sys cl A
49
25%
43%
39
39
41
25%
43%
41%
*92
95
*92
1,800
49
25%
44
800
95
12
11*4
11%
11*4
11%
10%
11*4
10*4
10%
10*2
11%
28
26
27
25
26
25
26
24%
25*2
25
26
3,000
*101*2 104
104
104
104
104
*104
107
*20
17*2 20
*1734
20*2
28*4 28*2
28%
29*2
*118*2 126
*118*2 126
*118%
*70
76*2
*76*4
76*2 *70*s
126
129
128
130
127*4
125
125
*124*2 125
*124%
128
128
126*2 128*4
127%
*2834
35*2
18*4
*35*4
36*4
3734
*117
120
♦117
25
24
24
*35
118
18%
28
28
126
*118*2 126
77
74
126
125
36
35
*117
2334
600
28*2
1,300
*118*2 126
124*2 *120
30
24
3,000
35
*36
40
*35
37%
*35
35
35
31*2
30*2
3034
*29
30
*29
30
*27*2
30
30
30
24*2
24*2
2378
24%
*23%
24
23%
24
£23
23
110
98*4
98*2
23*2
98%
17
17%
23*2
98%
17%
3,500
13%
14%
14
150
18
17*4
147g
*102
1478
18
14*4
18
*103
14*4
17%
14%
17%
1434
103*2 103*2
103*2
104
105
98%
16%
13%
104
104% 104%
5678
537s
55%
54
55
51*4
54*4
18
18*2
17*8
18*8
17%
18
16%
17%
44*2
44i2
40*4
4334
41%
41%
39
40*2
*7*2
8
7*8
7%
7*2
7%
6*4
7*2
67*2
67*2
64
25
25*4
24*8
61%
24%
56's
*10
10
11*4
136*4 *-..
*
"34"
22*2
66*2
24%
63
64*2
24%
2434
57%
24%
10
*9
10%
*8
135
"34*2
*
135
"34"
36*2
22*s
37
22%
2234
22%
*
22%
*17
2134
*18
20
*18%
20
*24
32*4
*25*4
28
28
28
213s
2034
21
20*4
21%
20%
21*8
*14
*13
1378
17%
13i2
25*4
25*4
23
24*4
3934
3934
3734
39%
189
18*2
19
2
10*,
*
189
"17**2
2
10*2
2
10%
118
12434 12478
18
*17*2
49*8
49*8
17*8
2234
37%
*
1834
2
52%
16%
17%
17
42
24%
8*2
*
22*4
*36%
21%
20
25*4
19%
*26
28
20%
*16%
*25*2
19%
16
*12%
122*2
17*4
10%
120
*
189
"i7%
18%
2
1%
11*4
10
120%
119
16%
16%
16%
*46
19
1%
1038
120
49
61%
12%
65%
63
64
13%
13*4
12%
13
27
27
♦26*2
26%
*2634
27
27
27
*26%
27
*97
98
97
97
*96
98*2
*96
98
*96%
97*i
96*4
97*2
97
Preferred
Apr 29
A.No
Kennecott Copper
No
Keystone Steel A W Co No
Kimberly-Clark
No
Kinney Co
No
Kroger Groc A Bak
34
Apr 29
115i2 Apr 8
26
35
Apr 29
28is Jan 13
£23
Apr 29
35
98l4 Apr 28
110
447, Jan 16
1612 Apr 29
13l2 Apr 28
Apr
Mar
19*2 Jan 14
10912 Feb
4
Ne par
8i2 Apr 29
r!27
—5
100
50
preferred
No par
323, Nov
18*2 Nov
747,
Feb
135
Deo
35«4 Aug
51
Nov
19*8 June
28
Jan
4H, Jan 14
32
157, July
Jan 13
Mar
6
1
17«4 Mar
15*2
94ia
17
203
6
Jan
16
Llbbey Ownes Ford G1 No par
Llbby McNeill A Libby No par
6H2 Apr 28
934 Jan 2
26*2
97%
300
Life Savere Corp
255s Feb 25
200
Liggett A Myers Tobacco...25
Series B
25
9
*107*2 109*4
3
2%
80*4 Nov
7
May
283, jan 18
25
May
97
Mar
4
2l2 Jan
4
8*2
8
55
7%
8*4
35
35*4
36*2
107*2
107i2 *107
2234
2278
22*2 22%
141
*141*2 143
141*2
*20
20
20*4
1934
90
89
90
90*2
35
31
34*4
33*2
33
*30
131*4 *130
52
50*2
50*s
50*4
4634
1334
13*4
14
*51*8
52*4
48
7
6*2
*5*4
16
*
*20*4
10
938
22
21
20
*88*2
32%
*31
3234
13134 *130
19%
91
87*2
33%
31%
33
1,500
Louisville A Nashville
33%
33%
33%
32
*30
131% *130
'
10,100
No par
6,600
Macy (R H) Co Ino
No par
1,600
Madison Sq Gard v t 0.No par
2,900
Magma Copper
t Manatl Sugar
49*2
48
47%
48
47
14
14%
14
14
51
47
48*4
47
48
46
47*2
46
*6
6*2
6
6
*5
7
47*2
6%
6%
*5*2
5%
6%
18
20
*15
*14
*15
23%
14*2
28*2
15
10
21
*
28*4
""9%
21
4*4
10%
2*2
2
14
*13%
31
28*4
4%
43
*4
9%
21
4%
11
2
*13934 152
*13934 152
59
59*2 *50
59*2
12
12*4
12*4
12*4
60
3%
10%
2
2
*13*2
26
27
27*2
60
4*4
10%
2
24
25
37*2
10*2
3%
10*4
9%
60
9
57
3%
4
2%
16
28%
4
9%
21
4
412
10%
2%
10%
*2%
*13*2
28%
*3%
16
23%
23%
27
26
23%
29%
55
59
55
9
9
55
56
36*8
36% 37
35%
36%
35%
36*4
36*2
*142
152
152
*142
*139% 152
*13934 152
56
56
58
58
57*2
56%
59*2 59*2
12
12
*11
11%
39*4
*38
40
*38
39*2
44*2
*30%
106*4 *._,
44*2
*30*2 44*2
106*4
106% *...
10*2
*38
»
*1111
10%
11
39*2
11
*38
39%
44%
106%
44*2 *-.-106%
..IOO
Pref ctfs of deposit
-'«»
1134 Mar 19
Apr 27
100
Mar
9
4,500
Maracalbo OH Exploration.. 1
22,900
2,200
1,700
4,900
............
1,000
1,100
200
2
Jan
58*4 Mar
8
40*8
Apr
Apr 29
334 Apr 29
41
Apr 28
187, Jan
4
55
Deo
46*2
Deo
67*, Deo
1087, July
Feb
35,
617s Deo
83, Mar
45
Jan
113
Sept
26*2
Jan
151
Jan
30*4
102«,
Oot
Oot
35
Feb
42
Jan
134*2 Nov
49*4 Oot
65*4 Nov
15% Dec
85,
Jan
34*2
Jan
57
77, Jan 12
15,
Jan
9
7*4
Jan
Nov
Deo
Dec
18
Nov
6
167, Jan 11
39
16*2 Jan 20
295, Jan 30
Jan 14
3*2 Mar 29
67, Mar 27
5l>4Mar
35*2
7
June
32
Deo
57*4
127,
Dec
23*4
Feb
17*2 May
24>4
Deo
4
307, Mar 10
29*4 Apr 30
137, Jan 10
Feb
8
634 Mar
12>4 Aug
3*, Mar
Jan
6*2 July
I834 Jan
23
Nov
45
Nov
2*4 July
41
May
Deo
56*2 Nov
1*,
11*8
Jan
6*2
Apr
27*2
1537,
Apr
7*2
25*8 Nov
"12"
Mar
6
4184 Jan
Jan
Apr
Jan
74
423, Nov
Jan
163
Deo
Apr 28
66*4 Mar 11
43*4 May
70
Nov
10i2 Apr 29
3914 Apr 26
16*2 Jan 11
21*2
Feb
44
Jan 13
Apr
43*2 Deo
55
Feb
6
45
Jan 13
44
Nov
7
111
Jan 22
103
Jan
156
Feb 26
68
-No par
Jan
Feb
63*2 Nov
Mar 10
63
8*2
100
Prior preferred
Jan
Oct
214
9
May Department Stores...10
No par
Apr
22*4 July
6*4 Feb 17
Jan
3578 Apr 28
Preferred ex-warr'ts.No par
May
21*,
14U Feb 13
2
Mathleson Alkali Wks.No par
Preferred
33,
£38»4
334 Apr 29
2518 Apr ?9
8% Apr 29
55
Apr 29
No par
Jan
Jan
Oct
1018 Apr 29
No par
No par
7% preferred
Apr
33
Jan 20
Maytag Co
2
35*2
127*2
273,
Jan 21
Masonite Corp
Feb
8
20
.1
104*2
9
39
Martin-Parry Corp
July
32*2 June
43
Apr
132*2 Feb
62*4 Mar
13U Apr 26
Martin (Glenn L) Co
Jan
36
57*2
26
No par
Marshall Field A Co...No par
257,
99
IOO
100
Marlln-Rockwell
Apr
Dec
100
2d preferred
19
May
Prior preferred
,
Jan
Deo
20
1538 Jan 20
Jan
170*4
23*4
140
Feb 11
Jan
Oct
283, Jan 13
36
Nov
31*,
116
160
14734 Jan 20
4134 Mar 11
Nov
116*8
107
Mar 17
13
97«4 Mar
2
8
1091, Jan
28% Feb
Preferred
70
20,600
(Del).5
100
37, Feb
75*4 Mar 11
1034 Jan 26
43*4 Jan 8
21*2 Apr
Apr 20
1914 Apr 29
Market Street Ry...
Jan 23
21
25
Marine Midland Corp
110
Jan 11
t Manhattan Ry 7% guar.100
Modified 5% guar
100
530
84i2 Apr 19
30
Manhattan Shirt
17,700
3
65
Mar 30
1,400
No par
Bros
Jan 14
61
537, Mar
7
5,100
Man del
3
5l2 Apr 28
16
Apr 26
1334 Apr 28
27
Apr 20
9
Apr 28
500
25%
858
938
-
900
100
22%
9*4
Mar 31
4234 Jan 5
46
Apr 29
Preferred
290
43
130
5
4
43
8634 Apr 29
2914 Jan 4
32
Apr 20
100
Certificates ol deposit... 100
28%
43
*42
-
4
Mar 31
21U Apr 30
138l4 Mar 30
193s Apr 29
920
-
Apr 29
6% Jan
Mar
83*2 Feb 15
34i2 Apr 30
106
100
..
4
47
27
9%
*19%
22%
25*2
24%
26%
14%
-*22%
93S
9
41
24%
27
20%
14%
52
10
700
21
*15
19%
41
4*2
14%
19%
43
29
60
*20
4
27*4
36*4
23*2
14%
9%
16%
23*s
61*2
*15
29
978
3678
19%
20%
4
25*2
61
20
*13%
*9%
367s
28*4
""9"
*5%
19%
*458
14
*28*s
42
9
23%
17
46
9*2
*
7%
19
5*2
20
28%
*43*2
2478
*42
13%
*5%
..No par
6% preferred
Mack Trucks Ind
8,000
48%
-1
MacAndrews A Forbes...—10
32
49
13%
.100
Ludlum Steel
131%
47%
48*4
19
preferred
88
13%
7*4
7%
88
47*4
4i2
*1111
220
87
48%
21
preferred
Lorlllard (P) Co
Louisville Gas A El A..No par
14%
634
100
10
100
5%
2,300
51%
11*4
39*4
44*2 *--..
*29
10,600
Long Bell Lumber A...No par
25
Loose-Wiles Biscuit
19%
48%
412
40*8
32
131% *130
40
19%
14%
1078
9*4
*30
32
131% *130
1938
86%
£32%
1,100
19%
47%
2%
478
*138% 141%
19%
88%
9,200
14*4
412
*4
140
20
8
7%
35
34%
107*2 107*2
21%
21%
138% 138%
50
11*4
13*4
28*4
7*2
Lone Star Cement Corp No par
52
4*2
14
7
Loft Inc
7,300
51
*2*s
31
8
No par
9,600
55%
53
51
11*4
*2
53*2
140
140% 140%
23*2
*12**2
52
7%
8
55
34%
35
34%
36
34%
34%
107% 107% *107*8 10712 *107% 107*2
22
2l78
21%
22%
22%
213,
*35
*107
52
53*4
55%
Oot
2
153, Mar
5
57
19
387, May
47*4 Jan
Jan 16
79
106l2 Jan
56
Feb
Apr
21»4 Nov
No par
57*2
Oot
4
123»4 Nov
Preferred
100
Nov
22
Jan
4
Loew's
180
Jan
July
2
May
6412 Jan
26,200
18*2 Nov
18®4 Deo
46*2 Nov
12
No par
80*s
Feb
89
113U Feb
Apr 26
Jan
26«4
8
Mar
Inc
79*2
56
Jan
50*4 July
Apr
Apr
95,
517s Apr 27
433s Jan 4
62%
337,
213, Feb 11
585, jan 9
5,900
97
July
8*2
137
4
Apr 19
4834 Apr
1
Jan
7*,
181, Jan 18
Apr 29
Jan
Feb
1
245, Mar 17
334 Jan 18
Apr 28
1% Apr 29
6,400
4834
June
12
6U, Feb
4
13%
Preferred
Apr
20*2
277, Mar n
160
Nov
471, Jan 23
24i4 Jan 14
277, Jan 14
147
Jan
63%
.5
Apr
Apr
Apr 28
118
No par
Cl
45,
17
(The).-.No par
Lerner Stores Corp
Apr
20*2
13
10
5
2
35% Apr 28
50
Lehn A Fink Prod Corp
Jan 25
Apr 24
2178 Apr 28
20
Apr 6
2514 Apr 28
18i2 Jan
30
2
Feb 30
24
34
IOO
18*2
633, Nov
157, jan 16
71
295, Jan
59
54%
48
Oct
Oot
No par
53
53
Jan
Deo
Jan
No par
65*2
48*2
Jan
jan
247,
107
46*2
73,
Liquid Carbonic
47%
Feb
Jan
Link Belt Co
61%
*50
53
Dec
Feb
Nov
283,
37, May
Lima Loco mot Works—No par
65
50%
17*2
87
33U
93s Mar 30
1,000
50
Dec
36*4 Nov
110
5i2 Jan 5
47% Jan 12
24U Apr 28
par
par
2,900
51%
55
Jan
245,
3,000
65
64
50%
80
17«4 June
Preferred
700
Dec
Apr
Apr
48*2 Aug
28*4
49
154*2
21%
Jan
237,
1914
Jan 14
233, Feb 11
5
Jan
19*4
17
5
27U Jan 18
63*2
56%
54*2
21%
Deo
121
Jan
59%
49%
49*2
76%
77%
78*4
76%
77%
76
78
78*2
75*8
7634
107% *105*2 107% *105% 107*2
107*2 *107
107*2 107*2 *107
2%
2%
3
2%
2%
2%
2%
2%
234
278
153% 153%
22
21%
60% 63%
154
60*4
Nov
8
4634 Apr 14
No par
4,700
Deo
Deo
13
1,700
1,300
98
Deo
1261,
133
116
61
par
Lane Bryant
4,100
3,400
97
Sept
933, Nov
152
Mar 17
par
No par
10*2
97
126
Mar 17
23
97*2
313, Nov
29
Jan
213s Jan 21
96*2
98
Oot
Apr
22>4
20i2 Mar
Lehigh Valley RR
98
391, July
Feb
107
121
..No par
No par
Lehigh Valley Coal
12%
26%
97%
6
Nov
19*4
4
20
102
preferred
Lambert Co (The)
Lehman Corp
Jan
Feb
76*, May
93
377, Nov
693, Mar 10
6%
9,400
16%
121%
Jan
Feb 15
100
Kress (S H) A Co new
8:§66
122
2
126
136
46
Jan
May
Feb
NOT
10
Kresge Dept. Stores
conv
88
4
par
No par
Preferred
4%
8
Mar 18
Jan
Apr
58*2
Jan
Oot
53*2
35
Apr 29
I6I4 Apr 29
38i2 Apr 8
Kresge (S S) Co
"
113
155
125l2 Apr 29
Lily Tulip Cup Corp ...No par
64
106*4
1
B
Kendall Co pt pf ser
Jan
1,000
97*4
*151% 15378 *151% 15334 *151% 153%
22
22
22
22
*21%
22*8
52
*1111
8tores.312.60
-5
Keith-Aibee-Orpbeum pf..l00
Kelsey Hayes Wheel conv cl A1
Kayser (J) A Co
15
243, Aug
Jan 13
55*2
*39*4
Jan 16
71
Jan
1261, Mar 29
87i, Jan 5
1712 Apr 26
25% Jan 26
121
82
107*2 Apr
175
68
*
IOO
Preferred
Kaufmann Dept
6
26i, Jan 30
30
Apr 15
8
Feb
11*, Sept
103, Apr
Jan 18
100
5034
*4
120
103U
157, Feb 19
361,
Jan 28
*65*2
*54*2
14
B No par
IOO
City Southern
Jan
IOI4 Apr 29
2434 Apr 29
114
22*s
2934
No par
46
9612 Apr 28
153
Apr 24
*22*4
9*2
.1
No par
Ino
2
*4612
63%
49
65%
21
1
19%
1%
10%
48%
49
*18
189
"18%
16%
13
15*4
28*2
*
16%
65*4
*13%
No par
Island Creek Coal
Lee Rubber A Tire..
49
*
IOO
Lehigh Portland Cement.-.25
13*2
7*4
22*2
23*8
June
1,800
50
*6*4
50
4,200
65*2
*21
Feb 19
36%
13
*634
110
25%
300
8ept
5
23
16
112
90
36%
6434
*31
5,900
Apr
30
36%
49*2
*130
20%
May
Oct
23
1334
5634
8*2
""""20
6
Feb 16
Apr
Laclede Gas Lt Co St Louis 100
19%
10
15
36
67*2
153
7,500
37
107
64% Apr 20
111% Jan
Deo
Mar 11
22%
189
Jan 21
20*2 Apr
52
13
1%
6
2
37*4
"I?"
12134 Apr
6
Deo
8*, Deo
98*4 Deo
483, Nov
31>4 Jan
23%
*
Jan
Jan
13
2
Jan
15,
Nov
233,
147,
IOO
-
Preferred
"2:800
22*2
28
2*4
136
Apr
35*4
18%
*12
300
9%
42
6
Feb
19*4
No par
Stores.No par
Intertype Corp
1,010
125*4
66», Nov
IOO
Preferred
6,300
43*4 May
47
Inter Telep A Teleg
125
*18
19*2
1,100
24%
22
20%
8,400
61
*39"
22%
1334
153
1,600
*
39
67*4
97*4
7%
*59%
24%
*8%
8%
125
37
*6%
59
24%
81,400
42*2
6%
6%
57*4
54%
18%
42*2
Deo
73»a Mar 10
23
22
119
17%
53%
Feb
18*4
4
Silver
Class
8
Deo
493, Jan
16
11*4
17*2
106
Jan
1338
67i2 Feb 16
2834 Jan 25
38%
11
11*4
123
25%
19%
14
104
120
Deo
4*2
7
Apr 26
25i8 Apr 29
435s Apr 30
23%
189
"181*4
2
*16
*17*2
13%
16%
41
9
125
"36%
36
51
983S
300
10*2
9
18«4 Jan
11*2 Oot
105, Oot
6U2 Nov
International
600
1,100
Deo
Jan
No par
1,500
106
*98*4 110
36
194
105*2 Deo
160
Apr
Jan
No par
Kan City P A L pf ser
Apr
18*4 Deo
57, Mar
7*4 Deo
3
Shoe
Kansas
167, jan 29
Jan
6
Kalamazoo St A Furn Co...10
34
120
148*2
2>4
9% Apr
900
34
23
4
Jan 18
Jan
1514 Apr
10&8 Feb 24
534 Jan 12
120
*117
Jan
3*4 Apr
123
23
95, July
27, July
22<4 July
160
Apr
665, jaD
6
IOO
34
Deo
5
Jones A Laugh Steel pref—100
117
57,
2434 Apr
18
Apr
350
22
Jan
8>4 Jan 30
100
Preferred
Preferred
34
Jan
2*2
13534 Jan
41
Deo
77,
187,
7
90U Jan
24*4
Oct
Dec
3>4
International
180
Jan
5
162
6I4 Apr 27
Johns-Manvllle
124
6*8
Feb
107,
Jan 18
16i2 Feb 23
12812 Apr
No par
Jewel Tea
Deo
Nov
111% Jan 22
578 Apr 28
preferred
140
122
189
10714 Apr 24
International Salt
7%
Aug
8858 July
147
lli2Mar 16
28i2Mar 11
Apr 28
99% Apr 7
14478 Apr 30
878 Jan 4
6% Jan 4
lli8 Apr 29
55i8 Apr 29
Am.. 100
Certificates
Interstate Dept
125
9i8 Apr 14
63i2 Apr 14
100
4,200
*30*2
*98*4 HO
Corp ..No par
Preferred
"360
117
35%
120
IOO
Internet Rys of Cent
__
23*2
37%
3878
21%
28*2
71
*72
71
73%
130
125% 129%
131%
124% 124% *121% 125
127% *120
120
2334
20
*1834
28%
*118% 126
124% 124*2
125
28
127
127%
20
*18%
74
129
35%
120
25
18%
2834
.
45,700
No par
Int Printing Ink
60
107
100
Preferred
Inter Pap A Pow cl A..No par
Class B
No par
90
ll7s
*104
1
Int Nickel of Canada..No par
490
1,200
1,700
28
*101*2 104
25
Internet Mining Corp
310
49%
—.100
Int Mercantile Martne.No par
80
130
*6*4
No par
Jan 21
6
157
Harvester
Preferred
15*, Nov
413, Nov
May
1334 Jan 20
Jan
Int Business Machines. No par
Jan
106
137
Jan
Internet
4*,
255, May
Feb
131U Mar
33's Feb 23
165s Jan
42
Iron
Agrleul
Prior preferred
Preferred
7
6%
25%
*43%
No par
No par
..100
Interlake
Internet
30,500
59
47i2 Apr 20
5
Rubber
Intercont'l
Highest
% per share $ per share
144
Apr 28
110
Lowest
221, Jan 20
1234 Jan <
36U Jan 26
125
No par
1
Insuranshares Ctfs Ino
Class C
109
*6%
$ per share
X Interboro Rap Tr v t 0..100
No par
Steel
33,900
59
6%
48
19,700
13,000
I per share
27
28
29
28
28
1,300
5,500
14%
7%
106*2
Year 1936
Highest
133% Mar
Apr
20*2 Apr
478 Apr
73s Apr
100
Inspiration Cons Copper.-.20
*108
59%
109
*6*4
25%
45
14%
7%
6%
51
*25%
45*4
4334
No par
Ingersoll Rand
27,000
2,800
3,400
5,200
52,600
19%
14
56%
6*4
27
18
10
Industrial Rayon
6% preferred
12
18%
109
6
6*2
6*4
1078
11
1138
5634
100% 104
109
5%
1012
11%
7
57
*108
7%
IOI4
11
17%
13%
104
56*2
58%
109
*6
6r»8
45
45
*98
13
46
2534
45%
45
14%
7%
*108
Indian Refining
Inland
5914 125,300
55's
57%
100
129l2 12912 *12812 132
19
*25*s
51
255s
*45*4
17%
102
7*2
6*2
7*8
6%
19
12%
7%
104
58
109
18
7
Par
~i~7o6
103i2 10534
14478 146
10l2
Ills
59i2
55%
58i2
*128i2 132
*128l2 132
19*4
133s
Lowest
800
165
106
146
10%
17*4
12*4
*160
104
150
13
*12812 132
21,200
52
105i2
11%
1178
19i2
1378
738
50
165
158i4 *158
103
103% 105%
*146
150% 151
125s
193g
1,300
153s
44I4
129
51
50
11%
11%
*128% 132
*126
Range for Previous
100-Share Lots
EXCHANGE
—.
6%
158
153s
42i2
43
129
*13512 14812 *13512
*13512
110
110
11314 11314
11034 11H2
2334
215s
2334
20%
2234
21%
2258
5
5%
478
5
478
5
*478
8
7»8
778
734
8i2
7i2
778
7
6%
7
678
678
7%
7is
20%
18i2 203S
1934
19i8
20%
20%
7
534
678
6I4
678
6i8
6%
*53
IO2I4 10534
150% 151
15
4114
125
113%
734
6%
1914
56
15
43
125
*5
8%
1578
41
125
22%
5
15%
43%
128i2
4134
126
*135i2
*112% 114
247g
24%
Range Since Jan. 1
On Basis of
YORK STOCK
NEW
for
Saturday
Apr. 24
2949
43iS Feb
1061, Jan
Jan 25
165
13*i
-50*2 Apr
110*2
Oct
'
/
•
Bid and
asked prices; no sales on this day.
X In receivership,
a
Def. delivery,
w New stock,
r
Cash sale, x Ex-dlv.
y
Ex-rlghts, H Called for redemption.
J
3
New York Stock Record—Continued—Page 7
2950
BLOW AND HIGH
SALE PRICES—PER SHARE, NOT PER CENT
Apr. 24
Tuesday
Apr. 27
Apr, 28
Apr. 29
Apr. 30
$ per share
$ per share
$ per share
Shares
32
30
30
18
16*8
1778
95
32
30*2
17
*30*4
1634
16*8
30*2
17*8
*30*2
16U
9212
*83
*90
95
*90
92*2
51
52
a51
51
50
21
21*2
21
21
35
3558
36*4
34*4
14*8
33*4
*20*2
3434
3134
35*2
3234
35*4
3238
13*4
33
1378
1312
1418
5234
22*2
3638
35
1 14
14*8
13*2
♦45
45
45*2
45*8
* 15*4
15
14*4
16*4
*103*8 104
*103*8 106
31
a> 2934
29*4 30*4
96*2
k*95
96*2 *94
74
72
A 74*2
75*2
1234 1338
13*2
J 13*4
43*4 43*2
^*43*2 44
*
36*4
36*2
Mi 36*4
"ef
63
*80
45
45*4
14*8
1434
103*8 103*8
29
29*2
*45
72*2
1258
13
41*2
43
62
61
59
31*4
30*2
3178
29*2
30*4
2834
30*4
If 4238
42*2
40l2
41*2
40*2
41*4
38
nbl'
107
100
10334
*113*4 119
113
117
117
102
*99
102
100
101
113*4 *101
£ 1334
14
**90
+ *1*8
ft, *358
A *484
97
29*8
8
13*4
*88
94
*87
1035S
11234
1334
♦
95
5
*438
29
2734
5
9*4
3534
834
90
.
32
89
52*2
5634
27*2
5*8
9*8
3312
89*2
54iz
16,700
Mid-Continent Petrol
39*2
101
10334
\112l2
4
158
4*2
29
7
27
7*4
3,400
270
"2",500
500
7*2
738
734
3,500
10,100
270
9
8i2
31
30 I2
31
2,400
87*4
85
85i2
4.200
Monsanto Chemical Co
5538
59,700
5278
55*4
8i8
5334
55
42
*40
42
*40l2
42
*40*2
*59
60
*58
60
*58
60
2158
178
3434
22*4
158
33*8
2158
1«4
3434
217S
41
43 s4
43
2834
3134
30
4378
30*4
95
95
2878
29
7,100
42
61
4,900
94
94i8
29
30
*78
81
*79
81*4
*103
*103
81*2
106
106
104
104
10
Apr 28
414 Apr 29
678 Jan
24*4 Jan
52l2 Apr 26
Apr 7
61
Apr 27
43
43*4
1,600
Mueller Brass Co
41
2878
*28l2
30l2
2,200
2838 Apr 26
3938 Mar 20
11
Apr
*93
Mulllns Mfg Co class B
1
Preferred
No par
91*2Mar 12
993s Mar 19
70
May
Munslngwear Ino
Murphy Co (G C)
6% preferred
No par
2734 Jan
36*2 Feb 11
21
Jan
No par
100
70
90
Mar 13
447g May
8
108i2 Jan 26
102*8 July
9i6 Apr 8
13*2 Apr 28
"32 Apr 20
2034 Feb 11
14
Apr
71
43
Jan
*103
95
93
93
287g
2858
29
29
79
79
79
*78i4
106
106
106
95
29l2
170
1,600
80
500
*106
20
Da Jan
1
37*2
38*8
1834
135g
3714
3714
37
18*2 193s
1838
1978
19*4
1934
18i2
19
18&8
1878
*13
1234
13*4
14*2
14i2
13&8
1358
*1212
1312
13l2
2534 26*8
2512 26
26*8
2658
26*8 2658
25i2
2638
2514
2578
*140*4 150
*140*2 150
*140*2 150
*140*4 150
*140*2 150
*140*2 150
26
26*2
28*4 *26*2 29
26*2 26*2
2578
26
j} 28*4
2612
26i2
*95
98
97*2 97*2 *96*2 98
9612
96i2
C.*97*2 98*2 *97*2 98
30
31
2934 3058
3212
3034 32
3184
3058 31*2
30l2
3H2
23
23
2212 23
233S
23*8 23*2
2258
2278
23l2 2358
2258
*108
110*2 *108
110*8 *108
110*8 110*8
110*8 110*8 110*8
110i2 11012
108*2 108*2
*108*4 109
*108*4 109
*108*2 109
108*4.108*2 *108*8 108l2
19
18
18
18
20
18*8
19*2
17*2
17*2
18
1734
18*8
7
8
678
778
758
734
7*2
734
7*2
7*2
734
734
5,700
2,500
27,200
National
"i",66o
.14*2
31*4
29*4
*31
58
^
31
2934
33
303s
31
f 2978
9*2
1034
if 485s
55*2
32
33*2 132
16
16
16*2 1634
15*2
1638
165s
1634
1634
17*4
36s4
3434 35*2
31*2 35
33*2
33*4
34*2
34l2 35*2
32*4
15434 15434 *154i2 157
157
*154l2 157
*15434 157
*15434 157
137
133
136
133
143*2 *137
143*2 *137
143*2 136
52
52
51
51
51
54
51*2
*48*2 50*2 "50*2
51*2
1058
10*4 10&8
934
10*8
10*8
10*4
934
978
934
10*8
134
*1*4
134
♦1*4
134
*1*4
1^4
*1*4
1«4
*1*4
134
58
58
5a
&8
**2
*2
5S
*2
**2
**2
58
81
87
84
82*4 84
82l2
8338 84
80*2
8134
81*2
92
94
91
95
95*2
897S 92
95*2
93*4
9634
95*2
129
*120
126
*120
126
128
126
*125
125*8 125i8 *124
9
9
9
9
9
9*4
9*2
8*4
8*2
9*8
9*8
11
11
11
11
1034 11
1034
10&8
1034
1078
1038
47
47
*45
48
*46
48
485g
48*4 48*4 *47*2 50
55
55
65
55
55
55
55
55*2
54l2 54*2
*54*4
*105
108
*105
108
*105
28
28
*27
34
*26
31*4
31*2
81*4
4758
,332
105s
*1*4
**2
85*2
92
*120
*
*
*
i
Sk
31
82
29*4
79*2
48*2
45*8
4678
7,6
S,6
2934
*74
79*2
13
4578
108
108
*105
108
*25
29*2
2438
2438
28
30*2
30*4
30*4
28*2
*105
2934
78
75
75
74*4
4434
46*4
45*8
*32
"32
r932
29*2
2834
73*2
46*2
4778
5ifi
108
*25
7438
47
S,6
32
*105
S,6
National
Aome
1
Nat Aviation Corp
No par
...10
Biscuit
200
9,900
21,400
100
100
70
5,600
7% pref class A
300
8,500
12,200
».
National
—
-
—
8,600
112*2 Mar 11
109*4 Jan 14
24s8 Mar 9
153
Apr
Apr
Oct
Jan
307g
Dec
100
Dec
21
Apr
21
Apr
107*4
Oct
107
Dec
10
Apr
lOfy Jan 28
5
35
Mar 17
25*8 June
38
Mar
28
3
Oct
18*8 Apr 22
.100
26*8 June
15434 Apr 26
171
Jan 22
155
133
150
Jan 29
137*4
Jan
48
64
Dec
A...
Preferred
B
National Power A Lt
No par
Nat Rys of Mex l»t 4 %
2d
Apr 29
Apr 8
934 Apr 28
1*2 Jan
pi. 100
4
12 Apr 27
....100
26
preferred
70
Jan
26
62
Jan 26
National Steel Corp
National Supply of Del
Preferred
121l2 Feb 26
8*4 Apr 98
1038 Ayr 30
100
No par
300
Neisner Bros Inc
1
47
600
Newberry Co (J J)....No par
5% pref series A
100
t New Orl Tex A Mex
100
100
Newport Industries...
2
54i2
Apr 28
Feb
1434 Jan 14
2*4 Jan 18
1
Jan 18
94i2 Mar 5
10234 Apr 19
130
12*8
13*8
67*4
6434
Apr 19
Oct
9*s May
7S
Jan
*2
57*4
Apr
197g
Jan
74*8
Jan
Jan
Jan 15
77« July
Feb 25
Feb 13
Mar 10
10*4 June
32$4 Apr
41
Apr
104i2 Apr
10*4 Feb
Jan 11
Jan
37
Mar 17
28
1
109
19
Apr 28
4134 Jan 18
9
Apr
98*2 Feb 10
55*4 Mar 17
32i2
27*4
Jan
17*4
36*2
Jan
Jan
N Y Air Brake
No par
73*2 Apr 30
4778 245,100
516,900
New York Central
No par
40
N Y Chlo A St Louis Co...100
9,
Rights
\'^32
6178 Jan 22
Apr
68
7516
Jan 18
3334 Jan 13
103i2 Feb 3
387S Feb 25
26*8 Feb 8
12*2
9*2
2884
Jan 14
30
No par
1,100
167
2
Mar 11
National Tea Co
74
9
44
Natomas Co
9,200
Mar
18*8 Jan 21
333s Mar
20*2 May
100
Preferred
100
30
24
10
Lead
2,300
"ho
1
15*2 Apr 28
3112 Apr 28
4,500
-
Mar
x24»s Jan 28
47*2 Mar 11
Jan
Nat Mall A St Cast's CoNo par
400
10,900
27i2 Feb
No par
Nat Enam A Stamplng.No par
Nat Gypsum Co
1
60
15,100
678 Apr 29
10
6% preferred....
Apr 13
Mar 11
17i2 Jan 27
No par
Nat Distil Prod
100
900
108
107
...100
100
7% pref class B
Apr
93i2 Apr 9
29&s Jan 5
22i2 Apr 28
No par
No par
Nat Depart Stores
1,000
31,600
100
5% pref ser A
Nat Cash Register
Nat Dairy Prod
4
Jan 27
6863 Jan 23
173s Jan 8
36
Apr 27
183s Apr 28
1284 Apr 28
2514 Apr 30
14834 Apr 10
2578 Apr 29
Nash-Kelvinator Corp
5
Nashv Chat & St Louis...100
7% cum pref
*29
17
*5234
410
Rights
Murray Corp of America.. 100
Myers F & E Bros
No par
6
Apr 26
102
Nat Bond A Invest Co-No par
2l9*4
*137
Mar 15
43
2812
38*2
*154*2
51
43
36
35
15*8
4218
28*2
33,600
17
Feb 13
6,800
1978
37*2
33
20
Jan
21
1958
3058
Jan
Apr
2058
2058
33
>4
283s
21
283s
93*4
28*2
78*4
"32
33
3*2 Feb 26
38*2 Jan 15
42
15*4
32*4
Dec
60*2
2038
19
31
Jan
4li*
215s
20 58
*32
3534
Feb 17
20*4
1934
33
Mar 10
66*2 Jan 18
3B4 Mar 23
20*4 Apr 23
600
3234
69
46
Jan
197g Aug
May
79
Motor Products Corp. .No par
Motor Wheel
6
3,100
10,500
33
Jan 18
Mother Lode Coalition.No par
1458
32*8
378
101
5,800
60*2
39
Jan
Sept
25,700
"V
39
Jan
14*2
2
6U Mar 17
12*4 Mar 17
40?8 Jan 23
Jan
5*2
134
58
40
284
3434
158
14
2Uo
2*2 Aug
34
134
60i2
1934
16»4 June
35
1%
6U4
20
21
5*8 Mar 4
6*4 Jan 8
Apr 5
934 Mar 17
3458 Mar 17
34
34
"16
1414
|2034
4
138 July
1S4
3438
1334
%
1434
*62
4
Jan
Jan
Jan 23
Apr 29
41
60
6U4
1938
"16
Jan
7
85
No par
1458
15&8
64i8
20?8
2
30*4 Jan
Mont Ward & Co Ino..No par
62io
64
"is
4
Jan
3
10
58
1312
62l2
",6
14*2
67
"16
1558
2
6*2
67*4
MarlO
2*4
3
100
100
20
64
15*4
j,*64*8
101
267g Jan 14
.100
Morrel (J) & Co
Morris & Essex
7
16i8 Mar 11
33
82
9434
31
*30
1®8
54l2
Preferred series A
4
1*2 Apr 29
No par
85
12,200
Jan
88*2 Jan
100
100
No par
31
87g
61
«
7% preferred
4% leased line otfs
Mission Corp
Mo-Kan-Texas RR
88*s
5434
87
42
§ 9434
Dec
3238
8*4
3034
8834
478
9*2
63
43*2
32*8
Apr
119
9*2
3238
858
28
4i2
*40*2
*42U
z65
MarlO
t Missouri Pacific
Conv
preferred
Mohawk Carpet Mills
26
*60*2
& 32
Mar 17
124
438
4H2
134
33*4
120
Apr 26
11
pref ser B
2538
63
178
36*4
22*2
Apr 26
113
oonv
45s
1*3 978
178
100
100
4%
26*4
1*60*2
3534
22*4
Minn-Honeywell Regu.No par
438
2678
438
Jan
Feb
Minn St Paul & S S Marie. 100
4I4
478
21&8
Mar
600
28*2
5
88
400
*3*s
*4i2
28*4
48*2 Mar
Jan
110
Minn Mollne Pow Impl No par
Preferred
.No par
3*S
Apr
2
140
28*4
217*4
Jan 22
28,600
134
Jan
353s Mar 10
Apr 28
584
Jan
100
pf—100
1358
91*2
*1*2
Jan
405s
106
pref
25*2
88*8
53*4
*3978
38
31*2
5
26U Feb 23
122
cum 1st
478
32
1434 Apr 29
28*4 Apr 29
Apr 28
Jan 16
116*2Mar 29
100*2 Apr 23
8%
Mllw El Ry & Lt 6%
134
7
72*4 Mar
No par
Jan
Dec
8
58
10
Dec
x95
9
41
11212
438
2778
3
3
758
H2
3*8
414
Copper
Midland Steel Prod
102
90
*438
26*2
30*2
90
*3*2
538
2914
90
2838
28
2914
93
358
7*4
26*4
458
Miami
117
163s Feb
4734 Mar
35*2 Apr 29
6
Mesta Machine Co
16U
2.000
21,800
Jan
Apr
12»4
9
41
Jan
Apr
55*4 Jan
(\h May
2
lli2 Jan
Apr
1
Deo
493s
3734
Jan 13
100
24*4
Oct
z95
Feb 16
86
Jan
4
Apr 28
9i6 Apr
Jan
9
*
91*2
27
«
u
17
69*2
91*2
85*4
87
27
26
26*2
17
4s 68*2
64
*16*4
1734
*9*2
9*4
18*4
10*2
19*2
A'
20
65
65
64*4
88
86
88
85
87*2
90*2
91
1,500
26*2
26*4
2634
26
27
2634
2634
3,100
1634
9*4
16*2
16l2
15»4
1534
9
$ 8*8
8*8
19*2
8*s
17*4
834
18*2
6638
19
17&8
1838
88
26*2
*16*4
9*2
19
64i4
$ 68
65
67
*16
1,900
17
83g
19
1,300
19*4
130
130
130
130
*125
130
125
125
*126
130
*126
130
80
*131
160
131
131
*120
131
*120
131
*125
128
*125
128
1*4
«
7
1*8
6*4
18*2
*434
1*4
7*4
.
1978
20*8
1, 478
5
I 11*2
63
11*2
11*4
*
63
13
2034
6612
5*4
19*4
2U8
68*2
60
10% pref
133
89
24
66
66
♦114
«...
*175
2*2
98
*97*8
2934
313s
53
100
*99
98
6212
412
28
28
20*2
193s
20*2
63
*133
1658
18*4
*90
110
300
preferred
7%
preferred
N Y Steam 56 pref
4
*114
84
183s
*114
_
86""
•»
1734
10
30
10*8
30*4
*18*8
19*2
17
18
Bid and asked prices; no sales on this day,
513s Apr
6
Northern Central Ry Co...60
Northern Pacific
100
27*4 Jan
4
51*2 Jan
8
4
lli8 Apr 28
93
Telegraph...50
Mar 23
17i8 Jan
4
15,100
Oliver Farm Eq new
53 *2
4
314
No par
No par
Jan
Apr 27
Jan
13*4
Jan 14
Otis Elevator
35
Apr 12
22
84
1778
*132
18*2
133
1734
*
18*2
13434
88
"88"
88
*21
23
400
*64*4
67
40
*114
8534
19*8
-a-.**.
84
1884
$5.60
4,700
7,700
10
10*2
10*2
460
31*2
30*2
31
17*2
17
18*2
t In receivership,
a
Def. delivery,
100
8
Feb
98
Jan
Jan
97i2 Apr
2
Jan
40
19
Aug
Jan 18
2278 Apr
73
5
Apr 20
26*2 Feb 16
114
Feb 13
193s Mar 1
45*4 Jan 21
140
121s Aug
24*8
17
107
Jan
July
Jan
8
Jan
2414
Apr
Feb
3
243s Mar
8
1212 July
6
70
July
8
79
Dec
134
Mar
Mar
Jan 26
97
Apr 29
28
75
Jan 12
4
114
123
Jan
Jan 26
Apr 21
Pacific Amer Fisheries Ino.-.5
10
r
52*4
6*8
237g July
50
Aug
76
Pacific Coast
preferred.
2d preferred.
Apr
Jan 28
66
100
1st
23*8
3658 Mar 11
53*2 Jan 22
678 Mar 3
105
22
Preferred
New stock,
173s jan 21
104i2 Jan
6
Owens-Illinois Glass Co. 12.50
w
8
3478 Jan 14
57*4 Feb 3
No par
1st pref. .No par
Outlet Co
390
127i2Mar 18
16i2 Jan 4
112i2 Jan 23
No par
Outboard Marine A Mfg
280
16*2
conv
16*2 Apr 29
110*8 Feb 25
...No par
100
Prior preferred
10
85*2
19*2
..100
Preferred
400
2234
A
Otis Steel
-
*29*2
10
.
OmnibusCorp(The)v t oNo par
60
25,400
67
*114
18*8
10
May
Oppenhelm Coll A Co.-No par
*64*4
85*2
30*2
Jan
105
1,700
*86"
89*2
30
934
1834
*82*2
210
7,000
13434
Mar
Jan
14*4
133
83
93*2 Apr
1*8 Aug
Jan 14
3834
17*8
May
114
9778 Mar 16
Preferred
Apr 21
111*2 Apr 26
434 Mar 3
July
9*j Apr
272
Apr
Apr 29
Ohio Oil Co
7,300
102
4
57
24
63,900
21*4
19*2 Feb 11
76*2 Jan 22
Apt
7*g Apr
102
North Amer Aviation-...
No Amer Edison pref--No par
Northwestern
3
23634 Apr 29
28
80
Jan
984 Mar 8
26*2 Feb 25
678 Feb 11
100
Norwalk Tire A Rubb_.No par
Preferred
50
3,200
Jan
1
100
14*4
*
22l2
114
80
434
Jan
125
7
Jan
No par
50
37*2
*132
19*8
13434
67
9
Jan
37*2
133
17*8
*
__
73,600
69*4
68
Preferred....
Mar 23
14
133
1938
67
19
Apr
2
18
36
22i2
19
95
107
100
110
14i8
*857S
10
No par
17
36
13478
700
Mar 12
2
No par
AdjuBt 4% pref
North American Co
700
44,100
36*2
1958
68
250
137
*90
35
13434
52
458
*27
57 1st preferred
3*g July
10*4 May
8
Apr
17
14
90
31*2
100
Jan 22
Apr 27
2
2
4i8 Apr 29
10
Apr 28
62l2 Apr 28
...100
Mar 20
Jan 22
119
110
16*2
14
24
18*2
20
Conv
Jan 22
Mar 19
Jan 20
5*2 Jan
16U Jan
N Y Shlpbldg Corp part stk-.l
3178
21*2
127a
253s
Mar 17
135
*90
1734
68
87*?
203g
34*8
52
45g
6338
98
325g
32l2
19*2
100
*97*4
52*2
15*2
18*8
98
4*2
66
100
100
*27*4
110
*67
19
4*4
70
2*2
2*2
3238
36*2
*14*2
35*2
*
63
65*2
1778
434
*86*4
*22*2
19
*57
64*2
52
52i2
5
68
10
12
*97*4
3058
31
88 *s
18*2
*
100
1003g
28
*90
19*4
31
N Y Ontario A Western... 100
20*4
4*4
*95s
Norfolk A Western
1938
1434
19*8
1134
u 9,800
4 1,700
^2,200
19*2
438
600
5
36*2
31*2
JNYNHA Hartford.... 100
39,900
28
18*2
31*2
9,200
t Norfolk Southern
*52*2
66*2
*10*4
7*8
120
22*2
114
7
3,100
*110
258
22i2
n8434
678
234
110
2*2
"8818
«,
1
100*2 102
30
110
133
130
t N Y Investors Ino..-No par
110*2 110*2
*97*8
5
13434
*67
180
19
18*2
*
50
1*8 :i2,000
10*2
Mar 23
N Y A Harlem
110*2
110
8
1714 Apr 8
125
Apr 28
245
240
250
*240
244l2 23634 238
105
104
*104
106
102*2 102*2 *102*2 106
25
25
24
2438 25*2
2478
24*4
2558
52
52
53
53
52
52
52*2
52*2
12
12
12&8
11*8
1258
11*2
12*4
1178
30*4
2038
1534 Apr 29
100
100
1
*244
99
Jan 14
Apr 26
1*8
1934
100
83
Preferred
100*2
2*2
53
1434
3578
1934
~89"
101*2
110*2
25g
110
31
1734
37*2
*22*2
101
53
63
18*2
4l2
10*2
*57
62*2 62i2
*100
99*2 100
4*4
10
69*2
101
*1,1
m 6*4
*17*2
J; 4*8
10*4
17
434
11*8
*62
2534
*90
13434
1958
5
11*4
104*2
30*4
19*2
135
*133
1858
412
1078
1938
*52*2
4*2
53
16*4
*
634
2934
19
37*8
6*4
244
*97
110
*15
634
53
32
19
638
12*8 1278
100*8 100*8 *100
323S
*90
7
2478
98
*5212
5*4
*30*4
1*8
103
13*8
3134
1
244
10038
*97
1*8
110*2 111*2
258
2*4
*10412 106
26
26*4
53
*517S
*100
1
70
iol"
101
101*2
*110*8 111*2
*234
278
24978 24978
1*8
72
26
Purchase warrants
10
■U
4
No par
New York Dock
970
Jan
100
NYC Omnibus Corp
400
9
Preferred series A
41
No par
No par
Cash sale,
s
114
z82*2
1734
934
25*2
Mar
Apr 28
Apr 28
Apr 27
Jan
4
16i2 Apr 29
Ex-dlv
y
Mar
4
47
Jan
114
July
"l3"
July
87*2 Apr 26
23
Jan
7
153s Feb
1
3*2
40
Mar
3
8*4 July
27*4 Feb
2
4U
Ex-rlghta
Nov
June
85g
3434 Apr 19
6
62*2
*85
1&8
101
6
46
16
11*2
Jan 12
23*2 Nov
101*2 Deo
38*8
8
7038 Apr 29
95
Meroh & Mln Trans Co .No par
6034
1434
*99
Jan
2534 Jan
Mengel Co (The)
5% oonv 1st pref
60
13U
458
2834
734
810
1314
358
4*2
28*2
7h
5*4
11,000
117
19
June
40*2 Nov
112i2 Jan 14
Apr 14
No par
13
# 3934
4
Jan
1378 Apr 29
103
No par
No par
$6 pref series A
3612
39
6
45
1
100
preferred
Mead Corp
7,500
1258 Jan
No par
Stores
oonv
43
1278
134
6%
12l2
41*2
13&8
4
29ss
*158
$3 oonv preferred
MoLellan
10
Melville Shoe
117 4,118
*99 I 102
*
5
MoKesson & Bobbins
~1~806
101 {■ 10H8
11234
10
share $ per share
37
Dec
Feb
92
2
28i2 Jan 19
4212 Jan 14
42*zMar24
16*4 Mar 17
47*2 Jan 12
73
"121*2
2
90
5458
13*4
*15S
35
9*4
102"
14
2
8*8
27*2
5*4
117
*
102
38
4058
117i8
106*4 Mar
20*4 Apr 29
McKeesport Tin Plate
4,300
29
2*4 May
z33i2 Apr 29
3134 Apr 28
1534
1434
28*4
2
24*8 Feb 11
54i2 Mar 12
96
*
Jan
per
403s Jan 12
73
1234
35*2
59i2
15*4
30l2
share
36
*29*2 Apr 14
16*8 Apr 26
95
Apr 24
5
Co
Elec
*90
71*2
42
17*8
117l2
30i2
96
$ per
McGraw-Hill Pub Co.-No par
7,400
24,200
1,600
104
30*4
1238
16*2
117
1378
*
35l2
17*4
*100
1418
7038
3234
1414
4534
14i8
45
4558
104
41
16*2
118
1414
3238
1334
Lowest
Highest
share
per
Molntyre Porcupine Mines. .5
7,100
13
18
102
2034
3478
1.000
34
*90
59*2
1634
118
20i2
3334
3258
42*2
58
*
20*2
$
MoCall Corp
No par
MoCrory Stores Corp new—.1
6% oonv preferred
100
MoGraw
1,100
36*2
12*2
600
51
28
96
42
36*2
*86
51
4538
1378
73*2
*35*2
*35*2
6034
7,100
50
*97
29*4
72
500
1714
9212
1358
14*2
*90
3034
17
32
105
28*8
96
74
*90
20*4
Z3312
46
14
*97
29i2
17
50
21
Lowest
Par
32
92i2
51
63
17*2
3158
*.
On Basis of 100- Share Lots
Week
$ per share
1734
41 95
*
5234
**21
36*s
34*4
EXCHANGE
Apr. 26
*30
Range for Previous
Year 1936
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
Friday
$ per share
.$ per share
*
Wednesday
Sales
for
Monday
£ Saturday
May 1, 1937
Jan
Jan
If Called for redemption.
HIOH
AND
LOW
SALE PRICES—PER
NOT PER
SHARE,
Apr. 29
Apr. 30
Week
£ per share
$ per share
Shares
Wednesday
Thursday
Apr. 26
Apr. 27
Apr. 28
$ per share
263s 2638
$ per share
$ per share
$ per share
25*2
26*2
30*4
3078
4638
46;i8
4534
4534
25*2
30*4
45*2
3584
3634
34
35
34
1443g
142
142
*142
978
*12*4
10*4
14
3*4
3*4
21 s8
154
154
1934
92
94
75
70
70*4
29
3*8
234
103
*90
20*4
28
2834
4*2
38*4
5
4*2
4%
39
38
25*2
26
38*4
25*4
3834
26*2
2534
25%
5
5%
8
1634
63s
14*2
6*8
43*2
98
45
45
25
23*2
44*2
42
55
53
734
*55
65
*2334
44
*53
Paclflo Mills
No par
33*4 Apr 28
140
Apr 8
133
Apr 28
58«4 July
47*4 Deo
9*4
*11%
2%
4*2
8
7*2
*60
91
91
413a
52
12
*8
*36
45
*3534
45
26.500
4%
4%
7*8
7
7%
1584
6%
17,900
7,300
Penick & Ford
7%
734
7%
*60
23*2
43%
4384
56
52
4434
52
73
73
*---«
80
*73
80
*73
79
*80
83
*80
83
81
81
21
*20
21
*20
21
*20
21
*
83
18%
18
1878
19
183S
1S84
18*4
18%
1634
18*4
17*8
17%
1038
1038
10
10*8
^0*8
10%
10
10*4
10
48
4634
49*2
"e'165
48
49*2
49*2
*16
*16
332
He
*16
50
605s
47*8
4978
4734
48%
47
*16
48%
9%
%z
46*2
*50
50*2
50
50
50
50
49l2
4934
49*2
♦895s
9678
93
*88*2
*89*2
9678
*89*8
5*2
5*2
*5*8
6
*5*2
*9*2
lSg
1*2
15g
14
14
*75*2
78
75*8
75*8
55*2
56
53
55
14
14
7*2
51
1658
17*2
1678
17%
16
293s
29
2878
29
29
29
28%
55
♦52
53
12l2
*11
12
*53
*52
55
*13*2
15
12*2
*58
65
*58
♦174"
163s
*175*8
15*2
16
33
34
*103
*2*2
3
*2*2
*18
22
*18
584
103
100
10412
5*8
534
3
5
534
113
*11212 123
*11212 123
39
36
39
40*4
36
100
100
36
37*2
*160
*2
23s
*2
28
28*2
26*4
2734
2658
27*2
26
1934
19*8
20
19
19
19
19
25
25*8
24
245s
2378
23*2
678
*134
24*8
6%
23*2
7*4
7
23s
934
15s
23s
10
—
834
2
2
9*2
9*8
9*2
24
24
24*2
223s
24
24*2
67*4
24l2
23
2334
*23
2334
66*2
*61
65
6158
62
6734
*115*4 117
42*2
*60*2
2212
62
*116
60
4234
417s
42*4
*101
104
102
102
*117
118*2 *115
120
*126*2 128*2
152
*140
*111*2 112
6034
20*2
61
21
19*2
20*4
1103a 1103s
102
102
102
18*2
17*8
1834
17*2
183S
17*8
10
10*8
16*2
93s
10*8
*80
*98*4
70
17
•••>•>«
72
72*8
878
72*8
32*4
32*4
3078
40
40
39
*45
47
*45
47
*38
40
38
38
*934
*60
9
3*4
25
*31
9*2
*58
278
3*4
26
*1834
8*2
10
65
*23
19*2
1838
*102
278
25
1834
31
24
*83
104*2 *102
7*4
984
65
30
24*4
84
9
3178
3934
2234
32
24
*82
634
7*2
84
104*2
7*4
4078
38
3958
123*2
3934
123
119
12U2
108l2 108*2 *105
42
4234 43*4
89
*$5
136
136
*92
94
*100
24*4
10678
*25
2534
24*4
117
43
41*4
10134 10134
119
*113
26%
*18%
27
23
2
23
108
19%
135*
*92
24
103
24*2
50
9378
24la
103
25
1,300
*44
47
*44
47
*44
46
*35
38
*36
38
38
38
8%
62
234
50
2%
8%
65
234
24
24
17%
18*4
27*2
28
28
28
21
22%
21%
22%
83%
*78
6*4
36*2
83
104*2
7
39%
*80
99
119
108*4
42%
103%
41
80
83
41
8,300
80
*78
85
900
*128
135
150
93%
91%
92
24
23
23^
*20
24
67*2
62
*56
60
*115
125
125% *100
6%
6*2
6*2
54
51*J
5238
50*4
6*2
3
35®
3*4
8*2
1578
7*2
35s
7%
7%
1634
3*8
7*2
*1434
6*2
*1478
16
1434
1434
37
*30*2
37
*30*2
35
♦30*2
3*2
734
3*2
36
Bid and asked prices; no sales on this day.
3934
*91%
23%
92
23%
*100% 105*; *10038 105*2
24
23*2
23*;
23*2
5084
50*4
50
503f
50%
*60
61%
*60
61*;
61%
24
*
41
*92
61*2
300
135
13434
50
1,400
80
39
*128
23%
24*4
105% *100% 105%
23
24%
24%
38,000
*128
*22*2
*30*2
6%
3834 274,400
*101
24
8
*99% 101
140
*116
*57
358
100
105
*22*2
1578
22,400
81
118
24
55
22%
81
36*2
*23*2
53
21%
105
*11%
56
700
117
123j
7%
29*2
106
♦12*8
60*2
*27*2
117
50%
61*2
133J
128
I,700
106
*12*4
*6*2
18%
117
*61
128
300
30
18%
6*4
133fi
7*2
50
2,200
118
38*2
1,300
2%
3734
67
137
9*2
*20
133f
*11%
*22%
25
*22*4
63
66
66
*91
125
124
124
100
2,100
100
2,200
II,000
100
25
61
6%
50
3%
7
*15*4
*30%
6*;
52*;
3*{
7&J
*658
13%
7*8
53
51
3%
7%
200
300
13,800
5,300
8
9,900
*15
1634
36
*30%
36
a
900
3%
1684
t In receivership,
t Radio-Keith-Orph ...No par
90
50
50
50
5
Reading
1st
""506
68%
2%
6*2
*12*8
*6*2
55*2
9*4
*884
38*4
*61
*127
100
70
*64
6%
14
60
2%
18%
67
*65
834
65
27
100*2 100*2 *100
24*2
834
62
*12
50*8
50*a
40
18
23*2
No par
Preferred B
*76
37*2
*20
*100
Quaker State Oil Ref Corp.-10
Radio Corp of Amer
No par
37
19
93%
No par
37
27
9378
Purity Bakeries
38
19
135
100
100
$3.50 conv 1st pref--No par
*24
*128
No par
preferred
Raybestos Manhattan.No par
3
84
Pure Oil (The)
43,200
2,700
65
84
9% 195,700
8%
4
100*4 Mar 23
118
Apr 28
127*2 Apr 26
MarlO
6%
6934
55*2 Jan
111
No par
Pullman Ino
8% conv preferred
8%
Apr 28
Mar 24
"2,500
70
63
152
400
*76
223s Apr 26
23
Apr 26
100
100
30
3
4034
No par
100
preferred
preferred
preferred
30
*58
39%
6%
7%
30
47
38
$5 preferred
69
38
118
No par
29%
*4478
*105
Procter A Gamble
5
50
68*4
8%
*35
7
tPostal Tel A Cable 7% pf-100
.1
8%
16%
9*2 Aer
Jan
21
Jan
167
July
15*2 Jan 20
3178 Feb 11
Pressed Steel Car Co Ino
2d
preferred
preferred
Real Silk
Hosiery
Preferred
100
—
A Co
1st preferred
Reliable Stores Corp
Reliance Mfg Co
Reis (Robt)
No par
100
No par
10
1
Remington-Rand
Preferred with warrants. .25
Rensselaer A Sar RR Co
Beo
Motor Car
100
6
Republic Steel Corp..-No par
57*8 Apr 28
31
Feb 10
86
Feb 11
65*2 Jan 15
4
118*2 Jan
5234 Jan 21
112*4 Feb
128*2
140*8
162*8
113*8
72*8
8
Jan
Jan
Jan
Jan
21
20
25
25
Feb
4
108
Jan
6
243s Feb 3
11234 Feb 27
99
Jan
7
107
18*4 Apr 28
1534 Apr 28
16
Apr 8
85s Apr 28
29
62
Apr 28
258 Apr 30
23
Feb
2
1778 Apr 29
27*2 Apr 28
21
Apr 28
80*2 Jan 5
99
Apr 29
Jan
7
Jan 15
Def. delivery, n New stock, r
9»4 May
83*2 Jan
68*2 Apr
14*4
Jan
108*2 June
80
July
35*2
50*4
Oot
50
Deo
47
Nov
Jan
Oct
100
4*8 Mar
5
Mar
5
30
97s
65*8
178
Apr
125s May
Aug
223s Feb
8
35*2 Mar 31
29*8 Mar 9
16
94*4 Jan 30
Feb 18
81
110
Apr 23
493s Apr 14
98
Apr 14
17*2 Aug
Deo
69*8 Sept
4*8 July
18%
"Apr
77
May
78*4 May
10
Apr
24*4 June
16*4
4*8
31
Jan
Deo
Deo
Deo
24*8 Nov
25
Nov
90*8 Nov
114
Apr
8*4 Mat
29%
128
Dec
Deo
10414 Otfl
39*4 Deo
7912 Deo
Apr 17
90
Apr
138
Oot
8
9534 Jan 26
92
Dec
98
Nov
Apr 29
303s Jan 14
221® May
34
Feb
117
Jan
Apr
Apr
Apr
Apr
Apr
139
26
28
22
8
105
Apr
34*4 Jan 22
25
July
36*4 Nov
Apr
5878 Sept
60*8 Nov
65*8 Feb
112
58
3
Jan 26
14
Feb 23
31*2 Feb
4
86*2 Mar 10
4
140
65
Jan
Jan
Jan
67
17
Apr 8
Apr 27
63s Apr 3
433i Jan 29
Mar 19
934 Feb 19
Mar 11
Jan 27
434 Mar 17
11*8 Feb 25
2034 Mar 5
4
37*2 Mar 11
Jan
2
6*4 Jan
4
11
Oct
Jan
Jan 21
3
16*8
Jan
Jan 19
117
103
37
71
128*2 Jan
91
Apr
60
2478 Mar
39
33*i
Copper Mines
Ruber'dCo(The)capbtkNo par
Rutland RR 7% pref
.100
St Joseph Lead
10
X St Louis-San Francisco
100
jst preferred
100
X St Louis Southwestern—100
Preferred
100
Apr
Dec
6978
Aug
8
1338 Jan 16
83
Jan 20
124
Roan Antelope
114
16
Jan 11
49
4334 Jan
110*4 Mar 10
12
July
1078 Nov
Jan
60
Jan
164
38*8 Nov
9*2 Feb 18
24
Jan
July
144*2 July
Jan
^47*4 Mar 11
50
367s
130
Jan
Jan
2
23
112
Apr
Apr
July
5
8
4
103
146
113
2878
Mar
Jan 19
Reynolds (R J) Tob class B.10
Reynolds (R J) Tob class A.10
Rhine Westphalia El A Pow..
Ritter Dental Mfg
No par
128
Feb
50*2 Nov
10*8 Apr 19
47
Jan
23
103*2 Feb
113*8 Apr
Deo
56
12218
3634 Jan 11
99
100
Apr
20*8 Nov
19*4 Oct
109
5H% preferred
Dec
39
117*2 Mar
100
Reynolds Metals Co...No par
5H% oonv pref
100
Reynolds Spring new
1
11534
11*4 Deo
3*4 Deo
13*8 Dec
28*4 Deo
28*4 Deo
73*4 Deo
13384 Apr
8% conv prior pref ser A. 100
Revere Copper A Brass
5
Class A
10
Preferred..
100
6% conv preferred
Oct
Oot
26*2 Mar
2958 Dec
May
27*2 Jan
5
17*2
1734
57*2 Oct
40*4 May
Feb
27*4 Deo
9% May
68*4 Apr 29
22
29
29
6
26
Jan
Jan
1*4 Jan
6>4 May
July
3*4
91*4 May
80
784 Mar
29*4 Apr
37
Apr
45
Apr
38
Apr
83s Apr
4*8
167
Feb 15
103
Jan
May
Apr
41*4
2334 Feb 25
1878 Jan 21
1234 Mar 6
7
103
30*2 Deo
58*8
8*2 Apr 29
Jan 12
Deo
112*4 Nov
12
*
4*8
Oct
33*8 Feb 4
1'17® Jan 22
378 Jan 22
No par
270
9
June
25s
2234 Apr 30
6
Apr 28
178 Apr 26
No par
Class B
71,300
16*2
Feb 16
14
20
Pub Ser El A Gas pf $5-No par
3,400
1
2158 Apr 14
Feb
4078 Apr 28
12,900
1*4 May
137*2 Jan 30
47*4 Mar 5
3
114*2 Mar 25
17%
Jan 12
167
6% pf (ser of Feb 1 '29) .100
8,300
28
Feb 16
Pub Serv Corp of N J_-No par
100
Jan 12
134 Apr 30
24*4 Mar 22
167
Deo
2978 Apr 22
20*4
16%
97*4 Apr 29
31*2 Jan 7
4
85s Feb
Deo
110
5
102
16%
16%
9*4
2
Deo
29
Jan
49
MarlO
1878
110% 110%
16%
33s Jan
1378
7*2 Apr
23*2 Dec
122
Pond Creek Pocahon. .No par
102
102
Apr 29
2*2 Apr 28
20*2 Feb 8
1*2 Apr
ll7s Jan
No par
5
834
8%
*36
6%
100
30%
69
30
39
84
I
Preferred
Pittsburgh A West Va
100
Pitts Young A Ash 7% pf-100
110*8
19
2
98
100
100
39
30
25
7*8 June
35*2 Apr
2
18*4 Jan
76*2 Jan 22
7,600
118
3034
23*4
1
100
preferred
Pittsburgh United
Poor A Co class B
102
30*4
30
Pitts Term Coal Corp
Porto Rlc-Am Tob cl a.No par
102
8%
22*2
8
1,000
*115
16%
*83
8
Mar
1,000
118
9*2
9
Mar
43
3,400
101
1634
8*2
20
100
7% cum pref
2
101
8%
9
Deo
May
Oct
23*8
6%
*115
37*4 Jan
62*8 Aug
18*4 Deo
77
*134
8%
6,100
4934
Feb 17
56
10*2 Apr 28
*6%
19*4
9
Geo
Deo
27*8
160
Plymouth Oil Co
118
18%
Jan
Feb
Deo
187
800
102
110
4
18*4
Feb
5% conv 2d pref
16*2
71
28*2 Jan
Deo
Jan
8
Mar
6% conv 1st pref
9%
8%
2084 Apr 5
333s Jan 18
July
176
300
1634
71
1534 Apr 29
Deo
84
70
155
64
*76
9*2 Jan 20
74*2 Jan 13
Mar
115s
7
64
17*2
6*2 Mar 20
Apr 28
88
52*8
Jan
17,300
118
1534
50
2
*101
38*8 Jan
5*2 July
Jan 18
64
19%
68
5
190
*63
102
6
Nov
175
6%
102
18*4
Jan
69*4 Apr
Jan
16
Apr 12
500
110% 110%
87*4
4
13*8 Jan
800
*101
6
35s
101*4 July
174*8 Apr 23
22
61*4
6034
60*2
116%
116% *115
42
42%
4234
May
Mar
1678 Mar
165
23*4
59
Apr
7»4
Mar
12
100
24
42%
Mar
66
Oot
102*2
100
Preferred-
23*4
*115
8*8
1*2
3*4
Feb 16
22%
42*4
81*s
Deo
545s Aug
50
23
116
8
2
Jan 12
Jan
Jan
Jan
Jan
July
60
834
23%
60*2
59*2
40%
Jan
45*2
100
63
115
25%
Jan 16
2434 Jan 27
3,700
11,000
66'4
Mar 10
Deo
Pirelli,Co of Italy "Am shares'
100
Plttston Co (The).
8%
19*8 Mar
49*a Jan
Pittsburgh Coal of Pa
28
*18%
2234
10*8 June
100
25
pref
"""360
1»4
Nov
3*8 Feb 1
84*4 Feb 25
Pittsburgh Steel Co....No par
----
Deo
31
Feb 19
Apr 15
7*2 Feb
Pittsb Screw A Bolt-_.No par
420
90
Jan
18*4
14
1,000
1,250
8,000
Jan
16
Nov
123s June
100*4 Jan
10,300
200
56
20
75
Feb
7*2
46*2 Aug
8
100
Hosiery
Preferred
23
9%
*76
Phoenix
8*2
22%
9%
63
No par
100
No par
5
preferred
7%
Phillips Petroleum
24
17*8
16*2
43
135
102
Phillips Jones Corp
Oot
45
Mar 11
54ia Jan 14
1% Feb 27
Apr 7
Deo
27®4 July
112
12% Apr 28
10
Apr
10*2 Mar
74
7
70
No par
Phillip Morris A Co Ltd
2334
*21*2
1734
85
*
20*4
1103S 1103S
*101
Phila & Read C AI
6%
*134
*60
50*8
40*2
1%
26%
19
6
6%
*134
834
22%
2
30
100
110
*37*4
978 Apr 29
June
25*8 Apr
64ij Jan
Jan 11
215s
13*4
*4
5978
884 Apr 28
Preferred
128% *125*4 128*2
127*2 127*2 *126*2 128*2 *126*2 128% *125
149%
*140
152
*140
149% *140
152
*140
15134 *140
*111*4 11134 *111*4 11134
*111*4 112
*1113S 112
*111*2 112
60
58%
58
59*4
59%
59
57%
5934
60*2
5858
110*2
110
*101
6O84
60
*115*2 117
6
70
400
434
*160
*1%
2
2
2
2
2*2
*65s
7
m
6
No par
Pitts Ft W A Chicago
*98
97*4 100
37*4
27*2
20
m'm
51%
438
4%
*160
*160
25
Pillsbury Flour Mills
37
36%
*160
*160
4
5%
4*4
91
Mar 25
1634 Apr 28
50
1,000
......
*2%
Jan
Apr 19
21
60
3,400
*175*4
15
15%
15*4
32%
31%
31*8
99
102
99*2
234
2%
*2%
*18
24%
24%
*18
22
Jan
preferred
7%
17
*160
98
100*4
2*2
2%
87
X Phila Rapid Tran Co
30
13
99
*18
50
63
14*4
Apr 29
49% Apr 28
887a Apr 12
5
Apr 28
16%
*11
31
5
46*2 Apr 29
*2834
51%
*160
4
25
Pierce Oil Corp
*55
15%
113
100
14
32
5*8
7%
58
60
1434
22
10
38,200
52
31
3
*2*2
600
14
84
56*2
*55
16
*18
22
5,500
*11
33
100*4 101
11,500
11
*55
Jan
Mar
17
6
17
48*2 Mar
Philadelphia Co 6% pref—-50
*6 preferred
No par
*50
52
Apr
4
65i2 Feb
4
'32 Apr28
29
1584
2834
175% 175% *175*4
153s
1%
75*4
58
*161
*32
250
53
10*2
63%
834
7%
38
Mar
6
4*8 Jan
81
Phelps-Dodge Corp
900
""226
6
54%
59*2 NOV
46*2 Apr 28
Rights
58%
16%
*58
17*4
28%
*52
*160*2
*17534
*32
16*4
34
*58
6358
*160
14
84
5534
7*2
54*8
*6%
7*2
*6*4
18
*17*2
*70%
55*4
50
58%
*12%
84
12*4
*70*4
53%
13*2
54%
1%
75
73%
16,700
Feh
11634 June
58
Oot
100
Co
Deo
3*4
73
112*1 Nov
678 Jan
Feb
63
No par
Pfelffer Brewing
96%
*5*4
884
1%
74*2
*12%
*70*4
9*8
1%
73*2
12%
72*2
84
*51
6878
*51
5878
*51
7*2
*6*4
758
*6*2
1*2
1%
75
9
*16
*89
96%
5*4
5%
884
1%
834
9%
1*2
74*4
13*2
*70*4
533s
*6*4
75
7334
5
9,700
12,600
%z
%2
*89
93
5
6*2
9*8
9*2
lSg
9*2
97s
76
75
*32
10*4
9%
Mar
69
Mar
73
Preferred
17*| Nov
30
Jan
Petroleum Corp of Am
1178
110
34
Pet Milk
21
9
Apr
Apr
10
10*8 May
1*8 Jan
60
Aug
9
100
100
100
21
*1111
*20"
83
*20"
*73
80
83
32*2 Nov
Jan
65s June
418
Feb 18
Deo
50*4 Mar 17
100
Prior preferred
5*4 Jan
47*4 Mar
11634 Jan 27
3934 Jan
Peoria & Eastern
""160
234 July
4034 May
23
Apr
4
4934 Jan 14
4
Jan 13
Pere Marquette
79
Deo
37*i Deo
112i2 Apr 12
People'sGL4C (Chlo)—100
44
Deo
2234
28*4
2
Jan
22
60
30
400
25
174
3*8 June
412 Jan
2834 Jan
64
Peoples Drug Stores..-No par
Preferred
100
2,800
10%
June
8*8 Aug
17*2 Jan
3
Jan
97*2 Feb
109*2 Deo
8
683 Jan 23
1212 Feb 2
76*2 Feb 1
2934 Feb 10
73s Jan
No par
Pennsylvania RR—...
700
59
Jan 14
Jan 5
Mar 11
64
Apr
74*2 Apr
4U
7*8 Aug
10334 Mar
37s Apr 28
pref ser A—-No par
Corp v 10 No par
34,500
49
47%
*934
9
Cement
5
2
9414 Apr 28
Penn G1 Sand
114% 114%
114%
47*2
8%
conv
"1,000
*40
*20
*>6
Penn-Dixle
$7
24
758
10*2
2378
7%
43% Apr 24
Penney (J C)
No par
Penn Coal & Coke Corp
10
64
24
64
3% Jan
3
6,600
4*2
14*8 Feb
No par
1,300
5,000
98
*4
29*2 Feb
4
414 Apr 29
7
Apr 28
No par
Peerless Corp
3,300
6
45%
95*2
2478 Jan
2.60
Patlno Mines & EnterprNo Par
4534
14%
15
Pathe Film Corp
Mar 13
38
No par
18*2
34*8 Jan 5
8*4 Feb 25
4434 Feb 3
4*8 Apr 29
1
3,300
7,400
4*2
45
*80
18*4 Apr 28
Apr 27
28
1
Ino
Parmelee Transportam.No par
*35
*73
200*2 Jan 28
2634 Jan 28
Park Utah CM
45
v
14078 Apr 28
Parker Rust Proof Co
47
9
*35
100
10
Parke Davis & Co
23*2
42%
48
8*2
2834 Jan 28
2,000
*51%
46*2
20*8 Apr 28
2,700
114% 114% *114
12
1
38
7*2
52
114%
11412 *113
48
48*2 48*2
100
July
25%
14%
23%
43%
50
Jan
Apr
103
38
*60
43
67
1097s Mar IS
25*8
4*8
8*8
50
Mar 10
Jan 25
38%
7
64
42
Apr 28
25*2
4%
53
Jan
70
38
95*2
2234
*8
4%
Oot
Jan
60
preferred
2d preferred
Park-Tilford
1358
205s
Jan
105
1st
1,700
Jan
13s
No par
25
*3%
23%
4*2 Jan 25
102*2 Apr 20
13,800
29
4*8
4*2
4%
20
4%
2234
47
19%
29
9434.
*60
17*8 Jan 20
90
July
23*2 Deo
Apr
6*8
123a Feb 18
1,100
162
11»4
12*4 Aug
9*4 Apr 29
234 Jan 12
6
Deo
153
Jan
140
1
11% Apr 27
100
July
Jan
118
2
6
4
No par
8% conv preferred
Paraffine Co Ino
21*4
31
*28
Jan
2984 Apr
Transp__5
4% conv preferred
Paramount Pictures Ino
22%
154% 154%
Jan
149
JPanhandle Prod & RefNo par
103
*90
152
5
Packard Motor Car
400
103
22*4 Jan
10
14U May
Pan-Amer Petrol «fc
490
78
6
7%
63
984
*71
45
3%
-.100
Pao Western Oil
4,100
80,500
1,100
4,700
3
2%
100
preferred-.
Corp
6%
40
M
13
96%
94%
—
~
2534
9*2
14
5%
5%
m
23%
Pacific Telep & Teleg
330
141
140
*133
23%
4438
1434
9684
4
45
*43
3,000
734
1534
6*4
4434
44
12
*9*8
36*4
94
5
7
6%
49*4
*47
2,200
35
140%
*90
43*2
114*2 *113
*113
41
44*2
Dec
78
434
46*2
96
458
8*4
62i2
23*2
4%
8*2
*61
Jan
4434
234
38%
26
4*2
15*2
6*8
97
95*8
434
4*4
434
734
7%
1434
44
6*2
43*2
97*4
434
8*2
434
5*8
8*8
16*4
6*4
734
8*8
17*4
30>4
90
29
28
28*2
3834
53s
Jan 12
5334 Jan 14
447g Jan 9
*71
103
38*4
5*8
38
21%
22% •20*8
21%
20%
152
15534 156
140% 143*4 *146
20
19%
20*4
20*8
1834
18*4
*25*2
5
29% Apr 28
43*2 Mar 24
22
22*2
19%
28*4
2034
9%
3
97
*90
25
No par
34*4
23*2
9*4
*11*4
1334
75
155
153
29
9*2
*11*2
94l2
103
2134
22*8
Pacific Gas & Electrlo
Pacific Ltg Corp
*120
24*4
78
*90
105
*90
140
133
23
3*4
96*4
*70
79*2
142
133
11*2
3
8,000
45
33%
142
10
11*2
4514
395s Nov
1,400
3134
31
30%
44*2
35
Dec
30
32a4 Jan 14
Highest
share $ per share
per
26
26
4412
Paolfio Ftnanoe Corp (Cal).lO
%
share
$ per
$ per share
24
Apr 16
Par
'
45
26
31
33*4
25
934
14
92
96
9412
*70
25
10*8
3
34
Year 1936
Lowest
Highest
Lotoest
*25%
30*2
26*2
2534
29%
140*8 140*2
13458 134%
*134% 138*2 *13458 138*2
25
24*4
25*4
25*4
10*8
*12*4
25*2
30%
4534
Ranoe for Previous
EXCHANGE
the
Tuesday
30*2
On Basis of
YORK STOCK
NEW
for
Monday
1
100-Share Lots
Range Since Jan
STOCKS
Sales
CENT
Friday
Saturday
Apr. 24
30*2
2951
New York Stock Record—Continued—Page 8
144
Volume
28*2 Jan
50
8*4 Nov
19*2
Feb
32
Jan
74*4
Apr
53® June
July
22
13*8
35
Jan
Mar
75*4 Deo
119
Dec
10*2
50*8
Feb
Deo
3*8 Mar
1*2
Jan
23®
Jan
77i
Jan
15
Oot
Jan
37
Oct
18
6*4 Dec
Ca-<h sale, x Ex-dlv. y Ex-rights. ^ Called for redemption.
j 2952
LOW
New York Stock
AND
HIGH
SALE PRICES—PER
SHARE, NOT
PER
Record—Continued—Page
CENT
Sales
STOCKS
for
NEW YORK
Saturday
Monday
Tuesday
Wednesday
Apr. 24
Thursday
Apr. 27
Friday
the
Apr. 26
Apr. 28
Apr. 29
Apr. 30
9
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
Week
$ per share
39
$ per share
39
*1024 103
$ per share
384
384 384
102
1024 *100
1084 1084
1064 1084
110*8 110*8
11038 111
374
102
*10812 110
1104 1104
*22
$ per share
39
$ per share
384
100
374
107
374
37
102
*105
109
107
11038 11038
108
11038 111
194
1934
424
434
*95
964
2
14
22
434
95*4
43*4
204
434
95*4
*964
964
*95
2
24
174
4034
2
2
1638
174
16
164
16
3934
3934
394
40
40
*18
14
14
1*8
14
54
4478
534
46
*5*8
4434
84
84
21
40
24
18
18
404
*39*4
14
14
14
64
47
*8*4
9
854
28*4
86*4
144
14*4
364
364
104
*104
104
*59io
61
88
25,000
Seagrave Corp
No
Sears, Roebuck A Co..No
28
13,200
14
1278
354
10
10
60
*59
61
*59
*3938
40
28
10234 10234
14
12*4
49
464
3*8
2834
10234 10234
1278
134
48
46*8
334
1064
105
334
*
39
224
23
224
1978
18*8
99
145
1134
4*8
111
374
36
104
104
149
149
25*8
26
56*4
58
384
254
534
3578
38*4
50
4
26
55
9
934
*1004 1014
6*4
6*4
224
*844
234
92
944
92
38t4
39
14
144
37*4
13*4
♦1254 125*4
*9
94
22*4
*49
51
57
574
*34
3*8
444
454
30*4
664
454
46
30*4
149
253g
55
37
354
45
54
84
674
68
9
*100
64
64
224
534
*204
*784
*31*8
92
84
100
224
*784
*3034
173g
*294
89
31
3138
3*8
34
34
42*4
444
4378
4434
32l8
♦
3
4334
4434
324
654
404
*
*
684
194
•*154
34
Jan
59
Got
100
60
9
170
100
~~57g
*20
224
*784
*314
334
18
197g
304
484
1,500
224
2278
20,100
12138
93
9334
394
41
1234
134
1201516 121
8
84
94
224
43
44
514
51
624
*3
34
4338
214
2334
24
214
154
224
164
145s
1578
15
157g
68
69
68
68
68
68
69
*123
124
*123
125
122
123
122
122
124
42
42
43
14
14
*124
13
11*4
1378
124
*50
54*4
50
50
74
12*4
678
11*8
57*4
*374
74
37*4
134
324
324
19
19
*678
12I4
604
*40*4
614
■84
38
15
12*4
46
46
12
18
3434
174
25
254
2434
314
17*8
1234
12*8
*504
3178
1778
31
32
18*4
7
124
11
584
*404
8
14*s
124
45*8
134
12*8
5434
7
604
384
17*8
33*8
174
16*8
1238
*11S4
*504
7
114
6034
•»«•••»
7*s
374
1334
1178
778
384
144
1238
45
7
1034
5734
314
174
54
344
344
34
18
244
254
31
164
5434
*504
5434
74
11*8
604
678
*39
11
74
354
12*8
1U2
354
354
74
36
14
13
12
1134
4234
134
134
1234
*67g
114
594
5434
"~7~*8
74
77g
374
134
44
4434
45
45
*39
404
*3638
444
3938
*36
404
*38
62
624
*62
65
*62
64
*62
63
*62
63
114
104
104
*94
114
114
94
94
*934
104
300
*874
89*4
*874
89*4
874
8934
*874
8934
*874
8934
10
104
104
10
104
10
874
104
434
*94
*874
*5
5
5
104
23*8
54
104
254
64
114
*25
26
578
23
64
23
234
1878
234
61
61
184
15*8
154
17
17
19
19
878
578
44
104
23*4
104
458
*934
24
23
54
234
534
234
44
44
*44
5
*934
234
104
244
*934
244
104
244
57g
54
534
534
64
*224
224
224
54
22
22
18
184
18
184
1738
234
23
1634
215g
2478
1738
224
61
61
61
62
154
614
1434
214
604
13*8
184
224
604
1478
224
60*s
1438
164
194
8*4
16*4
1534
16
1478
234
14*8
137g
144
174
224
614
1378
16
15
1534
1538
19
194
18
1934 1934
19*8
18
9
87g
834
84
834
83g
84
*1044 106
*1044 106
*10438 106
*10438 106
10
10
104
10*8
10
978
104 1038
104
9
*1044 106
10*8
*18
22
*18
21
*18
21
18
18
374
*464
384
367S
383S
3634
474
464
384
464
37
464
464
464
*114
11*4
11
114
10*4
11
75
75
70
70
204
3*8
20*4
19
204
34
3*8
34
*72
19
85*4
85*4
8434
854
34
8412
83
83
80
83
80
96*4
974
96
97*8
7534
1934
34
8434
81
964 974
244 25
1434 1434
25
254
146
1464
139
92*4
93
93
274
27
274
27
274
284
26
2734
264
27
*914
274
2778
244
25
1444
*92
93
94
68
18
34
3838
4638
3634
38
464
104
704
19*8
338
94
464
104
66
66
174
200
3734
174
384
*464
484
934
66
11
70
Truscon Steel
20th Cen Fox Film
22,900
700
2,800
1,600
79
954
9734
244
2438
140
1444
924
274
2478 257g
9214
274
81
82
80
8034
994
Ulen a Co
...No par
Under Elliott Fisher Co No par
Union Bag A Pap
17,000
20,100
3,800
25
14034 145
92
92
264
27
254
2634
700
2,200
30,100
Mar 15
4
Jan 25
Jan 29
65
Feb 11
Feb 17
774 Jan 11
125
33
Apr 28
Jan
304
Jau
164
Deo
Oct
Dec
94
70
91
Mar
4
118
Jan
125
3
27
Jan
60
2
3
Jau
6*4
Mar
94 July
Deo
474
394
204
284
Mar 11
a
Def. delivery,
n
New stock,
r
Cash sale,
x
De«
Jan 25
23
Jan
Jan 20
64
204
Jan
134 Nov
Apr
284 Apr
264 Nov
354
15
Mar
8
1534 Jan
Oot
Jan
Nov
204
Dec
124 Nov
154
Deo
6*4 May
64 Apr
284 Jau
13
D.c
664
Dec
8
3
Apr 16
84 Jan 12
154 Mar
654 Apr 22
44
Apr 28
44
Apr 28
164 Jan 22
154 Jan 28
4
Apr 29
Jan
Apr 10
94 Mar 15
Apr 28
Jan
9*g
Mar 30
544 Mar
6
6
Nov
33
Jan
84 Dec
44*4 Nov
74 Jan
94 June
28
164 Feb
144 Mar
Jan
49
July
374 Jan
4
48
Feb 19
334
Apr
487i Nov
62
9
64
Jan 13
59
Mar
634
Feb
94 Apr 29
Apr 6
85
9
Apr 28
44 Apr 27
54 Apr 26
Apr 28
1634 Apr 29
22
214 Apr 28
604 Apr 28
134 Apr 28
144 Apr 28
18
Apr 29
84 Apr 28
1044 Apr 7
84 Jan 11
1384 Mar
1
934
134
84
154
Jan
4
Feb
3
284
104
40*4
214
284
79
Jan 13
Mar 5
Feb 11
JaD 25
8*4 June
85
Oct
Nov
Feb
84 May
34 Jan
84
124 Mar
94 Feb
134 Nov
32*4 July
84 Mar
Jan
244
Jan
44
Oot
16
110
Jan
Jan 25
26
Apr
39*4
Feb
Feb
4
14*4
Jan
21*4
Deo
Feb 11
124
Jan
Feb
4
60
Apr
174 Feb
3
11
Apr
274 Dec
744 Nov
184 Nov
Jan 11
144
Jan
Jan 22
104 May
74 Jan
224
274
114
1094
12
Mar
8
Jan 21
Mar
93
Jan
3
44
264 Mar 8
404 Mar 13
74
94 Apr 28
174 Jan 22
50
Mar 13
94
Jan 20
18
25
224 June
Apr
8*4 May
654 Jan
Feb
110
Apr
66
Apr
12
Jan
174 Apr 30
3334 Feb 24
42>4 Jan 13
274
224
Deo
Oot
94 Nov
28
Deo
384 Nov
47*4 Nov
314
174
Dec
Mar 29
Apr 29
Apr 28
34 Apr 29
244
1264
914
264
244
Jan
4
Apr 22
Apr 30
Apr 28
64 Jan 20
1004 Jan
8
914 Mar 27
111
Feb 20
284
14834
99*4
314
354
Feb
4
Mar 16
Jan 13
Feb
4
Mar
5
24
744
384
714
20*4
1084
904
224
204
109
Ex-dlv.
y
Ex-rlghts.
Dec
June
84
Jan
June
1024
Deo
May
70
Deo
Jan
1054 Nov
Aug
Jan
284 Feb
149*4 Aug
Jan
100
Jan
Apr
/
f In receivership,
Nov
424
374
574 Feb
Apr 28
Mar 22
100
Oct
784 Nov
244 Apr
Jan
26
64 Apr 21
1034 Apr 28
604 Jan 18
434
74
354
124
114
4234
Deo
Dec
40*4
Jan
144
Dec
704
734 Mar
Apr 26
60
484
Jan
61*4 Feb
5
Feb 17
...6
Dec
31
164 Apr
174 Jan 20
334 Jan
4»# Jan
Jan
Mar
75
20
4
26
21
134 Jan
Apr 30
No par
Deo
62
554 Jau
24*4 May
154 Apr 26
214 Apr 28
95
100
Feb
274
Mar
63
Preferred
Union Tank Car
United Aircraft Corp
Mhr
48
32
2
81
Union Pacific
94
32*4
par
Corp No
Feb
13*4
Feb
Union Carbide A Carb.No par
Union Oil California
25
3,900
974
244
par
....
10,900
34
CorpN#
Preferred
No par
Twin City Rap Trans. .No par
Preferred
100
Twin Coach Co
1
2,400
330
204
10
94 July
64 Apr
94 Jan
24*4 Apr
26*4 Apr
Mar
Mar 22
No par
129
76
50
Apr 28
23
Trl-Contlnental Corp..No pa<
6% preferred
No par
Truax Traer Coal
No par
3,000
34
824
27
Transamerlca Corp
43*4 Nov
184 Nov
Jan
Dec
par
Transcont A West'n Air Ino. 5
Transue A Williams St'i No par
Apr
Apr
Feb
Apr 21
No par
2l*4
144
1204
Nov
724
34
10
par
63*4 Mar
474
25
10
Timken Detroit Axle
10
Timken Roller Bearing.No par
100
104
100
$3.50 cum pref.
Tidewater Assoc Oil
8,700
1038
1
Third Avenue
700
87g
106
100
Thompson (J R)
Thompson Proda Ino. .No
Thompeon-Starrett Co-No
4,400
1958
84
106
No par
Preferred
1,300
28,600
11,000
3,700
47,300
*194
85
924
274
1438
The Fair
1,500
15,900
194
81
924
2634
244
624
16
No par
No par
Thermold Co
300
34
9634
244 2478
13934 143
*19
18
2278
par
Thatcher Mfg.:
$3.60 oonv pref
17,300
1,100
Xl838
76
Bid and asked prices; no sales on this day,
18
95
.
♦
*16
33g
824
804
83
10
434
104
244
224
22*4
9
94
Sulphur...No
Texas Pacifio Coal A Oil... 10
Texas Pacific Land Trust.. 1
Texas A Pacific Ry Co
100
300
*104
6
26
37
Jan
Feb
2334 Jan 20
174 Jan 21
Corp (The)
Jan
Aug
334 Mar 31
9
134
44
2
29
28
6
Oot
924 Oot
36*4 Jan
244 Aug
35
29
28
Texas Gulf
500
65
404
*624
7
244 Apr
304 Feb
164 Apr
124 Apr
114 Apr
60
27
29*4 May
154 Apr
Jan 11
8
1st paid receipts
Texas Gulf Produc'g Co No par
11,800
1,000
*40
724 Jan
2
Texas
10,800
27,500
12
144
124
8
Jan 12
Jan
Tennessee Corp
26,000
36U
65
8
13
6preferred
17,900
13*8
124
Jan 22
324 JaD
Talcott Inc (James)
Nov
9*4 Mar
Feb 19
Feb 10
Telautograph Corp
614 117,400
37
8
4078 Apr 28
.....
Oct
114»4
4
119
26
114 Nov
82
50
....100
No par
6»4 July
634 June
1014 Mar
5*4 Apr
64 Jan
734 June
Oct
424 Apr 28
434 Apr 29
304 Jan 24
Mar 23
Without warrants
*384
40
*104
Apr 28
424 Apr 28
494 Apr 28
24 Feb 26
68
Symington-Gould Corp ww..l
2,100
12
1
Jan 20
Feb
144 Mar
324 Mar
19
No par
Swift Internet I-td
10
74
45*8
3934
9
84 Apr 29
Apr 28
8
Mar
Swift A Co
400
167g
424
10
Apr 30
Apr 29
954
484
164
1284
124
Sutherland Paper Co
10
8weets Co of Amer (The)...50
6,300
*117g
*504
*404
9
Apr 29
6
Jan 18
25
28*4 Feb 11
Superheater Co (The)..No par
Superior OH
1
Superior Steel
100
11,700
4,800
8,600
6034
74
374
254
1
No par
(The)
Preferred
400
314
1734
31
...6
Stokely Bros A Co Ino
3,800
1,700
18
10
Stone A Webster
1,900
*334
354
*174
244
114
584
260
43
Indiana...25
Studebaker Corp
Sun Oil
34,600
7
*383g
800
24,700
57,300
1,100
578
13
1234
154
154
54
174
124
1234
12,900
234
Oil ef
Standard Oil of Kansas
4,000
1834
69
4234
314
134
124
664
124
21i2
154
54
334
*174
Apr 26
174 Jan
234
1578
3478
No par
Apr 28
65
1634
254
8
50
Apr 28
Stewart-Warner
654
I8I4
154
69
3478
*174
254
31*8
17*8
12*4
214
904
274
1234
120's,6
2
344 Jan
1578
174
23>4 Jan 12
344 Apr
64
69
254
174 Apr 28
284 Jan
454 Apr
Standard Oil of New Jersey.25
1678
174
2
Starrett Co (The) L 8..No par
Sterling Products Ino
10
184
254
Standard
2
Jan
300
66
35
Standard Oil of Calif
18,700
Feb
400
18
364
24,200
Feb 26
51,100
654
364
300
444
444
31
94
36
664
*15
54
354
344
174
254
$6 cum prior pref....No par
$7 oum prior pref....No par
Stand Investing Corp._Nc par
3,800
7
Jan 28
Jan 27
324
194
54
800
No par
Jan
Apr 28
No par
Prefet red
Mar 16
Mar 17
92
1
Stand Ga* A El Co.
114
774
1044
94
31
42
154
4078
Co mm Tobaooo
Mar 22
54 Apr 28
224 Apr 28
"654
18
33
1
f Preferred
Stand
34
424
4378
No par
No par
No par
100
*404
154
44
Conv $4.50 pref.
84 Apr 28
684 Feb 6
44
194
154
534
364
2
254 Apr 30
443g
324
664
187„
154
54
Inc
Standard Brands
14,500
45
1
No par
Square V Co class B
700
884
194
154
244
36
1,840
1,500
2034
9
18*8
154
*42
Spiegel
par
No par
Conv preferred A
61,200
2034
No par
Splcer Mfg Co
400
1,600
17,400
6534
578
87g
1
preferred
Spencer Kellogg A Sons No
Sperry Corp (llie) ▼ t e
27,600
304
484
100
Spear A Co
$5 60
177g
664
45*8
600
89
30
par
Spang Chalfant A Co Ino pf 100
Sparki Withlngton
No par
"""400
33
664
35
1st preferred
10,600
224
68
434
54
Spalding (A G) A Bros-No
110
64
25
Preferred
1,200
70
Southern Calif Edison
200
*84
89
664
35
5,400
*654
*
6
684
194
6
Feb
Mar
664 Jan 20
40
45
160
Apr 28
"64"
38
July
74
354 Aug
54
*40
9
66
66
578
2
Mobile A Ohio itk tr ctfelOO
60
694
45
Jau
Jan
Dee
40
38
160
155
114
Dec
40
124
Apr
Mar
34 July
644
16*8
*123
26
Jan
~654
23
Mar 29
110
19
30*4
6534
25
141
6
64 Feb 26
424 Jan 12
6
694
24*8
1134 Feb
4
604Mar
40
664
Jan
Apr 29
40
154
34
45
30*4
6478
643g
Jan 15
Mar 18
34 Apr 29
100
674
*40
164
110
11,000
*3
434
304 Dec
174 Nov
Sept
124 May
50
84
4234
21
4734
8
3
4238
434
404 Feb 16
29»4 Feb 15
204 Apr 21
48
13
45
Jan
304 Apr 28
214 Apr 29
324 July
1234
4434
Nov
72
64
474
264
38
42*4
434
85
404 June
8
Jan
38
544
Sept
Mar
Feb
38
46
Mar 10
544 Jan 11
Apr
91
424
494
197
120
Apr 29
12*4
93
55
2
Apr 28
234
224
9134
3778
52
Apr
324 JaD 13
654 Mar 11
244
54
Jan
Dec
132
434 Mar 17
484
234
914
384
*48
6*4
474
Jan
Oct
4
47
51
x34 June
194 Jan
974 Dec
144
484
4
184
554
Mar 16
'16 Apr 28
44 Apr 21
604 Apr 22
102 u Feb
4
58
JaD 27
284 Dec
1274 Nov
Dec
Jan
464
2278
534
*34
100
Apr
8»4 July
19*4 Jan
424 Jan
304
194
444
504
Preferred
102
24
174
224
100
2
174 Mar 11
Deo
Nov
100
464
214
904
19
7,900
34»4 Feb 19
Dec
64
45
100
30
224
South Am Gold A Platinum
So Porte Rloo Sugar...No par
Jan
Apr
Southern Pacific Co
18*8
214
149
Solvay Am Invt Tr pref..-100
434
304
14»4
8
Dec
37
Snider Packing Corp...No par
8ooony Vacuum Oil Co Ino. 15
200
JaD 21
Feb
1044
114
104
...
31,900
Jau
1054 Feb
984 Apr 29
854 Jan
July
4*4
Dec
74 Nov
1014 Nov
314 Nov
19*4 Nov
324 Deo
Southern Railway
484
121
42
89
1
44
67,700
314
94
94
.25
100
Pre/erred
Deo
Dee
Jan
59,600
18
134
1334
12534 12534
878
94
9
8*8
44
Mar 20
24
84
4
5734
47
13*8
1254
*878
87S
65
124 Apr 28
444 Jan 4
'32 Apr 28
34 Jan 5
Feb
Feb
384
41
*40
*145
594 Apr 10
374 Mar 12
254 ApJ 28
102
44
204
2
Apr
304 Aug
34 July
594 Jan
154 Jan
114 Jan
20*4 Jan
Mar 10
Feb
654 Nov
101*4 Mar
74 June
Feb
14
Dec
14 May
174 Feb 10
5
120
10
Skelly Oil Co.
Jan
1004 Apr 28
94 Apr 28
Rights
Slmine Petroleum..
16 preferred
No par
Smith (A O) Corp
10
Smith A Cor Typewr_.No par
3634
93
5534
364
314
224
Conv preferred
100
SUver King Coalition Mines. 5
Simmons Co
No par
360
....
4
June
374 July
374
484
234
924
3778
1378
1254
9*8
94
par
Sloes Sheff Steel A Iron.. ,.100
1,200
1,300
2134
1,900
194 158,300
11
1144 Mar
174 Nov
254
534
22
•
740
3734
Nov
494 Nov
254
84
66
1004
64
*784
334
*40
400
3334
36
25*8
5578
4734
70
149
254
534
234
*46
*145
2534
54
100
4
36
304
8*8
21
334
344
364
19
9
9*4
234
*145
224
3438
*11034
4
378
4534
9
125*4 125*4
94
184
*11034
37g
60
70
3734
144
49
2134
187g
4934
100
94
314
2134
184
524
49
92
244
194
30*4
*484
214
1878
35
*54
1004 1004
64
634
224
224
244
934
33
19
22
184
554
70
*784
*31*8
17*4
304
484
2134
33
33
37*8
94
70
"37"
32
25
484
55
70
37
32
344
5,400
A
104
"37"
*110
5978
Sharpe A Don me
149
*
104
son
(OUIF
1,300
984
984
149
2fi
4dvl
46
334
5638
984
146
*
4634
35g
56
984
1,800
8,300
16,500
lie
16
334
3134
36*8
564
37*8
20,200
39
254
5334
47
*94
147
145
28
Sheaffer (W A) Pen Co.No par
Shell Union Oil
No par
1378
114
424 Mar 10
90
1024
Jan
34
40
134
457g
Aug
2
Apr 28
124 Apr 28
*3938
274
Deo
108
2
84 Jan
26
Conv preferred ser A .No par
102
24 Jan
29
100
$6 conv prsr
99
544 Apr £
114 Mar 1
953s Mar 10
..No par
No par
No par
Sbattuok (F O)
Sharon Steel Corp
1,000
13,200
22
44
374
35*4
61
70
112
112
438
504
*55
81
604
38
224
1878
184
37
*141
224
54
145
7,300
Dec
1104 Sept
1
104
104
't6
1£
3,400
101
304
*32
111
44
1
*3*8
150
19
♦147
par
*59
104
603g
3938
16
134
334
101
9*8
99
152
1054 106
394 394
324
32*8
224
194
55
100
102
6038
393g
264
3*8
554
54
39
314
3*8
524
*98
1064
424
33
334
102
604
150
534
5534
*97*4 100
1524 164
424
*32*8
4*8
134
3234
394 40
25*8 284
2734
10234 1034 al024 1024
124
134
1234
134
3/45
474
454
464
170
37
133s
3278
3134
3434
1004 103
10
94
104
14 Jan 29
par
Servel Ino
July
234 Feb 10
454 Jan 14
64 Apr 28
404 Feb 24
74 Jan 2
Seaboard Oil Co of Del.No pa/
share
per
27
984 Mar 15
34 Feb 9
14 Apr 29
100
864
1334
6
Jan 11
274
35
Jan
Feb
Apr 29
274
104
113
Highest
share
96
6
2
16
Preferred
Jan 13
Mar
274 Mar
5184 Mar 17
Jan
x3«
87
300
$ per
94^4
.5
100
85
464
84
*8
share
144 Jan 4
424 Jan 26
pa.
1 Seaboard Air Line...No par
2634
134
3134
878
Lowest
113
Mar 18
No par
Soott Paper Co
85
45
^32
*110
11,100
3,500
16,600
110
1
Preferred
2734
134
40
*106
320
14
64
46
103
tSohulte Retail Stores
84
844
2734
284
165
800
$ per
Apr 30
100
26
40
564
564
*994 1004
6,100
preferred
28
274
3*4
17g
No
Schenley Distillers Corp...
*8
404
3*4
300
434
304
504
5,700
8*s
864
35
10
2,300
95
37
share
190
46
40
14*8
54
204
44
95
per
100
*8
304
14*8
54
194
434
14
Year 193n
Highest
974 Jan 6
1064 Apr 27
100
4438
1054
104
*59
1034 1034
964
$
No par
5% preferred...
6% preferred
7% preferred
Savage Arras Corp
8*4
854
284
144
35
1064 1064
1*8
64
6
64
4334
Safeway Stores
46
434
84
834
274
144
29
*3934
14
14
21
4234
44
174
41
6
64
464
50
180
690
40
14
2
24
19
Par
90
16
97
24
214
Lowest
4,500
1104 1101?
22
45
434
8
374
Range for Previous
EXCHANGE
Shares
102
234
*96
3734
14*8
12*8
share
ver
1004 1004
100
107
$
May 1, 193 7
If Called for redemption.
314
June
Feb
324 "Feb
Volume
LOW
New York Stock Record-Concluded—Page 10
144
SALE
HIGH
AND
PRICES—PER
SHARE,
NOT PER
NEW
for
On Basis of 100-Share
STOCK
YORK
Saturday
Apr. 24
Tuesday
Wednesday
Thursday
Friday
the
Apr. 26
Apr. 27
Apr. 28
Apr. 29
Apr. 30
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
18
18%
17i8
1778
23
22
2212
26
26
25i2
26%
17%
79*2
78
33
30%
31
7434
*30%
5%
5*8
5%
415,
415,
40%
13*,
13%
12%
24
25
22%
5%
41%
13%
2338
*98
102
98
98
7434
32%
5%
40
538
40%
12%
12%
22%
22%
98%
*98
6*4
6*4
6%
6%
6%
6%
*4
*4
%
58
%
%
54%
54!%
53
53
84
84%
82%
84
13*4
1378
13%
52
16%
17%
52
81% 82
1334
13% 13%
*11012 llli4 *110*8 111% *110% 111% *111
111%
13
13
143,
13
H34
14%
12%
13%
18
18
18s,
1734
1914
18%
18%
18%
96
»6
*95
96
96% 96%
95% 95%
*2
14
*2
2%
14%
23% 23%
111% 112
*2
3
13%
15
15
15
23
23
22%
22%
22
106
110%
106
16178
215g
,
16178 1617g
65*4
217g
66%
*61%
64
38
387g
37%
38
10
10
21*4
2034
9
108
978
8
17-%
1678
15*4
110% *108
110%
57
57
60
60%
13%
11% 1278
12*4
62
61
5434 60%
8
15%
108%
54%
11%
57%
58*4
97%
99%
92
97%
92%
94
52%
89%
89
90
86
88
87%
70%
89%
84
*70%
71
109% 1107g
71
*70%
104*4 10834
143
143%
70%
106
14%
190
2,400
*109
114
161
*158
161
50
20
20
20
2,600
65
*60
67
19%
*60
143%
130
♦121
130
*127
130
127
*140
153
♦147
152
*147
152
*147
143% 144
100% 102%
136%
7,800
400
5,900
590,800
136
125
124
124
300
151%
147
147
150
150
20
*82
27g
17|
*50
30*4
41%
*111%
43%
*82
84%
84% *--_.
*82
84%
*
84%
♦
*
84
30
10
14,600
5,400
20
22,600
2,500
"¥%
8%
9%
~1~905
57
*111*4 112
112
112
8
8
9
9
27
26
26
*124
127
124
124
9%
83%
83%
7
7%
13%
♦26%
*117
6%
137,
12%
52
57%
*110
*110% 112
91
*76
125
12%
'
6%
6%
13%
12%
13%
*8
6%
12%
19%
*19%
30
*27%
*9%
12%
*19%
19*4
*19%
1934
19%
19%
♦31%
35
*32
33
32
33
7
6%
7
85
*80
85
6%
13%
14
13
13%
63%
61
61
59
59
%
7,
9
10
39
*30%
*6%
297,
27%
27%
39*4
*27%
38
38
30
30%
32
67,
6%
1%
50%
1%
1%
49
50%
9%
*25
30
5%
12%
30%
37
29%
3078
6%
i%
1%
49
9%
26
33*4
36
29
29%
5%
6*4
1%
*1*4
47
103
92%
*81%
*95
98
91%
102% 102% *101
103
93
93
93
120
120% 120% *119% 120% 120
114
114
*112% 114
*112% 114
9
9
9
9%
8%
9%
16
18
16*4
1734
17*4
*16%
3%
8%
61%
44
3%
3%
8%
8%
61%
63%
44%
44
3%
*3
8%
7%
59%
4178
62%
44%
136
137*4
133% 135%
135
150
151
149% 150
147
150
25%
24
24
39
38
*20%
38%
22%
*30%
22%
30%
31
*24
138
26
3%
12,300
Feb 18
105
Mar 11
69
29
.•
134
93
120
9
131
147
Apr 29
169
Jan
5
160
Oct
9
5
5
Apr
31
3078
307g
98
*95
7*4
8
260
39
*38
39
50
22%
*2078
23
200
30
*2978
31
600
10
115
*110
120
*110
117
*110
117
*115
120
*115
120
*115
120
48%
*98
52
48
50
106
*96
106
4834
50
~7~5o6
Apr
14
May
135
Mar
4
124
100
3% Jan
Preferred A
100
9
Jan
...100
No par
70
120
10% Mar 16
Jan
Aug
Aug
2% Aug
18% Mar 16
4
Preferred B
Mar 12
6
16
4% June
98
2
5
Feb
109
122% Jan 11
Apr 26
Feb 17
70
7*4 Jan
6
Apr 28
Apr 29
xll4%
Mar 17
19% Feb 11
Jan
0%
Jan
8
30
Apr
Jan 28
114
Dec
Feb
49
118
.100 xll2% Mar 18
Ne par
11% Jan
4
18*4 Mar 11
5%
Jan
par
42% Apr 28
49% Mar 16
No par
Walworth Co
19% Mar 20
30
Apr 28
197g Jan
20%
177g
Apr
Apr
Walk(H)Good A W Ltd No
Preferred
Ward Baking class A ...No par
Class B
No par
100
Preferred
6
Warner Bros Pictures
No
No
No
A0
No
par
par
50% Feb
5% Apr 28
Apr 27
80
8
1
107g
Jan
5
34 Apr 27
44
4%
157g
1
12% Jan 25
Feb
2
35%
Jan 16
par
33*4 Apr 28
46
6
28% Apr 29
4% Apr 29
38% Feb 19
100
MarlO
9*4 Feb
1
2% Jan
6
4
Feb
5
40
101% Apr 29
90
118
56
Mar 17
84% Feb
102
109
Mar 24 xl00%
Jan
9
91*4
Jan
110
Apr
87
Feb
102
Sept
116%
111*4
Jan
Jan
124% Sept
116*4 Dec
8%
Apr
12%
Apr
23% Sept
5
50
Weston Elee instrum't.No par
23% Apr 28
Preferred
100
Western Union Telegraph
100
Westingh'se Air Brake.No par
Westingbouse El A Mfg
50
preferred
123% Mar
6
434 Mar 17
11% Mar 17
15
83% Jan 22
57*4 Mar 6
72% May
34*4 Jan
107% Jan 22
94% Jan
123% Jan
22% June
170
30%
Jan 22
Jan 22
30% Jan
38% Apr 26
20
7
Apr 28
27% Feb 23
30
30
Apr 29
Wheeling A L Erie Ry Co..100
5H% conv preferred... 100
Wheeling Steel Corp...No par
90
Jan 18
347g Jan 7
115
Apr 13
114
Jan 18
122
Apr 12
65
Mar 11
Class A
No par
Westvaco Chlor Prod..No par
5% preferred
100
Jan
Jan 19
11*4 Mar
9
Feb
Feb 11
23% Mar
110% Apr
Aug
96
115% Jan
Apr 10
1
33% June
78
8% Apr 28
100
6% June
May
4
15% Apr 29
2% Jan 2
7% Jan 13
59% Apr 28
417g Apr 28
130% Apr 12
147
Apr 26
100
Jan
Jan
Apr
19% Apr
21
83
1% Jan
9
8
...
Jan
Apr
Apr
% June
6% Feb
24
..100
West Penn Power pref
100
6% preferred
...100
Western Maryland
..100
9%
69% Jan 23
1*4 Feb 17
par
1
Air
47%
100
Wells Fargo A Co
Jan
2%
10*4 Feb 20
99% Mar 2
18
12% Apr 28
Apr 27
59
par
No par
Preferred
106
*96
4
5
117*4
1st
Mar
7
Jan
100
Western Pacific
800
Feb 15
12*4 Jan
100
1,100
2,900
24
6
37
Vulcan Detlnnlng
Preferred
2d preferred
150
Sept
4% Jan
28*4 Aug
115
Mar 22
141
May
84
6
74% Apr
93
30
72
Feb 26
Mar 18
100
1,300
Jen
Feb
Apr
6% Apr 28
Apr 26
Virginia Ry Co pref
t Wabash
Apr
xllO%
40
12*4 Apr
7% Jan 4
52
Apr 28
100
5
88
Mar 18
85
100
No par
Mar
46% Jan 15
80
Mar 27
West Penn El olass A..No par
150
120
52%
115
70
137
115
107
10%
28*4
41*4 Apr 30
80
Mar 27
6
prof
39% Mar 11
44% Jan 20
Mar 13
x24
*115
52
June
Preferred
120
*100
30
Jan
Apr 29
38% Apr 30
111% Mar 27
80
4,700
Jan
58% Jan 20
4
48
6% preferred
*119*8 120%
Jan
26
par
Wesson Oil A Snowdrift No par
Conv preferred
No par
30
Mar
July
6% preferred
210
120
54
60
67%
1
...
Chem
210
*
107
non-cum
93
*110
"52%
Jan 18
3%
100
Vlck Chemical Co
101*4
93
120
107% *100
108
Apr
153
700
136%
30
Jan 19
2% Jan 20
Preferred
al45% 145%
23%
23%
*20
Jan 21
478 Jan 13
I
Webster Elsenlohr
16,300
20
86
164
Apr
69
1% Apr 29
Waukesha Motor Co
21,600
9,400
20
8
148% Apr 26
79
Apr 19
2% Apr 29
Corp of Am.No
3,000
120
5478
Preferred
4,000
4,200
67*4 May
84% Jan 11
76% Apr 27
Jan
Apr
1
Van Raalte Co Inc
5%
178
47%
82%
Jan
Mar
No jytr
..100
29%
"""670
Jan
136
{Utilities Pow A Light A
Vadsco Sales
29%
5%
63
38%
115%
Apr 30
Universal Picture* lit pref. 100
5,200
44
22%
46%
Jan 22
124
100
40
61%
38%
126% Mar 11
150
Preferred
pref
Warren Fdy A Pipe
43%
38%
4
Apr 30
8% Feb
Convertible
8
*21%
30*4
Jan
08%
75
9% Feb
{Warren Bros
43%
*38
75% Jan 18
6% Apr 28
t Warner Quinlan
63
38%
4
434 Apr 28
300
7%
134
Mar
1
4,200
*80
72% July
136
United Stockyards Corp
14,100
*112
54
118
8234 Apr 29
.100
34
*110
*102
89% Apr 28
United Stores class A..No par
Va-Carollna
9
No par
.
9%
42%
24
Jan
72% Mar
1
100
$3 85 oonv pref
60%
149
Jan
47
Jan
100
200
112% 112% *112% 114
9
9%
9%
834
18%
*16%
17%
15%
3
3%
3%
3%
23%
Apr
13
44
8
Jan
7%
16%
28
61%
133% 136*4
*145
120
21%
19% Jan 12
Walgreen Co.
16 H% preferred
300
Jan
4%
72% Mar 31
Apr 29
Waldorf System.......No par
1,700
Aug
71
11% Apr 28
53
4,300
41,300
10
Mar 30
112
4
60
Preferred
Vanadium
Oct
15% Mar 13
22% M ar 17
2
60
Corp
27
101% 10234 *100
9234
Jan
Jan
Aug
Aug
31%
44 %
20
Preferred
38
26%
36%
_
Jan
87g
49
9
100
57,100
34
87g
98
8178
95
*119% 120%
*112% 114
9%
9%
17*4
17*4
3%
3%
8%
8%
64
62*4
45
45%
25%
*38%
*20%
30%
6>4
80% May
May
100
Mar 22
43% Feb
4,300
10
Feb 10
70
13% Apr 23
No par
No par
1st preferred
27
9
5*4
20'
Feb
23% Mar 22
34% Apr 28
89
24% June
3
137
172
4
63% Jan 11
100
U 8 Smelting Ref A Mln
Preferred
13%
*95
81%
1*4
Jan
17
5
No par
v t c
6078
*58
34
5,400
100
80
1278
13%
61
28%
45S
6%
578
*60
"4,600
400
30
30
6
*1*4
46%
95
93
*8%
13%
817g
94
92
7%
13%
47
82
103
634
13
82
94
102
10
125
82
82
93
91
*75%
46%
83
103%
400
*119
78
70
125
178
47%
94%
94
105% Apr 28
166 *jj Apr 13
..100
26
31
34
8*4
26%
35%
Apr
108
27*8
12%
13%
13%
28
2834
28%
113% *113% 114
147g
1434
14%
42 34
43
43%
19%
19%
1934
1234
10
Virginia Iron Coal A Coke. 100
5% preferred
100
10
534
*80
*80
49%
13%
28
Jan
20% Jan 19
347g Jan 13
20
........
Prior preferred v 1 e
U 8 Pipe A Foundry
U 8 Tobacco.
2
13% Apr 26
5M% oonv pref
50
U 8 Industrial AlcohoI.No par
U S Leather v t c
No par
U 8 Steel
01
20 >8 Apr 29
Mach Corp
Jan
3
100
7% preferred
Class A
100% Feb
3% Jan 28
Va El A Pow $6 pref...No par
6*4
*58
78
%
834
*25
6%
*80
50%
13%
83
*82
U 8 Gypsum
U 8 Hoffman
Deo
Apr
1% Apr 29
...No par
U S Freight
13
95% Apr 28
par
June
8%
Jan
2434 Mar
6
Jan
50
13%
*60
61
*58
1
6%
78
*65
9%
36
6*4
*80
*80
%
%
9%
*19%
6%
80
80
14%
7s
9%
No
109
8
9
16% Feb
17
16% Feb
29% Aug
105
14% Nov
Jan 14
17
1137g Jan 14
4
6% Jan
Jan
117
32%
June
66% Jan
86*4 Mar 19
Apr 29
13% Apr 29
United Pa per board new
10
U £ A Foreign Secur_._N0 par
Preferred
100
U S Dlstrlb Corp
Preferred
7
110% Mur24
340
*22
81
125
113%
13*4
42%
14%
79
No par
...No par
10,700
*120
125
*75%
*119
125
6%
6
6*4
13
*120
84
*75%
*119
7*4
13
15
13*4
14*4
15%
15%
15%
30
28% 29%
30
29% 29%
29% 297S
*113% 114
*113% 114
*113% 114
*113% 114
15
15%
13%
157,
15%
14%
15%
14%
43
44
*43
4378
42% 43
45%
*44%
*61
Preferred
11134 11134
7%
*6%
112
*8%
*80
46% Jan
1
56*4
55%
*21%
26%
125
*120
91
*119
11
11
12%
15%
7
July
14,400
56%
29%
12%
*11
4
1*8 Apr 13
63
Mar 2
9%
9
6%
8
6%
26
27%
125
125
*75%
*119
125
*119
9% Mar 11
Vlcks Shr A Pao Ry Co 00m 100
84
9
8%
53%
9%
8%
9%
59%
60
58
27
9
Apr 28
United Gas Improve.—No par
5%
8 7g
63
112
112
6
5
7% 1st pref
*85
61%
Jan
No par
*85
9%
Jan
No par
♦
*76%
70%
72
149
Apr
Apr
Apr
9% Feb
4H7g Aug
10*4
15
Preferred class A
79
7%
478
7%
5%
40%
8
Mar
93
Universal Leaf Tob
5%
Jan 14
16
26*4 Apr 19
500
634
478
7%
4*4
8% Jan 14
4678
106% Feb26
200
6%
5%
35 % Nov
4
78
*70
78
80
79
76% 76% *63
71
*68
*68"
75
73
70
*68
70%
70%
*145% 150
*145% 150
*145% 150
148% 148% *145% 150
*
88
84
80
*74
84
80
87
*82
87% *77%
2%
""2%
234
2%
2%
2%
2%
27,
2%
27g
2%
2
134
134
134
17fi
1%
178
1%
17,
1%
1%
52
52
50
50
*48% 52
*48%
*48%
51%
*48% 52
26
29%
32
28-%
28%
28% 30
26% 30
29% 30*4
39
39
38%
38%
40%
38%
42*4
39% 3978
39% 40%
*111% 114
*111% 115*4 *111% 115*4 *111% 115*4 *111% 115*4
114
42
42
42
42%
43
41*4
43
42%
43%
42% 42%
7%
5%
Jan
Jan 26
6,700
7*8
5%
90*4 Nov
22%
6%
Mar 17
Jan
15,700
7*4
5%
Jan
18%
5%
7%
5%
Oct
68
96*4
7*4
7*4
*145
7,000
111
38 Apr 27
U 8 Realty A Impt
800
6
3
35
478 Apr 28
Apr 28
Rights
United Eng«k Fdy
United Fruit
-
share
Feb
91
10
United Electric Coal Cos
U 8 Rubber—
4,200
24% Mar
per
25% Sept
37% Nov
33% Nov
117% Feb
100
16,300
11,400
Apr
12% Apr 26
5
Preferred
70,700
125
7%
79
9,300
127
5%
*7014
300
9,000
35
35%
34*4
35%
9
9*8
9%
8%
16%
17%
15*4
16%
1578
108% *108% 110% *108% 111
56
54
53
55%
57%
12
12
1258
11%
12%
58
58
5834 60%
54%
92% 94
89%
93%
93%
85
87
85
87
8234
70
70
69%
69%
*69%
142
*121
3,200
37%
8%
69%
9834 103%
10078 106%
143% xl36% 138
108%
143
300
2134
63%
12%
300
3
*1*8
14
34%
57%
8,400
2,400
21
*60%
1178
400
14
19%
5634
3,800
13
1834
96%
*95
178
Dyewood Corp
22
20%
10778 110
19%
108
1234
1834
United
28,800
Jan
10%
38
No par
-
share $
per
13
2478 Apr 30
Unlted-Carr Fast Corp No par
United Corp
No par
Preferred
f
share
per
24% Jan 12
31% Feb 10
30% Jan 11
H3%Mar 16
6934 Apr 28
29
Apr 30
No par
2,400
6,300
%
share
100
Preferred
Drug Ino
18,700
1,500
per
16% Apr 28
20% Apr 28
No pat
United Biscuit
United Carbon
United
20
$
Un Air Lines Transp Corp.._6
United Amer Bosch ...No par
8,700
*13
1617g *158
161
16%
108
96%
105% 108%
87g
16%
17%
*108
*95
6,200
14%
37
36*4
19
70,600
22%
64
*62
*18
3,600
1,200
111
111
13
1%
21
20*4
12
130
Par
Lowest
Highest
Lowest
19,200
1,000
2,800
18%
21%
25
*20
22
11034 111%
2
2
14%
2%
1617g *158
♦157
1634
1734
*20
21
25
25
2478
25%
25%
115% 115% *115% 117% *115% 117%
72
73%
6934
75
70%
72
29
30
2934
30%
29%
29%
5
5
5%
4%
5%
5%
39
40
38
3934
38%
393g
12*8
1278
12%
13
12%
12%
21
22
21%
22%
20%
21%
*98% 102
*98% 102
*98% 102
6
6*8
634
6%
6%
6%
%
%
38
%
38
%
49
49
49
50
48%
48 34
82
82
79
81
79%
81
13%
13%
13%
13%
13%
13%
25%
115% 115%
78
*30
16%
20%
23
25%
115% 115l8 *115% 117%
*78
17%
*21
Year 1936
Lots
EXCHANGE
Monday
23
Range for Previous
Range Since Jan. 1
STOCK8
Sales
CENT
2953
38
Jan
4
103
Jan
4
110% Mar 17
17g Nov
5% Aug
Feb
4
Feb
97g
Feb
90% Nov
x507g Deo
153%
Oct
100
Oct
33*4
Jan
Oct
19*4 June
39
Jan
32
July
31*4 Nov
35%
35%
34
99
Jan
91
July xl20
Oct
Nov
Oot
21% July
397g
Deo
July
109%
Feb
84
27
27%
25%
26*4
25%
26%
23%
2534
23%
24%
24
25%
IMOO
50
23% Apr 28
33% Feb 16
18%
Feb
28% Nov
1534
15*4
15
1534
15
15%
15
15
1478
15
147g
1478
2,000
White Rk Mln 8pr ctf._No par
1478 Apr 29
I87g Jan 25
13*4 July
17% Nov
5%
5%
5
5%
5*8
538
5
5
3,900
White Sewing Mach...No par
4% Apr 29
6*4 Mar 22
Apr
0*4 Nov
*30
35%
*32%
4*4
35
35
5
5%
9%
*81%
5134
37%
934
85
52
38%
108
105
*88%
90*4
111
*102
*68%
5078
9
49*4
36*4
5
87
83%
49%
51%
37*4
102% 104%
101
9
9%
83
36
5078
4034
41%
89
40*4
30
28%
128
40*4
90%
84%
99%
99%
3334
35
634
638
4034
8834
*99% 10078
35
35%
034
49%
36
36*4
86%
100
6*4
8,200
27,600
6
4% Apr 28
Wilson A Co Ino
No par
$6 preferred
...100
8*4 Jan 2
79*4 Jan 5
48
Apr 28
34% Apr 28
400
34%
98% 100
35
35
36
100
99
103
3,300
1,440
82
85
900
85%
102
50
50
89
No par
3434
50
100
4%
9*8
Conv preferred
Wilcox Oil A Gas
49%
69%
40*4
9
23
26%
123
127*4
40%
83*4
*99
40*4
87
101
33%
34%
32
34%
6%
6%
6
6%
98
82
8234
100
100
29,700
100
99%
99%
69%
69%
68%
687S
487g
23%
50
49
50
1,300
24
25
152,200
123
123
123
40%
83%
2434
124
40%
85%
*9938 101
34
32%
6%
6%
40%
87*4
*9938 101
33% 34%
63S
6%
*397g
84%
White Motor..
800
4834
69%
29%
9%
3334
48%
69%
128
438
32%
4%
83
85
50
125
48
9%
32
478
82 34
99
50
2734
50%
434
478
82%
49%
85
50
125
84%
9%
110
69%
125
*83
478
85
68*4
32%
83%
27%
4%
878
*102
88%
102
68*4
43g
*30%
4%
87g
82%
35
101% 104
69%
30*4
30
125
478
*82
5%
600
300
1,000
36,800
Wool worth (F W)
Co..
10
WorthlngtonPAM (Del.)Nopor
Preferred A 7%
106
PreferredB 6%
100
Wright Aeronautical ...No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach ol B..1
27% Apr 28
81
Jan
4
f>M% preferredZonite Products Corp
100
No par
1
91*4 Mar
12% Feb 27
2
70
05% Jan 20
44*4
Jan 22
23%
Apr
Jan
0% June
June
112% Mar 25
50
Apr
Apr
Apr
47
Mar lO
47
Jan
128
Mar
6
62%
Jan
70
Jan
7
Aug
33% Apr
20% Jan 4
Apr 28
40
Zenith Radio Corp
2*4
100
123
200
16
77*4 Jan 4
Apr 28
100
9,400
7,400
4
6% Jan 25
68% Mar 6
4878 Apr 29
99
Young Spring A Wire..No par
Youngstown 8 A T
No par
-Preferred
46% Jan
3%
Mar 24
75% Jan
6
6
9
8
Apr 28
99% Apr
x31
Apr
62% Jan 27
37% Feb 16
142
Jan 23
46% Feb 15
1017g Mar
116
6
Jan 27
40% Feb 17
9% Jan 16
63
8*4
Jan
831# Jan
42% July
41*4
105
11%
Jan
Jan
Jan
5*4 July
;
*
Bid and asked prices: no sales on this day.
{ In receivership,
a
Def. delivery,
n New
stock, r Cash sale, x Ex-dlv. y Ex-rlgbts. 1f Called for redemption.
Mav
2954
NEW YORK
Bond
1,
STOCK EXCHANGE
Record, Friday, Weekly and Yearly
On Jan. 1, 1909, the Exchange method of Quoting bonds was changed and prices are note "and interest"—except for income and
defaulted bonds.
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling
outside of the regular weekly range are shown in a footnote in the week in which they occur.
No account is taken of such sales in computing the range for
the year.
Friday
Week's
BONDS
Last
Range or
N. Y. STOCK EXCHANGE
Sate
Friday
Week Ended April 30
Nft*
Price
Bid
A
Low
U.
Asked
High
Friday
BONDS
Range
STOCK EXCHANGE
Week Ended April 30
©
Jan. 1
fiq&g
No
Low
Range or
Friday
Bid
A Askea
Sate
Price
Low
-
A O
114.10 114.10
104.18
114.20
134
113.16 121.14
A O
105.8
105.10
367
104.2
J
M S
J D
M 8
J D
J D
M 8
J D
J D
F A
A O
M
M 8
M S
J D
M
J D
110.5
110.5
140
Colombia
109.12 115.20
109.14
108.6
107.18
105.15 105.7
102.9
101.20
108.6
226
107.12 114.9
105.16
114
104.28 110.18
102.11
492
101
103
103.2
465
102.10 107.30
102.18
106.28
105.14 105.9
105.14
14
104.20 107.27
106.2
106.2
71
104.24 108.24
192
102.20108.24
105.20
103.18 103.6
103.16 103.7
103.20
211
102.24108.18
106.2
105.22
106.2
205
104.24 108.24
105.5
104.21
105.8
326
104
100.15
103.18
763
99.23
100.22
101.14 100.30
100.2
99.16
101.16
624
100.5
451
99
109.25
104.30
99.2
99.17
98.24
99.22
719
98.4
1947 F
A
1952 J
D
"98%
25-year gold 4%s
Cordoba (City) 7s
1953 IVI N
93%
1957 F
A
7b stamped
1957 F
Cordoba (Prov) Argentina 7s.. 1942 J
Costa Rica (Republio of)—
♦7e Nov 1,1936 coupon on.. 1951
Cuba (Republic) 5a of 1904.... 1944
A
99.18
906
98
97.14
96.24
97.19 1677
96.6
101.22
74
101.7
"75%
J
102.4
101.23
212
100.11105.17
72
101.8
105.23
100.28
72
99.6
104.10
302
99.24105.3
99.21
99.2
99.24
434
98.28103.2
99.12
98.26
99.12
104
98.16102.31
101.6
.
*22
30
25
98 M
25M
98 %
25M
99
14%
14M,
15
22% 30
97% 100
13% 20%
13% 20
14% 20
13%
20%
12%
17%
12%
16%
13
16%
98% 101
.1945 J
f 7s series B
♦External
s
f 7s series C
s
f 7s series D
1945 J
♦External
s f
14%'
1945 J
♦External
*13%
15
7s 1st series...1957 A
O
♦External sec s f 7s 2d serles.1957 A
O
13 %
13 M
13 M
13%
13 %
♦External sec s f 7s 3d serles.1957 A O
13%
100 M
100 M
Antwerp (City) externa] 5s
1958 J D
\Argentine Govt Pub Wks 6s..1960 A O 1012*32 1012*32
If Argentine 6s of June 1925.. ..1959 J D
100*32 100*32
1fExternal s f 6s of Oct 1925.. 1959 A O 1012*32 1012*32
t External s f 6s series A
1957 M S
101*16 101M
f External 6s series B.
1958 J
Extl
1960
s
f 6s of May 1926
tExternal
s
f 6s (State Ry)..1960
If Extl 6s Sanitary Works
Extl 6s pub wks May 1927
IfPubllc Works extl 5%s
8 f external 4%s
Australia 30-year 5s_...
1961
1961
1962
1971
1955
External 5s of 1927
_„1957
Externalg 4Msof 1928......1956
Austrian (Govt) sf 7s
..1957
D 100*32 100*32
Ml N 102
101M
M S 101»32 IOI»32
IOO'S.6
F A
M N 101% 101%
F A 100 M 100 M
97
97M
M N
J
J 106
105%
M S 106
105%
101
M N 101H
100 M
J J
♦Bavaria (Free State) 6%s
1945 F A
Belgium 25-yr extl 6 Ms...... .1949 M S
External
s f
19%
108%
1955 J
6s
External 30-year s f 7s. .....1955 J
108
D
118%
Bergen (Norway) ext s f 5s
♦Berlin (Germany) s f 6 Ms
♦External sinking fund 6s
1960 M S
1950 A O
20
1958 J
D
20
M
19%
♦Brazil (U 8 of) external 8s
♦Externals! 6%s of 1926
1941 J
D
1957 A
O
37
37
35
s f
100
19
10
15M
15
15
13 M
13%
13 M
101
1012932
1002*32
1012*32
101*16
100*32
102 M
IOI M
101*16
102 M
101
97%
106
106
101%
101M
20
30%
22%
97%
93%
22%
98%
94%
20
30%
86
1
75%
78
15
97%
31
103%
102%
-
96% 101
93% 99%
„
16
77
90
70%
80
96
13
100
103
33
31
103
99
27
36%
102% 105%
102%
101
Czechoslovakia (Rep of) 8s
Sinking fund 8s ser B
64
104
Denmark 20-year extl 6s
External gold 5%s
1942
1952
J
...1955
19%
101% 102%
61
100*32 102
43
101
97
101% 102%
100*32 102
100% 103
101*16 102
1002*32102%
101
102%
40
69
55
40
17
80
43
26
24
82
39
2
109
45
23
2
3
20
6
20
103
100% 103
96% 100
104% 110%
104% 110
99% 102%
102%
98
18% 25%
108
110%
105% 109%
115% US %
99
102%
35%
25
23
18%
50%
38 M
18
42
44%
24%
59%
122
35
47%
39%
129
35
47
35%
47%
41
46
100
100
100%
5
100
100
100%
11
102%
103
2
99% 103%
99% 103
101
104
99
98
102% 104%
288
56% 68
103% 105%
103% 105%
11
104% 105%
100% 102
97% 100%
104
103%
1951
...
66%
103%
104%
104%
100%
101%
97% ° 98
A
101%
External g 4%s
Apr 15 1962 A O
Deutsche Bk Am part ctf 6s...1932
97%
(♦Stamped extd to Sept 1 1935... M S
Dominican Rep Cust Ad 5%s..l942 M S
1st ser 5%s of 1926
...1940 A O
50
5C
50
80
80
81
78
21
78
44
45
50%
74%
82%
72
27
82
78%
78%
73
82
81
81
80
80%
78
81%
81%
80
78
81
19%
19%
19%
65%
65%
65%
♦77
*77
20
30
36
109%
118%
100%
35
6Ms of 1927... 1957 A O
♦7s (Central Ry).
-.1952 J D
Brisbane (City) s f 5s
1957 M
Sinking fund gold 6s.
1958 F
2(4year s f 6s
,.1950 J
♦External
20%
24
*98
5%s 1st series
1969 M S
5%s 2nd series
...1969 M S
♦Dresden (City) external 7s
1945 M N
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on.1947 F
s
22%
1949
2d series sink fund 5%a
1940 A O
Customs Admins 5%a2dserl961 M S
Foreign Govt. & Municipals-
-
22%
22%
1949
31%
•
A
.1948 A O
1963 M N
1945 J
38
31%
106.10
M 8 102.4 101.14
M N 101.21 101.2
1 1939-1949 F A
1942-1944
38
31%
29
Sinking fund 5%s...Jan 15 1953
♦Public wks 5%s...June 30 1945
103.18
29%
on
29%
31%
103%
102%
External 5s of 1914 ser A
External loan 4%s
103.17
98.28
101.30
♦External
High
Low
96
"22%
♦Sinking fund 7s of 1927
Copenhagen (City) 5s.
104.16
99.16
101.28 101.14
15 1942-1947 J
Mar
1 1942-1947 M 8 100.22 100.14
Home Owners' Mtge Corp—
3s series A
100.11
May
1 1944-1952 Ml N 101.3
♦Antloqula (Dept) coll 7s A
No
86
29%
29%
♦Colombia Mtge Bank 6%s._ 1947 A O
♦Sinking fund 7s of 1926
1946 M N
100.18 106.16
3s______..._.Jan
Akershus (Dept) Ext 6s
Since
(Republio of)
♦6s Apr 1 1935 coup on..Oct 1961 A
♦6s July 1 1935 coup on .Jan 1961 J
109.26
2Mb
♦Sink fund 6s Apr coup on
High
Range
Jan. 1
Foreign Gevt. & Mun. (Concl
Treasury 4%s.— Oct 15 1947-1952
Treasury 8%s...Oct
15 1943-1945
Treasury 4s*
Dec 15 1944-1954
Treasury 8%s._.Mar 15 1946-1956
Treasury 8%s
June 15 1943-1947
Treasury 3s
.Sept 15 1951-1955
Treasury 3s
June 15 1946-1948
Treasury 3%s...June 15 1940-1943
Treasury 3%s
Mar 16 1941-1943
Treasury 3%8_..June 15 1946-1949
Treasury 8 Ms
Dec 16 1949-1952
Treasury 3%s
Aug 16 1941
Treasury 3Ms
Apr 15 1944-1946
Treasury 2Mb
Mar 15 1955-1960
Treasury 2%s...Sept 15 1945-1947
Treasury 2MB—Sept 15 1948-1951
Treasury 2%s.
1951-1954
Treasury 2%s...Sept 15 1956-1959
Treasury 2%s
Deo 151949-1953
Federal Farm Mortgage Corp—
8Mb
Mar 15 1944-1964
3s
May 15 1944-1949
2Ks series B-.Aug
2Mb series G
Week's
Last
High
Government
S.
21
N. Y.
Since
o
105%
♦Ei Salvador 8s ctfs of
dep new. 1948
J
Estonia (Republio of) 7a
Finland (Republio) ext 6s
J
1967
1945 MS
99
107%
♦Frankfort (City of) s f 6%s...l953 M N
French Republic 7%s stamped 1941
D
7%s unstamped
1941
External 7s stamped
7s unstamped.
__
107%
19%
19%
116
119%
D
1949
116%
*111
11
115%
119%
117%
1949 J
98
99
107
117%
65%
100%
105% 107
17% 24
116
124%
115% 119%
119% 130
117% 124
German Govt Internationa!—
♦5 %s of 1930 stamped
D
26%
♦German Rep extl 7s
stamped. 1949 AO
"29%
1965 J
♦SMs unstamped
1965
♦7s unstamped....
1940
German Prov & Communal Bks
♦(Cons Agric Loan) 0%s
1958
25%
21%
29
24%
D
27
23%
29%
24%
25%
♦25%
29%
98%
18%
19
35
20%
18%
27%
23%
23%
25%
98%
18%
*17%
105%
♦Greek Government s f ser 7S..1964 MN
♦Sink fund secured 6s
1968 F A
227
33
41
30
27%
35
O
Helsingfors (City) ext6%s
1960
Hungarian Cons Municipal Loan—
♦7%s unmatured coup on.-.1945
O
26%
21%
>7s unmatured coupon on._.194p
J
*24
26
♦Hungarian Land M Inst 7%s.l961 M N
♦Sinking fund 7%sser B
1961 M N
♦Hungary (Kingdom of) 7%s..l944 F A
*24
30
*22
26%
21%
21%
21%
47%
Irish Free State extl sf5s.
J
M N
lgeo
Italy (Kingdom of) extl 7s.....1951
Italian Cred Consortium B___
1947
Italian Public Utility extl 7s
26%
J
1952 J
114
114%
87%
96% 100
17
25
16%
19%
105 % 107
105%
60
114
17
111
30%
30%
30%
27%
51
115
57
80
89
91
11
80%
94
J
75%
76%
95%
81%
25
71%
82%
57
93
70
79%
99%
85%
85%
85%
Japanese Govt 30-yr » f 6%s„ 1954 F A
Extl sinking fund 5%s
1905 IVI N
Jugoslavia State Mtge Bank-
95%
81%
94%
♦7s with all unmat coup
1957 A
1 f 7a
1947 F
Lower Austria (Province
of)—
♦7%s June 1 1935 coup on...1950
O
38%
38%
*20%
♦Medellln (Colombia) 6%s
1954
♦Mexican Irrlg assenting 4 %s_ 1943
♦Mexico (US) extl 5s of 1899 £.1945
D
♦Leipzig (Germany)
19
18
S
D
M
49
32
40
Haiti (Republic) b f 6s ser A
1952
♦Hamburg (State) 6s...
1946
♦Heidelberg (German) extl 7%s '50
O
27
24
33%
28%
A
80%
97
1
93%
38%
29%
19%
40%
97
95
98
12%
6%
17
25
Budapest (City of)—
♦6s July 1 1935 coupon on
1962
Buenos Aires (City) 6Ms B-2..1955
D
J
External
s
f 6s ser C-2
I960
O
External
s
t 6s ser C-3
1960
o
♦Buenos Aires (Prov) extl 6s
1961 M
♦6s stamped
....1961 M
♦6 Ms stamped
Extl S f 4%e-4%s
100%
101%
101M
S
101
36
100
102
102
2
100
102
102
6
84
84%
77%
77%
77 M
77
78
80 M
80
80%
57
J
1961
J
♦Carlsbad (City) s 18s
1954
♦Cent Agric Bank (Ger) 7s
1950 M S
J
♦Farm Loan s f 6s..July 15 1960 J
♦Farm Loan s f 6s...Oct 15 1960 A O
ser
A Apr 15 1938
♦Chile (Rep)—Extl s f 7s.._.
♦External sinking fund 6s
.1942
1960
♦Extl sinking fund 6s...Feb 1961
♦Ry ref extl s f 6s......Jan 1961
♦Extl sinking fund 6s..Sept 1961
♦External sinking fund 6s
1962
♦External sinking fund 6s... 1963
♦Chile Mtge Bank 6Ms
♦Sink fund 6%« of 1926
♦Guars16s.........
♦Guars16s.
♦Chilean Cons Munic 7s
1957
1961
..1961
..1962
A O
M N
A O
F A
J J
M S
M S
M N
J D
J D
A O
M N
1960 M S
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 5%s_1950 M 8
98 K
21%
21%
55
32
30%
42
9
19
45
22%
22%
22%
186
22%
171
75
22
62
22
40
22
130
19
19%
31
24
19
19
19%
19%
19%
18%
♦Sec extl
8
f 6
_..
s I
(State)
54
22
4s s f ext loan...
Municipal Bank
2959.
O
1943
A
S
1905
o
.......1963
A
extl s f 5s... 1970
D
♦Nuremburg (City) extl 6s
1962
A
Oriental Devel guar 6s
Extl deb 5%s
Oslo (City) s 14%8
Panama (Rep) extl 5%s
1953
S
♦Nat Loan extl
s
3
♦Nat Loan extl
s f
19%
2
6
7%
7%
6%
10
6
17
6
31
6%
21
20%
20%
26%
28
67
102%
105%
82
34
22%
M S
21%
6s 2d ser_.1961 A
1940 A
...1947 A
.1950 J
D
O
O
O
J
1
18
49
7
20
103
24
100
100%
62
102%
19%
79%
73%
98%
103%
19%
105
74%
S
M
9
2
96
19%
19%
48%
61%
45%
80
75%
98%
3
17
12
5
33
68%
64
105%
105
107%
109
101% 104%
99% 102
95%
96
102% 103%
17
24%
75% 81%
71%
76%
97% 100%
105
107
5
74%
85
64%
76
26
21
22 »
20
28
18%
26
22%
20
45%
5
2
60%
101%
101%
104%
105%
10
19
48%
61%
99
lltt
74%
67%
22%
21%
19
9%
9
13%
13
26%
67
106
9
9%
26
28
61%
102%
103%
11
8%
70%
106%
96
103%
19%
79%
D
1953
61%
102%
102%
105%
105%
102%
11%
11%
"54
105
102%
100%
1958 MN
O
-
6%
6%
6%
6%
73%
1965
f 6s 1st ser..l960 J
♦Poland (Rep of) gold 6s
♦Stabilization loan s f 7s
6%
71%
1963 MN
26
6
8%
8
8
72
S
.1950
f 5s ser A
8
8%
D
1944
♦Stamped
Pernambuco (State of)—
♦7b Sept coupon off
....1947
♦Peru (Rep of) external 7s
1959
13
J
A
O
....
♦External sink fund g 8s
For toot notes see page
6
J
.Apr 1958
66%
18
6%
1959 MN
A
extl 5S..1957
5s
14%
*6
6
..1952
External sink fund 4%s
External s f 4%s
s
7%
J
1958 M S
...1959 M S
%s
♦Sec extl 8 f 0%s...
♦Montevideo (City) 7s
♦Extl
*7
J
....1954
Norway 20-year extl 6s
20-year external 6s
10
19
66%
19%
25%
27%
13%
*5%
*5%
♦4s of 1904
New So Wales
19
18
64%
13%
UN
1945
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910small.....
♦STreas 6s of *13 assent(large) *33
♦(Small
Milan (City, Italy) extl
0%sI.Ii952
Minas Geraes (State)—
♦fis series A
19
18%
86
75%
22
50
31%
29%
41%
21%
21%
21%
21%
21%
21%
21%
77
78%
82%
83%
75%
♦Assenting 5s of 1899..
♦AssentlDg 5s large
♦Assenting 5s small
External
50
21H
21%
21%
21M
21%
9
35
88%
89%
82%
83%
83%
56
27
98
55
103
21%
4
106%
112%
98%
106%
111%
A
18
154
24%
27%
106 M
99% 102%
10
57%
24%
27%
111 H
98 M
Aug 16 1945 F
10-year 2Mb
25-year 3%s._
98%
76%
76%
O
1960 A
6s
26%
31%
101%
101%
97%
84
76 %
76 «
7
100
1952 MN
Canada (Domof) 30-yr 4a
29%
83
1961
1977
Refunding s f 4 % s-4 %s
1976
Extl re-ad) 4Ms-4Ms
..1976
Extl s f 4%s-4%s.
1975
J
3% external s f 5 bonds
1984 J
Bulgaria (Kingdom of)—
♦Sink fund 7s July coup off._1967 J
J
♦Sink fund 7 Ms May coup off 1968 MN
♦Farm Loan 6s
28%
20%
48%
63%
47%
17
284
59
19
30%
26
3
47
62
16
60
80
36
45%
64
S&rCSE:
New York Bond Record—Continued—Page 2
144
Volume
BONDS
Last
N. Y. STOCK EXCHANGE
A
N
Since
High
No.
1961
♦7 %a July coupon oil
..I960
Prague (Greater City) 7 Ha
1982
♦Prussia (Free State) extl 6 Ha-1951
28-year external 6s
27
27 h
96h
8
27 h
2
26h
2
92
20
44
20
23
33%
31
100
110%
19
17h 24%
16 h
24%
109h 113 h
109 H
110H
24
109
23 %
109%
109 %
23%
3
27
30
26
27 %
24
25%
34%
33
32
31
29h
27 %
71
24
33
26
29 h
27 h
27
26
....1907 J
♦7s June ooupon of#
14
26
32 %
73%
26~~
O
—1962
.1964 WIN
T Rotterdam (City) extl 6a
Roum&nla (Kingdom of)
25
D
A
Rome (City) extl 6 H«
75 %
29
72 h
31
♦7a August coupon off..—.1989
♦Saarbruecken (City) 6s......1963
Sao Paulo (City of Braxil)—
♦8s May coupon off
lpOH
100
%
7
35%
34 H
*21
25
36
25h
21h
24h
32
M N
32
32
6
26
..1962 M N
26
27
15
39
39
♦External 8s July ooupon off -1960
31
30H
♦External 7a Sept coupon off 1966
29
29
31h
29h
28 H
93 h
30
.....1936 J
§♦88 July coupon off
J
M
off.1968 J
26 %
♦External 6a July ooupon
Secured a f 7a
...1940
♦Saxon State Mtge Inst 7a.__.l946
6 He
g
"93%
A
J
—.1946 J
92 %
*18%
♦Silesia (Prov of) extl 7a
♦SUeaian Landowners A sen 6s—1947 F
Styrla (Province of)—
7a Feb coupon off...
Sydney (City)
a f
...1946
5Ha.-------1966
A
Taiwan Elec Pow
J
♦External
♦External
a
a
f 6s
103%
98
19 h
22
12
40
39h
30
74 H
*71%
76
75H
101%
101
104H
25%
78
h
4
7
68
66
67 H
69
37
68
31%
31%
64
39%
90% 93 h
101% 105H
71% 76 h
69
72h
78
99 h 103
65
70
70
64
64h
83%
92h
98
64
84%
43 H
44
h
11
39 h
83 H
84 H
30
77h
10
76
3
1937
^Atlantic Refining deb 6s
Auburn Auto oouv deb 4%s... 1939
Austin A N W 1st ju g 5s
1941
J
4s series B
♦Albany Perfor Wrap Pap 0s.. 1948
A
conv
♦Coll A
6a......
conv
6a
—.
♦6a stamped
Aliegb A West 1st gu 4s
Allegh Val gen guar g 4s
Allied Stores Corp deb 4%t.—.
%s debentures
...
85
85
106 h
170
*66
100
P L E A W Va Bya rel
4s
....
105%
100
103%
99%
89
79
114%
70
70
64
~98%
1949 J D
1950 A O
92%
88
22%
84%
84H
86
1960
64
60
64%
93%
94
5
108H
109
10
74
162
1942 M
S
1960 A
O
1951 Fj A
99h
97 %
99H
97 H
99h
97 %
95h 101%
96 h
93h
87 h
84 h
14
234
69
00
93 h 102 H
107 h 112h
14
99
5Ha
1949
*99
22
97 h 100:
100
79
95
94%
95h
M N
107
106H
107
90
105%
105
105h
15
112%
112H
113 h
105
104 %
105
103
97 %
98
166
97 %
119
Am Internal Corp conv 5Ha.. 1949 J
J
Tetep A Teleg—
20-year sinking fund 6 %S— -1943 MN
J
Convertible debenture 4 Ha.. 1939 J
1901 A
..—1906 J
debentures
debentures
O
D
J
♦Am Type Founders conv deb. 1960 J
Amer Water Works A Electric—
Deb g 6a series A
.1975 MN
97 %
97 %
139
139
O
Conv 4a of 1906
Conv g 4a Issue of 1910
26
97
87
105h 109
103% 106
Cony deb 4Hs
Rocky Mtn Dlv bat 4s.
Trans-Con Short L 1st 4a
Cal-Arlfc lat A ret 4 Hi A
1960 J
D
105%
1962 M
"104
104%
105%
36 H
37
68H
68H
102
102
1022'32 102H
96 H
97
96 %
95H
104
106%
139
200
2
103
110h
28
105
108%
50
104
104h 107
17
36 h
67 h
8
5
91
102
42 %
74
105
18
121
94h 100;
95
09%
67
23
159
103
108
106 h 116
103
3
102
112
104
112
102
112
*
104%
105
"88
109
"215
107%
111
111
111H
111%
106 h 109%
103h 110
105
105h
108"
*105H
99
D
97
1941 MN
J
102%
102
103
J
101%
91%
83%
73%
83%
111%
104
110
J
91%
85%
76%
85%
111%
.1951
J
104
2000
S
.1960
A
.1996
S
*
D
87%
113%
105% 106%
4
105% 106%
104% 108%
54
100
85%
117
94%
116%
103%
92
110
97
102%
103%
47
102
61
101% 107%
92
11
88
99%
83%
73%
83%
93%
82%
93%
105
85%
96
76%
85%
268
111%
14
111
116
104
7
103
110
22
110
110%
116%
133
75%
78%
102% 103%
76
117%
123%
D
*20%
20%
*20%
*20%
102%
93%
25
115% 121%
10
120
21%
20%
123%
131
J
1959
A
O
o
Cona mtge 3Hs ser E
1966
Big Sandy 1st 4s
....1944
Boston A Maine lat 5a A C
1967 M
1st M 5a aeries II
1955 M
o
J
102%
94%
22
72
94%
99
82
"84%
122
*107
D
S
22
103%
"84%
N
85
84
85%
41
.1961 A
{♦Boston ANY Air Line lat 4a 1955 F
O
79
78
81
38
A
O
1st C 4Hs aerJeb JJ
27
A
"26%
♦Certificates of deposit
Brooklyn City RR 1st 5a
.1941 J
Bklyn Edison cona mtge 3Ha.-I960 MN
Bklyn Man hat Transit 4 Ha.- -1906 M N
Bklyn Qu Co A Sub con tftd 61.1941 M N
1st 5a stamped
1941 J
Bklyn Union El 1st g 5s
1950 F A
Bklyn Un Gaa 1st cons g 6a
1945 M N
1947 M N
....1950 J
5s
Brown Shoe
a
D
1957 M N
f deb 3%a
I960
F
90
27%
13
24%
30
60
25
{{♦Botany Cona MUla 6 Ha.—-1934
25%
22
90
100
99%
91
93%
*65
!
105
t
'"99"
106
A
2
76
177
90
103%
112%
113%
90
100%
93%
69%
105
75
113%
40
119%
'99"
105%
104%
100
106%
105%
Bruns A West lat gu g 4s ......1938
Buffalo Geo Eleo 4Hs ser B—.1981
UBuff Rech A Pitta gen g 5s...1937
Consol 4Hs
1957
{{♦Burl C R A Nor lat A coll 5s 1934
♦Certifies tee of deposit
{♦Bush Terminal 1st 4s
....1952
"40
59
14
108
*101%
J
F
108%
M S
100%
103
115%
112
122%
119% 132%
99
106
105% 109
103% 106%
M N
85%
82%
24%
24%
A
*86
A
1956 J
65%
{♦Bush Term Bldga 5s gu
f By-Prod Coke 1st 6 %s A
1960 A
60%
60%
102%
Cai Pack conv deb 5s—
1940 J
85%
25%
79
25
13
1946 M
Cal G A E Corp unlf A ref 6a.—1937 M
cona gu
N
J
105
5s A
*101%
104%
108
111
105 h 107
"~4
110
102%
105%
27
111
88
65%
83
31
60%
73
102% 103}
101% 103%
105
163
105
J
110%
24
25%
11
24
112
113%
49
112
Guaranteed gold
Guaranteed gold
1957
July 1969
Oct 1969 A
.—.1970 F
5a
6a
J
O
110%
113%
115%
110%
16
113%
12
109% 116
113
118%
115%
15
A
June 15 1955 J D
Guaranteed gold 4 Hs—
1956 F A
Guaranteed gold 4 He.-Sept 1951 M S
J
Canadian Northern deb 6 %s.- .1946
Guar gold
4Ha
115%
113%
111%
114% 121
115
116
10
112%
13
110%
113%
111%
114% 121
112% 118%
110% 116%
.1
111
123%
..1946 M S
J
...1944
D
Coll trust gold 5s....Dec 1 1954 J
J
Collateral trust4Ha
1960
J
{♦Car Cent 1st guar g 4a......1949
104%
U3%
Coll trust 4Ha
6s equip trust ctfa—
.
1938 J
Caro Clinch A 01st 5s
1st A
cona g
6a ser A.Dec 15 1952
D
D
42
119%
General 4s..
104%
113%
13
89% 99%
102% 104%
10
110
108%
15
107% 110%
100%
102
53
104
103%
110%
104
"l3
99% 105%
72% 83%
103% 105%
111
19
104
104
*73
110%
*
79
-
—
-
93
31
40
83
78%
81
31
20
30
20%
20%
29
32%
18%
18%
29%
36%
23%
23%
31%
30
24
31
"19%
19%
19%
23%
*25%
20
89%
31
19%
19%
20%
40
30
34
*
89
40
225
100%
102%
172
244
100
102
100
125%
103%
100
104%
16
102
109
100%
102%
102
15
99% 104%
100% 108%
63
75%
65
88%
57
78%
102%
1
71%
71%
24
67%
60
60
70%
"69%
NEW YORK
1-911
106%
87%
30
Now York Curb Exchange
-
111
104
*80
..1987 J
Telephone HAnover 2-7900 — A. T. & T. Teletype NY
Private Wires to Chicago, Indianapolis and St. Louis
108%
"3l"
Vilas & Hickey
Members
115%
108%
Railroad, Public Utility and Industrial Bonds
—■
110% 116
120% 128%
113
104
BOND BROKERS
-
13
30
100%
Carriers A Gen Corp deb 5s w w 1950 M N
Cart A Ad 1st gu g 4s
1981 J D
♦Cent Branch U P lat g 4s
1948 J D
{♦Central of Ga 1st g 5s.-Nov 1945 F A
♦Consol gold 5s.
—...—1945 M N
♦Ref A gen 5%s series B....1959 A O
♦Ref A gen 5s series C
1959 A O
♦Chatt Dlv pur money g 4a.. 1951 J D
♦Mac A Nor Dlv lat g5s
1946 J
J
♦Mid Ga A Atl Dlv pur m 68.1947 J
J
♦Mobile Dlv 1st g 5a
1946 J
J
Central Foundry mtge 6a
1941 M S
Gen mortgage 5a
1941 M S
CentHudGAE 1st A ref 3 Ha. 1965 M S
Cent 111 Eleo A Gas lat 5a
1951 A O
Cent Illinois Light 3%s.
1966 F A
{♦Cert New Engl lat gu 4a....1961 J
Central N J gen g 5a..
...1987 J
17
171
93%
94%
Canadian Pao By 4% deb stk perpe<
113
49 WALL STREET
32
111
25%
113%
Canadian Nat guar 4 Ha
113
New York Stock Exchange
24
24%
24%
85
"36
62%
100% lOlWja
82% 93
122%
1942 A O
—1962 A O
♦Camaguey Sugar 7s ctfa.
Canada 8ou
N
10
88
65%
♦Con so I 68—
101% 102
108% 110
108%
100%
For footnotes see page 2959.
1
112
on
116%
122%
J
o
1955
♦Deb sinking fund 6Hs
♦Debenture 6a.
105%
105%
106%
54
.
107
*i5i%
O
♦Berlin Elec El A Undergr 6 Ha 1966
Beth Steel eons M 4Ha *er D—1960
95
94
50
103
loin
108 H
8
23
102%
D
1948 J
1986 J
1958 J
58%
59
111% 114
104h 113
96% 102%
96 h 102 %
84 h
*51h
J J
Q J
M S
J D 102^32
F A
96 h
J
105
J
A O 108H
Nov 103
..1995 M N 103
1965 J
1956 J
103
52
8 f income deb—.......—.1907
{♦Ann Arbor 1st g 4a..—.....1996
Ark A Mem Bridge A Term 6a. 1964
If Armour A Co till) 1st 4 Ha—1939
1st M & { 4s ser B (Del)
...1956
1st M s f 4s ser O (Del)
1957
Armstrong Cork deb 4a....1.. 1950
AtchTopASFe—Gen g4«—1996
Adjustment gold 4a....
.1986
Stamped 4a
Conv gold 4s of 1909
150
103
J
{♦Am Writing Paper 1st g 68—1947 J
♦Certificates of deposit
6s stamped
1947 j""j
Anaconda Cop Mln at deb 4Ha 1960 A
♦Anglo Chilean Nitrate—
97 H
112
113%
O
42
74% 83%
100"32102
75
85%
105% 107%
4
101
Am
3%a
87
Bell Telep of Pa 5s ser.ea B
1048
1st A ref £s aeries C
1960
Belvldere Delaware cons 3 Ha—1943
♦Berlin City Eleo Co deb 6 %«-1951
93 h 100
76 h
87h
125
76 %
D
1963 J
American Ice a f deb 6a
3
D
.1943
Guaranteed gold 5a
conv
106
4s stamped
.1951
Battle Creek A Stur lit gu 3a.. .1989
Beech Creek ext 1st g 3 Ha.—. .1951
107
131
93 %
108 %
76
101
96 H
O
115
107 h 110
70
98 %
♦Alpine-Montan Steel 7s
.1956 M 8
Am A Foreign Pow deb 6a—...2030 M S
Amer I Q Cbem
O
Southwest Dlv lat 3H-5a... 1950
Ref A gen 5s aeries D
Conv 4 Ha
Ref A gen M 6a ser F——
105%
105%
104%
85%
105%
1940
99%
99%
106
100
*102 H
1998 A
109 h
103 h
107%
"70"
84
100h
101%
*114H
O
♦6a with warr assented...... 1948
1946 A
Alb A Susq 1st guar 3 Ha
1944 F
Alleghany Corp coll tr 6«
Coll A
100H
101H
*100
1962 A O
D
1943 J
D
1943 J
Ala Gt Sou 1st oops A 6a
CODS
97
*105%
J
1940 Wl N
5s assented
lat iien A ref 5s series B
1st
J
Bait A Ohio 1st g 4s_
July 1948
Refund A gen 5* series A
1995
1st gold 5s
July 1948
Ref A gen 6a aerlee C—..
1995
Debenture gold
Adriatic Elec Co extf 7a
lOO"^ 100**32
*68
76%
100'732
105%
102% 106%
49% 60%
9
44
COMPANIES
101
50
53
lit lien A ref 6e aeries A
1946 F
104
76
INDUSTRIAL
10-year deb 4%a
103
52
69 %
80
94
95 H
83 %
25
65
~25
76
67%
66 H
11
18
75
101%
*78
♦ItAblttbl Pow A Paper 1st 6a. 1963 J D
Adams Express coll tr g 4a.... 1048 M 8
Coll trust 4a of 1807....—.. 1947 J D
104"
24
44 h
103 H
O
...1962 MN
A
7a....1968
Yokohama (City) extl 6a......1961 J D
AND
91
24
6a Nov coupon on_.
Warsaw (City) external
RAILROAD
74
29 h
J
Venetian Prov Mtge Bank 7s—1962
Vienna (City of)—
34 h
30 %
...I960 M N
—1964 M N
16a
26
*94
6Ha..—1971
Tokyo City 6s loan of 19.12—1962 M
O
External a f 5%e guar......1961
Trondhjem (City) 1st 6 Hi—1967 M N
A
♦Uruguay (RepubJc) extl 8a. .1946
a t
30
44 H
A
90
42%
43
35
*36 H
A
15
J
Con ret 4a
30 h
28
29
M N
M N
1968 J D
♦7a Nov 11936 coupon on.. .1962
90%
J
Bangor A Aroostook 1st 5s
44
37
29H
30%
88%
90
J
34%
17
~32%
*17
Serbs Croats A Slovenes (Kingdom)
♦8a Nov 11836 ooupon on...1962
99
95
195»
35%
11
6
110%
102
91%
87
90
100%
91%
1948
36%
27
25 h
High
118% nm
111H
110% 116
108
1948
Tol A Cln Dlv lat ret 4s A... 1959
♦Extl 0Hs May coupon off.. 1957
San Pauio (State of)—
♦Sinking fund
83%
100H 108
Low
....
...
F
J
No.
-
.....
Baldwin Loco Works 1st 5a
Monopolies
Jan. 1
110
110%
102
May 1 1945 MN
10-yr coll tr 5s
Since
fiQOQ
High
*98%
*107
J
1944
At! Coast Line lat cons 4s July 1902 M S
D
General unified 4Ha A..
1964
LAN coll gold 4s
Oct 1952 MN
32 h
26
26
Rio Grande do Sul
,
J
Range
Friday
A Asked
40
24 H
27 %
26
1946 A
—.1983 F
(State of)—
O
*88 April coupon off
..1946
D
♦6a June coupon oil...
1968
♦7a May coupon oil.-.—.—1966 MN
♦6 Ha Aug coupon oil
23
D
1944
Atl A Cbarl A L lat 4 Ha*A
1st 80-year 6a series B
Atl A Dan 1st g 4s
2d 4a
118
21%
Bid
Low
1946
Atl Gulf A WISS coll tr 5a
Rio de Janeiro (City of)—
♦8s April coupon oil
Sale
Price
High
Low
19%
19H
109%
O
O
1947 F A
1950 M S
.
30 %
96 H
Queensland (State) extl a 17a. >1941 A
♦BUine-Maln-Oanube 7a A
28H
27
D
J J
M N
M S
1982 A
♦External 116s..
28%
J
If
5 A,
Atl Knox A Nor lat g 5a
Porto Aiegre (City of)-♦8a June coupon off
Range or
Last
EXCHANGE
Y. STOCK
Week Ended April 30
Jan. 1
Asked
Week's
Friday
BONDS
Range
Friday
Bid
Loto
Foreign Govt. &Munlc. (Cona.)
Ml
Range or
Sate
Price
Week Ended April 30
2955
Week't
Friday
32
New York Bond Record-Continued-Page 3
2956
Mav
Week's
Friday
bonds
N.
'Bennett
Bros. &
<3Lf
cMembers
8TOCK
Last
EXCHANGE
Johnson
15
Col A H V 1st ext g 4a
Col A Tol lat ext 4a
%A1LRQAD BONDS
j
1961
J
1948 A
O
....1955 F
Columbus Ry Pow A Lt 4a
a
1965 M n
Commercial Credit deb 3%s..-1951 A
^ew York, *5^. Y.
135 So.
Connections
-4* 'Bell
Friday
N
Y.
STOCK
Week Ended April 30
Friday
Price
Bid
A
1949 F
A
Through Short L 1st gu 4a._1954 A O
Guaranteed g 5s
1960 F A
{Cent RR & Bkg of Ga coll 68.1937 M N
1941 M N
Certaln-teed Prod 6 He A
1948 M
Champion Pap A Fibre deb 4^81950
IfChesap Corp conv 6a
1947
1f 10-year
M
N
General 4s
20
9
11
87
14
106%
135%
200
129
156
119
171
114%
137
28
116h
117
16
"96 h
95 %
96%
88
96 h
95%
96%
*109%
*
111%
117%
113%
*105"
gen
112%
55
57
41
105
14
109
S
"108"
107 h
107 h
106%
114
♦Certificates of deposit
M N
*101%
37%
38 h
36%
*116%
*100%
45h
43%
40
109%
108%
107%
115%
21
66
41
31
108
52%
58%
104% 110
108% 113%
107% 117%
106% 118%
38%
18
118
119
100
~40~ "262
114
101%
35%
34
46%
45%
118
124
100%
102%
43%
35
39
43
S
J
J
35
35%
1947 J
J
*10
35%
1947 J
B
M
J
*32
35
34
39%
26%
18%
19%
102%
102 h
110%
J
308
3
18%
19%
102%
110%
58
18%
18%
100%
54
56%
52%
64
65
25
63
69%
64
65
17
64
69%
A
♦Gen 4^8 etpd Fed lnc tax.. 1987 M N
♦Gen 6e stpd Fed Ino tax
1987 M N
♦4 Ha stamped
*65
30 h
27%
10
9%
40
41
}♦Secured g 6 Ha
1936 IVI N
*41%
*31%
43%
44 h
68%
31
10%
40%
42%
65
'720
♦1st ref g 5e
May 1 2037 J
♦1st A ref 4Ha stpd.May I 2037 J
♦1st A ref 4 Ha ser
C.May I 2037 J
♦Conv 4%s series A
1949 M
40
41
44
"49 h
43%
45%
"53% "75
30
28%
30%
D
28 %
27
29
N
29 %
19 h
28
{{♦Chicago Railways 1st 5a etpd
71%
1952
♦Conv g 4 Ha
1960
M'S
rvi
Ch St L A New Orleans 5s
1951 J
Gold 3 Ha
June 15 1951 J
n
37
19
22
1944
1951
Chllds Co deb 5s.
1943 A
{♦Choc Okla A Gulf cons 5s.
Cincinnati Gas A Elec 3%b
19%
19%
22
38
18%
12%
18
20
122
13
276
11%
K
1963 J
91
M
M
1986 F A
Cln Leb A Nor 1st con
gu 4a... 1942 M N
Cln Un Term 1st gu 5s ser C_. 1957 iy1 N
1st mtge guar 3 H8 series D_. 1971 IVI N
Clearfield A Mah 1st gu 4s
J
1943 J
Cleve Cln Chi A St L gen 4s... 1993
B
1993
35%
35%
18
43%
42%
26%
22%
25%
22%
10%
18
19
17
19%
108% 113%
"91%
91
98%
93
91
99%
80
105%
104
106%
108
104% 113
104%
102%
103%
103
111%
101% 108%
100% 108%
99% 105%
101
90%
85%
94
60
38
40%
99%
100
104%
105
108
109%
97% 104%
104% 108%
107% 109%
102%
101
102%
*104%
D
1*115
1941
J
1032,32
1963
J
1051732
1977
J
.1939
J
95
Cln Wabash A M Dlv lat 48.1991 J
J
St L Dlv 1st coll tr g 4a
1990 M N
g 4s
.1940 M S
110%
104% 104%
31
97%
118
1032'32 1032132
105,732 105%
93%
95%
*103%
104%
97
118
"16
112
119
93
94
"II
98%
Spr A Col Dlv 1st
99
9
107%
118
103% 105%
101% 105%
91%
98%
103% 106%
93
103
95
104%
*102%
J
*102
107
102
107
107%
7
106%
107%
27
O
103
107
108
105% 111%
O
J
110% 113
8erles C 3 Ha guar
1948 M N
Series D 3%s guar
Gen 4 Ha ser A
1950 A
F
*104
1977
A
*105%
106%
109"
109%
11
111%
46
108% 116%
110% 113
104 7*
Gen A ref mtge 4 Ha ser B...1981
Cleve Short Line 1st gu 4 Ha.--1961
Cleve Union Term gu 5 Ha
1st a f 5s series B guar
I
1973
o
109%
O
2959,
i
110
116%
1U%
J
O
1972
1st s f 4 Ha series C
o
1977
Coal River Ry 1st gu 4s
D
1945
Colo Fuel A Ir Co gen 8 f 5s... 1943
A
♦5 Income mtge
1970 A O
Colo A South 4 Ha aer A
1980 IVI N
For footaotes •»ee page
*103%
111%
105%
105%
106
59
101
101%
102
57
*
106"
109
106
106
"3
111%
99% 105%
110% 112%
106
108
80
*64%
65
82%
31
80
96
63%
66
35
63%
77%
62
105%
96%
101%
41
42
105
106%
106%
103
103%
103%
104
102%
103
♦Consolidated Hydro-Elec Works
of Upper Wuerternberg 7a.--1956
Consol Gas (N Y) deb 4
107
107
107%
Consol Oil
101
100%
102
s
*18%
%8.+e.l951
deb 3%a
conv
{♦Consol Ry
1951
deb 4a..1954
non-conv
43
266
35
35
6
♦Debenture 4a
1955
36%
36%
4
♦Debenture 4a
1955
36
36
4
♦Debenture 4a
1966 a
34%
67%
35
o
♦Consolidation Coal a f 58.....1960 j
Consumers Power 3%a.May 1 1965 J
J
d
70
104%
27
101%
102
33
'166%
100
100%
35
1966 M n
1946 M n
97%
97
97%
103%
103
103%
16
16
May 1 1965 ivi
Container Corp 1st 6a
15-year deb 5s with
1943 j
warr
104
104%
N
D
101%
101%
100%
104%
98%
104%
103%
104%
D
"49"
47%
54%
Cuba Nor Ry lat 6%a
1942 j
♦Cuba RR lat 6a g
{♦1st ref 7 %s series A
♦Certificates of deposit.
1952 J
j
1936 J
"98%
d
{♦1st lien A ref 6s
aer
.1936 J
B
o
N
J
j
A"o
3%a
ser
V
♦1st 48 assented
♦Second gold 4s
*29%
!"■
1995 j
26%
17
8%
8%
111%
107%
107%
102%
I63"
D
Duquesne Light 1st M 3%a... 1965 j
J
g 5a
i
1995
22
24
85
"16
55%
60
50
5
112
112
101%
"54%
101%
54%
104%
103%
104%
*98%
103%
104%
j
108
El Paso Nat Gas 4%s aer A
Conv deb 4%a
1951
J
D
1965 a
o
81
112%
107%
*109%
8
109
D
El Paso A 8 W lat 5s
58 stamped
8
,
135%
102"
1946 j
13
56
*125
Electric Auto Lite conv 4s....1952 f A
Elgin Jollet A East 1st g 5s
1941 vi n
167
115
102
"36
102%
148
*105%
108
*105
1965
Erie A Pitts g gu 3%s ser B...1940
Series C 3%s
1940
Erie RR 1st cons g 4s prior
1996
15
103
*45%
*45%
112
East Ry Minn Nor Div 1st 4a..l948 a o
East T Va A Ga Div 1st 5a
1956 M n
Ed El 111 Bklyn 1st cons 4a
j
1939 j
cons
24
108
*55
1995
22
108%
55
1995 j
1
24
1
213
35
103
205
9%
56%
113%
*50
III %
D
Detroit Term A Tunnel 4%a.. 1961 vi n
Dul A Iron Range 1st 5a
1937 A O
{{♦Dul Sou Shore A Atl g 5s.. 1937 I
J
Elec (N Y) 1st
18%
26% |
16%
24
1995
♦2d 4s assented
107%
31%
3d%
18%
29
17%
|
107%!
107%
107%
O
G_. 1966 M
♦Detroit A Mac 1st Hen g 4s.
107
102%
104% i
104%
O
1965
F
ser
165
90%
9915,6
*105%
J
A
26
104
*102
104%
107%
8
A
59
88%
a
1952
E
11
60
*
J
1955 F
{♦Dea M A Ft Dodge 4a ctfa... 1935 j
{♦Des Plains Va! 1st gu 4%a.f 1947 vi
Detroit Edison Co 4%s ser D.. 1961 f
ser
16
----
102%
90%
N
1936 j
1936
55%
66%
65%
54%
104
J
IVI
1951
♦Assented (subj to plan)..
♦Ref A impt 5a aer B
Apr 1978
Gen A ref 5s
30
*54
j
J
ivi
f 5a... 1951
Stamped as to Penna tax
{♦Den A R G lat cons g 4s
{♦Consol gold 4 %s
{♦Den A R G West gen 6s. Aug
Gen A ref M 4s
Gen A ref mtge
30
53
*54
Del Power A Light lat 4%s... 1971 J
1st A ref 4%a
1969 j
1st mortgage 4 %a
1969 j
a
7
104
*60
d
1943 ivi N
1937 ivi N
1st A ref 4a
If Gold 5%a.
Den Gas A El 1st A ref
64
44
99
62
♦Certificates of deposit
Dayton Pow A Lt lat A ref 3%a 1960 a
Hudson
18
101%
100
Copenhagen Telep 6a .Feb 15 1951 I D
Crane Co a f deb 3 %a
1951 f a
Crown Cork A Seal a f 4a.
1950 m n
Crown Willamette Paper 6s...1951 j
J
Del A
5
53
70
1970 ivi N
1st mtge 3%a
1st mtge 3 %s
1st mtge 3%s
110
*105%
*105%
99%
98%
83
81%
44
99%
1st consol gen lien
g 4s
Conv 4s series A
1996
1953
86
86
1
Series B.
Gen conv 4s series D
Ref A Impt 5s of 1927
1953
86
86
25
2.1967 ivi n
Ref A Impt 5s of 1930
1975 a
o
Erie A Jersey 1st s f 6s_.
1955 J
j
1957 J
81
6s
N Y A Erie RR ext 1st 4s
3d mtge 4%s
Ernesto Breda 7s
Fairbanks Morse deb 4s
Federal Light A Tr 1st 5s
5s International series
1st lies
s
f 5s stamped
f
1954
1956 j
154
81%
117
117
116%
1947 Ml n
1938 ivi
"239
82
79%
j
a f
88%
79
80%
117
58
83
*
1953
91
108
102%
102
*105%
Genessee River 1st
109%
105
D
Cleve A Pgh gen gu 4hb ser B.1942 A
Series B 3 Ha guar
1942 A
Series A 4 Ha guar
1942 J
83%
99%
88%
"166"
C
1940 J
70
28
*37%
ser
W W Val Dlv 1st g^4s.
16%
36%
36%
24%
38
103%
101%
101%
D
Cleve-Cllffs Iron 1st mtge 4 %s. 1950 M N
Cleve Elec Ilium 1st M 3%s.-_1965 J
J
61
107%
90%
ser
Ref A Impt 4 Ha ser E
Cairo Dlv 1st gold 4s
49%
28%
27
82%
105%
17
101%
*107%
*106%
105%
104%
96%
95%
100%
100%
*102%
161%
..1951
f 3%s A
90
102%
103
103%
Ed
52
91%
"165%
O
12%
49%
52%
52%
64%
80
80
1952 J
1962
.
229
*86"
1952 Ml N
1963
14
235»
17
105%
107%
104%
102%
1st mtge 4s series D
1st mtge 3Ha series E
3Ha guaranteed
Chic A West Indiana con 4s...
1st A ref M 4%a ser D
2
141
17%
D
S
33
20%
D
Dec 1 1960 IVI
Chicago Union Station—
Guaranteed 4s.
35%
20%
D
1960 J
Chic T H A So East 1st 5s
71%
38%
D
1951 J
4s
36
37
O
5
66;
725
37 h
1988
1934 A
5s
29%
17%
71%
38%
43
46
D
D
9%
14
25
"45"
46%
27%
320
1987 M N
♦Certificates of deposit
{♦Secured 4Hs series A
♦Certificates of deposit..
57%
J
Inc tax 1987 M N
{♦Refunding gold 4s
66
J
J
♦Conv adj 5a
...Jan 1 2000 A O
{♦Chic A No West gen g 3H8..1987 M N
♦General 4a
...1987 M N
Aug 1 1936 25% part pd
{♦Chic R I A P Ry gen 4s
♦Certificates of deposit
26%
107%
110% 111%
58
*50
J
♦Gen 4Ha series C-.May 1 1989
♦Gen 4 Ha series E__May 1 1989
♦Gen 4 % a series F
May 1 1989
{♦Chic Mllw St P A Pac 6a A..1975
♦Stpd 4a non-p Fed
35
"46"
4%s
No
103
103""
51%
44%
J
•Chic M A St P gen 4s aer A. .1989
♦Gen g 3%s ser B._May 1 1989
ser
115
J
♦lat A gen 6a series A..
1966 IVI N
♦1st A gen 68 series B.May 1966 J
J
Chic Ind A Sou 60-year 4s
J
1956 J
Chic L S A East 1st 4%s...—1969 J D
General 5s
120%
108
105
A
111
111% 111%
108
56
68.1951 M N
95% 102%
110%
*
105
1982
ChGLA Coke 1st gu g 58
1937
{♦Chicago Great West 1st 4s..1959
{♦Chic Ind A Loulev ref 6a.
1947
If Ref A Impt 6s
11 Ref A Impt 5s
106% 109
116% 128%
95
102%
24
Chicago A Erie 1st gold 5a
gu
105% 108
107%
§ {♦Chicago A East 111 let 6a..1934
Inc
85
114H
129
1971
g
125%
96%
107
1977 F
s.
A
Memphis Dlv 1st
123
117
133%
1958 IVI
♦Refunding g 5e eer
♦Refunding 4a eer C
"60
123%
107
1949
{♦C A E 111 Ry (new Co)
High
106% 112%
108%
97
104%
88
95%
101
1941
Illinois Division 4e
ser
99%
90%
guar
High
102
1961
Low
D
Chic A Alton RR ref g 38
1949
Chic Burl A Q—111 Dlv 3%s___1949
1st A ref 4 %a ser B
84
1989
2d coneol gold 4s
Warm Spring V 1st g 6a
let A ref 5a
107%
104
89
123%
85h
105h
Sines
Jan. 1
No.
1989
4e
con g
89
123 %
86
S
General gold 4 %s
1992 IVI 8
Ref A Impt mtge
3%b eer D1996 M N
Ref A Impt M
3%a aer E
1996 F A
Craig Valley 1st 5a
May 1940
Potte Creek Branch l8t4a
1946
R & A Dlv let
""98"
§3
Hioh
106 H
*103%
97 h
Ranyt
1939 M N
6a
con g
M
1944 J
conv coll 5e
Ches & Ohio let
9
107 h
Asked
Consol Edison (N Y) deb 3%a. 1946
3 %a debentures
1956
Asked
IjOW
103
Ry A L iBt A ref 4%a...l951
Stamped
Conn River Pow
Range or
Rale
EXCHANGE
Central Steel let g a f 8e
Conn
Week's
l.asi
Cent Pao let ref gu g 4s
La Salle St.
Randolph 7711
System Teletype •>- Cgo. 543
BONDS
O
Commercial Invest Tr deb 3%a 1951
Conn A Paasum Rlv 1st 4a
1943
Chicago, III.
Private Wire
Dlgby 4-5200
"bi. Y. 1-761
A
Low
Jan
fa
Friday
Bid
Price
A.
Columbia G A E deb 5s.--May 1952 ivi N
Debenture 5s
Apr
15 1952 a o
<^ew Ymrk Curb Exchange
Debenture 5s
One Wall Street
Range or
Sale
S fe
*
Week Ended April 30
f ^ew r°rk Stock Exchange
j
Y.
117%
9
74%
101%
14
18
*110
s
a
*72
D
101
1942 ivi
s
*102%
1942 ivi
8
*101%
8
1942 (vi
103
102%
102%
102%
1954 J
d
*57
100
1946 j
J
92
92
{♦Fla Cent A Penln 5s
1943 j
{♦Florida East Coast 1st 4%s..1959 j
J
1st lien 6s stamped
30-year deb 6s series B
Flat deb
a
f g 7s
♦1st A ref 5s series A
1942 Ml
S
D
...1974 M S
♦Certificates of deposit
Fonda Johns A Glov 4%s
{{♦Proof of claim filed by
(Amended) 1st
cons
2-4s
M n
9%
,
1982
Gen Amer Investors deb 6s A.. 1952 f
Gen Cable 1st s f 5%s A
1947 J
♦Gen Elec (Germany) 7s Jan 15 1945 j
*4
.....
„*4:■;
*104%
107%
100%
j
104%
j
1948 ivi N
1956
'74
s
95%
A
1940 J
♦Good Hope Steel A Ir sec 78..1945
Goodrich (B F) conv deb 6s...1945
73 %
O
♦Sinking fund deb 6%s
{♦Ga A Ala Ry 1st cons 5s
1945
{{♦Ga Caro A Nor 1st ext 6s..1934
ire"
107%
74
D
♦20-year
Gen Motors Accept Corp deb 3s 1946 F
15-year 3%s deb
1951
Gen Pub Serv deb 5%a
1939
Gen Steel Cast 5%a with warr. 1949
d
118
*115%
100%
{04%.
j|30f»c
101%
Ioi%
a
m
100%
99%
18
104%
■
"Tlr.-v'
A
68
30
2
'
30
1
32%
101%
100%
3
99
90
j
102
102
j
88
90
11
40
40
9
J
40
j
O
D
d
Goodyear Tire A Rub 1st 5s.-.1957 ivi N
Gotham Silk Hosiery deb 5s w wl946 ivi S
Gouv A Oswegatchle 1st 5a
Gr R A I ext 1st gu g 4%s
46
1952
owner.
Galv Hous A Hend 1st 5 %s A..1938 A
Gas A El of Berg Co cons g 5s. .1949 j
4%s
203
%r
14%
Fort St U D Co 1st g 4 %s
1941 3"j
Framerlcan Ind Dev 20-yr 7%s 1942 j
j
Francisco Sugar coll trust 6s...1956 m n
1st mtge
4
7for
14
14%
{{♦Proof of claim filed by owner M n
♦Certificates of deposit
s f deb 6s
,
105%
99%
104%
41%
*22%
104%
41%
99%
1942 j
D
*
1941 J
j
♦
1
1
29
105%
"64
104%
100%
104%
108%
108
98%
104
100
,
52
26
1, 1937
Friday
Rano* or
Sale
BTOCK EXCHANGE
Week Ended April 30
Y
Week'e
Last
BONDS
N
Friday
Bid
Price
1944
A
0%s
1950
Great Northern 4%s series A—1961
J
(Japan) 7s
1st A gens f
b2
©
Since
©
Jan.
QJ OQ
Low
No.
High
l
BROKERS IN BONDS
High
*95
D
5s_—1947'j
Grays Point Term 1st gu
Range
■a
Asked
A
Low
Gt Cons EI Pow
2957
New York Bond Record—Continued—Page 4
144
Volume
9494
"97~" ""3
94)*
93
93 94
93
"56"
7
8494
BANKS AND DEALERS
FOR
98%
93%
J
110%
110
11094
35
General 6%s series B
1952 J
J
116)4
115?*
1169*
40
116%
11494 119%
General 5s series C
1973, J
J
103
103
108 94
37
108
10094 109%
1009* 108%
110
D* H. SlLBERBERG & Co.
115%
1976;J
1977 J
J
10394
102 9*
1039*
44
J
102 94
10194
103
42
J
131
124
132
877
11894 140
Gen mtge 4s series H
1946 J
1946 J
J
10794
346
106
Gen mtge 394 s ser I
1967
92 %
1069*
92)4
1079*
J
General 4 %s series
General
D
4%s series E
General mtge 4s series
•Green
G
J
Feb
♦Debentures ctfs B
*60
10
11
10
*98
99
1950 A
1st mtge 5s series C
Stamped
1009*
10094
1946 A
10-year deb 4 94s
102 94
10294
106
1952 j
1949 J
90
1944 a
O
91
7994
30
20
4
80
102
105?* 108
48
7394
30
1951 J
1st gold 3s sterling
1951 A
1951 M
Collateral trust gold 4s
1952 A
15
10
79%
86%
101% 102%
"3
100% 101%
41
101
52
44% 57%
116% 124
"68
1st gold 4s
1st gold 394s
86 94
1955 M N
1952 J
55
Collateral trust gold
4s
1953 M N
1955 M N
Refunding 5s
40-year 4948
..Aug 1 1966 F
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s...1951 J
A
1st gold 3s
96
1963 J
O
J
10094
A
J
73
14
103)4
71)4
O
2794'
M S
75
70
!
74)*
31
2894
26%
25)4
73)*
74)*
1951
1952
A—July 1952
13?4
71%
100%
100%
80
97%
Keith
warr
(B F) Corp 1st 6s
Kentucky A Ind Term 4.
4 )4s unguaranteed
First and ref 6)4s
26%
56
Manila Elec RR A Lt
3
25%
73%
73%
52%
91%
Manila RR (South Lines) 4s
1st ext 4s
91
t*Man GBANW 1st 3 %s.__ 1941 J
Mfrs Tr Co ctfs of partic in
s
1939
104
57
51
-
102
9
19*.
Coll tr 6s series B
87
95
103
94
102
1956 I
Michigan Central Detroit A Bay
♦Mlag Mill Mach 1st
s
f 7s
*
23
5
98%
1951
1952
1979
Ref A lmpt
4%s series C
1st Mtge 5s
109%
■*100
*76
78%
75
78%
37
37%
37
41
100
100
100
94
100%
105%
108%
2
13
8
100
90%
92%
97% 101%
90% 100
100
103
*104
103% 107%
109%
50
106%
102
16
100% 104 %
14
28
12%
10%
3%
5%
24%
24%
26%
105%
103% 105%
104%
102%
104% 110%
M
IVI N
104%
104%
J
101
101
*50
"161%
J
J
101%
70
108
90%
105
100
102%
100
101%
102
101% 105
95
*90
1939
t*Mll Spar A N W 1st gu 4s.—1947 IVI 8
J
^♦Mllw A State Line 1st 3 %S—1941 J
t*Minn A St Louis 5s ctfs
1934 M N
♦1st A refunding gold 4s
1949 M 8
♦Ref A ext 50-yr 5s ser A——1962 Q f
101
75
*85
98%
*83
Con ext 4 %s
M St P A SS M
con g
4s int gu.1938 J
J
cons
5s
1st ref 5 %s series B
85
38
36%
95"
85
38%
21
17%
"3
6%
37
99%
91%
46%
57
*57
16%
5%
36%
57
11%
21%
5
10
6
3
3%
8%
26
71
23%
37%
20
5
23%
24%
24%
18
20
32
27
28
12
27
41%
J
22
22
1
22
IVI
30
8
13%
19%
6
13%
28%
83
5
82%
95%
58
"""5
48
61%
J
1978 J
1941 M N
J
1959 J
1st Chicago Term s f 4s
"27
83
J
36
80
96?*
82
22
78
88%
69
78%
1962 J
87%
78
69%
86%
J
40-year 4s series B
155
♦Cum adjust 5s ser A
Prior lien 4%s series D
102%
*95%
57%
58
D
107%
$*Mo Pac 1st A ref 5s
ser
1979
Jan 1967
A
1965
112%
2
102
2
♦1st A ref 5s series F_
106
15
J
O
F
A
K
J
A
65%
42%
♦1st A ref g 5s series H
67%
43
*20%
18%
s
43%
39%
20%
43%
39
39
1978 M N
43%
39%
43%
39
37
39
15%
15
16%
43
1977 IVI
.1949
M N
A
1938
2
43
70
79%
64
80
39
48%
39%
'458
356
5
45%
15%
24
39
49
37
47
165
38%
48%
16
36%
13
45%
18%
93
39%
48%
25
36%
46%
39
49%
37%
47
282
40
272
99
98
M S
6
40%
40
MN
^♦Mobllo A Ohio gen gold 4s—1938
♦Montgomery Dlv 1st g 5s..1947
♦Ref A lmpt 4%s
1977
♦Secured 6% notes
1938
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A *60
43
39
43
*37
O
F
1981
40%
40%
..1980 A
♦Certificates of deposit
♦1st A ref 58 series I
33
40
wil
1975
♦Certificates of deposit
♦Certificates of deposit
♦Conv gold 5%s
40%
""51
68%
71%
5
71%
"64"
*37
♦Certificates of deposit
♦General 4s
100
Monongahela West Penn Pub Serv
38
24
10
9
1st mtge
13
14
2
14
guar
fist guar gold 5s
6s
97
43%
32%
26
30%
33%
43
54%
39%
39%
A
47
44%
47
M
S
32
30%
M
S
33%
M
S
88
O
1937 J
1937 J
J
J
32%
31
101%
88
88
3
88
105
IVI N
1905 A
68 debentures
TTMont Cent 1st
93
3
84%
F
1960 A O
4%s
26
102%
84%
|*Milw A No 1st ext 4%s(1880)1934 J
1st ext 4%s
1939
t*Mo-IlI RR 1st 5s series A
22
1974 F
92%
82%
Mo Kan A Tex 1st gold 4s
1990 J
Mo-K-T RR pr lien 5a Ber A... 1962 J
1954 J
1938 J
1954 F
33%
93%
1940 J
City Air Line 4s
Jack Lans A Sug 3%s
1st gold 3 %s
1949
1954 J
1st A ref s f 5s
20
D
25-year 5 %s
5
8ecured 6% gold notes
20%
82
*2%
1977
♦Certificates of deposit
♦Mo Pac 3d 7s ext at 4% July
1964; F
21
MS
♦4s (Sept 1914 coupon)
J
1
Lehigh Val Coal 1st A ref s f 6s_1944 F
Is A ref s f 5s
1954 |F
20%
1977 M S
89%
99
102%
97% 101%
47
1945 M
53
13%
15
Lehigh A New Eng RR 4s A—1965 A
35%
34%
J
42
♦Certificates of deposit.
57%
35
101%
♦1st A ref 6s series G
:
38%
A
105%
1954 J
40%
O
1938 J
1946 J
Lake Erie A West 2d g 6s. —1941 J
1997 J
39%
F
1939 J
1942 F
Lake Sh A Mich So g 3)4s
40%
35%
A
1st A ref 6s series A
48
♦Lautaro Nitrate Co Ltd 6s
90
66%
107%
101%
13%
*2%
102
.
86%
67
67%
104
112%
it,
Coil tr 6s series A
79%
67%
66%
-
108%
1st cons 5s gu as to int
98%
102?* 104%
105%
67
-
104%
1st
*106
"** "*
Coll A ref 5 )4s series D
100
81
90?*
19
%j 102%
...
103%
102%
102
81
100
22
.J*
•
103%
97%
106
52
.*101
>
103%
J
44
108
93
103%
S
3
3
94% 100%
109% lift
96
103%
IVI
—
1961
1971
14
98
96%
112% 115
96%
113
103%
Metrop Ed 1st 4%s ser D
Metrop Wat Sew A D 5%s
Milw El Ry A Lt 1st 5s B
53%
87%
93
107%
ft
103
42%
80?*
9%
56
87
101%
96
90%
105% 111%
87
1947 A
f 6s
67
103%
28
106
Market St Ry 7s ser A...April 1940 Q J
Mead Corp 1st 6s with warr..1945 IVI N
131
101%
91%
90%
*94%
*109%
1959 IVI N
70
28
101% 108%
96
103%
86
1940 A
32
35
*83%
Mid of N J 1st ext 5s
8%
96%
96
105% 109%
*92%
89%
95%
106% 111
99%
68
s
75
99
22
101%
IVI N
-.1943 J
A I Namm A 8on 1st 6s
Marion 8team Shovel
D
1953 IVI
f 5s
80
97%
^♦Kreuger A Toll secured 6s
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 6s. 1939 A
s
63%
108
1941 J
Kresge Foundation coll tr 4s..1945 J
For footnotes see page 2959
34
102
6
*27%
Kinney (G R) 5 )4s ext to
Leh Val Harbor Term gu 5s
2013 J
98
1997|A
1st A ref s f 5s
101% 102%
98% 103
100% 102
♦Certificates of deposit
4s
♦Second
22
108
1949 F
1954 J
1954 J
O
A
87
*145
Lehigh ANY 1st gu g 4s
4s.1990
87
.1*101%
Lehigh C A Nav s f 4)4s A
Cons sink fund 4)4s ser C
cons g
95%
"12
108%
*
O
83%
1937, A
Coil A ref 5)4s series C
^♦Manhat Ry (N Y)
A
*12
1961 J
Kings Co Lighting 1st 5s
108
D
70
6
76
A
J
97
376
106%
106
F
71%
6
104
105%
107%
"87"
J
112%
100% 101%
106
107
*
91%
J
66?*
*40
22
19611J
19"
Kings County Elev 1st g 4s
287
101
A
97
104
J
1961 J
Purchase money 6s
"*56
|J*Manatl Sugar 1st 8 f 7%s
♦Certificates of deposit
48
88
90%
...
Plain
90% 100%
66%
1960
1942
99
86
...
Stamped
Kings County El L A P 5s
98?* 105%
102%
106
106%'
987 J
.
103% 105%
Gen mtge 4%s ser A
35
53%
.*<*46 IVI
...
Kentucky Central gold
135
116% 124%
108%
McCrory Stores Corp s f deb 5s 1951
McKesson A Robblns deb 5%s_1950 IVI N
D
Maine Central RR 4s ser A
1945 J
101
55%
1
1950 J
(par $925)—1943
127%
7
81
*106
IVI N
♦Mex lnternat 1st 4s asstd
7%
♦Karstadt (Rudolph) 1st 6s„.1943 M
♦Ctfs w w stinp (par $645).-1943,--.
♦Ctfs with
43
♦Lower Austria Hydro El 6%s.l944
90
94
]
.1950 A
stmp (par $925)—1943
11
117%
95%
1955 IVI N
72
*100
1980 J
w
36
1952
72
1990 A
Kansas Gas A
w
100% 107
i
1960 J
♦Ctfs
104% 104%
.
South Ry Joint Monon 4s
Atl Knoxv A Cln Dlv 4s
17
101
Electric 4 94s
106% 108
Mob A Montg 1st g 4%s
164
4)*s A—1961 M
Apr
127%
117%
93%
106%
1980 IVI S
1945 M S
67
1955
Impt 5s
127%
1946 F
80
JS*K C Ft S A M Ry ref g 4S.1936 A
A
91%
87%
3%s series E
63%
$*Iowa Central Ry 1st A ref 4s.l951 IVI
Ref
106%
104%
"94%
Paducab A Mem Dlv 4s
77%
97%
Int Telep A Teieg deb g 4948—1952
Conv deb 4 94s
1939
Kansas City Term 1st 4s
100
S
J
94
A
6
127%
J
St Louis Dlv 2d gold 3s
84
87
♦Certificates of deposit
Kan City Sou 1st gold 3s
102%
2003
92%
40%
*101'5
1955
Kan A M 1st gu g 4s
101%
1st A ref
89%
33
1941
1947
.
100
96%
32
1972
108
100',6 101%
49
101%
11
"If 1st coll trust 6% g notes
101% 103%
104%
102%
2003 A
2003
C
15
Int Rys Cent Amer 1st 5s B
102%
101
102%
1st A ref 4s series D
96% 102%
36%
100%
79%
69%
106% 106%
106
A
72
"161"
101%
97%
105
102%
2003 A
80
James Frank A Clear 1st 4s.-.1959 J
*100
1st A ref 4 %s series
1968
1950
U*Met West Side El (Chic) 48.1938
194;
108
"98%
A
1940 J
17%
40%
lnternat Paper 5s ser A A B
Ref s f 6s series A
Jones A Laughlln Steel
Unified gold 4s
11
75
120%
73
1937 IVI N
33
1944
1941
Debenture 5s
F
1945 M
14
36%
35
1st lien A ref 6 94s
—..1951
A.-.1969 J
ser
37
36
117
108
1944 A 0
6s
35
36
-
Lorlllard (P) Co deb 7s
23
1956
129% 138
119%
73
1st A ref 5s aeries B
77%
9
70
98%
116
130
73
98
8
102%
13%
33%
lnternat Hydro El deb 6s
Int Merc Marine s f 6s
4s stamped
129%
119
"97%
98?*
.1950 A O
1938 J D
1949 M S
1937 M N
1949 M 8
1949 M S
p m
76%
118%
109
82%
31
100%
...1956
♦1st 5s series B
A
deb 5s
Guar ref gold 4s
107%
96% 104?*
50
75
*101%
101?*
♦1st g 5s series C
ser
72
i29%
I
A
1962 M N
1946 F A
1952 J
D
deb 3 %s..
Unified gold 4s
98%
94%
100% 100%
94
101%
75)*
73)*
A
s f
20-year
90
104
"37"
ser
ser
Loews Inc
Long Dock Co 3%8 ext to
Long Island gen gold 4s
85
1
10394
j
1947
♦Adjustment 6s
Little Miami gen 4s series A
F
95
21
1029*
10394
Int Agrlc Corp 5s stamped 1942
J*Int-Grt Nor 1st 6s
1951
Louis A Jeff Bdge Co gu 4s
Louisville A Nashville 5s
100)4
41
10394
♦Certificates of deposit
Conv deb 4s
109
90
3894
41
*
tlnterboro Rap Tran 1st 5s...1966 J
♦Certificates of deposit
Ulnterlake Iron 1st 5s B
105
1941 A O
1965 A O
Liggett A Myers Tobacco 7s.-.1944 A O
79%
"42
...
J
1956 J
1965 J
1932
8494
80)4
107
106)4
O
—1950 J
conv 7% notes
♦Certificates of deposit
H0
107%
107%
Leb Val Term Ry 1st gu g 5s
Lex A East 1st 50-yr 5s gu
Louisiana A Ark 1st 5s
96
7994
l*10-year
71
90%
*97
"96"
1st A ref 4 94s series
1932 A
73%
96
959*
83
§• 10-year 6s
71
95
8494
9194
1963 J
Ref A Imp mtge 3 94s ser B..1986 M
Inland Steel 394s series D
1961 F
72%
83%
94
959*
Joint 1st ref 5s series A
Tflnd Union Ry 5s series B
2003 M N
58
cons
85?*
75
*—
Springfield Dlv 1st g 3948—1951 J
Western Lines 1st g 4s
1951 F
t*Ind A Louisville lstgu4s
General
36%
III Cent and Chic St L A N O—
Ind 111 A Iowa 1st g 4s
65%
85%
11
959*
1951 J
C
57%
67
5
77
*74
1951 F
Illinois Steel deb 4948-.1940JA
Ind Bloom A West 1st ext 4a__l940 A
62%
102
9894
9794
103%
100
102
57%
65%
59
107
St Louis Dlv A Term g 3s.__195l J
Gold 3 94s
101 %
1
High
Low
High
93
82
9694
Since
65%
92%
96 94
*90
Range
Jan
Asked
101%
Lombard Elec 7s
110%
A
1940 J
J
2003 M N
2003 IVI N
4s
cons g
85%
102
8494
7194
Bid
Price
General cons 4 %s
Leh Val N Y 1st gu g 4%s
110
80
969*
7494
Louisv Dlv A Term g 3948--.1953 J
Omaha Dlv
86 94
87
859*
*8194
"8194
Friday
Low
101?* 110
2
93
86
8694
J
Range or
Sale
Week Ended April 30
29
70
102"
102
Purchased lines 3 94s
Week's
Last
EXCHANGE
103%
102% 107%
*89
Refunding 4s
STO^K
71%
*101
Extended
1049*
allO
allO
1st gold 3 94a
114% 126%
84
97%
119
1039*
1951 J
I
io6^«
29
1049*
Illinois Bell Telep 3 948 ser B_—1970 A
Y
Lehigh Val (Pa)
*10094
If Houston Belt A Term 1st 6s. .1937 J
J 100'^32 10D'332
Houston Oil sink fund 6 94s A..1940 M N
10194
10194
Hudson Coal 1st s f 5s ser A—.1962 J D
469*
4594
Hudson Co Gas 1st g 5s
*117
1949 M N
'73 94
Hudson A Manhat 1st 5s ser A.1957 F A
7194
♦Adjustment Income 5s.Feb 1957 A
N.
99% 105%
102% 105?*
11894
94
88
{♦Housatonlc Ry cons g 5s__„1937 M N
Houston A Texas Cent 6s gu__1937 J
J
Illinois Central
99%
*2394
*115
Hooking Val 1st cons g 4%S—1999 J
♦Hoe (R) A Co 1st mtge
12
91%
76
10694
Haekensaek Water 1st 4s
♦Harpeu Mining 6s.
Friday
BONDS
969*
100 %
103 94
1-1598
106%
97% 103%
"66"
1966 a
Gulf States Utll 4s ser C
8
Y
Tele N
A T
A. T
106%
104
--
99
96
1961 a
4%s
10394
99 94
*9194
*9194
J
Gulf States Steel a f
15
Telephone Whitehall 4-2900
"29
Greenbrier Ity
Gulf A S I 1st ref A ter 5s Feb 1952 J
NEW YORK
Wall St.
63
94
106
1st gu 4s
1940 M N
Gulf Mob A Nor 1st 5%s B —1950 A O
Members New York Stock Exchange
111?*
9294
72
Feb
West deb ctfs A
Bay A
61
106
15
105
iSffi
101
101%
50
100
108%
101%
102%
1002732 100%
17
101% 110%
101
100's,6102%
100% 102%
*100'®32
102
New York Bond
Record—Continued—Page
BONDS
Range
Since
Jan. 1
N. Y.
STOCK EXCHANGE
Week Ended April 30
5
Friday \
Last
Range
Sale
Price
\Bid.
*78
102 H
73 X
103 94
97 94
9794
11VA
111
10294
102
*10494
*10794
I
Range
or
Since
Friday
A Askea
7494
102 94
102 94
Jan. 1
79
8194
1019* 1129*
6994
82 H
979* 106
10994 112
102 94 110
102
1099*
107
l66"~ 104H
103
22
339*
1099* 1099*
10194 106 94
11194
1109*
1109*
11194
1079*
113
iiin 113""
111
1129*
11194
11094 1129*
11094 115
11094 115
108
106
114
117
117
116
12194
117
1179*
117
123
104
105
10194
10194
10394 1079*
999* 102 94
*72 94
7494
1039*
999*
949*
104 94
100
10094
*
10194
96
100
166"
99J4
10094
1009*
7494
103
82
111
9994 10794
949* 10094
100
10294
10094 102 94
99
10594
9894 10494
*4094
*4094
7294 759*
9994 10594
100
103
5094
69
7794
1169* 12294
86
9094
10194 1019*
102
106J*
1069* 107
104
10794
10494 HO
3994
999* 10694
9994 102
10394 10594
1039* 1069*
109
10994
10494 1069*
108
112J*
109
11694
10994 11694
9694 10394
11594 128
1069* 1159*
11394 123
9894 107
10394 11194
10394 11194
1059* 111H
11794 12194
112
93
179*
109
11794
99
2694
113
10094 106
92
101
9594 1039*
11394
107
116
129
112
119
1119* 117
102
3194
1394
1894
106
8594
10694
5094
2694
30
108
98
1079* 11194
109
1139*
109
11394
11394 11394
108
11294
111
111
*109
109
109
109
11494
11494
*1149*
*1149*
115
115
107
113
111
1259*
12494
1139* 124
11394 12394
1049* 1079*
112 94 113
909*
1089*
1079*
1079*
82
85
45
101
10794
85
93
17
1029*
10794
9694
•11994
*uo""
59 9*
1059*
278 94
2694
10294
94
209*
103
10694
29
279*
80
11394
104
10394
104
102 94
12494
120
For footnc ten
see page
2959
11594
98
10694
10694
12694
1049*
10894
108
!
I
2959
New York Bond Record—Concluded—Page 6
144
Volume
Friday
Friday
Last
Range or
Sale
Friday
Bid
Price
Week Ended April 30
a
106 %
105
106 %
Bid
105
115%
sS
Since
§3
Jan. 1
High
No.
LOW
High
Low
49
112
Remington Rand deb 4%s w w.1956
IVI N
Rensselaer A Saratoga 6s gu___1941
Price
♦AdJ lnc 5s..
Republic Steel Corp 4%s ser A. 1950
Gen mtge 4%s series B
1961
Purcb money 1st M conv 5%s '54
M
S
172%
168"
183"
155
127
212
Third Ave RR 1st g 5s
F
A
95%
95%
95
95
100
117%
87
108
130%
mn
97%
105
1950
1952
1953
1955
IVI N
63%
74
30%
32%
144
99
99
~9§"
97%
Gen mtge 4%s
Revere Cop A Br
♦Rhine-Westphalia El Pr 7s
♦Direct mtge 6s
1928
♦Cons mtge 6s of
♦Con9 mtge 6s of 1930
115
D
78%
101%
77%
101%
96
97
J
*102 %
J
J
26%
26 H
"I
24
J
J
19 %
19 %
5
18
M N
20 %
20 %
19
*20%
21%
19%
25%
19%
19 %
19%
26%
20%
20 %
54 H
19%
26%
52%
66
♦Tyrol Hydro-Elec Pow
50%
48
66
50%
O
A
20 %
IVI N
52 %
48
IVI N
♦Certificates of deposit
1944
MN
1952
j
1955
f
v. mm
Rlchm Term Ry 1st gen 6s
♦Rlma Steel 1st s f 7s
103 %
53
1977
1962
{{♦R I Ark A Louis 1st 4%s..l934
♦Ruhr Chemical s f 6s
1948
89
42
m
♦Rutland
RR
1st
con
108%
21%
a
1949
J
108%
"16
22%
34
107% 10*%
19%
28%
20%
24%
32%
26 H
26
34%
100 H
99% 104%
107%
99 %
99 %
"99"
102%
A
81
29
82
80 %
1953
1944
{{♦United Rys St L 1st g 4s... 1934
U S Pipe A Fdy conv deb 3 %s.l946
79%
80%
81
89%
88%
m's
"26
l#*2d g 4s lnc bond ctfs...Nov 1989
|V}»lst terminal A unifying 6s. 1952
♦Gen A ref g 5s series A
St Paul A Duluth 1st con g
j
%
J
111% 115%
94%
43
93% 101%
94
49
92% 101%
4
105% 107%
"94%
O
A
93%
M N
93%
93%
O
106%
106%
106%
65
97%
IVI
*109
IVI
IVI
28
*
N
"il
J
1946
23
108%
107%
107%
*111
A
*32%
32%
32%
O
"35%
32%
F
A
A
O
Oct 1949
1959
o
♦Certificates of deposit
l*Alt A Blrm 1st g 4s
1933 m"s
{♦Seaboard All Fla 6s A eta... 1935 A O
1935 F
1951
1951
1952
Shlnyetsu El Pow 1st 6 %s
♦{Siemens A Halske s f 7s
a
"l6H
s
f 6%s
115
32%
32%
105%
61
1939
32%
35%
32%
43%
114
"35"
121
35%
36%
13%
20%
31%
17
28%
20
Walworth Co 1st M 4s
18
Warner
17%
36
23
32%
38%
10%
30
9%
10%
6
14%
14%
10
110
112
13
97
98
86
85
85
110
100
100
65%
117%
95% 102
81
12
50%
89%
100
73
19
18%
24%
82%
s
1939 J
1951
J
97%
98
South Bell Tel A Tel 1st
O
1950,
3%s
South A North Ala RR gu 5S..1963
f 5s.1941
s
J
1961
j
104»%
101%
104%
1951
1949
1st 4%s (Oregon Lines) A...1977
Gold 4%s
1968
Gold 4 Ha
1969
Gold 4%s
1981
10-year secured 3%s
1946
24
105
102%
101% 105%
104%
4
103% 106%
23
94%
93%
S
90
87%
90
89%
87%
89%
89
87%
99%
89%
99%
111
107%
6s..1937 M n
1937 J
4s
1955 j
103%
104%
I
J
East Tenn reor Hen g 5s
1994
1956 a
1956 a
1956 a
1996 J
1951 j
1938 M
Mobile A Ohio coll tr 4s
1938 M
105%
"93"
Devel A gen 6s
Devel A gen 6 Ha
Mem Dlv 1st g 5s
St Louis Dlv 1st g 4s
fl'western Bell Tel 3%s ser B..1964 J
f
1946
Standard Oil N J deb 3s
1961 j
1943 j
Staten Island Ry 1st 4%s
♦Studebaker Corp conv deb 6s. 1945 J
1950
lnc wwl956
1956
Without warrants
Tenn Coal Iron A RR gen
105
101%
~30%
D
"96%
78%
90
13
94
99%
96
76
93% 100%
55%
45%
47
45%
47%
68%
68%
69%
F
A
J
{♦Wis Cent 50-yr 1st gen 4s...1949 J
♦Certificates of deposit
J
97% 103
92
105
102
109%
{♦Wor A Conn East 1st 4%s..l943
101%
31%
24
99
106%
104%
1
104% 110%
107%
"2
118
112% 112%
9
16
86
30
Conv
40
95
deb
.....1951
1961
3%s
1st mtge 8 f 4s ser C
101% 106%
104% 108%
116
127%
117
4
123%
*115%
117%
109%
109%
"3
103%
104%
67
103
104
152
109%
99% 106%
106%
32
105% 107%
107%
107%
35%
64
35
34
34
4
50
35
106% 109%
102
107% 111)
40*
34
34
39%
102
102%
15
101% 104%
103%
104%
12
103% 111%
101
101
103%
93
101
101
103
58
101
106"
20%
91%
20%
5
92%
63
87%
6
106
4
105
!°6%
107 *
2
106
113%
99%
156
98%
A
97% 103%
103
103
103
105
37%
39
34%
47
37 a
37%
39
35
47
^
39
*35
*103%
100%
26%
100%
26%
25%
*19%
106% 115
35%
26%
32%
24%
18
25%
16%
19
*22%
139%
101%
37% 62
103% 103%
qq
103%
104
100%
al05%
28%
25%
20
*15
}"j
F
25%
90% 100%
96
86%
106
J al05% al05%
M N
107%
109%
19
106
"99"
24
28
Youngstown Sheet A Tube—
103%
96%
95%
80
101% 102%
116%
{♦Sup A Dul dlv A term 1st 4s *36 M N
♦Certificates of deposit
101% 105
13
76
~~2
107%
1940 M N
"10
65%
77
10
101%
*110%
118
1949 M S
Wilson A Co 1st M 4s series A. 1955 J
Winston-Salem S B 1st 4s
1960 J
105%
130
104%
D
102
16
161%
91%
Wheeling A L E Ry 4s ser D__. 1966 M S
RR 1st consol 4s
109%
104
77
2361 J
Registered
~94
I26"
133
105
106%
*
"87
27
135
142%
114
100%
101%
155
123% 162%
98% 105
102
108"
112
112%
159"
102% 107%
157
"7
121
195
108
143
117
160
*117%
III"
126
103
103%
"l3
103
105
"96"
"96% ""16
96
104
*106%
106
107%
*113
117
108%
80
104
105%
49
ioi%
101
101%
108
105
105
105
107%
deb 3Hs
gold 5s
A Pac 1st gold 5s
1951
1943
2000
Gen A ref 5s series B
1977
...1979
1980
161%
118
102%
101%
161%
119
101%
102%
101%
102
108%
108%
109%
115
107%
1953
5%s A..1950
95%
127"
1944
5%S A..1964
33
79%
95%
"73
D
4%s._1939
Gen A ref 5s series D
30
103%
Chem deb 6s B...1944
Gen A ref 5s series C
104%
A
Corp deb 6s ser C..1944
A
1947
Tex A N O con
5
40
35
86%
♦Westphalia Un El Power 6s.. 1953 J
2361 J
West Shore 1st 4s guar
1938 J
102%
97%
*102
d
1960 M
30-year 5s
Wllmar A Sioux Falls 5s
102%
97%
44
78%
D
77%
395?
37
"30
101%
20%
J
Western Union coll trust 5s__. 1938 J
Funding A real est g 4%s._. 1950 IVI N
J
D
1951
25-year gold 5s
J
85%
98% 105%
Tenn Elec Pow 1st 6s ser
Texas Corp
163
43J
32
~40"
"94%
34%
1946
♦5s assented
1942
101% 110%
80
41
35%
11
105
1977
Wllkes-Barre A East gu 5s
77
93
1st A ref 5%8 series A
West N Y A Pa gen gold 4s... 1943 A O
IVI 8
{♦Western Pac 1st 5s ser A... 1946
105% 112%
58
99
33%
52
106
100% 100%
"81
44
1
39
104
{♦Wlckwlre Spencer St't 1st 7s. 1935
J
J
♦Ctf dep Chase Nat Bank...
♦Ctfs for col A ref conv 7s A. 1935 MN
103
77%
1st 4s
White Sew Mach deb 6s
108%
101%
5s..1951
gold 5s
106%
37
35
104
1961
1966
1952
103"
110
41%
109%
Wheeling Steel 4%s series A... 1966
"97%
{♦Spokane Internat 1st g 5s... 1955
Staley (A E) Mfg 1st M 4s
105
44%
34%
104%
8
106% 109%
6
101%
78%
D
102% 103%
107%
102%
100%
S'western Gas A Elec 4s ser D.1960 M n
J
Term Assn of St L 1st g
97%
97%
96% 102%
87
101
1955
98
87%
98
*101%
Southern Ry 1st cons g 5s
Devel A gen 4s series A
conv
87%
J
106%
Swift A Co 1st M 3%s
92% 100%
88
M n
So Pac of Cal 1st con gu g
So Pac RR 1st ref guar
1st 4s stamped
78
m N
o
107
97% 101%
91%
99%
68
170
1950 a
San Fran Term 1st 4s
So Pac Coast 1st gu g 4s
93
93 %
Western Maryland
38
130
20
S
D
118
105%
98%
93%
95%
98
O
1st mtge pipe line 4%s
100% 107%
105% 108
Southern Natural Gas—
So Pac coll 4s (Cent Pac coll).
60
14
105%
105
104%
97% 102%
129
105%
a
1947
1st mtge A ref 4s
Southern Colo Power 6s A
*119%
105%
s
1965
4%s
103
104%
O
A
"
53
99%
40
40
J
J
gtd..l950
1st mtge 3%s series I
Skelly Oil deb 4s..
71%
97%
94%
S
1st mtge 4s ser H
68
81
64
"39%
38
O
West Penn Power 1st 5s ser E.1963 IVI
69%
78%
78%
O
1939 M
Wash Water Power s f 5s
19
86
106%
100
104%
....
IVI
69%
19
103%
98%
82%
37%
"46"
{♦Warner-Qulnlan Co deb 6s..1939
IVI s
{♦Warner Bros Co deb 6s
1941
Warren RR 1st ref gu g 3%s._2000 F A
Washington Cent 1st gold 4s__1948 Q M
F A
Wash Term 1st gu 3%s
1945
1st 40-year guar 4s
1945 F A
a
84
35
1955 A
a
3
97%
38
39
...1955 A
Bros Pict deb 6s
1946
1941
107%
92
*31%
6s debentures
♦Silesia Elec Corp 6%s
Slleslan-Am Corp coll tr 7s
101
*31%
Walker (Hiram) GAW deb 4%s 1945
Westchester Ltg 5s stpd
112
*32%
A
F
♦Certificates of deposit
14
101%
64
"38%
40
M
110
94
78%
"64"
M
67
103
103%
i
1980 AO
20
82
*99
A
1976
84%
83%
I
J
♦Ref A gen 5s series D
383
9%
65%
1939
1941
1941
95
83%
1978 AO
8%
18%
100
103%
92
84
♦Ref A gen 4%s series C
♦Certificates of deposit
14%
33%
J
102%
♦Certificates of deposit
26
10 %
s
103%
♦Certificates of deposit
125
19%
98
97%
23
88
94%
57
2
94%
92
24
41%
104% 109%
37
9
58
103
103
1941 J
♦Ref A gen 5s series B
16%
14%
33%
10
106%
57%
58
4
4
"40
27
24
106%
103
IVI N
{♦Wabash Ry ref A gen 5 %s A.1975
44
43
23%
22%
10 %
3%
F
4s
110% 113%
5%
3%
14
*3
106%
67%
110% 110%
*110
25%
69
98% 111
*110
1939
-.1954 J
Omaha Dlv 1st g 3 %s
Toledo A Chic Dlv g 4s
41%
34
20%
19%
18%
d
1935
1951
110
10
14%
20
m N
m
108% 112%
105% 110%
36
8%
14
1945 m s
Sharon Steel conv deb 4%s
Shell Union Oil deb 3%s
103
1st Hen g term 4s
37
28%
29
♦Certificates of deposit
♦Series B certificates
104
56%
55
69
1959
32%
illU
97%
100% 106%
161
{Wabash RR 1st gold 5s
30
22
58
103%
19
*110
34%
24%
58%
Det A Chic Ext 1st 5s
100%
1
8
35
100
59%
100%
109%
108%
113%
118%
4
55
A O
F A
36%
170%
105% 107%
22
33%
152
55
Des Moines Dlv 1st g
1989 mn
6s series A
101%
56%
♦2d gold 5s
36
{♦Refunding 4s
101%
1947
M N
114%
28
148
150
1944
J
97% 103%
113
112
28
28
J
98%
103%
100%
§ {♦Seaboard Air Line 1st g 4s. 1950
{♦Gold 4s stamped
1950 a
Tex Pao Mo Pac Ter
53
98%
101%
118%
o
Texas
109%
115%
D
Virginia El A Pow 4s ser A
1955 M N
Va Iron Coal A Coke 1st g 5S..1949 NX S
Va A Southwest 1st gu 4s
2003! J
1st cons 5s
1958,A
Virginian Ry 3%s series A
1966 NX S
"~9
102%
J
1946
♦Adjustment 6s
20
"35%
1023j2
ii§%
j
a
Texarkana A Ft S gu
116%
103
114
25%
*
♦Stamped
1st cons
110
73
25%
*1003,6
1943
Scioto V A N E 1st gu 4s
58
*28%
21%
102332
Diego Consol G A E 4s... 1965
Santa Fe Pres A Phen 1st 6s. .1942 m s
Gen refund s f g 4s
47
104%
{♦Vera Cruz A P 1st gu 4%s__1934 J
{♦July coupon off
J
♦Vertlentes Sugar 7s ctfs
1942 J
56
43
42
J
San Antonio Pub Serv 1st 6S..1952 j
m N
San
6%s series B
24%
91%
"56%
gu 4s
{♦Schulco Co guar 6 Ms
♦Stamped
35
126
29
*106
1943
S A A Ar Pass 1st gu g 4s
Tennessee
111
103
25%
♦Debenture 5s
25
26%
91
1937
(large)...1940
St Paul Un Dep 6s guar
1972
Tenn Cop A
110%
105%
32
30%
109% 114%
110%
Vanadium Corp of Am conv 58.1941
Vandalla cons g 4s series A
1955
Cons s f 4s series B
1957
83
30%
26%
23
19%
116% 121%
146
110%
106%
25%
1st 5s
106%
104
117
25%
♦Sink fund deb 6%s ser
105% 107%
109%
25%
{♦Utll Power A Light 5%s
j
{♦St Paul E Gr Trk 1st 4%s__.1947
♦Symington-Gould
21
95%
85%
21
19%
*116%
106%
Utah Power A Light
24
{♦St Paul A K C Sh L gu 4%s_1941
Southern Calif Gas
4
25%
f 6%s series C
82%
26%
28 %
24 H
1990
4s__1968
IfSt Paul Minn A Man 6s
HMont ext 1st gold 4s
OH
20
105%
'106%
s
39%
26%
28%
25%
j"i
1978
►^Ctfs of deposit stamped.
{St L SW 1st. 4a bond ctfs
1989 mn
Socony-Vacuum
107%
105%
1951
1951
A...1947
♦Sec
82%
28%
'29
j
1950
♦Certificates of deposit♦Con M 4mb series A
s
107
IVI
U S Rubber 1st A ref 5s ser A..1947
39
39%
26%
♦Certificates of deposit
♦Debenture
52
109%
J
Drug Co (Del) 5s
U N J RR A Can gen 4s
95%
90
100
94%
20
A
100
90
97%
92%
105%
♦Un Steel Works Corp 6%s A.
m N
{♦St L-San Fran pr lien 4s A.. 1950 J
cons
123
107%
J
Umted
■
♦1st A
118
101% 103%
*93
A
1970
1971
34-year 3%s deb
35-year 3%s debenture
116
117
103
92%
June 2008
102% 107%
117%
117
95
IVI
1952
4s__1947
83
108%
103
A
United Biscuit of Am deb 5S..1950 A
98%101»sa
100
103%
98% 102
100
j
{♦S L Peor A N W 1st gu 5s...1948 J
St L Rocky Mt A P 5s stpd_..1955 J 'j
f
1952 F
f 7s
1st Hen A ref 5s
108% 112%
99 H
98%
♦Certificates of deposit
a
102%
103
J
Union Pac RR 1st A Id gr
1st lien A ref 4s
June 2008 IVI
25%
45
*76
♦Prior Hen 5s series B
101
100% 103
Utah Lt A Trac 1st A ref 5s...1944
..1996
gold 6b
St5 Louis Iron Mt 4 Southern—
♦JRlv A G Dlv 1st g 4s..... 1933
♦Guar
sec s
3%s debentures
21
26
J
fSt Jos Ry Lt Ht & Pr 1st 58—1937
St Lawr A Adlr 1st g 5s
1996 J
FYfPaclflc ext
9
98%
117%
Union Oil of Calif 6s series A..1942 F
44%
*40%
26%
mn
M
%
24
21
J
Saguenay Power Ltd 1st m 4%sl966
St Joe A Grand Island 1st 4s__1947 j
rwi
56%
73
41%
22%
a
2d
73
117
7%s..l955 M N
1945
Union Elec Lt A Pr (Mo) 5s.. 1957
Un E L A P (111) 1st g 5%s A..1954
{{♦Union Elev Ry (Chic) 5S..1945
*115
m
4%s___1941
♦Rut-Canadian 1st gu g 4s
53
55
"73"
M
Gen mtge 5s series E
♦Guar
103% 103%
103 %
X
d
J
{♦Rio Grande June 1st gu 5S..1939
gold 4s_1939 J{ J
♦1st con A coll trust 4s A...1949 a
D
32
UJlgawa Elec Power s f 7s
♦Rio Grande West 1st
Roch G A E 4%s series
102%
99%
60
A
F
Tol A Ohio Cent ref A Imp 3 % s
100% 106
103
101 %
99
23
78%
101%
98%
46%
30%
17
*95
1960 J D
Tol St L A W 1st 4s
1950 A O
Tol W V A Ohio 4s ser C-..—1942 M s
Toronto Ham A Buff 1st g 4s_.1946 J D
Trenton G A El 1st g 5s
1949 M S
Trl-Cont Corp 5s conv deb A.. 1953 J
J
^Truax-Traer Coal conv 6%s.l943 M n
{♦Richfield Oil of Calif 6s...1944
6s stamped
1953 J
1st 6s dollar series
100
96
J
73%
60
5
Tokyo Elec Light Co Ltd—
series C
1956
1st mtge 4#s.1956
♦Rhelnelbe Union s f 7s
1946
♦Rhine-Ruhr Water series 6S..1953
60
30%
J
J J
Tide Water Asso Oil deb 3%s._1952
M N
97 H
118 H
High
Low
60
J
O
1960 J
Jan 1960 A
1937 J
Third Ave Ry 1st ref 4s
112
Range
Friday
A
Asked
Sale
STOCK EXCHANGE
Week Ended April 30
Jan. 1
High No.
Low
S
M
N. Y.
Since
Asked
Range or
BONDS
Range
cs
Week's
Last
Week's
«"S
ar
bonds1
N. Y. STOCK EXCHANGE
10
118%
105% 111%
103% 108%
100
105%
105
e
Cash sales transacted during the
3
118
128%
101
106%
7
101
current week,
a Deferred delivery sale; only
Under-the-rule sale; only transaction during
Impaired by maturity, f Accrued
interest payable at exchange rate of $4.8484.
Bonds called for redemption or nearlng maturity.
r
Cash sale; only transaction during
transaction during current
current week,
x
100% 108%
107% 109%
week,
Ex-Interest.
n
{ Negotiability
receivership, or reorganized under
by such companies.
{ Companies reported as being in bankruptcy,
Section 77 of the Bankruptcy Act, or securities assumed
a
* Friday's bid and asked
108
45
Included In the yearly
No sales.
110
43
current week and not
range:
♦
Deferred
No sales transacted during current
week.
Bonds selUng flat.
s
price.
delivery sales
transacted during the current
in the yearly range:
Porto Rlcan Am.
Tob. 6s 1942, April 29 at
78%.
week and not Included
New York Curb
2960
NOTICE—Cash and deferred delivery sales
regular weekly range are shown in
a
are
Exchange—Weekly and Yearly Record
disregarded In the week's range, unless they
footnote In the week In which they occur.
May 1, 1937
.
are
the only transactions of the week, and when
selling
.
JM
-
_
M
,
outside of the
No account Is taken of such sales In computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (April 24,1937) and ending the present Friday (April 30, 1937).
It is compiled entirely
from the daily reports of the Curb
Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
Sales
Friday
Last
Par
Weel's Range
f*r
Sale
STOCKS
of Prices
Price
Acme Wire v t o com
20
Aero Supply Mfg class A.*
Class B__
47
Agfa Ansoo Corp com
Alnsworth Mfg common..6
29
Low
High
Range Since Jan. 1, 1937
45
47
23
24
29
800
3%
28%
500
4%
3%
28%
1316
46
Apr
66%
21
Jan
24
3%
14H
Apr
Warrants
78
*
1
1,800
77%
73%
79
400
75
60
67
Alabama Gt Southern..60
69
190
Allegheny Steel 7% pref 100
Alien & Fisher Inc
Alliance Invest
*
com
Feb
3
H
3%
Apr
Feb
Jan
Jan
Brill
Apr
Jan
79
Mar
73%
Apr
Apr
Apr
87
Jan
77
Jan
3
Mar
67
3%
125
6%
preference
100
Aluminum Goods Mfg..
Aluminum Industries com *
Aluminium Ltd common. *
147%
111
117%
17%
17
9%
113
100
23 %
127% 128%
24%
22%
2%
2%
68%
68%
100
Amer Box Board Co com.l
American
9%
128%
com
American Book Co
21H
114
20
Jan
Jan
24
Jan
10c
%
preferred
16.60 prior pref
38
7% conv preferred
Amer Equities Co com
Jan
14%
Feb
800
2,200
10
6,700
%
38
140
Mar
130%
Mar
Jan
$6 preferred
Bruce (E L) Co
Buckeye Pipe Line
Apr
32%
3%
62
Jan
75
17%
Feb
24%
Jan
11
1J1«
Jan
Jan
Mar
Apr
100
200
Jan
36%
Mar
1%
42
89%
Mar
Feb
Feb
Mar
300
34
41%
Jan
300
35
Apr
47
Jan
600
4%
33%
Apr
8
Jan
Jan
36
Feb
26%
Apr
35%
Jan
29
26%
4%
29%
118
125
126
126
~33%
18,300
118
Apr
125
25
126
Apr
Apr
136
4%
2%
Apr
10%
33%
"21
200
2%
19%
3%
2,800
19%
36%
109% 110
10%
10%
Mar
200
4%
33
300
19%
Apr
17,100
33
145
108
Apr
Apr
Mar
Jan
5%
Jan
4%
Jan
24
48%
112%
Feb
Jan
Jan
Buff
$5 1st preferred
8%
800
Apr
Apr
23
50
350
Feb
Canadian
32
Jan
Carib
28%
Jan
54%
Apr
82
Mar
1%
23,700
44
Apr
Apr,
69
46
200
38
Jan
53
Apr
8
100
8
Apt
10%
Jan
600
29,900
88
Mar
800
34
Apr
500
4%
7
2,000
2,700
4%
4
Apr
Apr
5%
Jan
29%
107
7%
10%
Common
3
21%
1%
2%
18%
warrants
1
3%
24
Jan
Cent Hud G A E
3
Feb
8,400
7%
7%
8%
Apr
Apr
Apr
12%
13%
10%
Feb
51,300
Apr
96
Jan
12%
6%
Apr
Apr
400
10%
Apr
1%
28,100
34,200
2%
18%
%
Apr
Apr
Apr
Mar
400
%
Jan
%
2%
8%
49%
2%
23%
22
2%
2
7
6%
8%
6%
Automatic Products
6
Automatic Voting Mach
*
Avery (B F)__
5
Axton-Flsher Tobacco-
9%
6%
30
121
29%
118
2%
2
Bardstown Distill Inc
3%
3%
Barium Stainless Steel...
Barlow 4 Seellg Mfg A...
5%
4%
16%
warr
16%
Baumann (L) 4 Co com..
9
1,500
12%
6%
100
Apr
160
47
2%
24%
11,900
2,400
19
Jan
2%
7%
10%
8%
33%
125
2%
3%
5%
16%
Jan
2%
Feb
Chicago Flexible Shaft Co
Feb
7
9
28
Mar
43
425
118
Apr
Apr
Apr
156
2
Jan
4%
2%
5
Mar
8
Feb
19
Feb
Mar
Mar
Feb
12,500
8.000
2%
1%
Jai
2%
Feb
700
13%
A pi
15%
Mar
4
Jan
100
900
Apr
5 Botany Consol Mills Co.
Bourjois Inc
29%
"2§"
100
28%
31
1%
20%
2
5%
23
5%
5%
5%
£1
4%
4%
£1
Fuel A Iron warr
3%
16%
Feb
Jan
Rosenberger Inc.*
)
6% income stock A
6% conv pref
Colorado
sh
Apr
Ma
Ap
Jan
Warrants
Commonw Distribut
Ap
11
Jan
Community P
40
Ap
56%
Jan
Jar
19
Feb
Community Pub Service 25
Community Water Serv..
Compo Shoe Mach vto..
500
1,600
1,800
150
100
%
5
Ad
1
r
Fel )
Jan
%
7%
Mar
28
Jai i
35%
Feb
1%
20%
5%
Ap r
Ap r
2%
32%
Jan
Felt>
8
600
Jan
Apr
67%|
2,800
4,900
1,700
77
6%
Jan
70
13,300
74
Columbia Oil A Gas
Columbia Pictures com..
|
62
Colt's Patent Fire
Arms.25
Columbia Gas A Elec—
Conv 6% preferred.. 100
Commonwealth Edison 100
Commonwealth A Southern
New
v
Jan
Jan
Consol G E L P Bait
Consol Gas Utilities.
Warrants
8%|
550
30,300
Jan
Feb
74
Apr
6%
35%
Apr
Jan
139
Jan
Mar
Apr
Apr
Mar
Jan
15%
15%
Apr
15%
23%
15%
22%
Jan
17%
Jan
33%
Apr
Jan
73%
Apr
"2%
Apr
Apr
1%
Apr
100
Jan
Apr
44%
6%
7%
Jan
39
1%
6%|
104%
10%
Jan
26%
25
com
4
M
1%
46
t c ext to 1946—
Consolidated Aircraft
Consol Biscuit Co
Consol Copper Mines
4%
18
Jan
111
1
A L 56 pre!
5% pref class A..
page 2965
Jan
Apr
4%
48%
43%
Jan
Jan
Apr
1,300
Ap
7%
9,300
1%
3
"""106
com.
2%
1%
Jan
42%
5%
— -
"T%
Feb
22
5
Jan
Jan
37%
25
Apr
24%
25
Feb
Mar
400
Jar
1,200
Apr
Apr
10
Api
3,200
42
300
11,800
1,000
Apr
16
47
40
25
150
Apr
36
30%
7%
7%
5%
3,300
75
22
14%
•
3.6C0
5,800
46%
"22%
com..
18
325
3,100
1,300
Colon Development
169
3%
50
18
15%
5%
5%
30%
*
15%
33 opt conv
18
14%
5%
1%
50
13%
Cohn A
125%
5%
3
18
3%
14
12%
Mar
Feb
3
30%
550
16%
30%
41%
Mar
8%
Apr
Apr
com
14
85
6,100
7,900
41%
11%
18
159
16
16%
25
3%
'""166
Apr
117
18
1%
85%
75
Cleveland Elec Ilium
*
Cleveland Tractor com
Cllnohfleld Coal Corp.. 100
Club Alum
Utensil Co...*
Cockshutt Plow Co com..*
5%
20
com
1%
3%
1%
Jan
15
110
11Claude Neon Lights
Ino..
Clayton A Lambert
Mfg..*
11%
40
Bliss
85%
300
.1.
preferred
1,300
Apr
16
*
City Auto Stamping
City A Suburban Homes
Clark Controller
Co
2,500
100
1
$6
Jan
4%
2%
15%
15%
15%
85%
3%
Cities Serv P A L
$7 pref.*
Feb
Jar
"2,200
15%
*
Preferred B._
Preferred BB
Mar
4%
Jan
83,000
Preferred
10
HI
Jan
39%
93%
1,700
4,500
21
J
10%
75
1
Mining
103
121%
14%
36%
18%
Jan
Jan
Mar
160
2%
1%
Apr
4H
117
13%
36%
Mar
Jan
1,000
100
Cities Service
common._.*
Apr
13%
6%
1%
Feb
108%
12
52%
250
Mar
Apr
200
116%
11
6
80
11%
5%
4%
Mar
Apr
Apr
300
Mar
300
16%
8%
116
Mar
6,800
7%
26
67%
5,600
80
6%
Jan
Apr
..IP
Chllds Co preferred
11%
200
7%
Chlca Rivet A Mach
new.4
Chief Consol
Jan
Apr
9,300
2,300
com.*
Feb
11
450
I
500
Apr
Mar
Mar
5
13%
4
Apr
Apr
30
'29.100
.
Cherry-Burrell Corp
Chesebrough Mfg.
Apr
8.900
100
ser
Centrifugal Pipe
»
Chamberlin Metal Weather
Charls Corp
2,300
3%
3%
8,600
2%
..1001
Jan
Jan
10
13%
36%
100
preferred
Conv preferred
Jan
159
'117
Berkey 4 Gay Furniture.
Purchase warrants
preferred
7%
Jan
Apr
Apr
80
BIckfords Ino common..
32.60 conv pref
1st preferred
7% pref... 100
Cent A South West
UtU.60c
Cent States Elec
com
1
6% pref without warr 100
7«
1%
%
29%
3%
Mar
Mar
100
15%
5%
39%
7
900
"260
Jan
10
com
Strip Co
6%
200
Mar
Jan
Apr
700
Jan
3
2
18
Bower Roller Bearing
Apr
13%
9,300
Preferred...
1st preferred
Borne Scrymser Co
15% Feb
8%
Jan
4,300
10
Bellanca Aircraft com
Jan
Apr
8%
52%
80
100
7%
Jan
L800
16",600
"2%,
*
Cent Ohio Steel Prod
Cent P A L
"700
Apr
50
110%
Feb
Apr
Apr
1,000
$7 dlv preferred
1st preferred
Jan
Feb
Mar
Apr
Celanese Corp of America
7% 1st partlc pref... 100
Celluloid Corp common. 15
Apr
7
8%
Atlas Corp warrants
pref
Bluraenthal (S) 4 Co
Jan
Feb
Apr
20
Castle (A M) com
new.. 10
Catalln Corp of Amer
Mar
*
Assoc Tel 4 Tel Co Cl A.*
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
Bell Tel of Pa
6%% pf.100
Beanon 4 Hedges com
Jan
6%
Apr
50
_
1%
2,600
%
%
25
10
2,800
11%
%
com
Jan
"166
Apr
24
49%
7,500
13%
%
Assoc Laundries of Amer
Bell Tel of Canada
Jan
Conv pref opt
Abboc Gas 4 Elec—
7% 1st pref
Jan
Jan
*
common
29%
1,900
"12%
"28% "28%
preferred
105%
9%
Associated Elec Industries
Amer deposit rets
£1
§ Bald win Locomotive
3
99
69%
4%
$6
Carrier Corp
Carter (J W) Co
Casco Products
800
8%
8%
6%
10
Jan
Jan
5,200
1%
8%
12%
Class A common
Babcock 4 Wilcox Co
2%
Carman A Co class
A__
Class B
200
32%
108
1,000
1%
25c
8%
42%
1%
7%
7%
]
*
2%
Jan
600
S16
Feb
Marconi
Syndicate
86
32%
8%
Atlas Plywood Corp
Austin Silver Mines
Apr
200
4%
Preferred
..".10
Arkansas P 4 L $7 pref I.*
common
1%
92
36%
6%
...I"
.III
1%
Jan
92
4
*
Art Metal Works
com..
Ashland Oil 4 Ref Co
41
200
4%
Arkansas Nat Gas com
Common class A
1%
34
"1%
2,900
%
Carolina P & L $7
pref...*
41
1
1
1%
200
Mar
1%
41%
Appalachian El Pow pref.*
Apr
Apr
pf.100
Mar
1%
*
A returns Radio Tube
Jan
100
"is
Carnation Co common
*
Carnegie Metals com ....1
1%
6
Angostura Wupperman..!
Apex Elec Mfg Co com..*
82
Jan
1%
1%
500
Capital City Products...*
Feb
42
26%
1%
516
6% preferred
100
Canadian Indus Alcohol A *
38
Jan
1%
Jan
1%
Canadian Car & Fdy
pfd 25
Canadian Dredge & Dock*
Canadian
Hydro-Eleo—
Jan
Apr
Apr
92
200
*
dep rets A ord sh.. £1
Am dep rets B ord
shs. £1
Amer dep rets pref shs £1
Calamba Sugar Estate..20
Canadian Canners com
*
Apr
Mar
*
Jan
Jan
37%
4
Feb
Am
38%
19%
19
»
50
"T% "5%
Warrants
24%
Apr
Apr
500
37%
S16
Corp Am dep rets.
Burry Biscuit Corp.. 12%c
B
non-voting
Canadian Indust7%
Jan
2,100
750
•
Burma
600
30
Feb
Jan
100
24%
4
*
450
200
22%
Mar
27%
32%
see
Feb
101
12
1,000
For footnotes
Apr
100
122%
36%
Jan
300
101
Jan
Apr
Apr
11%
115
Cable Elec Prod v t c
Cables & Wireless Ltd—
Apr
27%
48%
24%
*
Apr
3,100
com
Mar
2,600
75
...*
10%
51%
Preferred
American Thread" pref
Anchor Post Fence
Mar
11
50
Burco Ino common
S3 convertible
pref
Jan
Jari
29%
22%
27%
Niag & East Pr pref 25
33%
28
8
10
Jan
Jan
Mar
68
7%
400
34%
39%
1%
6%
53%
Apr
Feb
Mar
70%
23
6,600
33%
38%
19%
20
Preferred
100
Amer Maracalbo Co
1
Amer Meter Co
*
Amer Pneumatic Servloe. *
Amer Potash 4 Chemical. *
Amer Seal-Kap com
.2
Mar
31
Brown Forman
Distillery.
Jan
35%
4%
16
108%
%
2%
300
1%
Brown Fence & Wire com. 1
Class A pref
Jan
22%
2%
100
Apr
98%
121
400
6% pref
Jan
*30%
dep rets ord reg..10s
17%
19
2d
Am
Jan
47
7%
200
deprctsord bearer £1
Amer dep rets reg
£1
British Celanese Ltd—
Feb
9%
19%
Bowman-Blltmore
22%
10
Am
17
50
50
Bohack (H C) Co
200
900
26
6% preferred
25
Amer Mfg Co common 100
Blue
10%
30%
Brown Co
28
(EW) 4 Co
Ridge Corp
Brlllo Mfg Co common...*
Class A
British Amer Oil coupon.
British Amer Tobacco—
*
1937
Apr
Apr
British Col Power class A. *
Class B
*
Feb
20
Corp
400
Mar
37
109%
Amer Laundry Mach
Amer Lt A Trac com
Bell Aircraft
10
800
_
10
2J00
57
Mar
26%
35
2%
American General Corp 10c
$2 preferred
32 60 preferred
..1
Amer Hard Rubber com.60
c
"19%
10%
100
119
4%
Preferred..
t
"l"8~
57
preferred
18%
2,800
1,200
108% 108%
19
x
High
31
Class A
7%
177
34
4%
100
Amer Gas & Elec com....
V
11
1,000
Jan
35
Amer Foreign Pow warr..
Amer Fork & Hoe Co com
preferred
22%
Low
Shares
"4%
Apr
34
Class B
Amer Cyanamld class A. 10
Class B n-v
10
Amer Dlst Tel N J com.
Option
19%
10
*
Apr
86
Am Cities Power 4 Lt—
Class A
26
Class A with warrants 26
35
High
4%
10%
class B
22
8
S3
Range Since Jan.
for
Week
Bunker Hill & Sullivan.. 10
Common class B
Class A
Corp
120
10c
Superpower Corp
"1st preferred...
20%|
*
111
4,250
22
Low
.100
12,500
1,800
Capital—
Class A common
Am
Machine
Preferred
200
22
120
1139*
10
.
American Beverage
22
134%
100
6% preferred
American Airlines Ino
Jan
Apr
Mar
2%
Jan
21%
Jan
in
Jan
2
100
conv
Range\
of Prices
Bright Star Elec cl B
Jan
6%
34%
1%
Jan
28%
l3i«
72%
500
Bridgeport
30%
22
Mar
3%
common
Internat Investment
Common
*
pref
Allied Products cl A com 26
Aluminium Co common..*
Brazilian Tr Lt & Pow...*
Mar
Sales
Week's
Price
Breeze Corp
1
Bridgeport Gas Light Co.*
6H
Allied
$3
Jan
Apr
150
100
Sale
Par
125
....
Last
High
200
3,700
17
3%
Ala Power $7 pre!
S6 preferred.
Low
STOCKS
Continued)
Shares
22%
3%
Air
Investors common..
Conv preferred
Friday \
Week
Sales
Friday
STOCKS
Last
(Continued)
Sale
Par
preferred
Low
8
125
125""
Cont O A E 7% prior
2,700
8
127 %
30
113
13%
93
13,600
pf 100
11%
87%
1
1
Roll A Steel Fdy...*
21%
Copper Range Co
Cord Corp
24
53
54
2134
Jan
STOCKS
Last
Week's Range
for
52 34
Jan
(.Continued)
Sale
of Prices
Low
High
Shares
3534
100
3534
11%
1,400
1034
Apr
1834
Jan
4%
7,500
334
Apr
534
6%
1,000
fCosden Oil com...
734
Feb
9434
2
Jan
Mar
27%
400
31%
Apr
434
Jan
2734
Apr
3934
Mar
Mar
14*4
Jan
134
3,400
2%
£1
Ltd
Apr
534
Apr
A
Eng Bldg Corp...100
Creole Petroluem
6
33
„
Crocker Wheeler Eleo
*
Croft brewing Co
1
*
%
Crowley, M liner A Co
Crown Cent Petroleum
1
"2%
Crown
2834
Mar
Press
4,100
100
2%
7,700
Gamewell Co $6 pref
6%
Apr
Apr
Mar
*
1,300
44%
634
1
4434
"3234
6%
%
34
94
22,600
6
14%
1334
1534
2,100
1334
Apr
1434
200
14
Apr
24
25*4
3,400
1934
Jan
3034
3134
250
Dennlson Mfg
69
80
83
7% pref.100
140
734
Detroit Paper Prod
1
"5l"
Products...*
Detroit Steel
1734
•
600
1534
100
17
800
1334
1,100
734
1,400
52 34
1,600
50
Liquors Corp
6
Dominion Steel A Coal B 25
125
9
100
9
18
2,700
20
1634
108
preferred
100
Douglas (W L) Shoe Co—
7% preferred
100
34%
35
140
3634
10
7% preferred
30
Jan
Mar
80
34
3634
1,000
334
2,400
100
Dublller Condenser Corp.l
Duke Power Co
3%
3*4
69
100
150
70
7
Duro-Test Corp com
8%
*
Eagle Pic her Lead
Apr
334
68
Jan
Apr
19
.10
""6*4 "7*4
"l.WO
8
834
1,600
18
2034
12,000
50
Apr
159 34
Jan
Eastern
23 34
Iron.25
Malleable
Eastern States Corp
23 34
434
*
42*4
11034
634
434
Feb
Feb
Feb
79
Elsier Electric Corp
$5 preferred
*
*
56 preferred..
2*4
Apr
2634
Feb
634
Jan
65
Mar
82 34
Jan
100
65
Mar
1,400
10
Apr
8234
1334
Jan
200
17
Apr
23
Jan
56
6%
preferred
6 34% preferred
7% preferred
1134
9*4
Apr
Jan
Jan
80
14
Jan
500
734
Apr
334
Apr
7 34
Jan
Apr
98*4
Jan
Jan
1534
14J4
334
1534
1434
334
3 4 34
634
Falstaff
1
9
2034
1
*
4*4
Apr
1734
734
1934
100
1734
59
Apr
Apr
70
25
2*4
1,700
234
1234
15*4
1,800
234
24
334
Apr
4
100
12
Jan
15
800
15*4
Jan
18%
1534
48
Apr
Apr
52
1534
Apr
2534
200
*
Class A
7*4
8
300
7
934
934
100
934
Apr
11
7
Mar
1034
23
Mar
2834
4234
2,300
2
Preferred
Mar
17 34
934
25
2334
2334
50
10
ww
Heyden Chemical
41
42*4
700
39*4
Jan
*
10
3934
26*4
1134
3934
100
36
Jan
42
200
26*4
Apr
Apr
35
com.
25
28
11*4
36
834
19
Jan
600
8
Apr
Apr
3534
Apr
"3534 "37"" """536
10734 107*4
100
Hud Bay Mln A Smelt...*
preferred
11
100
1234
3,600
20
6
79
Common
1,200
334
Apr
534
Mar
7% pref stamped
100
7 % pref unstam ped.. 100
125
3434
Apr
4034
Mar
60
Jan
Hygrade Food Prod.
325
60
Apr
7234
Feb
Illinois P A L 56 pref
63
134
112
27
Apr
42
7634
Apr
87
17
Jan
23
31*4
22,400
8234
5,700
20
134
1934
20
134
6% preferred
41*4
Apr
100
500
Hydro Electric Securities.*
Apr
1
22 34
105
7634
27
1534
3334
1134
50
20
'3034
•
Hussman-Llgonler Co
*
} Huylers of Delaware Inc—
134
Jan
2
Feb
100
Apr
74
Feb
Apr
77
M ar
Illinois Zlnc^
Jan
81
Feb
3 0 34
250
2934
Apr
3134
Feb
1634
1,500
32,400
1534
Apr
19*4
Mar
Apr
234
4734
Feb
2734
Feb
26
Jan
13
Apr
Feb
50
5234
5634
53
5734
5634
32
28%
32
3*4
45*4
Apr
5*4
Jan
Jan
5334
Mar
4,100
52
Feb
7334
Feb
450
63
Apr
2834
Apr
72 34
32
Mar
950
Jan
6234
Feb
9*4
434
49
56
Mar
9*4
Mar
Mar
2,000
100
Illuminating Shares cl A..*
Imperial Chem Indust—
*
Jan
Feb
60
3*4
6
♦
200
17*4
24
934
dep rets ord reg..£l
234
234
Mar
134
Jan
Apr
Feb
2434
2134
400
20*4
20*4
Apr
20*4
20*4
20*4
22
»
Apr
24
Feb
14*4
14*4
14*4
100
14
Jan
15
Mar
3634
3634
Imperial Oil (Can) coup..*
Registered
*16
%
Jan
334
Feb
200
2134
Jan
45 34
Mar
Indiana
2334
634
4,000
2,700
18*4
Jan
2734
Mar
Indiana Service
6% pref 100
634
Apr
Feb
7% preferred
100
934
1,400
1,100
2034
634
9
1934
134
2034
Jan
Jan
8
1934
.!S
Apr
24
Mar
Feb
1734
Feb
Britain
and
10
Indpls P A L 6 34 % pref 100
Non-voting class A
38%
36 34
3 9 34
1534
10C
1534
Apr
%
34
7134
3,500
34
Mar
1%
Jan
Insurance Co of No Amer 10
10
7134
Apr
82*4
Jan
Jan
Feb
*4
Feb
Apr
Mar
36
Apr
1534
47%
1834
Feb
Feb
14%
11234
Mar
1143*
Mar
1 534
15,000
1034
Jan
1834
Mar
81
275
72 34
Jan
92
Mar
41%
112%
1
100
*
1334
79
100
4334
450
4134
Apr
65
Mar
£634
7 34
5,800
634
Apr
834
2934
313*
Feb
11234 11234
110
Class B
*
1
V t c common
7% preferred
*
634
25
22 34
25
4,100
26
26
27
100
2234
2534
Jan
Jan
Feb
Jan
134
100
2*4
Jan
9 34
200
934
Apr
534
10*4
Jan
Feb
1334
900
834
Jan
1434
Feb
lOOfrcs
934
5
Franklin Rayon Corp com 1
1234
12
15
Mar
23
Mar
36
Jan
28
50
24
Apr
3934
Jan
93
94
50
93
Apr
105
434
Jan
Jan
3*4
3*4
400
334
Feb
400
3%
Apr
434
Jan
134
1*4
300
134
Apr
2*4
2234
Feb
15
14
Apr
6834
24%
1,950
64
Apr
7434
Jan
400
2334
28*4
"2*4
234
234
1,800
234
Apr
Apr
Feb
Feb
2834
2534
*4
2934
%
3,500
2534
Apr
44
300
Jan
Apr
"eloo
34
14*4
33*4
2*4
1834
3934
Mar
Mar
1,900
3434
Apr
38
Mar
175
Internat Hydro-Elec—
Pref $3.50 series
A stock
60
purch warr
Internat Metal
Indys A._*
"35"
"3434 "3534
3434
Registered
*
International Products
6% preferred
Feb
14
35
6*4
734
2,000
Jan
100
6
Feb
100
"7"
Jan
434
834
103
Jan
Jan
Apr
Mar
200
,5i6
Apr
1*4
Feb
700
1634
1*4
Apr
Apr
Feb
Feb
'16
Jan
"""*4 ""'34 T.Ioo
%
2134
334
34
*4
734
4234
16
J
International Utility—
Class A
1734
*
234
Class B
234
1934
234
19,700
Old warrants
New warrants
International Vitamin
Interstate Hosiery MHls..
2965
7*4
6634
"6734
Internat Safety Razor B
Ford Motor of France—
Jan
40
2334
100
International Petroleum..*
Ford Motor Co Ltd—
Jan
900
Industrial Finance—
Internat Holding A lnv.
First National Stores—
4434
600
1334
29
334
334
International Cigar Mach *
7134
ord reg..£l
Ford Motor of Can cl A._*
93
*
600
2,000
1,500
14
Mar
3734
11
28
1134
Indian Ter Ilium Oil—
15
1234
8,700
2634
Ireland..£1
Pipe Llue
16
34
Am dep rets
2134
Imperial Tobacco of Great
2,000
12,900
16
28
14
(Phlla).lO
Jan
9,600
1534
For footnotes see page
1*4
18
Heller Co.
Am
59
50
62
134
2634
""%
Brewing
95
Jan
2,000
1534
1534
"16*4"
26c
14
..1
Amer dep rets
Apr
534
_.*
Hecla Mining Co
Helena Rubensteln
5%
134
92
1534
1634
Hearn Dept Store com...5
6 % preferred
50
15
Flat Amer dep rets
Fox (Peter)
57
48
2*4
16
*
.6
1
Class B
5234
6
2*4
1234
1634
16*4
1
72%
16
134
1
1st preferred
52 34
234
Feb
37
Fairchlld Aviation
56 preferred
Florida P A L$7 pref
15,000
1934
50
"234
"22 34
7%
34
59
5
25
Hartman Tobacco Co....*
Feb
50
1534
234
3
Flsk Rubber Corp
500
14 34
2234
17%
250
30 34
*
Fidelio Brewery
1,500
916
4*4
Mar
67
3034
100
Ferro Enamel Corp
534
716
90
$6 preferred
.._*
Gypsum Lime A Alabas..*
Lamp Co
*
1334
50
Metallurgical
434
434
87*4
Hall
Elec Light
38
Imperial Tobacco of Can,6
10c
DCorp
6334
57
15
65
73 34
Ex-cell-O Air A Tool
Fire Association
.25
100
62
European Electric Corp—
Option warrants
F E
Apr
Apr
Feb
9
600
6534
73 34
Emsco Derrick A Equip. .6
Fedders Mfg Co new
1634
Jan
534
1
Humble Oil A Ref.
63
63
100
Empire Power Part Stk__*
Fansteel
-25c
Jan
Hormel (Geo A) Co com..*
Horn A Hardart...
•
56
Jan
47
8*4
Hygrade Sylvania Corp..*
8% preferred
Fanny Farmer Candy
com.
Guardian Investors
Jan
3,600
Jan
Apr
1,700
60
100
Brewing
Grocery Sts Prod
550
16
8
434
34 34
100
100
7% preferred
128
44
14
25
Empire Cas A Fuel Co—
Evans Wallower Lead
Apr
41
1434
.....*
Mar
8%
Empire Dlst El 6 % pref 100
com
12134
400
41
45
3%
1
Elgin Nat Watch Co..-.16
Corp
225
100
1st preferred
Holophane Co
24
7%
*
Electrographle Corp com.l
Equity
11734
Holt (Henry) A Co cl A..*
88
Elec Shovel Coal 54 Dtef..*
Eureka Pipe Line com
Apr
Jan
7
19C
Jan
334
7%
1
Electrol Inc vto
100 34
Feb
Mar
Option warrants
pref w w
560
101*4
123*4
8734
634
Jan
10034 10534
121*4 123*4
*
stock
com
80
200
Jan
Apr
700
2834
200
Jan
4%
18*4
22*4
234
12%
14*4
Apr
2,600
2734
Jan
2134
Apr
634
6234
Mar
Apr
7*4
38
7,400
1634
734
Jan
1,900
67
1,100
3334
2*4
15
1534
73
99,100
76
Feb
2634
Holllnger Consol G M
6834
Jan
234
14*4
14*4
Jan
2034
*4
34
534
150
6
38
Jan
73
7
5*4
3734
107
2,200
900
34
316
434
Apr
2 34
16%
6*4
1
Apr
Apr
20
Mar
100
*
Hires (C E) Co cl A
Hoe (R) & Co class A
67
*
Electric ShareholdingCommon
M ar
300
75
1
Class A
conv
21
67
1
Elec Power Assoc com
Elec P & L 2d pref A
Jan
300
39*4
Hat Corp of Am cl B com.l
Hazel tine Corp
*
Jan
2,800
51
Apr
Harvard Brewing Co
Jan
3
Apr
26
Jan
2%
10%
1
Elec Bond A Share com..5
41
1,600
Feb
1034
2134
20
Edison Bros Stores new..2
410
29
10*4
71
17
12
44
27 H
80
1034
15
1134
Jan
Apr
68
Apr
26
Apr
Apr
10
1134
41
Haloid Co
Apr
17
10
Stores
4534
22*4
Hartford
4 34
2,600
16
Jan
2 34
Mar
6
3,500
9634
Jan
14*4
14*4
Mar
4234
4%
Apr
834
12
Rapids Varnish...*
Apr
63
70
7534
40 %
Gulf States Utli 55.50 pref ♦
175
50
600
29
Jan
1,050
2 4 34
175
H34
44
Jan
96
2,400
68
*
Easy Washing Mach "B"_*
56
34
65
$7 preferred series A..
$6 preferred series B
h«ononiv< irocer y
42
76
10*4
*
Gulf Oil Corp
46
7
63
4334
7534
3834
2634
7%
64
6
4H% prior preferred-100
6% preferred
100
11*4
36*4
%
5134
107
A.*
Gt Northern Paper
25
Greenfield Tap A Dle..
East Cas A Fuel Assoc—
Common
Apr
10*4
*
Apr
634
11
11
7534
*
*
*
634
18
100
Apr
,
134
Durham Hosiery cl B com*
Duval Texas Sulphur
Jan
Apr
80
Draper Corp
Driver Harris Co
30
B
Non-vot
Jan
1,800 £134
80
10
Jan
22*4
Great Atl A Pac Tea—
Mar
107
xl34
140
.._*
Chemical...
50
38
100
Apr
Gray Telep Pay Station. 10
Jan
Domlu Tar A Chem com.*
10634
100
Jan
18*4
Grand
Apr
12
17
6,400
Mar
V t c agreement extended
Grand National Films Inc 1
Feb
27
9
Distilled
Dow
2534
26
Diamond Shoe Corp com
6
50
33*4
Apr
17*4
49
100
53 preferred..It
Gorham Mfg Co—
Apr
Apr
6
2934
100
700
Gorham Inc class A
Apr
1534
300
2,000
*4
$7 preferred
Jan
534
634
18
Jan
1*4
234
1934
36*4
Gold field Consol Mines
Jan
Mar
634
5%
Apr
Jan
Apr
*
Godchaux Sugars class
Apr
13*4
534
14%
1
534
76
18
20
6
pref ww
Detroit Cray Iron Fdy
Det Mich Stove Co com
82
17
Detroit Casket A Mfg com 1
4,000
250
77
Preferred
6%
84
7
7%
Derby OH A Ref Corp com*
*1«
96 34
75
36*4
Glen Alden Coal
Class
"79"
Jan
Apr
49
Warrants
Mar
100
34
11
$3 pref erred
Mar
14
Jar>
83
900
"""70
Feb
Feb
134
105
Gilbert (A C) com
Preferred.
2934
6",200
1
Georgia Power $6 pref
14
Dejay Stores
23*4
Jan
*4
Cusl Mexican Mining..60c
"24"
23
Apr
*
Jan
Dayton Rubber Mfg com.*
Class A
36
Apr
18*4
100
preferred A
Gen Water G & E com
Apr
com
20
900
49
General Tire A Rubber...6
Mar
Petroleum
300
Jan
6*4
17*4
234
"1734
34
Darby
Jan
89*4
34
34
"75"
*
S3 conv pref
Apr
3
300
88
8634
.20
♦
General Telephone com
1334
Davenport Hosiery Mills.*
"1*4 "1*4"
'"34
106 %
preferred
134
*
100
__5
6 34%
Curtis Mfg Co
20*4
2034
18*4
Gen Rayon Co A Stock... *
Apr
200
7%
44%
20
ord reg.fl
W arran ts
Jan
334
22 34
2",300
1234
Gen Electric Co Ltd—
Gen Pub Serv J6 pref
12*4
75
Mar
500
'"334 '""3*4 "4%
Jan
100
Jan
98
300
1834
Gen Outdoor Adv 6% pflOO
3,700
23
19
Jan
56
•
Feb
Feb
1434
1734
75
12*4
1734
♦
General Alloys Co
$6 preferred
Jan
2
High
Low
1234
1234
1734
15
Gen Investment com
Apr
134
v tc.
Inc
34
8
3%
3%
23
*
com
Conv preferred
Gen F1 reproofing com
*
Gen G & E $6 conv pf B__*
Apr
13
13%
13%
"3%
26
Cuban Tobacco
10,600
18
2
Internet A..*
Crystal Oil Relcom
Cuneo
%
8
16,900
,316
13
14
Drug Co oora..25c
deferred
33%
14%
30%
Price
1
Common
Amer dep rets
Cramp (Won) A Sons Ship
Crown Cork
Par
Froedtert Grain <fc Malt—
12 34
2
100
Preferred
CourtautdB
Range Since Jan. 1 1937
Week
Jan
Apr
86
*
1
Sales
Friday
Apr
6434
5%
1
...
Sfi preferred A
Tel. HAnover 2-5370
St., New York City
25 Broad
35
Corroon A Reynolds—
Common
York Curb Exchange
Mar
3%
3%
Netr
Jan
61 34
10%
11
Members
Feb
15
Apr
3534
*
*
5
preference
prior
1,400
26%
53
Jan
Feb
Apr
200
24
24%
234
2634
& COMPANY
UHLMANN
Jan
10234
Mar
Apr
Apr
17
*
*
Mar
H
Jan
6134
Cooper Bessemer com
S3
"""300
*17"
Jan
17
Apr
11
"l7~
Cook Paint A Varn com..*
preferred...
Apr
1
17 %
4,100
22
Analysis upon request
Mar
135
Feb
8734
175
600
1%
20%
Continental Secur Cor p.. 6
S3 preferred A
Feb
Jan
1034
Apr
fl
Electric Bond & Share Co.
Mar
100
Apr
2 34
12%
87%
Continental Oil of Mex... 1
$4
Apr
7334
400
77%
8%
High
Low
Shares
10
Consol Steel Corp com..
1 1937
Range 8ince Jan.
for
Week
High
73%
77%
100
Consol Royalty OH
Ranoe
of Prices
6
Consol Retail Stores
Cont
Week's
Price
Consol Mln A Smelt Ltd..6
8%
2961
New York Curb Exchange—Continued-Page 2
144
Volume
1
*534
5*4
534
3,100
5*4
Jan
Apr
37*4
3934
1,000
3434
Jan
Jan
Feb
Mar
Mar
New York Curb
2962
Friday
STOCKS
Last
Par
Week's Ranee
Sale
(Continued)
of Prices
Low
Hitlit
Price
Interstate Power $7 pref-*
Investors Royalty
1
13
Iron Fireman Mfg v 10—10
21 %
Irving Air Chute
1
13%
Italian
*
Superpower A
12
%
916
20%
13%
b6
Jacobs (FL) Co
1
Jeannette Glass Co
*
15%
for
Week
Low
11C
15
8%
7i6
Jan
500
20%
13%
%
Apr
Apr
27
18*
Jan
Jan
2
Feb
Apr
24%
«.«
Jan
Jan
Feb
preferred
100
6% preferred
100
7% preferred
100
Jonas & Naumburg-_.2.50
Jones & Laughlln Steel-100
Julian & Kokenge com..-*
"l04%
Feb
Feb
14
Jan
Nehl Corp common
Apr
Apr
Apr
Apr
89
Jan
96%
Jan
90
85
30
96%
200
2,800
6
90%
25%
Jan
Apr
500
19
Man
28%
Feb
100
2% Man
74% Feb
58% Apr
6% Apr
3%
88%
6% preferred
100
New England Tel & Tel 100
Mar
65%
Feb
New Haven Clock Co
New Jersey Zinc
8%
Feb
New Mex & Ariz Land
80
50
59
10
6%
1%
4,200
200
18%
Apr
300
10%
Jan
11
11
Apr
*
23
23
21%
Feb
KoppersCo6% pref--.100
Kress (S H) & Co pref--.10
108
1%
*
Klelnert (I B) Rubber-__ 10
Knott Corp common
1
1%
18%
11%
108%
11%
11%
1
16
Lackawanna RR (N J) -100
70%
50
5%
Lane Bryant 7% pref.-100
Lefcourt Realty com
1
Preferred
97%
2%
15%
*
25
Leonard Oil Develop
Line Material Co
100
1%
Loblaw Groceterias A
*22%
*
*
11%
12%
21%
Jan
Apr
Apr
,5i«
26%
16%
Apr
1%
1%
13,400
100
9,200
600
Apr
Jan
Jan
15 %
12
14%
11%
13
*
11%
10%
11%
15%
7% preferred
6% pref class B
*
4
1,800
11,600
9,600
Majestic Radio A Tel
conv
82
250
70%
71
75
4%
12%
4
4%
12%
11%
1
3%
7%
preferred
1,300
6,900
1%
41%
38
"U80
2,600
10
100
100
Jan
76
4
11%
1%
38
62
15%
20%
Mercantile Stores
Jan
Jan
600
Participating preferred
8
28%
114%
5%
25
6%
2%
6
Jan
15%
Apr
23%
33%
22%
Apr
Mar
Mar
Apr
100
Apr
8%
111% 119
3,245
"43"
"46%
"""60
10
new
11%
12%
11,600
87
89
100
Class A opt warr new
Class B opt warr newNiagara Share—
Class B common...
5
12%
50
Mar
43
Apr
11%
Apr
Apr
87
Feb
98
%
%
1%
1%
12%
11%
13%
'16
95
95
40%
44%
2%
6%
*
N1 pissing Mines
Noma Electrlo
Nor Amer Lt «fc Pow—
5
2%
2%
1
6%
6%
..1
Apr
93
Nil ee-Bement-Pond
Common
Jan
Mar
111%
4%
3%
Feb
%
Mar
500
1%
Apr
1,200
11%
Apr
6,100
95
Apr
800
40%
Apr
2,400
3,600
2%
Apr
6%
Apr
25
3%
Apr
53
2,000
51%
Apr
44
51%
41%
3%
54%
4,500
*
North Amer Rayon cl A—*
Class B com
*
47%
1,900
35%
Jan
42%
41%
47%
1,700
35
Jan
49%
Jan
Mar
$6 preferred
3%
6% prior preferred—50
No Am Utility Securities
Nor Cent Texas Oil
2%
7% preferred
-.100
Nor N Y Utll 7 % 1st pf 100
Northern Pipe Line
10
2%
3
500
2%
5%
5%
500
5
%
5
Nor European Oil com—1
Nor Ind Pub Ser 6% pf-100
%
8,500
Apr
%
Jan
80
87%
82
20
80
Apr
87%
89
20
87%
Apr
Apr
104
104
25
104
Jan
55%
Apr
30
31
300
25%
Jan
*
Mar
31%
33%
30%
Apr
Mar
Feb
Feb
Ohio Brass Co cl B com
Ohio Edison $6 pref
1,000
98%
*
54
58%
225
*
102
Jan
Mar
Ohio Power 6% pref
100
Ohio P S 7 % 1st pref—100
20
43%
101%
108%
109%
10
104
Apr
93
Apr
100
600
2,500
7%
25
Apr
Apr
14%
44%
Jan
225
101%
Jan
121
Mar
1,200
5%
Apr
Apr
7
Jan
'""300
39
Jan
73
Apr
53%
105%
Mar
Feb
Apr
7
Mar
55%
1
3%
Apr
31%
11%
2%
80%
13,700
7i6
Jan
2%
Feb
500
2%
Apr
5%
Jan
2,800
100
35%
20
""160
2
2%
Feb
6
Jan
Apr
55%
Jan
7,700
32
Jan
37
Mar
106
2%
2
Apr
Apr
4%
Jan
Nor Sts Pow
com
cl A—100
"26"
5Nor Texas Elec 6% pf-100
Northwest Engineering—*
Ohio Oil 6% pref
110%
$3 preferred
104
13%
300
13%
Apr
9%
12%
2,600
9%
Apr
Apr
..100
conv pref
Feb
98
Overseas Securities
1
5%% 1st preferred
4
*
*
Pacific G & E 6% 1st pf.25
27
100
27
98
100
125
98
3%
10
Pacific Ltg S6 pref
Jan
9
Jan
28
Mar
20%
Mar
104%
Jan
Mar
*
43
Pan Amer Airways
41%
Feb
10
63
59
1,900
Feb
1%
Jan
6
Mar
8
Jan
Pantepec Oil of Venez
1
Paramount Motors Corp.l
5%
2,700
Feb
Patchogue-Ply mouthM Ills*
2,900
Apr
Apr
Apr
7
1%
4%
1%
8%
2
Feb
10
Jan
Pender (D) Grocery A
*
Class B
.__*
20%
100
20%
Apr
24
Mar
Peninsular Telep com
Preferred
Jan
90
Mar
4%
14%
Mar
*
*
175
71
3%
500
3%
11%
3%
3,500
10%
7,400
2%
35%
2%
13%
8%
3%
143
Jan
Apr
5
Feb
Apr
43
Jan
$2.80 preferred
$5 preferred
Penn Mex Fuel Co
*
Class A 7% pref
100
Moore (Tom) Distillery—1
Mtge Bk of Col Am shs
14%
9%
3%
1,300
7,300
200
Jan
98
Jan
Mar
118
Feb
Pa Pr & Lt $7 pref
13%
8%
3%
144
4%
"~6%
Murray Ohio Mfg Co
*23%
$6 preferred
Penn Salt Mfg Co
Penn Traffic Co
Apr
Mar
Apr
Pa Water <fe Power Co
Mar
100 *138%
30
150
36
25
Pepperell Mfg Co
Perfect Circle Co
Mar
29%
Apr
Mar
Mar
29%
34%
42%
180%
Mountain Producers——10
Mountain 8ts Tel A Tel 100
4%
4%
6%
4%
4%
6%
144% 144%
22
23%
1,500
Philadelphia Co
3,200
5%
Mar
10
144%
Apr
Apr
1,000
22
18
97%
Apr
Mar
Common
7%
155%
Feb
Feb
18
Jan
800
11
Mar
14%
Jan
600
32
Apr
44%
Fob
6%
Jan
14%
Mar
a
Apr
3%
Jan
Mar
400
2%
19,900
1,200
5i%
Jan
59
2,900
15%
Apr
19%
2
54
53
55
*
16
15%
16%
Nat Leather common
10
Nat Mfg A Stores com„
1
National Steel Car Ltd—
2965.
1
7%
39%
78%
23
12%
"~2
1
5,800
1
Mar
2%
Feb
Jan
Jan
8
300
7%
Apr
13%
Feb
42
600
33%
Jan
47
Feb
77
Apr
Jan
91%
12%
Feb
Jan
19
Apr
79
350
10%
4%
4%
24%
Apr
29
Apr
10%
100
14%
S16
4%
16%
8.800
4,300
300
8
11%
%
3%
52%
39
9%
Jan
110
38
39%
11%
300
9%
50
.
Conv pref ser A
Pierce Governor com...
30%
41
Feb
*
69%
1
..1
*
*
*
50
5%
100
5%
Apr
4%
4%
24,800
12%
100%
500
4%
12%
Apr
12%
101%
4%
13
105 t
100 *
169%
480
100%
99
98%
.
167%
132
130
*
33
32
.*
98
162
Jan
Mar
*
11%
10%
10
37%
35%
*
25%
2%
25
9
2%
79%
145 g
1,300
*
600
31%
100
12%
34
12%
12%
114% 114%
32%
33%
11%
12%
1
10%
37%
29%
3%
4%
150
121
114
»75
32%
1,100
11%
13,400
0
Potrero Sugar com
Powdrell & Alexander
5
Power Corp of Can com..*
6% 1st pref
200
2%
Jan
4,100
4%
Apr
2,500
x7 %
Apr
25
41%
Apr
18%
88%
41%
20
23
5,900
103
101
106
280
128
125
600
Pratt & Lambert Co
*
Jan
Mar
Premier Gold Mining
1
Jan
57%
Jan
34
2%
2%
35%
2%
125
200
600
Jan
Jan
Jan
Mar
10%
Feb
200
0
Feb
2,200
4,900
3
Apr
9%
21%
Apr
200
800
34
Apr
100
Mar
Jan
Jan
*8
10%
Apr
Apr
Apr
41%
5
Apr
Mar
19%
*7%
133%
1%
1%
17
16%
6%
7%
3
3%
9%
10%
21% 23%
Mar
Mar
35%
7%
Pleasant Valley Wine Co.l
Plough Inc
Pneumatic Scale Corp
10
Apr
500
4%
21%
Apr
3,300
4%
50
Pittsburgh Forgings
1
Pittsburgh & Lake Erie.50
Pittsburgh Plate Glass. .25
Apr
40
150
"79% "79% "80% """700
100
*
Apr
3
167%
2%
*
Apr
5%
Pitts Bessemer & L Erie RR
Common
Jan
Jan
400
Postage
Meter
Feb
Apr
%
7%
Jan
33
110
Pltney-Bowes
12%
.*
400
24%
29
Feb
100
Pines Winterfront
1
Pioneer Gold Mines Ltd.. 1
Jan
34
S16
Apr
Mar
Feb
Mar
12
-.1
5%
7
Mar
32
15%
37,700
28
97%
12
4
59
6%
4%
5%
4%
24%
*
20
28%
32
11%
com
Phillips Packing Co
Phoenix Securities—
Apr
Apr
*
National P A L $6 pref---*
National Refining Co
25
Nat Rubber Mach
*
40%
1,800
22
Phila Elec Co $5 pref
*
Phiia El Power 8% pref-25
Mar
4%
4%
100
100
Natcon Corp
Nat Auto Fibre A vtc..
National Baking Co com.l
2,200
*
...
Pennroad Corp vto
Pa Gas & Elec class A
36
29%
43%
64%
5
Penn Central Lt & Pow Co
Apr
Apr
86
10%
12
Moody Investors pref
Moore Corp Ltd com
Apr
Apr
Apr
""400
*
10
98
Monroe Loan Soc new A_1
Montana Dakota Utll—10
Apr
78
3%
114
9%
104
6%
11%
18%
Mlnn P A L 7% pref.. .100
Miss River Pow pref
100
13%
""250
104% 105
Apr
Jan
Apr
100
1
2%
Apr
Apr
1,800
Pacific P & L 7 % pref-. 100
Pacific Public Service
*
*
3%
10
9%
12
2,700
Minnesota Mining A Mfg.
1
100
30%
600
10
3%
Mook, Jud, Voehrlnger Co
Common
2.50
5,100
*29%
1%
82
Mining Corp of Can
4%
10
9%
29%
20%
10%
3%
50
25
Feb
$1.30 1st preferred
Pacific Tin spec stock
92%
27
13%
s
Apr
Apr
13%
1%
9
*
Mid-West Abrasive comSOc
Midwest Oil Co
10
104
100
Jan
Apr
Apr
92%
50
Parker Pen Co
—
50
108% 108%
110% 111%
2
5
OJdetyme Distillers
Oliver United Filters B
Jan
102
7%
22%
400
15
com.
Jan
Jan
2%
600
2,200
11%
26
100
com
Oklahoma Nat Gas
6%
2
100
6% 1st preferred
Oilstocks Ltd
11%
22%
6%
Midland Steel Products—
$2 non-oum dlv shs_.
Mid vale Co
Nat Bellas Hess com
1
Nat Bond A Share Corp.-*
Apr
107%
60
55
7%
12
*
Jan
82
Apr
Apr
40
17
111%
4%
1%
9
"1%
*
oage
Feb
103
v t c
iw
13
Apr
10
For foo*nnt«R
29%
400
25%
"2% ""2%
Steel Tube..2.50
Nat Service common
Conv part preferred
200
13
Apr
Jan
"50%
55%
Bumper Corp..1
Gas A Oil
1
National Oil Products
Jan
5%
10%
5%
31%
*
National Fuel Gas
29%
31%
13%
107% 108
100
100%
Apr
Jan
3%
18%
Metropolitan Edison pref-*
Muskogee Co com
6% preferred
Jan
26
400
1,000
30
%
Naohman-Sprlngfliled
Feb
2%
103%
Mar
8%
2%
35%
Montreal Lt Ht A Pow
500
Jan
Apr
Apr
3%
16%
114% 118%
5%
5%
1
Montgomery Ward A
2,300
Apr
20
77%
Feb
73
0%% A preferred—.100
Molybdenum Corp
2,250
3.400
Apr
55%
7%
Metal Textile Corp com—*
Part preferred
pref
2%
3%
103% 118
30%
35%
3%
4%
T200
8%
%
Middle States Petrol—
Class A v t o
83
3
Warrants
Preferred
2%
42
104%
Merrttt Chapman A Scott*
Sugar Co
77%
3,800
.
Mexico-Ohio Oil
100
Jan
Apr
3%
13%
"48"
Co
"22% "24%
Jan
76%
25
100
conv
Jan
17
Merchants AMfgdA—.1
Midland Oil
6%
15%
16
11%
com—
7% preferred
Class B
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
100
Apr
Apr
Novadel-Agene Corp
—100
McCord Rad A Mfg B
*
McWllllams Dredging
*
Michigan
Michigan
Michigan
Michigan
Jan
900
6% preferred
Iron
80
200
23%
55%
May Hosiery Mills pref--*
MoColl-Frontenac Ltd—
Mesabl
Mar
17
13
Memphis Nat Gas com.-.5
Memphis P A L $1 pref.—*
Jan
93
27%
3
6%
Apr
Apr
16
23%
1
*
Jan
Jan
70%
77
%
30
95
Massey-Harris common.
Mead Johnson A Co
Mar
Feb
Apr
76%
100
14%
3%
50
Jan
130
79%
100
5% 2d pref cl A
5% 2d pref cl B
16%
27%
3
5% 1st pref new
Mar
18%
7%
15%
1
7
Common
Jan
3%
23
Master Electric Co
100
30
1
Feb
Jan
700
15%
Mass Utll Assoc vto
Mar
Jan
Shipbuilding Corp—
Founders shares
Feb
Apr
1,500
62
Apr
1%
Niagara Hudson Power—
Jan
10%
8
62
13%
700
N Y Steam
Jan
Feb
*13%
9%
4
23
16
N Y
Apr
4%
23%
7%
Mapes Consol Mfg Co—
Margay Oil Corp
76%
*
13%
2%
30%
26%
Feb
3%
Manlschewitz (B) com—
Marlon Steam Shovel
Feb
$6 preferred
20
Mar
95
1%
z40 %
Mangel Stores
$5
76
70 X
Loudon Packing
Louisiana Land A Explor.l
Louisiana P A L $6 pref.
Lucky Tiger Comb g m—10
Corp common
5
5,100
79
—100
100
Lynch
4%
14
300
10%* 10%
Class A pref 1'I
3%
300
14%
1%
30
Y Merchandise
10
N Y Pr & Lt 7% pref—100
Corp com*
N Y Telep 6%% pref—100
New York Transit Co
5
N Y Water Serv 6% pf-100
110
5
Long Island Ltg—
—
78%
23
1
15
110%
15
Apr
Apr
Apr
Jan
Jan
Jan
400
13%
N
15%
7%
30
300
16
32
14
N Y & Honduras RosarlolO
Feb
Jan
115
Warrants
Feb
Feb
5
Common
Jan
25
%
115
1
111%
Mar
Lone Star Gas
2%
80
'"22%
25
Jan
Apr
*
Corp
106
Jan
13%
17%
Apr
Apr
Lockheed Aircraft
1,500
30%
5%
97%
2%
8,300
5
Mar
51%
In"
70%
Locke Steel Chain
Mar
112
45
Newmont Mining Corp. 10
47%
23%
5%
Apr
New Process common
*
N Y Auction Co com...-*
N Y City Omnibus—
10
97%
2%
15%
9%
21%
23
Jan
Feb
2,600
*
Lion OUReflnlng
Lit Brothers com
1
1,700
Apr
4,000
1,500
7%
—*
Lehigh Coal A Nav
100
150
8%
,i*
6%
47%
5%
Lakey Foundry & Mach.,1
300
Jan
Feb
17%
70%
51%
70%
Lake Shores Mines Ltd-._1
5%
509
Jan
Jan
3,900
26
*
18%
11%
12%
5%
Klein (D Emil) Co com
2
6
'
Mar
Mar
23
100
com
New Engl Pow Assoc
75
Kir by Petroleum
1
Klrkld Lake G M Co Ltd .1
Kreuger Brewing
Nev-Callf Elec
New Bradford OH
22
5%
5%
2%
1%
Jan
59
5%
10
24
*
Jan
19%
2%
2%
"16% "II
Nestle-Le Mur Co cl A„
114%
11,100
com
Neptune Meter class A
Jan
Mar
6%
Kobacker Stores
Jan
*112
Kingsbury Breweries
1
Kings Co Ltg 7% pref B100
5% preferred D
100
Kingston Products
1
25
com...
9%
126%
30
Low
1,200
'""966
26%
Nebraska Pow 7% pref-100
100
Mar
25%
9%
"II
1st preferred
Nelsner Bros 7% pref—100
Nelson (Herman) Corp
5
86
100
26%
Range Since Jan. 1 1937
Shares
1
%
18%
Nebel (Oscarl Co
Jan
85
Kansas G & E 7% pref. 100
Ken-Rad Tube & Lamp A *
Price
50
Jan
Apr
78
96%
6%
114%
National Transit
12.50
Nat Union Radio Corp—.1
Navarro Oil Co
*
'16
75
6
National Sugar Refining. _*
National Tea 5%% pref. 10
13%
8%
400
80
96%
Week
3,900
79%
96 X
for
of Prices
Low
High
100
Jersey Central Pow & Lt—
5 %%
Week's Range
Sale
Par
4,300
12
Last
High
%
23%
14%
1%
*16
16%
8%
1,100
Sales
STOCKS
(Continued)
210
2,400
May 1, 1937
3
Friday
Range Since Jan. 1 1937
Shares
13%
1
Warrants
Exchange—Continued—Page
Sales
5,400
2%
Apr
Apr
Last
(Continued)
Sale
Par
for
of Prices
Low
High
West
31
Pressed Metals of Amer..*
1
Producers Corp
%
9%
9%
11%
13%
101% 101%
.*
*
$6 preferred
7,400
1,000
100
%
13%
9%
1,200
11%
102% 102%
20
%
13%
jPropper McCallumHos'y*
Prosperity Co class B—_*
Providence Gas
*
Prudential Investors
716
»j6
716
15
500
100
45
Feb
Apr
31
100
31
35%
Feb
Mar
»i«
%
17%
11%
14%
Jan
Mar
Apr
Apr
Apr
Feb
Mar
102 %
100
100
1st pref
Apr
Jan
105
Feb
109
Jan
49
57%
220
49
32%
230
28%
Apr
Apr
68%
28%
41
Mar
85
Apr
98
Jan
Jan
Feb
93
90%
Jan
117%
119%
117%
Mar
Apr
117%
Feb
Apr
10
95%
Apr
103
Feb
20
100%
Apr
106%
2%
Apr
4%
Jan
Jan
200
69%
Apr
90%
425
34%
Apr
60%
Pub Service of Okla—
96
100
100
7% prior lien pref
96
101% 101%
Pub Utll Secur $7 pt pf__
•
*
Pyle National Co com...6
Pyrene Manufacturing.. 10
Quaker Oats com
•
6% preferred
100
Quebeo Power Co
*
Ry A Light Secur com..
Ry A Utll Invest cl A
1
$5 preferred
16 preferred
75
76
36%
34%
23
"l0%
10%
114
115
zl25%a:125%
£18% a:18%
21
1%
1
800
%
%
%
100
Jan
Jan
Jan
800
4
Jan
5%
14%
35%
6
25%
28%
1%
2
Jan
%
*38%
Feb
Mar
10
Jan
17%
39%
1.000
33
Jan
46%
8%
6%
1%
5%
6
700
1%
3,700
200
23
5%
2
10
5
1%
2,500
6
14%
9%
105%
6
3%
7%
Manufacturing.26
"41%
6
200
7,600
7,000
6%
600
100
%
13%
Securities Corp general
9%
105% 109%
1,300
44,500
75
39
42%
2
5%
*
57%
Jan
2%
Feb
3%
Mar
Feb
Apr
Feb
Jan
Apr
18
Jan
Jan
Apr
Jan
1
55%
108
1
13%
Mar
Jan
12
Mar
4
14%
17%
6%
Mar
Apr
Apr
Jan
Jan
Apr
8
Mar
Jan
4%
114
141
Apr
%
Apr
%
9%
Jan
21%
Jan
15%
38%
Mar
11%
*105%
Apr
Jan
117%
69
Jan
Apr
Apr
Apr
1
10
2%
100
101%
Amer dep rec
_£1
Sentry Safety Control..
*
9%
Aircraft Corp.-l
4%
Trt-Continentai warrants..
Am
.25
"131%
6% cum pref ser AAA 100
80c dlv
Jan
42
Mar
Apr
55
Mar
7% preferred
Apr
78%
Jan
3%
45%
2%
Apr
Apr
Apr
5%
Jan
United
2%
8,400
6
8%
9,300
6
Apr
100
25
Apr
50%
Jan
4%
9%
Feb
Mar
30
3%
9,400
2%
Apr
97% 100
100
102%
1,650
1,400
94%
Jan
4%
28%
101%
96
Jan
103
2%
%
9%
3%
15%
25%
1,200
9%
500
4%
18%
5,000
Jan
Apr
Jan
Mar
Mar
Apr
1%
%
9%
4%
15%
25%
Apr
2%
1%
Apr
12%
Jan
6%
28%
Jan
Feb
Jan
Mar
Jan
Feb
Apr
Apr
33%
Feb
131
136%
600
131
Apr
154%
Mar
110
100
108
Mar
20,500
1,300
27
Aircraft
114
Feb
com
__»
$3 cum A part pref
United Corp warrants
United Gas Corp
1st $7
com..
.1
pref non-voting.*
Option
warrants
United G A E 7% pref. 100
United Lt A Pow com A.*
Common class B
$3
preferred
United
295
5%
1%
5%
6
1,500
1%
2,500
6%
1,100
20%
5%
1%
5%
Apr
Apr
Jan
Apr
Jan
Apr
Apr
7%
370
6%
100
37%
37%
27%
27%
26
26%
6%
20
37
600
26%
400
26
200
6
16
1%
1%
27%
United Stores v to
*
United Verde Exten
Jan
Universal
Apr
Mar
Jan
Mar
41%
29%
28
8%
83
Mar
Universal
Pictures
Mar
Universal Products
_
Jan
5%
Apr
Apr
33%
2%
Apr
28
600
Jan
100
5
Jan
7%
Mar
2
Jan
5%
Feb
12,200
400
6,500
675
10%
7,100
43%
900
8%
42
Mar
Apr
Apr
160
Jan
11%
Apr
48
Jan
42
Jan
Apr
1%
Mar
8%
36%
3%
Feb
12%
47%
4%
Apr
Mar
1,400
100
3%
%
1,200
21%
300
21
26%
300
2«
4%
17%
4%
18
700
50%
54
19%
300
3%
%
21
21
26
Feb
Jan
7i6
700
9
%
400
%
%
'16
■16
26
19%
19
12
(Neb)....26
"37%
100
For footnotes see page 2965
Jan
19%
4%
Jan
50
18
Apr
16%
Apr
22%
22%
13
35%
39%
200
%
Jan
Feb
Utility Equities Corp
Jan
Mar
Feb
44
Apr
11
Apr
17
Feb
98
Jan
114
Apr
U%
Jan
16%
Apr
Apr
Apr
41
Feb
24%
25
4,100
4%
23%
3%
18%
5%
5,600
4%
64%
50
50
104
6
6%
625
16%
2,200
62
Apr
Feb
Jan
2%
5%
Jan
Mar
Apr
6%
Apr
Feb
Mar
77%
Jan
112
Jan
73
Mar
Jan
18%
10%
Mar
Apr
Apr
Apr
55
1,600
46
Apr
Apr
43%
12%
75
3
60
Mar
Jan
7%
Jan
Jan
66
Jan
4
Jan
18%
Jan
100
107
%
1%
316
1%
Feb
3
Feb
600
51
Jan
69
Apr
10
100
Apr
105
10
107
Apr, 115
700
1,700
1%
4%
4,600
12%
4%
11
4.700
2
3,500
8%
29
80
100
8,400
1,600
.
%
1%
4%
10%
4%
4%
2%
8%
15%
50%
19
5%
13%
Mar
8%
15%
Apr
60
10%
8%
112
6%
500
700
4%
4%
200
4%
Apr
2%
300
2%
Apr
2
Jan
Mar
2%
14
21%
9%
1,500
3
T%
104
10%
114%
2%
81,300
700
2
Jan
zll
Mar
112
Apr
10,100
Apr
2
Apr
Mar
13%
124
3%
Feb
Jan
Jan
94
Jan
7
16,300
6%
Apr
11%
Jan
7
300
6%
Apr
3,500
Jan
Jan
45
Feb
75
Feb
600
5%
1%
Apr
"2% "3% "4",000
11%
2%
7%
1%
100
37%
13
88%
39
14%
2%
89
3
6%
84
170
37%
Apr
13
Apr
5,200
1,800
100
3%
29%
13%
2,400
8%
%
2,600
400
600
2%
87
12%
6%
%
Apr
2,100
%
Apr
7,500
3%
Jan
4%
13,800
4%
Apr
200
12%
Jan
6%
4%
15%
7%
900
6%
4pr
19
Jan
23%
50
23%
Apr
35%
Feb
68
66
Apr
Feb
80%
Jan
15
400
30
6
17%
4%
4%
99
4%
5%
8Lr
125
4%
Apr
Apr
103%
Feb
6
Jan
225
79
Apr
1,200
1
3%
1,200
2%
6.000
i,400
Wagner Baking vtc
62
28
28
6%
1%
7%
2
"13% "l4"
*
19
1
17%
"16"
.......
Walker Mining Co
6%
Feb
Jan
9is
Apr
1%
Jan
Jan
3%
Mar
16%
Apr
28%
Jan
3
19
10%
Feb
73
Feb
Apr
Apr
31%
Apr
9%
Feb
Jan
Apr
3%
13%
Apr
18%
Apr
10
Jan
17%
Apr
22%
Feb
Apr
4%
Jan
1,300
6
Apr
50
55
Mar
200
28
500
6
6,000
'""206
'"666
1%
3
Wahl (The) Co common. _»
Waltt A Bond class A..-*
Class B
Jan
Apr
6%
1
6
62
Aircraft Co
Jan
Apr
89 %
2
92
7
7% pre!.. 100
Vogt Manufacturing
*
Jan
Jan
Apr
%
3%
17%
Jan
4
20
7%
',6
3
17%
Feb
Mar
Apr
99
200
1
6
30
200
3%
SUtll Pow A Lt oommon..1
Apr
Mar
4%
17%
8%
22%
2,200
3%
19
Jan
10
UtUlty A Ind Corp com..6
Conv preferred
7
63 %
Jan
Apr
Apr
Apr
1
3%
1
Jan
Jan
Apr
2%
28%
%
3%
1
Apr
Mar
8
1
Waco
Jan
525
78
Class B
Jan
Feb
99
6%
*
Jan
Jan
Apr
Mar
8%
66
4%
15%
Apr
105%
1
23%
%
3%
Apr
Mar
Apr
500
Jan
Jan
%
1%
Mar
Mar
Feb
8
7
Mar
Apr
30%
13%
Jan
28%
12%
Venezuelan Petrol
13%
Jan
Apr
85
Apr
800
%
Jan
Apr
2%
Venezuela Mex OH Co..10
20%
18%
Apr
Jan
43
43
89
Van Norman Mach Tool.5
45
Feb
11%
75%
86
"38"
Jan
Jan
114%
51
6%
6%
1%
Apr
Jan
Feb
Apr
66%
1
Apr
6%
4%
Jan
28
"46
27
11%
Jan
Apr
Mar
91
"~2%
22
33%
3
Jan
6%
10%
79
stock
Jan
500
Feb
Apr
Jan
zll
Jan
5%
Feb
Apr
Apr
1,800
1%
18%
8%
Jan
2
1%
4%
11
%
Apr
Mar
Apr
Feb
Mar
*is
Jan
7%
11
4%
*
Priority
7% preferred
100
Valspar Corp vtc com._l
vtc conv pref
5
2,300
3,300
Mar
Jan
100
2,900
19,200
3%
Feb
Feb
Mar
Jan
750
Va Pub Serv
Standard 011 (Ohio) com 25
4
45%
Feb
Feb
Mar
85
Utica Gas A Elec 7 % pf 100
*
19%
16
13%
"2%
*
600
*
H
6,800
1
5%
9%
2
23
8
.
3%
Dredging Co—
preferred
com
3%
9%
31
Standard Invest $5% pref*
Standard Oil (Ky)
10
6%
1
Insurance
Universa
5%
Brewing Co....*
Oil
Universal Corp vtc
Jan
Feb
42%
Standard Cap A Seal com.l
Conv preferred
10
Standard
*
OH...10
Consol
159
*
*
preferred
50c
5%
*
300
1,200
61%
5%
Jan
Apr
113%
"10%
*
*
Mar
3%
10%
Am
Conv
*
*
-.10
U S Stores Corp com
$7 conv 1st pref
Mar
Spanish A Gen Corp—
Stahl-Meyer Inc
6
4%
19
16%
4%
12
Utah Pow A Lt $7 pref..*
Utah Radio Products
*
So West Pa Pipe Line..50
Common
1
Feb
7
Apr
Apr
5%
83
7% preferred
Standard
26
Preferred.
United Wall Paper
Spencer Chain Stores
Square D class A pref
200
10
Preferred
United Shipyards com B_1
United Shoe Mach com 25
Jan
29%
Calif Edison—
dep rets ord reg._£l
Am dep rets ord bearer £1
7,100
1
100
*
U S Rubber Reclaiming..*
5
7%
6%
27%
2.500
55
7%
Am dep rots ord reg
United Profit Sharing
Jan
140
4%
5%
25
Jan
Feb
Mar
Feb
13%
Molasses Co—
Apr
1,800
98
*
13%
9%
36
107
U S Playing Card
U S Radiator com (new)__l
..100
South New Engl Tel.. 100
Southern Pipe Line
10
Apr
2,100
*
Jan
5
303
4%
298
26
Mar
Feb
107
3
*
$6 1st preferred
*
Milk Products—.*
Feb
Southern Colo Pow cl A.26
15%
United
1st pref with warr
U S Lines pref
5% original preferred.25
6% preferred B
25
5%% pref serlee C___25
Jan
*
U S Foil Co class B__
1
10
2,700
57%
60
U S and Int'l Securities..*
1%
Jan
50
300
104
1%
Feb
1
39%
*
35
31
5%
Apr
Apr
17%
Warrants
United Chem'cals
Jan
Simmons-Broadman Pub-
299
Feb
9
35
Transport
Jan
*
Feb
Feb
Mar
400
100
1
Standard
20%
*
Union Stockyards
Apr
com
Jan
100
Union Gas of Canada
®I6
Southland Royalty Co
South Penn Oil
Mar
10
93
2,100
67
3
Ulen A Co 7%%
Apr
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
Sioux City G A E 7% pflOO
Smith (H) Paper Mill
*
Solar Mfg Co
1
3%
21%
4%
6%
28%
Southern Union Gas
25
Apr
Feb
1%
1
Lamp Works. .1
Tung-Sol
Jan
4%
44
112%
13%
11%
36
36%
8%
25%
78%
24%
Simmons Hard're A Paint •
18%
18%
1
1
Shreveport El Dorado Pipe
Line stamped
25
Southern
Feb
93
8
*
Tubize ChatlUon Corp
Class A
Sherwln WUilams of Can.*
Sonotone Corp...
Soss Mfg com
16%
6%
3,700
dep rets for ord
Trunx Pork Stores
Jan
108
16%
Mining..5
Shawinlgan Wat A Pow__*
pref
Mar
Union Elec Light A Pow—
Jan
Selfrldge Prov Stores—
Con v
Jan
8
Tripiex Safety Glass Co—
Feb
40
4%
Common
Transwestern OH Co
preferred...
*
pref.-25
5% preferred..
2
Unexcelled Mfg Co
10
38
Apr
26
1
com.
36
Trans Lux Plet Screen—
2,450
6
$5.60 prior stock
26
Allotment certificates..
Jan
Apr
Apr
Am dep rets
Am dep rets
4%
13%
2%
25
Jan
6
55
1
104%
Feb
900
100
,si6
Jan
30
14%
Tobacco Prod Exports
*
Tobacco Securities Trust
13%
7%
47
18
104
Thew Shove ICoal Co
United Elastic Corp
Conv stock
4%
4%
67
Texon OH A Land Co
ino—
Common....
25
Union OH of Calif deb rts._
25
25
5%
Mar
3
._*
2%
6%
22%
Tenn El Pow 7% 1st pf.100
Texas P & L 7% pref..100
200
3%
40
3%
*
Selby Shoe Co
Denn
1
Mar
Feb
Mar
54
Segal Look A H'ware
8elberllng Rubber com...
Shattuck
4%
Mines
Jan
1,500
150
30
38%
oommon
Sherwin-Williams
1%
Taylor Distilling Co
Teck Hughes
12%
36
Apr
13
100
Scran ton 8prlng BrookWater Serv 16 pref...*
Seversky
•
Tastyeast Ino class A...
6%
4,100
139
3%
»16
21%
16%
Tobacco and Allied Stocks*
Apr
Apr
Apr
Jan
700
TIshman Realty A Const.*
65
.100
com
Taggart Corp common
Tampa Electric Co com.
2%
400
316
11%
29%
8%
%
19%
44
17
ord reg...£l
def reg...£l
Shipyards Corp
•
Toledo Edison 8% pref. 100
7% preferredA
100
Tonopab Belmont Devel 1
To no pah Mining of Nev.l
99
100
500
3,050
128
2%
26%
46
18%
Feb
Apr
*16
4%
*
Savoy Oil Co
Seton Leather
4%
50
Apr
Apr
com
Industries
%
Mar
5
90% 108
12%
12%
14%
16%
5
6
133"
50
St Regis Paper com
Selected
2%
6%
20%
23
1%
10
2%
13
%
106%
5%
19
32%
5%
300
100%
2%
6%
13
*
Ino
6%
"S%
Jan
Apr
*
Safety Car Heat A Lt.100
St Anthony Gold Mines. 1
Bros
9%
Apr
2,500
10%
5
99
2%
Ryerson A Hay nee com..l
8eeman
10%
Todd
RussekB Fifth Ave new.2 %
Scovllle
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Ino
...1
Stetson (J B) Co com....*
Stlnnes (Hugo) Corp
5
Stroock (S) A Co
*
12%
10%
7%
TUo Roofing Inc
Apr
»*
3,200
1%
2
53%
7%
1,600
24%
6
Mar
49
16
5
Rustless Iron A Steel....1
Schlff Co
12%
11
Jan
41
7
7% preferred
20
12%
11
Royalite OH Co Ltd
Sanford Mills
36
111
1%
150
100
pref A
35
pref
Feb
17%
7i«
275
9%
37
conv
Jan
Apr
107
9
*
...60
$3.30 class A partlcipat.*
50%
$1.20 conv pref......20
Rossia International.....*
conv
37,200
100
preferred
2d preferred
Swan Finch Oil Corp...l5
Swiss Am Elee oref
100
Feb
21
Jan
1%
...6
St Lawrence Corp Ltd
7%
Superior Ptld Cement B__*
£18%
Jan
.........
Ryan Consol Petrol
6%
Jan
Jan
Jan
£125%
24%
6
Root Petroleum Co
$2
6%
Jan
25
950
.....
1
Royal Typewriter
6
150
10
Rochester Gas & Electric—
6% preferred cl D
6
Sunshine Mining Co-.-lOo
42
"S%
1
Roosevelt Field Inc
1,300
20
pref..
1st
5%%
Apr
7%
7%
69%
300
Feb
Jan
37%
1
com
6%%
3%
Wholesale Phosp
Sterchi Bros Stores
High
Apr
18
30%
Apr
49
*
Reliance Eleo A Englng._6
Rad
%
14%
32
...*
*
Relter-Foster Oil..
Richmond
Lead.._l
19
916
31%
25
%
16%
Reynolds Investing
Rice Ptlx Dry Goods....
SUver
17%
%
124%
Jan
40%
Red Bank OH Co
Reybarn Co Ino
Standard
18
Products Co—1
Technicolor Inc common.*
*
Raytheon Mfg com....60c
com
Standard
Low
3%
55
Jan
10
*
(Daniel)
1,000
Apr
Apr
Apr
%
$3 conv preferred..
Reeves
3%
8
20
Jan
Jan
Raymond Concrete Pile—
Reed Roller Bit Co
3%
114
125
100
1
1
....♦
Common
3%
*
1,900
150
22
1%
•
Rath Packing Co
*
Preferred
140
76%
38%
23%
12
Rainbow Luminous ProdClass B
Common class B
§Stutz Motor Car
*
Sullivan Machinery.....*
Sunray Drug Co
1
Sunray Oil
1
Puget Sound P A L—
Class A
12,700
Stein (A) A Co common..*
50 %
29
60
6% prior Uen pref
4%
A Acid Works com
100
..100
7% preferred
3%
Starrett (The, Corp v t c -1
Steel Co of Canada ord
*
Apr
Pub Serv of Nor 111 com..*
6% preferred
3%
Standard
102
Week
1
Standard P & L
Jan
101%
108%
*
»
Common
Shares
Price
Jan
103
Public Service of Indiana—
$7 prior pref
$6 preferred
for
of Prices
Low
High
Standard Steel Spring com*
Standard Tube cl B
1
Jan
Pub Service Co of Colo—
6% 1st preferred
Weel's Range
Sale
Par
Feb
45
Last
High
Low
Shares
._*
Prentice-Hall com.
Range Since Jan. 1 1937
STOCKS
(Concluded)
Range Since Jan. 1 1937
Weet's Range
Price
Sales
Friday
Sales
Friday
STOCKS
7%
2963
New York Curb Exchange—Continued—Page 4
144
Volume
2%
1%
2%
100
Jan
Jan
Feb
"16"
300
9%
Mar
11%
1%
3%
400
1%
Apr
2%
Jan
5,000
2%
Jan
5
Feb
Jan
New York Curb Exchange—Continued—Page 5
2964
Friday
BONDS
Last
(Continued)
Sales
Wayne Knit Mills
for
of Prices
Week
Low
5
Wellington Oil Co
7%
46 M
8M
9%
11
1
"m
Western Air Express
Western Auto Sup com.. 10
West Cartridge 6% pf 100
9H
Western
Grocery
27%
8%
26M
Low
7
10
Mar
6
Apr
8%
Apr
Feb
Apr
Apr
Apr
Feb
Jan
117
28
Apr
*32
62
Apr
62
87%
Feb
95%
5%
Mar
El Paso Elec 5s A
Mar
Empire Dist El 5s
1952
EmplreOU & Ref 6%s.l942
Ercole Marelll Elec Mfg—
Apr
Jan
Mar
Mar
West Texas Utli $6 pret—*
West Vl Coal & Coke
*
87%
4M
4%
Williams (R C) & Co..
Williams OIl-O-Mat Ht._*
Conv preferred
Wilson-Jones Co
200
5%
4,900
8M
500
M
1,500
3%
""%
1
%
3M
4%
52
14 M
Feb
12%
Feb
Jan
60
Feb
15%
Jan
3
600
45%
13%
Winnipeg Electrio cl B
Wise Pr & Lt 7% prelc-100
9%
Mar
Jan
6
4%
15M
8M
5%
17
18%
19
16M
9
1
Woolworth (F W) Ltd
Amer dep rets (new)...5
1,100
4,900
1,800
9M
Jan
10
Jan
Mar
95
Jan
4%
6%
Apr
8%
Feb
13%
Jan
18%
Feb
8%
Apr
12%
Jan
Erie lighting 5s
1967
♦Farmers Nat Mtge 7sl963
Federal Water Serv 5 Ms '54
83
61M
2%
3M
71
3%
1st & ref 5s
1946
1st & ref 5s
1956
1st & ref 5s
102
102 >v
98
1951
1st & ref 5s
1968
lst&ref 4%s——1967
Aluminum Co s t deb 5s '52
Aluminium Ltd deb 5s 1948
Amer G & El deb 6s—2028
Am Pow & Lt deb 6s._2016
Amer Radiator 4%s._1947
Am Roll Mill deb 5s—1948
Amer Seating fis stp._1946
Appalachian El Pr 5s. 1956
Appalachian Power 5s_1941
Debenture 6s
~98~~
97
23%
Jan
6%
Apr
Jan
Gattneau Power 1st 5s. 1956
Apr
Mar
Deb gold 6s. June 15 1941
101
Mar
Deb 6s series B
90
"82 M
82%
5s
ex-warr
1941
105 H
105%
102%
105M
106%
106%
92
94
104
102%
106%
107%
2024
102%
105%
106%
107%
113
tm
99% 100%
Ark-Louisiana Gas 4s 1951
"99%
Arkansas Pr & Lt 5s..l956
98M
52
51
Conv deb 5 Ms
1938
76 %
Conv deb 4 Ms C...1948
108%
Jan
105
Jan
105%
99%
Jan
♦Certificates of deposit.
Gen Wat Wks & El 5s. 1943
Georgia Power ref 5s..1967
Jan
Georgia Pow
Jan
♦Gesfurel
102 M
Apr
Apr
Apr
Apr
Apr
Apr
Apr
105%
Mar
Glen Alden Coal 4a._-1965
Gobel (Adolf) 4%s...1941
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd.,1950
Debenture 5s——.1968
Conv deb 5 Ms
1977
Assoc T & T deb 5 Ms A *55
72%
108%
Jan
107
Jan
107%
106%
Jan
105%
Mar
102 %
Mar
104%
Jan
Grocery Store Prod 6s. 1945
Guantanamo & West 6s '68
104%
Apr
108%
106%
Mar
Guardian Investors 5s. 1948
104 M
Jan
Apr
106
Mar
108
119%
102%
Jan
Jan
98%
49,000
52,000
76%
93 M
51
69,000
Apr
Mar
Apr
104%
Jan
67%
Jan
68
Apr
82
64
54
Mar
62
%
Jan
Apr
Apr
Apr
Apr
61
Jan
65%
65%
Jan
Apr
Apr
91%
105%
Jan
50 %
49%
3i~666
48%
56,000
60
50%
59%
85%
56,000
48%
4,000
10,000
82
100
3,000
98
200
158
Jan
240
Mar
190
190
158
Jan
240
Mar
146%
Jan
225
Feb
227
Mar
50
>
48%
59
~82~
82
100
4 Ms. 1955
58
I Baldwin Locorn Works—
69
Jan
Jan
Feb
Jan
5s series A
96%
74%
27
1947
♦& St. Ry. 6Ms
1938
Heller (W E) 4s w w__ 1946
Houston Gulf Gas 6S..1943
6%s with warrants.1943
♦Hungarian Ital Bk7 %s '63
Hygrade Food 6s A—.1949
6s series B._
Idaho Power 5s
1949
1947
Illinois Central RR 6s. 1937
III Northern Utli 5s... 1957
111 Pow & L 1st 6s ser A *63
♦68 without warrantsl938
183
170
190
1,000
19,000
44,000
♦6s stamped x W..1938
184
167
199
145,000
143
Jan
30,000
110
Mar
115%
Jan
113
Mar
124
Jan
114%
Mar
125
Jan
145
Jan
85%
Apr
Apr
Indiana Gen Serv 5s.. 1948
Indiana Hydro Elec 6s '58
99
Jan
Apr
Mar
88%
101%
1st M 5s series B... 1957
5s series C
..I960
Bethlehem Steel 6s.-.1998
Birmingham Elec 4 Ms 1968
Birmingham Gas 5s.-.1959
Broad River Pow 5s. .1954
Buffalo Gen Elec 5s—.1939
Gen & ref 5s
1956
Canada Northern Pr 5s '53
♦Canadian Pac Ry 6s. 1942
Carolina Pr & Lt 5S-.-1956
73 M
91M
...1956
1st & ref 4Mb ser F.1967
5s series G
1968
4 Ms series H
1981
Cent Ohio Lt & Pr 5s__1950
Cent Power 5s ser D..1957
103%
103
96
101
86
91%
56%
5 Ms ex-warrants--.1954
Cent States P & L 5 Ms '53
Chic Dist Elec Gen 4Ms'70
58%
75
91%
Q9
"
91666
130
"19I666
4,000
2,000
1961
1966
Conv deb 5s
1950
Cities Service Gas 5 Ms '42
Cities
Service
Gas
72
100%
68%
6s series A...1953
1st
4Ms series C... 1956
1st 4 Ms series D
1st M 4s series F
1957
1981
3?4sseries II
1965
Com'wealth Subsld 5Ms '48
Community Pr & Lt 6s '57
Community P S 5s
1960
105
103%
103%
78
98%
Conn Light & Pow 7s A '51
ft*
"61666
101
Mar
104
Jan
39,000
23,000
108%
Apr
Apr
114%
105%
Jan
Ind'polls P L 5s ser A. 1957
{♦Intercontln'ts Pow 6s '48
Jan
68
stamped—.1943
Cont'l Gas & El 5s
1958
111M
Feb
113
103% 105
95%
97%
102% 103
96
95%
98% 101
86
83%
92%
90%
58
54%
60%
55%
36,000
100
57,000
99
100
Mar
106%
Mar
Apr
Crucible Steel 5s
1940
"99%
Delaware El Pow 5 Ms. 1959
102%
see
page
2965
Jan
Jan
101%
Jan
Feb
6,000
103%
Mar
102%
105%
5,000
103%
Mar
105
97%
91%
Mar
105
Jan
Jan
96
Jan
87
147I000
Jan
94
Apr
100%
Jan
Apr
Apr
101%
Jan
96
11,000
97
97%
55,000
12,000
1,000
9,000
2,000
100%
99
Mar
98%
91%
Feb
Apr
Feb
86
Apr
99%
Jan
77
21
26
21%
88
Mar
96%
38,000
90%
97% 115,000
95%
73
75%
19,000
70
Mar
Apr
25
27
21%
Mar
76%
80
78
10,000
78
98
98%
13,000
97%
31666
109
103% 103%
97% 99
*27
76%
26
Feb
25%
Feb
Apr
Apr
Mitr
97
105%
"5,000
27
Apr
89%
Jan
89%
Feb
105
Jan
Jan
Jau
106%
94%
2,000
108
6,000
102
23,000
Mar
97%
23
Apr
Mar
Jan
109%
106
Jan
102%
Feb
Jan
97
Mar
26
Mar
Mar
Jan
105
Mar
102
Mar
33%
76%
Mar
88%
86%
77
21I666
Mar
Jan
26%
104%
31%
14,000
Jan
Apr
Mar
102%
Jan
75%
98
19,000
Jan
62
Apr
20%
12,000
Jan
Jan
Apr
57%
Jan
88
86%
56
61
Jan
Jan
Mar
Apr
106%
"
Jan
Jan
Apr
18,000
36.000
60
Jan
101
22,000
25
~88""
Jan
101%
101%
104%
70%
103% 103%
87
89%
78
*75
1
104%
102%
Feb
Jan
Apr
Feb
Feb
Mar
109
Jan
107
107
107%
8,000
106
Jan
101%
107%
Feb
104
10 2% 104 %
102 % 102%
109,000
102
Mar
100%
Mar
102%
97%
96%
Jan
92%
90
95%
95%
96
106%
Feb
Mar
106%
104%
Jan
96
90
Apr
99%
95%
105
85
Apr
Apr
Apr
99
Jan
107
28.000
98% 112,000
92% 24,000
Feb
107
Feb
90
Apr
Mar
101
Jan
106%
Apr
Feb
110%
Feb
Mar
79%
Jan
Jan
102% 102%
"86%
"90%
.85
90
*106%
90%
4,000
1,000
Jan
14,000
"90%
"1I666
106%
58,000
110% 110%
69% 71
2,000
106
102%
105%
109%
68%
106%
Jan
Jan
8%
1955
77
Jan
83
Feb
81
Feb
Jan
International Salt 58—1951
{International Sec 5s. 1947
Interstate Power 5s._.1957
Jan
54%
Apr
Apr
Apr
Apr
Mar
72%
72%
75%
Jan
55M
56
9,000
103%
104%
Jan
Jan
Jan
106
Jan
105
Feb
Debenture 6s
1952
101%
59
44
5s series
D
1956
82%
4 %s series F
1958
Iowa-Neb L & P 5s.—1957
102%
6s series B
77%
1961
Apr
100
Jan
Isotta
106
Mar
110
Jan
Italian Superpower 6s. 1963
Jacksonville Gas 5s... 1942
101%
Mar
104
Jan
Mar
84
Jan
19,000
29,000
95
95%
6,000
98%
98%
2,000
72
70%
26,000
72% 254,000
70%
99% 100%
30,000
69
102
83%
103% 104%
66%
6(
67%
69%
50
26,000
Stamped..
Apr
101%
Feb
6s series B
Apr
105%
Jan
4%S8erlesC
69%
1947
.1961
82
Jan
Kansas Elec Pow
Mar
83
Jan
99%
Apr
103
Jan
Kansas Gas & Elec 63.2022
Kansas Power 5s
1947
102%
Jan
104%
Apr
99,000
66%
Apr
79%
Jan
67%
Apr
80
Jan
Apr
56
4,000
50
112% 113%
12,000
112
112%
12,000
109% 110%
109% 109%
104% 105%
2,000
102% 103%
102% 103%
78
75%
98
99%
127
Feb
1st mtge 5s ser H
6 %s series D
6 %s series F
6s series I
Apr
105%
Feb
101%
Mar
104%
Feb
104%
99%
Apr
Mar
105%
Jan
105%
79%
Feb
103%
78%
85%
Jan
Apr
104%
102"
33,000
75,000
102%
"2I666
117%
101
102
18,000
100
93
19,000
91%
98
1969
90%
Kimberly-Clark 5s
1943
Lake Sup Dist Pow 3 %s '68
Lehigh Pow Secur 68.-2026
103
Lexington Utilities 5s-1952
Llbby McN & Libby 5s '42
Apr
Apr
101
Jan
Apr
130
Jan
98%
Apr
104%
Feb
McCord Rad & Mfg 6s '43
Memphis P & L 5s A—1948
Mengel Co conv 4 %s—1947
Metropolitan Ed 4s E.1971
Middle States Pet 6%s '45
99% 100
...
102% 104%
"81666
102
Minn P & L
Feb
103%
Jan
97
Jan
100%
Mar
Mar
102%
Feb
80
105%
Jan
Jan
5s
4%s
Jan
102
Apr
107%
Jan
98
Apr
103%
Jan
Mar
99%
Jan
102
Apr
93
Mar
104%
101%
111%
Jan
89%
Jan
106%
Mar
100%
103%
Mar
105
Jau
Mar
106
Feb
105% 105%
105% 105%
104% 105%
2,000
17,000
68,000
165"
73
12,000
73
Jan
99%
6,000
105%
Midland Valley 5s
1943
Mllw Gas Light 4 %s..l967
104%
Mar
12,000
1942
Jan
Mar
42,000
Lone Star Gas 5s
Mar
Jan
107
Long Island Ltg 6s.— 1945
Louisiana Pow & Lt 5s '57
93%
98%
Mar
121%
103
103%
104% 105
Jan
Apr
92
8,000
1,000
21,000
19,000
16,000
Jan
97%
Apr
107%
♦7s without warr'ts.1941
20,000
98
89%
105%
Mar
103%
♦Manitoba Power 5%sl951
Mansfield Mln & Smelt—
1,000
75%
96%
126%
90%
102
103%
95
103%
94%
109%
Jan
Apr
Feb
Apr
Jan
85%
Feb
71
105%
104
78%
80
Jan
Mar
75
104% 104%
104% 104%
*93% 96
117% 118%
102
26,000
5,000
80%
140,000
90
11,000
103%
Jan
103
104
Mar
Jan
72
55
56%
Mar
Jan
Jau
Mar
1948
102%
109%
125%
Jan
66
46
Jan
Feb
Jan
4,000
Feb
Apr
88%
102
1,000
1,000
20,000
50
111%
106%
106%
118
Jan
49
111
107%
Jan
96
24,000
Jan
3,000
69%
Apr
Apr
84
Apr
5,000
Apr
81%
76%
21,000
105
1955
85,000
32,000
26,000
7,000
60
Apr
Jan
41
Jan
57%
Apr
Apr
90%
Jan
59
113%
112%
Mar
Mar
76%
*69%
*73
1961
43,000
8,000
107%
102%
Apr
32,000
102
3%s. 1966
110%
110M
107%
107%
102%
100%
Jan
Jan
55%
79
Jersey Central Pow & Lt—
95
58,000
Mar
100%
103
105
Fraschlnl 7s.-.1942
98%
70%
Apr
105
50
92
9,000
73%
82%
76%
104% 104%
Iowa Pow & Lt 4%s„ 1958
Iowa Pub Serv 5s
1957
3,000
102%
1,000
106% 107
2,000
101 % J0I2332
16,000
55% 59% 156,000
42% 45%
21,000
Interstate Publio Service—
93%
70%
Jan
Jan
Apr
Jan
Feb
Jan
Apr
Apr
Apr
Jan
99
Apr
82%
106%
13%
65
104%
94
8
78
73%
68%
104%
103%
104%
16,000
Apr
70
Apr
Apr
Apr
Mar
Apr
72
76
Mar
Mar
103%
68
69
Mar
98
105% 106%
8%
9%
15,000
6,000
8,000
83,000
69
98
80
72
*65
*70
94%
89
70%
72
106%
68
1952
95
38,000
103
Cuban Telephone 7Msl941
1944
Jan
...1957
38,000
29,000
108% 108%
118%
Cuban Tobacco 5s
For footnotes
6 Ms series C
7s series E
7s series F
32,000
12,000
37,000
48,000
35,000
60%
56
118
87%
Feb
63
Mar
94%
93%
*93
*55
110
104%
*90%
"88%
1978
"97%
1955
104
87
106
106%
Apr
105
Feb
26
Feb
105%
60
11,000
99%
Apr
104
24,000
100%
Apr
104
82,000
105
Mar
118
22,000
102
Mar
107%
90%
92%
89%
Feb
Apr
50
65
100% 102
108% 112%
103% 105
Feb
103%
26
100
101
103%
104%
97%
95
*21
{♦McCallum Hos'y 6%s'41
ser A
Jan
Mar
International Power Sec—
5,000
99
100% 101%
Gen" mtge* 4 %sl——1954
Consol Gas Ut.il Co—
103%
93%
88
Feb
106%
69%
68%
Indiana Service 5s.._. 1950
1st lien & ref 5s
1963
127
1 Q^Q
Mar
100
♦Indianapolis Gas 5s A1952
Jan
Consol Gas El Lt & Power-
(Bait) 3%sser N...1971
Consol Gas (Bait City)—
104%
4,000
116%
Jan
50
112%
112%
115
Apr
Apr
100
1957
Apr
Commonwealth Edlsonlst M
Mar
1,000
Kentucky Utilities Co—
1943
1st M 5s series B... 1954
5s
106%
Pipe
Line 6s
Cities Serv P & L 5 Ms. 1952
6Ms
1949
♦Commers APrivat 5Ms*37
1951
107%
102
95%
Jan
106
100
1953
5s series C
Jan
93%
1955
Cities Service 5s
6 %s series B
107% 108%
71
Jan
96%
Apr
Jan
93%
24
*22
97% 98%
98%
104% 104%
*100% 102
*33% 50
80
79% 81%
*79% 82
'108% 108% 108%
Isarco Hydro Elec 7s.1952
1940
68 series B
1947
Apr
104% 104%
*105% 106
58
Midland Ry 4 Ms A 1956
Chic Jet Ry & Union Stock
Chic Pneu Tools 5 Ms. 1942
{♦Chic Rys 6s ctfs
1927
Cincinnati St Ry 6 Ms A *52
91%
105%
Jan
Jan
95%
109
Electric Corp—
105
1,000
Chicago & Illinois
Yards 5s
Indiana
112% 112%
100
Cent Pow & Lt 1st 5s. 1956
Cent States Elec 5s.-.1948
6s series B
72
105% 105%
*105% 108
103%
103% 103%
109%
108% 109%
Cedar Rapids M & P 5s '53
Central III Public Service—
5sseries E
112% 114
*116% 117%
118% 119
*125
130%
89
86%
102
Jan
Apr
Mar
Jan
109
98
Indiana & Mich Elec 5s '55
72
1st & ref 5 Ms ser B.1954
1st & ref 5s ser C...1956
5 f deb 5Ms..-May 1957
6s series A
114
Mar
Apr
*106%
86%
*55
57%
57%
♦Hamburg Elec 7s
1935
Hamburg El Underground
190
1st M 5s series A—1955
4%
102%
96%
78
78%
"98%
1977
Hall Print 6s stpd
♦6s with warrants. .1938
♦6s stamped w w.1938
Bell Telep of Canada—
Feb
81%
89
Hackensack Water 58.1938
Jan
Mar
Mar
*21
1953
Apr
50%
53%
48%
6s
103%
92
Jan
4%
*21
& Lt 5S..1978
Jan
Jan
IV,000
55%
*51
"48 %
95
200
Conv deb 4 Ms--—-1949
Conv deb 5s
.1950
"88%
102
109
98
Associated Elec 4%s._1953
Associated Gas & El Co—
Gen Pub Utli 6%s A. 1956
♦General Rayon 6s A.1948
{♦Gen Vending Corp6s.'37
Apr
90
12%
105%
"96%
104%
82 M
105
Jan
Apr
Apr
8,000
97% 97%
100% 101
100% 101
100% 100%
97%
stamped-1944
Jan
97
13%
Gary Electric & Gas—
102
98
Jan
Apr
.50
87
101
61%
2%
8%
80%
4%
103% $11,000
3,000
11,000
91%
12,000
85%
36,000
106% 217,000
105%
78,000
107%
79,000
95% 147,000
105
7,000
102%
63,000
105%
4,000
106%
41,000
107%
14,000
Apr
83%
91
Apr
Co—
100%
85%
100%
78%
6,000
107%
*94
Apr
*103% 104%
1,000
74,000
45,000
Mar
101% 101%
104% 104%
General Bronze 6s
1940
General Pub Serv 5s. .1953
1942
4,000
109%
107%
106
104
Mar
Jan
9,000
3,000
2%
Jan
Feb
Mar
8%
7%
2%
2%
1 1937
High
73%
108%
81%
104%
First Bohemian Glass 7s '57
Florida Power & Lt 58.1954
6%
7,100
7%
3
70
*32
18%
1,600
106
105 %
103
23,000
101
*107
Finland Residential Mtge
Banks 6s-5s stpd_._1961
Firestone Cot Mills 5s. 1948
Firestone Tire & Rub 5s '42
1,000
6,000
44,000
9%
66
70
"6",300
BONDS
Lt
96%
1953
Low
%
78% 83% 133,000
106
5,000
107%
102% 102%
6,000
96%
6,000
97%
89% 90% 76,000
90%
700
"~6% ""6%
69
5
Abbott's Dairy 6s
Gas
101
1950
6 %s series A
I Sales
85% 87%
102% 104%
86
103%
83%
6
6% preferred
£1
Wright Hargreavee Ltd..*
Youngstown Steel Door..*
Atlanta
Edison El Ill(Bost)3Ms *65
Elec Power & Light 5s.2030
Elmlra Wat Lt & RR 5s '56
Jan
88
Wolverine Portl Cement. 10
Wolverine Tube com
Yukon Gold Co
8%
Apr
Apr
Apr
%
200
13%
14M
Feb
8
500
51
*
Woodley Petroleum
Jan
Feb
Apr
7%
*
Wilison Products
88%
8
{Willow Cafeterias lnc..l
Power
Aug 1 1952
♦Certificates of deposit
Dixie Gulf Gas 6 %s. .1937
Eastern Gas & Fuel 4s. 1956
100
Western Tab & flta...
West N J & Seashore RR 50
Alabama
8%
7%
2%
2%
♦Certificates of deposit
16%
Co-—20
Feb
a\gn
107% 107%
106% 107%
104% 105%
107%
105%
♦Deb 7s
29%
102%
21%
101
uuw
Detroit Internat Bridge—
♦6 Ms
Aug 1 1952
98
25
Western Maryland Ry
7% 1st preierred
Denver Gas & Eleo 5s. 1949
Det City Gas 6s ser A. 1947
5s 1st series B
1950
Mar
Jan
26%
Mar
13
Apr
10
1,500
5,200
28%
102% 102%
Price
8%
46%
10%
13%
7%
Jan
8%
Range Since Jan
for
Week
Sale
High
Mar
34
2,300
4,000
7
Last
BONDS
(Continued)
1,600
12,900
1,900
11%
6
Range Since Jan. 1 1937
I
7M
40%
9%
1.25
Wentworth Mfg
High
43 %
Wayne Pump common...1
Weisbaum Bros-Brower..l
Friday
Week's Range
Sale
Price
May 1, 1937
191666
102% 104%
13,000
96%
97%
13,000
103% 104
164,000
Apr
99%
87
Apr
97%
106%
102%
101%
95
100%
Apr
Apr
Mar
106
Jan
Apr
Jan
Mar
Jan
Last
Week's Range
of Prices
Low
High
Week
Price
4,000
85
Apr
91%
23,000
88
Apr
6,000
107
109
Feb
99
100%
109%
Apr
84%
"104%
95%
2022
Nelsner Bros Realty 6s '48
Nevada-Calif Eleo 5s. 1956
New Amsterdam Gas 5s '48
N E Gas A El Assu 5s. 1947
"90 "
89
114%
114
70%
69%
68
67
91
114%
73
71%
72
93%
93%
96%
96%
97%
1954
Debenture 5 Ms
119
67%
92%
69%
6s. 1948
New Eng Pow Assn
29,000
*.
*.
M
M
10,000
-
49,000
18,000
106
109%
Apr
126%
Jan
110
Jan
{Standard Pow A Lt 6sl957
♦Btarrett Corp Inc 5s. 1950
{Stlnnes (Hugo) Corp—
♦2d stamped 4s
1940
♦2d stamped 4s_..1946
Super Power of 111 4Ms '68
1st 4 Ms
1970
Syracuse Ltg 5 Ms
107%
97%
Feb
Apr
Mar
Mar
Apr
51
Jan
Jan
89
Apr
99%
Jan
113
121%
Jan
1942
88
89
♦income 6s series A.1949
80
stamped
6s
80
{
Elec 6 Ms '50
4Ms 8tamped__1950
NY PAL Corp 1st 4 Ms '67
N Y State E A G 4 Ms.
5s series C
4 Ms series
1970
E
67%
92%
Apr
70 m
Jan
96%
Mar
101%
102%
100 M
100
Apr
Texas Elec Service 6s.1960
101%
34%
104%
131
104% 105%
69,000
91,000
49,000
Jan
18,000
82%
13,000
86
Mar
95%
92
79%
102%
Mar
Jan
104%
Jan
♦Tletz (Leonard) 7 Ms. 1946
Toledo Edison 5s
1962
Twin City Rap Tr 5 Ms
Ulen Co—
100
18,000
100
102
102
4,000
100
Apr
Apr
104%
103%
110%
Apr
112
Jan
6,000
17,000
102%
102% 103%
21,000
3,000
"97"
102% 102%
96%
97
1st A ref 4 Ms ser
D.1956
Ohio Public Service Co—
series
1964
D
5 Ms series
109% 109%
106% 106%
1953
6s series C
5s
101
Jan
93%
56%
57%
107% 107%
2,000
107
1961
E
Okla Nat Gas 4Ms..-1951
"97%
1946
99%
Okla Power A Water 5s '48
90%
68 conv debs
107
97%
97%
97% 100%
89%
90%
16,000
7,000
5,000
Mar
107
Jan
Jan
Apr
K)4 %
Jan
Feb
105%
Jan
96
102%
1941
99
Pacific Invest 5s ser A.1948
Pacific Ltg A Pow 53. .1942
Pacific Pow A Ltg 68—1955
Palmer
_
"78 "
1938
Corp 6s
Penn Cent L A P 4 Ms.
1977
_
"98%
1979
5s
1971
"94%
1950
Penn Electric 4s F
101%
115% 115%
97%
99
{113% 114%
76
79%
{101
102
98%
99
101% 102%
93%
94%
101
101%
B..1959
98
99%
Penn Pub Serv 6s C..1947
109
Deb 5Ms series
5s series
107%
Penn Water A Pow 5a. 1940
1968
Peoples Gas L A Coke—
4Mb series B
1981
{♦Peoples Lt A Pr 5s._1979
6Ms—1972
111
21
Phlla Elec Pow
Plilla
95%
Rapid Transit 6s 1962
Gas A Elec Ry 4s.
„
1949
Pittsburgh Steel 6s...1948
♦Pomeranian
~
-
"107%
105%
106%
Mar
105%
Apr
106%
105
Jan
107
96
Apr
Apr
100%
Jan
108%
Jan
Vamma Water Pow 5
88%
Apr
100
Jan
Jan
108
Jan
3,000
33,000
115
94%
113
119
Jan
Mar
102%
Jan
Mar
117
Mar
Jan
Jan
73,000
E
1966
100%
88%
D.1950
"80"
103%
Queens Boro Gaa A Eleo—
6 Ms series A
1952
103%
Bafe Harbor Water 6 Ms '79
Ban
B.1958
Joaquin L A P 6s B
Sauda
Falls 5s
1937
5s...1958
"loe"
—
*.-»
-
-
«.
103%
10,000
4,000
1,000
101
Apr
95
Mar
106
106
105%
Jan
109
Mar
West Penn Traction 5s '60
106
West Texas Utll 5s A 1957
Jan
93
61%
West Newspaper Un 6s '44
Jan
West United G A E 6 Ms
21,000
17%
21
110% 111
95%
98
26,000
Apr
46,000
6,000
88%
17%
Mar
Apr
100
30%
Apr
115
Apr
Apr
Apr
103
102
Jan
Jan
108
Feb
106%
Feb
77
94
60,000
112
Feb
Mar
106
Jan
Jan
77
Feb
Jan
108
Jan
103%
29,000
1,000
102%
18%
Apr
Apr
107
Jan
♦Baden 7s
23
Feb
Buenos Aires
76
Mar
86
Jan
105%
Jan
107%
Apr
104
Apr
109
Jan
76
78%
Jan
80%
Mar
104
100
Feb
102
18
Mar
25,000
129
Mar
147
109% 110%
104% 104%
{102% 103%
31,000
108%
Apr
112
103%
Mar
101
Mar
102% 102%
11,000
35,000
101
Mar
12,000
102
99%
21%
♦20-year 7s
♦20-year 7s
101
Apr
Feb
103
Mar
Mar
104%
Jan
92%
Mar
102%
Jan
90
Mar
101
Jan
31%
8,000
100%
Apr
Apr
18,000
105%
Jan
Apr
44%
Jan
101%
Jan
108
Jan
107
Mar
105
Jan
106%
7,000
97
Apr
106%
Jan
108%
12,000
82,000
21,000
106
Apr
114%
Jan
Apr
99%
Jan
103%
Mar
79%
105%
Feb
42,000
3,000
105%
Feb
108
Apr
56,000
99,000
6,000
59,000
105%
Jan
107
Apr
92%
Apr
93%
51
64
107% 108
106
106%
93%
106% 106%
86%
89%
J21 %
1946
1947
91%
61
Apr
Feb
Jan
86
102%
Jan
Feb
107%
Jan
Apr
106%
100%
Jan
84%
Feb
86m
♦Prov Banks 6s B—1951
86%
17
20%
20%
2,000
2,000
Apr
18%
Jan
84%
Apr'
1,000
6,000
15,000
84%
Mar
14%
Apr
1,000
19%
Mar
99
Apr
97
Apr
17,000
50
Apr
4,000
17
19%
8,000
17
Jan
20
2,000
17
Mar
1953
{97
50
52
19%
19%
20
"2I666
99
♦German Con Munlc 7s *47
1947
6s
♦Hanover (City) 7s.-.1939
♦
Hanover (Prov) 6 Ms. 1949
19%
Apr
20
23
Danzig Port A Waterways
External 6 Ms
1952
1955
6Ms
♦Secured
Apr
22
19%
{20%
"166
100
Jan
Jan
86
100
Danish
Jan
20 m
1952
♦6s series A
Feb
103%
103%
105%
84%
16%
1952
1947
Feb
Apr
19
(Province)—
♦7s stamped.
♦7 Ms stamped
Mar
105%
103%
25
19
♦Cauca Valley 7s
1948
Cent Bk of German State A
Jan
22%
26
25
1951
5s
3,000
Jan
Agricultural Mtge Bk (Col)
Mar
62%
6,000
Jan
AND MUNICIPALITIES—
106%
17,000
Jan
FOREIGN GOVERNMENT
99
6,000
14,000
Jan
5,000
104% 105%
88
89%
Jan
98%
91%
92%
96%
Jan
98
36
Mar
107
Jan
Mar
8,660
{19
19%
24
Jan
17%
~
Apr
Apr
Mar
Jan
Jan
25%
5I660
18
27%
28
7,000
24%
Jan
♦Medeilln 7s series E. 1951
100%
16
16
5,000
15
Apr
95%
96
62,000
91%
Jan
22%
22%
23
19%
11,000
22
Apr
Feb
♦Lima (City) Peru
♦Maranhao
6Ms-*68
"24"
1958
7s
34,000
99
Mar
105%
Jan
♦Mendoza 4s stamped. 1951
54,000
87
Apr
98%
Jan
Jan
Mtge Bk of Bogota 78.1947
96
Jan
85%
37,000
82
30,000
83%
79%
Mar
79%
Apr
92%
Jan
7,000
103%
Jan
104%
Apr
16,000
3,000
103
22%
107
Jan
Mar
27
Mar
Apr
21%
Apr
22%
♦Issue of Oct 1927
♦Mtge Bk of Chile 6s. 1931
19
100%
107
128
Apr
132
Jan
107%
Feb
110
Mar
18%
1958
Apr
108
15%
(State) 7s
♦Rio de Janeiro 6 Ms.-1959
Mar
Jan
1,000
22
Mar
29
Mar
16,000
30
Mar
47
Mar
20,000
102
Jan
103%
106%
♦5M«
1921
♦5Ms certificates...1921
♦Banta Fe 7a stamped. 1945
♦Santiago 7s
1949
♦7s
2,000
21%
27,000
15%
Jan
7,000
95%
Apr
22
97
25m
25%
97%
27
27
27
27
1%
75
1961
25%
Jan
27
Apr
1%
56,000
1%
Jan
1%
45,000
1
Jan
1%
1%
1%
3,000
6,000
1%
1%
♦Russian Govt 6 Ms—-1919
♦6 Ms certificates.__1919
Jan
104%
♦Parana
19
{15
1931
Mtge Bk of Denmark 5s '72
Feb
Apr
Apr
7,000
23,000
10,000
♦Issue of May 1927
6s stamped
18
129
102%
110%
6,000
106%
1937
Mar
71
102
Jan
Mar
12,000
108
*55
108%
93%
107
Bcrlpp (E W) Co 5MS-1943
Servel Inc 5s..
1948
Jan
94%
Jan
107
35
Mar
89%
93
104%
Wheeling Elec Co 5s. .1941
Wlsc-Mlnn Lt A Pow 6s '44
York Rys Co 5s
90
24%
24%
Apr
Apr
Apr
Feb
79%
102%
84%
105%
93 %
35
Mar
76
95
98
106%
24%
Pub Wks 6s..1937
24
4,000
103
{109% 110
1955
Mar
105% 105%
1966
{128
52
Mar
20%
19%
105% 106
106
Jan
Feb
66%
98
100% 100%
106
106%
2030
Wise Pow A Lt 4s
22%
19%
107
107%
15%
15%
103% 104
Mar
Wash Ry A Elec 4s._.1951
Yadkin River Power 6s '41
103% 105
Apr
Apr
111
106%
117%
79%
West Penn Elec 5s
Jan
♦Schulte Real Est 6S..1951
♦Baxon
31%
Jan
22%
{18%
♦Ruhr Gaa Corp 6 Ms. 19*3
♦Ruhr Housing 6Ms..l95><
tfan Antonio PS 6s
33
♦7s with warrants.. 1954
Jan
103% 103%
108
Mar
102%
{Waldorf-Astoria Corp—
106%
100% 101%
87
88%
Mar
Mar
Wash Water Power 5s. 1960
84%
1st A ref 5s series C. 1950
Quebec Power 6s..... 1968
{♦Bt L Gas A Coke 6s..'47
92
111%
102% 102%
104%
4,000
Mar
104%
52I666
101%
53%
107
Jan
Apr
Jan
Apr
Apr
Apr
104%
105%
100
93%
92 m
101
109
Mar
Jan
91%
19%
Feb
49%
105%
36,000
"102%
Puget Sound P A L 5Ms '49
1st A ref 4 M« ser
95
1946
Ward Baking 6s
Wash Gas Light
40%
106%
104%
102%
Jan
1978
.1980
F.1981
4s series A
1st ref 5s series B—.1950
106%
104
Jan
Apr
105%
"104%
102%
104%
Mar
Apr
Apr
1966
Ms series I
1960
Pub Serv of Oklahoma—
Apr
95
Mar
Pub Serv of Nor Illinois—
4
Feb
96%
101%
130%
1956
Feb
113
95%
1102% 103
Apr
80
10,000
101
Mar
77%
96
100
1937
Mar
107%
105% 106
94
Ms'57
Va Pub Serv 5 Ms A„1946
104%
107%
107
106
Apr
93%
76
5,000
129% 131%
6% perpetual certificates
1st A ref 4 Ms ser
1952
E
105
19
Apr
Apr
99%
36,000
-
7,000
Electric 6s. 1954
4Mb series
series
77%
42,000
2,000
110% 111%
6s
Public Service of N J-
D
6s
86%
198% 99%
1105
107%
1106% 109
1956
Valvollne Oil 7s
97%
"94
-1944
5s"d
Utlca Gas A Elec
Apr
Apr
105%
28,000
{99%
99%
99% 100%
{19% 22
Power Securities 6s—1949
4 Ms series
--
104
77
1973
Utah Pow A Lt 6s A..2022
1,000
{77%
PowerCorp(Can)4Ms B '59
6s series C
'164"
6,000
19
1961
Potrero Sug 7s stpd„ 1947
1st A ref 5s
79%
81
Jan
103
103
Ms series F
♦Prussian
79
Feb
105%
Portland Gas A Coke 5s '40
4
1 Q&Q
71
"167"
Eleo 63.1953
Potomac Edison 5s E.1956
21
76
5,000
1957
Hydro El 6 Ms '60
Pittsburgh Coal 6s
1974
6
4MS—
29,000
21
78
104%
UPhlla Suburban CountiesPledm't
6 Ms
6s series A
88
"21"
107% 109
105% 106%
88%
90
4s series B
1945
a"Rys"(Del)" 5 Ms
105
71%
United Lt A Pow 6s—1976
1,000
24,000
10,000
21,000
1,000
2,000
45,000
15,000
5,000
21%
104% 104%
1954
D—
109
6Ms-'41
f 6s
s
108
21%
103
Mar
72,000
51%
69%
70
110%
Penn Ohio Edison—
6s series A x-w
112%
'52
103%
104%
18%
1107%
United Lt A Rys (Me)—
6s series A
1952
Pacific Gas A Elec Co—
1st 6s series B
51%
1954
Jan
10,000
Jan
Jan
Jan
Feb
106
Feb
111%
110%
Apr
94%
105
Mar
100
60
Apr
108%
Feb
Jan
Apr
2,000
Jan
80
Apr
87%
22,000
85%
Jan
47%
Un Lt
95
"81666
98%
Apr
66
35
571666
Apr
73%
81%
United El Serv 7s ex-w 1956
♦1st
Jan
85
107
5,000
17,000
77,000
Union Elec Lt A Power—
♦United Industrial
105%
Jan
Apr
6,000
4,000
United Elec N J 4s—1949
Mar
Mar
Jan
Mar
54,000
112% 112%
Mar
Jan
107
Jan
51%
100%
100
Mar
49%
49%
106% 106%
100%
102%
Jan
49%
105%
105%
109%
107%
51%
108
Jan
Mar
Jan
50%
1944
stamped
1957
Apr
102
44%
47I660
1967
69%
38
Apr
Apr
Mar
83%
4MB
107%
Mar
81%
107% 108%
Jan
Jan
Jan
96
81M
low
Feb
Mar
102
Apr
Apr
*52
86%
55
106%
96
Mar
106%
6s series A
Apr
~8~666
25
120
Certificates of deposit
Jan
91
106%
{106% 106%
Pacific Coast Power 5s '40
fls 3d
{106% 108
96
97
6s series B
84
3,000
16,000
2,000
34,000
"96"
Tide Water Power 5s..1979
Jan
92%
2022
6s
Jan
Feb
Jan
14,000
{♦Texas Gas Utll 6s. .1945
Texas Power A Lt 5s..1956
106%
Ogden Gas 5s
1945
Ohio Power 1st 5s B..1952
70%
Ternl Hydro-El 6 Ms—1953
109%
N'western Pub Serv 6s 1957
76
Jan
89
103% 103%
97%
98
106% 107%
105
105%
105
105%
87
75%
69
84%
Apr
103%
85
75m
Mar
N'western Elec 6sstmpd'45
{108
1957
6s series B
Apr
96%
106%
109
Tenn Public Service 5s 1970
103
1969
1954
Tennessee Elec Pow 5s 1956
105
1966
6s series D
107%
Jan
Indiana P S
Northern
104% 105
107% 107%
Jan
4,000
series A_;
1956
Nor Cont'l Utll 5Ms—1948
No Indiana G A E 68.1952
104%
85
94,000
6 Ms
105%
84%
105% 106%
Nippon El Pow 6Ms—1953
No Amer Lt A Pow—
39%
104
Apr
103%
{110% 111%
86
86%
38
105
Apr
Apr
106% 107%
1980
37
67
106
1954
Debenture 5s
38%
23,000
25,000
22,000
54,000
3,000
37
69%
107%
N Y A WestchT Ltg 4s 2004
28,000
32
16,000
New York Penn A Ohio—
Ext
32 %
58,000
New Orleans Pub Serv-
N Y-Central
34
32
65,000
80 m
{106% 107%
1950
Conv deb 5s
77
77
118
1948
79
3,000
71,000
98
77%
45%
46%
{109% 112
6s series A
Conv deb 5s
12,000
98
Apr
Mar
98 m
Standard Investg 5 Ms 1939
Apr
Mar
96
80%
Debentu\fe6s.Dec 11966
Jan
94
Mar
95%
79
Feb
14%
81%
45%
107%
116%
Mar
95
Apr
100%
12,000
Mar
95
78%
Apr
26,000
95
Apr
Apr
79%
Apr
86
Apr
78%
79
17,000
0%
104%
Jan
Low
78%
32,000
94%
107
14,000
22,000
12,000
80
83
78%
8,000
Apr
Range Since Jan. 1 1937
$
Apr
16,000
82%
84
{♦Nat Pub Serv 5s ctfsl978
80 m
81
7%
1951
Debenture 6s
for
Week
79%
"80~~
♦Certificates of deposit
Feb
80%
104% 105%
95%
96
M
Nebraska Power 4 Ms. 1981
Apr
78%
78m
96%
6%
'
*
1935
73%
73%
95%
95%
-.1944
otfs.1937
Nassau & Suffolk Ltg 5s '45
Nat Pow 4 Lt 68 A
2026
Deb 5s series B
2030
79%
♦Certificates of deposit
♦Convertible 6s
of Prices
High
79
80
{♦Stand Gas A Elec 6sl935
Jan
•
Dakota Power—
5%s
♦Munson SB 6 Ms
Jan
Week's'Range
Low
2,000
73%
{♦Missouri Pub Serv5sl947
Montana
86%
108
Price
High
Low
%
90%
58.1951
Sale
(Concluded)
85
85
Mississippi Pow 5s—1955
Miss Pow & Lt 58
1957
Last
BONDS
Range Since Jan. 1 1937
for
Sale
Sales
Friday
Sales
Friday
BONDS
(Continued)
Miss River Pow 1st
2965
New York Curb Exchange—Concluded—Page 6
144
Volume
1%
1%
19,000
42,000
1%
Jan
1%
Jan
62%
Jan
16
Jan
16
Jan
75
77
18%
19
3,000
44,000
18%
18%
24,000
Jan
Jan
105% 105%
1,000
105%
Apr
Shawtnigan W A P 4 Ms '67
102%
102% 102%
54,000
105
Feb
102%
102% 102%
102
102%
9,000
101%
101%
101%
Mar
1968
4Mb series D... 1970
Mar
104%
Feb
Sheridan Wyo Coal 68.1947
70%
4
Mb series B
1st
__
102%
Southeast
PAL 6s..2025
"l"66%
70%
71
92%
Sou Carolina Pow 5s. 1957
92%
97% 100%
9,000
6,000
7,000
61,000
105
Jan
68%
Feb
72
Mar
91%
97%
Apr
Apr
101
Jan
the rule sales
109%
Jan
range,
Mar
107
Jan
Mar
108
Jan
Mar
1945
1960
Ref M 3Ms B July 1 '00
1st A rtf mtge 4s... 1960
Sou Counties Gas 4 Ms 1968
Sou Indiana Ry 4s
1951
Debenture 3 Ms
3Ms.May 1
"166%
100%
104% 105%
100
100%
100
100%
105% 105%
103% 104
78
77
S'western Assoc Tel 5s 1961
97%
97%
S'western Lt A Pow 5s 1957
101%
6s..2022
So'west Pub Serv 6s.. 1945
So'west Pow A Lt
No par value,
a
Deferred delivery sales not Included In year's range,
n Under
In year's range,
r Cash sales not lnoluded In year's
not included
Ex-dlvldend.
x
y
Ex-Interest.
{ Friday's bid and asked price.
Sou Calif Edison Ltd—
Ref M
•
92
78
97%
101% 102%
92
92%
{100
102%
31,000
91,000
36,000
12,000
61,000
13,000
8,000
29,000
7,000
103
99%
99%
104
102%
77
Apr
108
Jan
Mar
110%
Jan
Jan
104%
Mar
Mar
99%
Mar
No sales were transacted during current week.
Bonds being traded flat.
{ Reported In receivership.
II Called for redemption
e
Cash
saies
Jan
103%
Jan
transacted during the ourrent week and
not
Included In weekly or
yearly range:
No sales.
87
Apr
96%
♦
104
Jan
92
Apr
104%
Jan
104
Apr
106
Jan
y
Under-the-rule sales transacted during the current week
weekly
or
yearly
*
and not Included In
range:
v
No sale*.
Deferred delivery
sales transacted
during the current week and not Included
In weekly or yearly range:
No sales.
Abbrevia'ions
Used
Above—"cod," certificates of deposit; "cons," consolidated,
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stock
"v t c," voting trust certificates; "w I," when Issued; "w w," with warrants; "x-w";
without warrants.
i
jSE±
2966
Financial
Chronicle
Other Stock
May 1, 1937
Exchanges
Friday
New York Real Estate Securities
Bid
Harrlman Bldg 6s
1951
Lefcourt Manh Bldg 4s '48
Park Place Dodge Corp—
67
Ask
Unlisted Stocks
69)4
income bonds vtc
Bid
City <fc Suburban Homes.
69%
Lincoln Bldg
Stocks (Concludes)
Ask
Par
General Capital Corp
Corp vto...
45*
4)4
Week
Low
Price
*
58
Gillette Safety Razor
*
Hathaway Bakeries cl A._ *
Orders Executed
Baltimore Stock
on
Established 1853
6c S. Calvert St.
Exchange
cum
Hagerstown, Md.
Louisville, Ky.
Members
Nero
York
Baltimore Stock
Curb
Last
Week's Range
Low
22
preferred
Mar Tex OU
Jan
23%
46
Jan
54
Mar
909
2
Jan
3
Jan
602
5
Apr
Apr
Apr
Apr
Apr
Apr
9
Jan
2
5X
31
302
75 X
332
55
540
41
90
39
182
122
128X 130
295*
Apr
38
Jan
89 %
Jan
115
Jan
50 %
48
1,490
Apr
Apr
Jan
136
198
40%
Apr
48%
81
12%
Jan
13%
25
12%
Jan
1334
62
10
55
23
Jan
3,023
19 X
A
8
M8 11^
29
%
10%
1%
3%
A
"3 H
23 %
6,085
3%
~3G~~
62
Apr
Mar
3
Jan
1%
1234
2%
4%
4%
19
4%
2,512
Feb
Apr
Mar
Mar
Jan
Apr
10
9%
35*
4%
126% 130
9%
87
*
H)
22
24%
1U0
*
33%
41%
6%
6%
23
23%
254
14%
21%
254
*
145*
*
23
3,894
6%
354
126%
4,760
312
10
Mar
5)4
93
Jan
110%
210
33%
39%
6%
Mar
Jan
Jan
Apr
Feb
3%
Mar
1654
335*
44%
772
8%
23%
25*
15%
1,610
1,442
14
25
1,204
21%
45
23
20
254
50
115
215
90
Feb
Mar
86%
85%
36%
88%
950
195
1%
1%
3,500
36%
1%
2
1%
1354
13
954
9
400
Mar
Jan
Jan
Feb
Jan
Jan
84
37 X
154
Mar
115*
Jan
110
2%
3)4
1%
6)4
85
92)*
12,000
4,850
84%
Apr
Apr
Jan
Jan
Jan
2)4
1954
12)4
Feb
13
Apr
98
Apr
Apr
640
Feb
46%
2)4
Jan
778
Feb
66
116)4
Apr
155*
9%
Jan
Jan
25)4
Apr
2
60
*
Mar
15*
44%
10
.._*
Jan
Apr
Feb
200
"
Mar
60o
22
50
Corp.25
Waldorf System Inc
Warren Bros Co
113%
29%
Apr
Mar
140
2
Preferred
25
Utah Metal & Tunnel
1
Venezuela Holding Corp..*
Jan
954
2%
Jan
50
110
Apr
Mar
Mar
*
*
United Shoe Mach
11)4
x6
*
2d preferred
Feb
142
222
36
'
Jan
3)4
Apr
Apr
68o
5
Jan
66
Mar
85
492
21,311
Jan
19
65c
60c
60
16%
25%
25
RR
5
87
6%
7%
1%
154
110% 110%
1%
100
Suburban Elec Securities
Mar
Feb
Jan
to*- M
Bonds—
Eastern Mass St. Ry—
Series A 4 34 s
1948
Series B 5s
84%
1948
90
CHICAGO
99
89
Feb
95
Jan
Paal H.Davis &
Members
New York Stock
Jan
121
35
Apr
41
Jan
265*
284
26
6
Apr
Feb
27J4
75*
Exchange
Chicago Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
Apr
36
SECURITIES
Listed and Unlisted
Jan
26
Jan
Apr
75*
4%
7%
100
73
73
75
469
70
Jan
82
New Amsterdam Casualty5
15
15
17
1,465
15
97)4
29
97%
1
100
X
Apr
Apr
Apr
Apr
18 %
98
1
_.
80
Mar
64
3
"~7%
Jan
Jan
35
.—25
24)4
Jan
44
35*
Mar
Feb
Apr
Jan
21
Apr
Jan
550
126%
Jan
13X
13X
&
105*
285
*
Mar
36
3%
46%
1
Jan
2)4
27
6)4
150
c
Jan
Mar
62
England Tel 4c Tel 100
Apr
42%
62
22 X
2
Apr
Jan
13X
13%
Mt V-Wdb Mills com..100
Northern Central Ry
50
Owlngs Mills Distillery.
1
Penna Water & Pow com.*
22%
Mar
Jan
40 %
35*
Preferred
73%
39
25
preferred
28
112
32
Common class A
7%
18
10
74 %
40 54
High
1,871
112 H H3
25
Merch & Miners Trans p..*
Monon-W Penn P 8—
Low
29%
t. *
1
Range Since Jan. 1,1937
28
75%
113
prdf-„_-*
2d
for
49%
5%
20
100
65c
5
16%
24%
Shawmut Assn tr ctfs
Stone 4c Webster
225*
2
1
v
300
2,430
57
Torrtngton Co
Shares
High
21H
49%
*
Houston Oil pref
Mar
75c
3
Pennsylvania
Week
of Prices
Price
*
Mfrs Finance common
1st preferred
6%
16%
21%
Qulncy Mining Co
25
Reece Button Hole MachlO
Reece Folding Machine. 10
Exchange
Sales
Sale
Guilford Realty
Feb
Feb
62
Pacific Mills Co
Exchange
Friday
Fidelity & Deposit
20 X
16%
24%
Old Dominion Co
April 24 to April 30, both inclusive, compiled from official sales lists
Fidelity & Guar Fire
10
Finance Co of Am class A.*
Class B.i
*
25*
14%
22%
434
44
North Butte
Northern R R (N
Old Colony RR
New
York
and
Baltimore
Stock
Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
Chicago Stock Exchange
Preferred
Jan
Apr
Jan
100
New River Co pref
100
N Y N H & H RR(The) 100
Members
*
47
154
30
Apr
100
com
pref
Ino
Yotfc, to.
High
42%
75c
4
.*
New
39 Broadway
NEW YORK
BALTIMORE. MD.
com
15%
5%
4%
Nat'l Tunnel & Mines
preferred
100
Eastern Sugar Assn com__l
755
Linotype. .*
Narragansett Racing Ass'n
STEIN BROS. &> BOYCE
6%
16 5*
55*
15
22%
22%
Mass Utilities v t
Consol Gas E L & Pow
11
1554
Mergenthaler
1st pref vto
Black A Decker
110
423
1
Isle Royal Copper Co...25
Loews Theatres (Boston)25
5%
Arundel Corp
*
Atlantic Coast L (Conn).50
Bait Transit Co com v t o.*
25*
1134
55*
mm-
60
Maine Central
Par
Loto
43%
11
11%
15%
Intl Button HoleMach-.lO
29)4
Stocks—
Range Since Jan. 1, 193
Shares
■m--
Pennsylvania Bldg ctfs
61 B'way Bldg 5)4s— .1950
Associate
High
42%
254
Georgian Inc(The)clA pf 20
Helvetia Oil Co
10
for
of Prices
*
Gilchrist Co
4
.
Week's Range
Sale
Closing bid and asked quotations, Friday, April 30
Unlisted Bond*
Sales
Last
Exchange
80
10 So. La Salle
Mar
St., CHICAGO
Feb
1%
Chicago Stock Exchange
Feb
104
April 24 to April 30, both inclusive, compiled from official sales lists
Feb
95
Feb
Friday
11134
103%
Mar
Last
Week's Range
for
Mar
Sale
of Prices
Low
High
Week
91
80
*
110
110
4
110
Apr
Phillips Pack Co pref.. 100
101
101
16
101
Mar
Seaboard Comm'l pref. .25
U S Fidelity & Guar
2
45
45
35
45
Apr
45
Apr
245*
26%
24%
Apr
29%
Sales
Jan
Preferred
Bonds—
24 %
805*
3,837
Stocks—
Par
Abbott Laboratories—
Common (new)
,
Bait Transit Co 4s (flat) '75
A 5fl flat
1975
Read Drug & Ch 5^3.1945
32
33 X
39
$8,500
7,100
101% 1015*
5,000
38%
32
Apr
41%
Jan
37%
Apr
48
Jan
100%
Jan
10154
Apr
Advance Alum Castings..6
Allied Labor Inc
com
Allied Products
Class
and Tyson
Boston Stock Exchange
Associates Invest Co com.*
Automatic Wash
30 State St., Boston
Bangor
N
Y. Tel. CAnal 6 1541
Portland
to
April 30. both inclusive, compiled from official sales lists
Last
Sales
Week's
Sale
Stocks-
Par
Price
of Prices
Low
100
1%
200
3%
20
667
18
160
16754
3,742
160
135
162%
100
137%
81
135
64%
65%
753
26
27%
738
"~65~~
26%
Prior preferred
100
Class A 1st pref stpd. 100
Class B 1st pref stpd. 100
Class C 1st pref std._100
Class D 1st pref stpd. 100
Class D 1st pref
11%
61%
1154
47%
13%
15%
19%
19
25
26
Range
East Boston Co
22
50
High
110
1
Apr
354
APr
6454
2554
854
11%
Apr
Apr
Apr
Apr
Apr
J»n
*
4)4% prior pref
100
6% cum pref
...100
Eastern Mass St Ry—
Common
100
1st preferred
100
Adjustment
100
Eastern SB Lines com..*.*
Edison Elec Ilium.....100
Employers Group
For footnotes
*
see page
2%
634
30
187H
147
69)4
3054
Jan
Jan
Jan
Jan
Jan
Mar
Jan
145*
Mar
5%
139%
21%
2970
11
1,350
7
165*
16 X
250
165*
Jan
9
Mar
Feb
19)4
Apt
19
Jan
Apr
Feb
20
215*
950
19
------
205*
22%
500
20)4
11%
11
11%
1,200
1
12%
37%
12
13%
350
9)4
Jan
36
39
3,250
32)4
Jan
385*
42%
7,100
22
22
385*
20)4
Apr
Apr
43)*
225*
(New) com
5
Brach & Sons (E J) com..*
Brown Fence & Wire—
Common
1
*
10
5% conv preferred
30
Canal Constr Co conv pf..*
Castle (A M)—
Common (new)
10
Central Illinois Seo—
Common
$1)4
conv pref
Cent 111 Pub Serv pref
Central S W—
1
11
11%
24
23
24
1,200
14%
14
155*
5,450
31
29%
25*
32
375*
38
------
------
2%
2
3%
9,100
Mar
Cen States Pow & Lt pref.*
Chain Belt Co common..*
126
80c
Apr
7
512
Jan
3%
*
Chicago & N W Ry com 100
Chicago Rivet & Mach—
Jan
Apr
*
Feb
Jan
Mar
42
Apr
51
Jan
200
5
Jan
10
Apr
Apr
Apr
Apr
7
325
New
capital
4
Chic Rys Co pt ctls 4..100
Chicago Yellow Cab Co..*
Cities Service Co com
*
Coleman L P & Stove com *
12
Jan
160
Jan
Commonwealth Edison. 100
Compressed Ind Gases cap*
Consolidated Biscuit com 1
Mar
Continental Steel pref. .100
2654
Feb
Jan
1
10%
Mar
Feb
Chic Elec Mfg cl A
*
Chicago Flex Shaft com..5
69
39)*
3%
Apr
81
Mar
19
10%
Apr
a36%
x81%
3,834
Jan
Apr
Jan
100
Jan
12%
42%
65*
Apr
Apr
Chicago Corp common...*
63
Mar
Jan
15*
Jan
142
36%
2%
145*
Jan
272
Apr
150
65
Jan
46
1,200
Feb
430
25*
17%
1%
64%
Mar
600
20%
Jan
Mar
18%
1,350
14
Preferred
15%
30%
Jan
2%
10
18
Jan
15%
95
Mar
Apr
70%
61
Mar
11
215*
135*
29%
.
145*
95
Mar
Feb
68
61
24%
25*
200
Apr
15
*
29
Feb
Mar
695*
*
23
Feb
*
1
Jan
Feb
Feb
*
Prior lien preferred
Preferred
Jan
100
------
Common
Feb
Jan
Apr
Mar
Mar
i
41
------
Mar
1355*
21>*
Jan
Mar
------
Bliss & Laughlln Inc cap.6
Borg Warner Corp—
Feb
9
*
11
Mar
17
1
Mar
170
350
Jan
Apr
Apr
com.*
Mar
1,212
57%
800
7%
54%
11
56J*
50
Mar
200
12%
6%
54
24%
2%
Jan
Feb
Apr
135*
454
25*
48)4
20
110
84)4
6
------
Feb
Feb
J&n
165*
Aor
10%
137% 140
21%
22%
2,700
2354
26%
Apr
7
50
Apr
6
2?*
JaD
14%
Jan
Mar
68
300
Mar
5
25*
Jan
16
Feb
Feb
43
16%
1354
10
2%
Jan
6%
65)4
175*
12)4
125*
175*
Apr
Apr
185*
115*
2%
9,350
Jan
Jan
16%
115
42
120
11%
12
1
Jan
Apr
18
17%
221
234
73
105*
11
19
Apr
22
38)4
------
1,023
42
68
11%
80
63
J
42
50
------
154
6,54
150
68
12
300
777
42%
63%
42%
18
22%
38%
36
129
8%
200
6%
34
14%
16%
15
80c
*
18
14
38%
689
East Gas & Fuel Assn—
Common
85*
12
22%
65*
14%
10%
2,300
11%
Chic City & Con Ry—
Part
preferred
1
10%
9)4
12
4
14%
12%
Jan
.5
11%
25
Copper
19
23%
22
Boston Personal Prop Tr_*
Calumet & Hecla
1154
51%
16%
21%
21%
21%
100
Cliff Mining Co
Low
1%
...100
....100
Week
Shares
3%
Boston Herald Traveler..*
Boston & Maine—
Common
High
Range Since Jan. 1,1937
18
6% non-cum pref..._.60
1st preferred
50
Boston & Albany
Boston Elevated
'
for
Mar
6)4
com
Bruce Co (E L) com
Butler Brothers
Amer Pneumatic Service—
Common
25
Amer Tel & Tel
Range
12)4
1,000
Berghoff Brewing Co
Blnks Mfg Co capital
Exchange
Friday
150
12
505*
20%
23%
30%
14%
14%
43%
Bendlx Aviation
April 24
49
13
10
pref*
Common
Lewiston
550
125*
5
oonv
Bastlan-Blesslng Co
Boston Stock
com
Backstay Welt Co com...*
Barber Co (W H) com
1
Barlow & Seelig Mfg A—
Private Wire System
Boston Tel. LAF 7010
cap..
Automatic Products
UNLISTED TRADING DEPARTMENT
49
...25
Athey Truss Wheel
New York Curb Exchange (Asso.)
High
13
conv
pi.*
Amer Pub Serv Co pref 100
Armour & Co common...5
Asbestos Mfg Co com
1
Members
New York Stock Exchange
Low
49
-----
10
A
Altoler Bros Co
Established 1887
Range Since Jan. 1, 1937
Shares
Corp—
*
Common
Townsend, Anthony
*
Adams (J D) Mfg com...*
Adams Royalty Co com..*
Price
3)4
11
------
35*
95
61
Apr
Apr
Apr
65*
110%
150
11
13
140
11
Apr
20%
64%
67
80
64
Feb
73
1%
4%
1%
45*
435*
435*
44%
21
22
655*
66%
350
45*
700
------
------
66%
------
------
4
3%
36%
109
------
7
5
-50
X
Jan
435*
20)4
Apr
Apr
32
Feb
77
Mar
Jan
65*
Mar
14)4
Apr
17%
Mar
%
Jan
5*
Apr
Apr
27%
Apr
65*
Jan
36%
Apr
70
3%
11,150
36%
40
34
Jan
800
103
Apr
25
20
354
41%
43
400
41)4
65*
7
1,250
65*
Apr
Apr
104
30
98)4
Jan
104
Feb
Jan
.400
111
Mar
35*
16%
103
Jan
65*
Jan
63
%
20%
35*
36%
Jan
Mai
48
60
Jan
Feb
2
4%
1,700
%
20
77
22,900
14%
------
20%
35*
140
65%
105
139
48%
Jan
Jan
Feb
11
Jan
105
Apr
Last
Week's Ranoe
Sale
Par
Stocks (Concluded)
High
Low
Shares
X
9
"4%
4%
7% cumul. pref
3%
4%
Cord Corp cap stock
104%
Apr
110%
26%
10%
28%
Mar
10
7
no
6
24
21%
20%
37
36%
20%
Jan
25
36%
22%
Apr
41
Feb
Jan
34
9%
1,650
Mar
12%
200
34%
Apr
40%
Mar
59
100
57
Feb
61%
63
50
68%
Jan
69
Feb
15
Apr
19
Feb
100
15
4%
Mar
6%
5,800
6
Mar
10%
Mar
38%
22
12
16%
12%
14%
15
9%
10
1,700
x9 X
37%
Apr
42%
20%
Apr
29%
Jan
100
14%
Jan
20%
Feb
100
12
Apr
14
Apr
30
14
Jan
20
Mar
11%
Mar
9%
10%
750
10
Apr
13%
51
100
45
Jan
52
16%
20%
20%
16%
30
16%
Apr
20%
100
20
10
3%
—
Jan
27%
20%
Apr
3%
Apr
13%
250
12%
Apr
50
Apr
Apr
103
4
22%
300
27
2,750
21
Jan
29%
Feb
44
200
41
Jan
51
Feb
9%
Kellogg Switchboard com.
Ken Rad T & Lamp com A *
21%
20%
60
12%
9%
17%
31%
80
100
13%
1,550
12%
Apr
16%
850
9%
Jan
12%
1,450
17%
Apr
28%
250
31%
Apr
43%
78
Apr
89
36
80%
50
1,750
6%
Apr
7%
Kingsbury Brew cap
2,000
2%
Apr
3%
1%
Jan
3%
Feb
1
40
2
2%
1,350
38
2%
6
6% cum pref .100
Leath A Co com
*
Law beck
47%
1,900
9%
650
9
38
50
Jan
Jan
13%
7%
30%
31
Jan
34%
13%
1,950
9%
Jan
15%
10
11%
1,100
9%
Apr
12%
44
140
42
Jan
45
21%
23
650
16%
Jan
26%
4
4%
28
50"
250
550
39
41
32
40%
...6
32%
38%
Mar
48%
Jan
54
51%
Apr
57%
2 %
Jan
Apr
25
53
150
Mapes Cons Mfg cap
*
Marshall Field common..*
24
24
30
23%
23
25
3,150
1
6%
650
21
Jan
30%
5%
5%
1,000
5%
Apr
160
27%
Apr
19
5
3%
3%
1,350
3%
Mar
6
10%
10
10%
9,400
9%
Apr
15%
purchase warrants
4%
4
4%
1,100
4
Apr
7%
3%
%
*
100
100
100
7%
6% prior Hen
7%
preferred A
7*
1%
9%
Mar
20
5%
100
5%
Apr
Apr
10
2%
Mar
23%
National Pressure Cooker 2
16%
9%
*
Feb
Feb
150
4%
Aur
8%
Jan
39%
900
Apr
46%
Jan
9%
250
37%
7%
Jan
10
Jan
48%
100
47
23%
50
Mar
1
6
7,350
22 %
1
17
600
14%
7
1
Rep Inv Tr conv pfd. *
9%
5
5%
Muskegon Mot Spec cl A.*
National Leather com .10
Monroe Chemical Co com *
5%
300
29
150
Jan
Feb
49%
Feb
26
Feb
2%
Jan
Apr
Jan
Apr
17
12%
Jan
28%
Apr
58
Feb
11
Jan
Jan
Jan
Apr
Mar
Jan
5
Feb
90
90
90
*
4
4
4
20
3%
Cln Ball Crank pref
Cln Gas & Elec pref
Cln Street Ry
Cin Telephone
105%
8
10
43
Apr
45
Mar
55
108
Apr
111
Jan
9
Apr
13%
Jan
Mar
14%
7%
Mar
Cin Union Term
Coca
pref-.100
Mar
170
33
103
Jan
Crystal Tissue
Early & Daniel
14%
19
19
7%
30
7%
Apr
170
Apr
16
Jan
Apr
28
Jan
Apr
9%
34%
7%
Jan
Jan
30
31
30
Apr
115
7
110
Jan
115
19%
35
19
Apr
25
Jan
30
115
Apr
100
*
115
17
17
17
25
16
Jan
17
Mar
*
Preferred
Formica Insulation
32
32
34
80
31
Jan
36
Feb
Apr
Apr
19%
Fyr-Fyter "A"
Gibson Art
7%
5%
Goldsmith
12
Hatfield prior pref
19
29%
Apr
336
45
Apr
35
22
Apr
24
Jan
33
30
31
Feb
37
Mar
16
554
14
Mar
16
5%
10%
192
5
Apr
8%
Feb
Jan
Feb
61%
228
16%
65%
29%
30
45
45
Kroger
22
22
46%
22%
Lunkenheimer
33
33
Manlschewltz
*
16
15%
Moores Coney "A"
*
*
Preferred
National Pumps
5
10%
60%
*
Procter & Gamble
213
100
8% preferred
20
"A".
8,
B
33
Rapid
U S Printing
Preferred
Western Bank
10
100
100
10%
55%
Jan
Feb
211
11
Jan
Apr
Feb
Jan
Jan
Mar
215
Jan
20%
8%
20%
8%
Apr
23%
11%
33
33
30
29%
Feb
38
Feb
29
95
28
Apr
Feb
4
41
Apr
14
250
3%
12%
34%
6%
28
3%
12%
9%
.50
Jan
Apr
10
213
213
28
10
*
U 8 Playing Card
5
10%
59%
5
22
60
24"
29%
50
55
22
Hobart "A"
Jan
8%
5%
24%
30%
49%
7%
80
7%
5%
7%
5%
22
Hilton Davles common
Randall
Jan
Mar
19
40
100
7%
Jan
22
108%
14%
5
14%
19
*
*
*
Jan
Apr
10%
100
Mar
107
14%
(Dan)
Crosley Radio
15
Apr
60
Jan
108
Apr
107
170
170
*
Cola "A"
Cohen
7%
90%
18%
275
19%
19%
107
107
10%
476
92
91
19%
Cln Union Stock Yard...*
108%
10%
104% 105%
8%
7%
91%
Jan
463
43
9%
9%
Jan
3%
12%
9%
21%
44
Apr
20%
8
585
Jan
Feb
Apr
21
17
9
Feb
12%
520
26
Apr
25
Apr
105
9%
22%
Jan
92
Jan
134
Apr
Mar
Feb
1 %
39%
36%
3%
92
8%
Feb
Jan
6%
Feb
101
Jan
12%
2%
37%
9%
48%
Nat
Jan
%
7
2%
5
5
37%
*
Preferred
1,400
88
5
353
Jan
Jan
Apr
2,550
5%
5%
2%
Miller A Hart conv pref..*
Modlne Mfg com..
%
8%
Jan
Apr
Midland United Co—
*
8
7
25
5
Jan
1
Feb
Apr
130
17
Jan
Mlckel berry a Food Prod—
Feb
3%
5
Feb
1%
13%
36%
12
Mar
•7
28%
Jan
Apr
5
Apr
27%
*
Apr
24%
2%
4%
50
12
Jan
4%
7
9
92
5
Mar
50
2%
4%
Feb
26
9%
30%
2%
4%
7%
12
Mar
51%
2%
9
28
*
100
50
50
Feb
Apr
50
Common
High
Low
25
JaD
42
41
cQuay-Norris M fg com . *
Manbatt-Dearborn com..*
2%
Apr
32
M
6
4
40
200
Conv preferred A
M ldiand Utll 7 % pr lien
1 1937
Week
Shares
43
Jan
4%
McCord Rad A Mfg A--
Stock
of Prices
High
Low
Range Since Jan
for
108
Mar
6%
*
Co com
Middle West Corp cap
official sales list
Sales
Week's Range
43
Jan
Loudon Packing com....*
Common
Cln. 291
Wire—Bell Sys. Tel
108
Jan
44
......
.
& CO.
CINCINNATI
BLDG.
50
Mar
40
Lincoln Printing Co-
Preferred..
Unlisted Securities
100
Preferred..
Mar
12%
10%
Llbby McNeill A Llbby.10
Mer A M frs Sec cl A com
Exchange
Champ Paper pref
100
Churngold
*
Cln Advertising Prod—
Feb
Apr
13
*
Electric oom
Feb
2%
4%
7%
8
Preferred
Jan
McGraw
40%
28
20
7
*
Burger Brewing
Mar
2%
Laundry
Baldwin
Jan
7%
2%
Lynch Corp. com
Apr
9%
Maeh
Amer Prod prior pref
Participating pref
Amer
Jan
22%
6%
preferred
Price
Aluminum Industries
Feb
2X
$3 Yi
31%
Sale
Par
Stocks—
Mar
6%
Lion Oil Refining
3,750
Trading Markets in
Last
Feb
10%
Kerlyn Oil Co cl A com.
Common
35%
Feb
Mar
Feb
24%
42%
12 %
Cumulative pref
Feb
32
lHrJ<
Friday
Jan
Co—
—
16%
12%
Cincinnati Stock Exchange
Jan
19%
110
21%
21%
Common
La Salle Ext Unlv com
Apr
Apr
12
11%
450
April 24 to April 30, both inclusive, compiled from
Apr
44
6% preferred
7%
950
Phone Cherry 6711—First Boston
Feb
100
1,150
23%
Jefferson Electric com
Ky Utll )r cum pref
1,700
Jan
23
106%
103
Mfgvto.j.-*
Co cap
1
CO
UNION TRUST
Apr
19%
Jan
3%
22
12%
13%
10
8%
9%
11%
7%
rH
Jan
10
100
Jan
Mar
*
Utll pref
Mar
11%
I
BALLINGER
350
1,700
51
10%
cm25
Inc com
_
26%
Jan
16%
Haruiscbfeger Corp com. 10
Houdaille Hershey B
Feo
Apr
650
Cincinnati and Ohio Listed and
Apr
7
20%
Hall Printing Co
Horruel & Co A com
1
Active
4,300
"20%
Goldblatt Bros Inc com..*
Heln Werner Mot Parts..3
Feb
20%
8%
5
21%
Members Cincinnati Stock
5%
5
6%
37%
llelleman Brew Co G cap
Feb
49%
Mar
8
6X
com..*
com.._10
Mfg cl A pref__10
24%
Apr
2%
628
1,150
Jan
35%
15
Great Lakes DAD
Apr
Apr
1,300
Apr
650
6%
Common
Feb
30
8%
•
2
Zenith Radio Corp com..*
63
20
Hupp Motor com (new)
Illinois Brick Co cap
Woodall Indust com
150
Jan
6%
21
28%
Wisconsin Bankshs com..*
750
2
Apr
28
Williams OIl-O-Mat com.*
Apr
57%
6
Corp com 1
Gen Household Utll—
Hlbbard Spencer Bart
Feb
Feb
Apr
22 %
50
2%
2%
Walgreen Co common
*
Wieboldt Stores Inc com.*
8%
34%
8X
5
General Finance
Katz Drug
Jan
1
3%
700
23%
22%
High
Low
1,650
1%
4
*
Feb
33%
General Candy Corp A
Iron Fireman
Jan
1
3%
Common.
Wahl Co com
31
32
Elgin National Watch—16
Denver Co com
Jarvls (W B)
Apr
5
19%
1
3%
1 1937
Week
Viking Pump Co—
Feb
12
20
350
37
Gardner
North
Feb
700
5
Elec Household Utll cap.
111
Feb
5%
22
24
Eddy Paper Corp (The).. *
Horders
6%
Apr
26%
22%
Class A
$3 cum conv pref
Apr
3%
20
com..*
fg com. *
Dixie Vortex Co com
Jan
4%
107
*
Dayton Rubber M
7
107
Curtis Lighting Inc
Hamilton
189
200
4%
3%
100
100
5
Cudahy Packing Co pfd 100
Cunulngtiam Drug Hta.2%
6% prior pref A
Apr
1,400
%
9%
Shares
5
7
Convertible pref
Jan
X
%
5,650
%
—5
Common
for
of Prices
Low
High
Price
Par
Utll & Ind Corp
Consumers Co—
Week's Ranoe
Sale
Week
of Prices
High
Range Since Jan.
Last
1937
Range Since Jan. 1,
for
Low
Price
Sales
Friday
Sales
Friday
Stocks) Continued)
2967
Chronicle
Financial
144
Volume
6
Wurlitzer
Preferred
21%
120
133
120
National-Standard Co—
28%
10
Capital stock
Natl Union Radio com
—
43
2%
700
45%
2,400
9%
Feb
Feb
2,600
30
100
25%
Jan
37
63%
65%
160
63%
Apr
81
Jan
35%
37
430
35%
Apr
54
Jan
15
100
13
Feb
15%
Feb
25
25
50
25
Apr
1%
19%
Apr
Apr
29%
2%
24%
Mar
12%
31%
17%
Jan
Mar
35
Jan
Ohio Listed and Unlisted Securities
Mar
15
Northwest Utll
11%
30
Eng Co com..*
6%
750
11
.....
Northwest Bancorp com.
Northwest
2
42
2%
1
Noblltt-Sparks Ind com..5
North Amer Car com
20
6%
6%
16%
Jan
Members Cleveland Stock
100
1U0
7% preferred.
Oshkoeh B Gosh—
Common
lb
Parker Pen com
1%
Peabody Coal Co B com. .6
Penn Elec Switch conv A 10
l'enn Gas a
Pictorial Paper
1%
1,200
600
19%
19%
12%
20%
13
300
32%
260
"~2%
2%
33%
6%
2
6
Pkgecom.6
Pines Winter front com
Potter Co (The)
1%
"32%
Elec a com..*
Perfect Circle Co com
100
1,750
Apr
Jan
6
Feb
7%
Mar
2%
Jan
3%
Union Trust Building* Cleveland
Feb
4%
350
1%
1,350
3%
1%
5%
1%
Apr
3%
Jan
2%
50
2%
Apr
4%
Jan
75
78%
400
99%
Jan
75
75
100
75
Apr
Apr
112
112
40
111
Apr
120
Jan
115
115
10
114
Apr
122
Jan
114
115
440
113
Apr
125%
50
121
Apr
150
50
22
Apr
37%
Mar
Jan
Cleveland Stock Exchange
April 24 to April 30, both inclusive,
Public service of Nor 111
Common
60
Common
112
100
100
6% preferred
7% preferred
115"
Quaker Oats Co com
Rath Packing Co
125% 125%
100
Preferred
22
com...10
22
75
99
2%
28%
6% prefvto
...6
Co oom
10
Preferred...
100
5%
2%
28
110
"27
38%
.*
Schwitzer-Cumraius cap.. 1
cap.*
Serrlck Corp cl B com
1
Sears Roebuck A Co
"12%
Slgnode Steel Strap com.
30
Price
Jan
-
Jan
21
25
21
Apr
12
12
35
12
Apr
33%
14%
Feb
19
25
19
Apr
21
Feb
25
21
21
*
1
38
38
38
40%
Feb
7%
Clark Controller
Jan
Jan
Feb
32
4
Cleve Cliffs Iron
93
93
94%
86%
Jan
Mar
Feb
101%
Jan
3%
830
2
Feb
63%
Jan
Apr
57%
53
28
57
281
950
57
31%
Jan
Mar
Jan
%
4%
108
1%
110
10
2,760
33%
Jan
50
110
36%
111
Jan
pref
Cleve Ry ctfs of dep—100
Apr
Cleve & Buffalo Transit..*
Cliffs Corp v t c
1%
"40%
27%
570
15
Feb
30%
Apr
38
40%
600
d38
Apr
42
Apr
Elec Controller & Mfg
21%
84%
12%
34%
23
350
Feb
Faultless Rubber
*
86%
300
Mills—*
36%
500
33
260
40
45
50
15
30
Jan
51%
90
93
106
68
Feb
95
25%
25%
26
95
25
Feb
30
Jan
33
33
35
30
33
Apr
49%
22%
Feb
*
Commercial Bookbinding
13%
900
21%
83%
Apr
28%
Jan
95
Mar
Federal Knitting
12%
Apr
14%
Mar
Foote-Burt
16%
Jan
40
Apr
31
Jan
35
Mar
Harbauer..
Mar
Interlake
Mar
Jaeger Machine
25
25%
130
22
Apr
26
22%
24%
700
19%
Jan
27%
93
93
40
92%
Jan
95
101
Hanna (M
16%
16%
101%#101%
*
A) $5 cum pref *
*
15
Apr
Mar
Medusa Ptld Cement-
15%
Mar
2,000
2,250
30%
Feb
33%
Mar
Miller Wholesale Drug..
24%
Jan
28%
Mar
Monarch Machine Tool..*
Apr
28%
15%
4%
Mar
Murray Ohio Mfg
Mar
National Refining
24%
550
10%
250
9%
Apr
4%
2970
4%
9,950
2%
Feb
4
23
110
41
Apr
47
60
40
Jan
60
8
Metropolitan Pavg Brick. *
9%
42
26%
58%
45
19%
20%
23
Apr
8
60
7
Feb
11%
Jan
15
Jan
Apr
Apr
35
Mar
Jan
12%
Apr
10%
41
Jan
32%
19
5%
Jan
25%
25
17
24%
Jan
31
27
17
11
24%
Apr
24%
18
31%
24%
17
*
*
15%
15
26
Sundstrand Maob Tool Co
Thompson (J R) com—25
Utah Radio Products com
100
*
150
Swift A Co
14
McKay Machine
150
8wlft International
30
Jan
Leland Electric
12%
1,550
Apr
McKee (A G) class B
National Tile
Jan
Apr
Mar
Jan
Jan
19
18%
104
Apr
Jan
19
4
Jan
9
83%
11%
18
900
18
Feb
25
Lamson & Sessions
Storkllne Furn Corp com 10
4%
Jan
56%
Apr
24
Jan
Stein A Co (A) com
4%
Standard Dredge com
*
Convertible preferred..*
14
60
12%
20
Apr
Apr
101
175
25
12%
80%
76%
16%
5
Feb
225
25
12%
107
80
165
Apr
Mar
73%
37%
25
80%
4%
16%
St Louis Natl Stkyds cap.
Apr
68
33%
Kelley Isld Lime & Tran.
Jan
60
101
16
65%
32%
*
Steamship
Mar
50
*
25
93
.*
Gas A Elec 7 % pf 100
-
For footnotes see page
1 1937
High
Low
19
102%
8 west
Range Since Jan.
for
Week
Shares
*
Airway Elec Appl pref. .100
Akron Brass
of Prices
High
Low
700
22%
Slvyer Steel Castings com. *
So Bend Lathe Wks cap..6
8outhwest Lt A Pow pfd
Sales
1,050
Co—
Preferred
Par
Stocks—
32
Rollins Hos Mills conv pf
(New) common
Sale
Week's Range
City Ice & Fuel
60c
Reliance Mfg
Sangamo Electric
Last
Jan
Jan
compiled from official sales lists
Friday
6
2%
Raytheon Mfg—
Common v t c
A. T. A T. GLEV. 665 A 566
Telephone GHerry 5050
Feb
3%
"T%
*
Corp com
GILLIS(r*JWOODch
Jan
2%
1
com.
Prima Co com
Process
Exchange
—
Prior Hen pref
._
35
13
*
25
24
22%
13
10
23%
22%
9%
6%
25
646
22%
10%
7%
10
125
35
9%
23%
22%
7%
6%
30
Mar
Feb
Jan
Jan
Mar
Mar
Feb
Mar
Jan
Feb
Ma
2968
Financial
Friday
Sales
Friday
Last
National Tool
Nestle Le Mur
Par
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Week
Price
Low
60
cum
3
1%
56%
1%
*
Range Since Jan. 1,1937
Low
155
1%
13*
525
563*
*
16
16
*
25
Peerless Corp
Richman
3
6
253*
63*
210
4%
2%
Apr
Feb
Feb
67
Jan
2
16
Jan
20%
25
Apr
34
Jan
Mar
Feb
48
50
744
48
Apr
Seiberllng Rub 8% cmpflOO
73*
573*
503*
57
162
39
Jan
64
S M A Corp
Apr
1
15
153*
134
15
Apr
19
Jan
TroxelMfg
*
93*
100
Union Metal Mfg
Upson Walton.
Van Dorn Iron
*
Apr
Jan
1
Jan
103*
213*
133*
35
Jan
14
Vlchek Tool
9%
15%
8%
93 '
*
80
13
Warren
Apr
2
74
4%
173*
Feb
24
Mar
20
90
Jan
100
Apr
49M
Mar
Mar
Bolsa-Chica Oil A
Week's Range
for
of Prices
Week
Low
Price
Par
High
Range Since Jan. 1, 1937
Shares
High
Low
10
43*
4
43*
Buckeye Union Oil com__l
10c
10c
10c
1,000
12c
12c
12c
1,000
23*
Apr
Preferrred
Mar
195
3%
Stocks (Concluded)
High
Jan
44
20
Patterson-Sargent
*
Sales
Last
Sale
Shares
High
3
cl A__*
Ohio Brass B
Packer Corp
Chronicle
1
Berkey & Gay Co...
*
23*
Warrants
25
23*
73*
6c
Feb
14c
Feb
10c
Jan
17c
Feb
23*
1,800
1.25
400
1.20
Jan
2.25
Feb
150
433*
Jan
593*
Mar
363*
373*
33*
33*
400
23*
Jan
112 3* 112 5*
200
112 3*
Apr
363*
*
,33*
5
112 3*
110
29
20
10
93*
190
9}
Apr
Mar
Mar
Feb
33*
Jan
Claude Neon Elec Prod
93*
20
*
Consolidated Oil Corp
Consolidated Steel pref
Creameries of Amer v t c
*
103*
153*
15
16
1,100
15
19
19
20
400
19
53*
163*
200
53*
163*
17,200
60c
Jan
10
4473*
Mar
53*
103*
53*
50C
Jan
103*
Feb
4 3*
Apr
1.25
43
Jan
103*
Jan
Feb
135
Apr
*
Emsco Der & Equip Co
Exeter Oil Co A....
Jan
56 3*
1.25
56
100
Chapman's Ice Cream
Chrysler Corp
Apr
56
1.25
California Bank
Central Investment
4
1,100
Feb
123*
173*
243*
Jan
Jan
Mar
Feb
7
Feb
m
22%
100
120
100
153*
Apr
Feb
Members
Detroit Stock
Exchange
New York Curb Associate
Exchange
Buhl
Runuo ph
163*
163*
100
14
Jan
18 3*
Feb
Gladding-McBean & Co..*
21
21
21
200
183*
Jan
Mar
93*
413*
Mar
41
413*
200
83*
323*
303*
113*
Jan
46
Mar
22 3*
213*
223*
1,000
Jan
*24
Feb
*
com..
5630
April 24
April 30, both inclusive, compiled from official sales lists
to
Friday
Last
Week's Range
Sale
Stocks-
Par
Auto City Brew com
Baldwin Rubber
Brlggs Mfg
Low
1
1
com
143*
Burroughs Add Mach
*
Burry Biscuit com
.12 3*
Consolidated Paper com. 10
Continental Motors com.l
20
Shares
13*
143*
200
6,275
463*
779
53*0
805
...10
Det Cripple Creek Gold-.l
Detroit Edison com
1C0
35
Jan
Apr
7J*c Mar
Jan
Jan
80c
Jan
1.45
33*
2,000
3
Apr
4?*
Jan
3
Feb
Feb
Mar
523*c
60c
400
40c
Jan
80c
Mar
75c
75c
80c
2,200
70c
Jan
97 3*c
600
103*
Apr
12 3*
Apr
Jan
10 3*
103*
103*
5
21c
20c
23c
9,500
18c
Jan
1
50c
48c
55c
3,600
45c
Jan
80c
Feb
1.25
Corp
1.20
1.35
1,600
70c
Jan
2.00
Mar
40c
Mar
_
Olinda Land Co
27c
Pacific Clay Products
*
Pacific Finance Corp
10
Pacific Gas & Elec Co.. .25
6% 1st pref.
25
Pacific Indemnity Co
10
Pacific Lighting Corp....*
Ryan Aeronautical Co
Republic Petroleum...
26c
28c
3,000
18c
113*
113*
26
1,100
303*
303*
293*
303*
443*
23*
73*
113*
263$
303*
300
26
200
113*
243*
303*
293*
293*
303*
443*
23*
8
100
30
300
100
23*
83*
300
3,000
Jan
Apr
18
32
Jan
Api
373*
323*
Jan
Mai
443*
23*
73*
303*
Feb
A pi
29
443*
45c
Feb
35
Jai
Jan
Feb
Mai
523*
Jan
Jai
33*
133*
873*c
Feb
A pi
Feb
33c
Apr
93*
Jan
616
2%
Jan
Mar
Mar
33*
Mar
3*
1,300
Apr
Apr
43*
3
Jar
3*
43*
500
Jan
6% pref ann.
10
Security Co units ben int.*
Security-First Natl Bk..20
5
%
63*
Feb
118
42
120
5
73*
233*
880
130
133*
Jan
Jan
28
Jan
33
So Calif Edison Co
Apr
355*
273*
Feb
20
Jan
18
Apr
Mar
23
Jan
Feb
Feb
553*
63*
Apr
Apr
8
Feb
Jan
43*
Feb
Apr
23*
53*
Feb
Mar
Universal Cons Oil Co...10
Apr
253*
143*
Van de
7
41
Apr
Jan
6,363
2,530
1,442
2,970
33*
13*
43*
150
53*
950
70
Feb
460
17
Jan
22
Feb
690
18
Apr
20
Apr
185
Apr
273*
193*
13*
53*
243*
Apr
23
Feb
Feb
Apr
1,200
3,475
1,280
729
3*
3*
273*
2G0
13*
13*
Motor Wheel common..
Murray Corp
14
common..
Musk'n Plst R'g com.2,
163*
Packard Motor Car com..*
1
1
4
100
13
Apr
1
Feb
33*
213*
153*
163*
600
203*
835
14
43*
332
53*
73*
43*
53*
"m
63*
53*
5
63*
"43*
Scotten-Dillon com_____10
29
1
6
.1
83*
43*
1
29
6
Stearns & Co (Fred'k) com*
Sutherland Paper com.. 10
U S Radiator common...*
400
63*
233*
213*
73*
43*
36
"63*
2,935
63*
233*
223*
83*
43*
373*
83*
Feb
Jan
Jan
18
Mar
Jan
26
Feb
203*
213*
Feb
Mar
93*
Apr
Mar
123*
443*
Feb
Jan
28
Feb
273
133*
Jan
19
Feb
3,105
33*
Jan
5
Apr
Apr
332
63*
93*
53*
63*
Apr
190
3
353
53*
32
Apr
475
1,045
Jan
43*
Feb
937
.
5
53*
Jan
43
213*
43*
*
Union Bank &Tr Co...
Union Oil of Calif.
143*
443*
50
148 3*
25
Kamps Bakeries. *
Weber Showcase & Fix
pf *
Wellington Oil Co
Feb
Jan
Feb
Feb
Jan
345
29
Apr
35
4,295
6
Apr
103*
Jan
Apr
27
Feb
Apr
Apr
Apr
283*
Feb
10
383*
93*
83*
13*
73*
300
Feb
1,500
28
400
143*
32 3*
293*
Jan
26
263*
543*
263*
100
123*
253*
273*
263*
55
200
45
Mar
Mar
443*
400
283*
625*
493*
43*
43*
213* 213*
133*
153*
443* 45
1483* 151
243* 253*
143*
143*
700
19,100
800
40
5,600
Jan
43
Apr
Jan
Feb
Feb
253*
173*
Mar
Jan
55
Mar
Apr
155
Jan
Apr
Apr
113*
Jan
Feb
Jan
283*
183*
39
42
Apr
32
73*
Mar
1,500
103*
Mar
200
10
Jan
5
Jan
43*
213*
133*
433*
1483*
243*
100
83*
113*
9
9
Mar
100
41
83*
103*
83*
100
Apr
Mar
Feb
9
Feb
Mar
Apr
9
Feb
133*
Apr
10
Jan
Jan
Mining—
Black Mammoth Cons. 10c
Calumet Gold
10c
Cardinal Gold
24c
24c
25c
8,000
20c
Jan
38c
Feb
3c
3c
3c
1,000
lc
Aiar
4c
Feb
40c
40c
42c
800
40c
Apr
82 3* c
Feb
Imperial Development.25c
6c
53*c
7c
9c
Feb
14c
14c
17c
17,000
22,500
13*c
Oatman Rainbow Gold. 10c
Prince Cons Mining
10c
Tom Reed Gold
1
lc
Jan
17c
Apr
55c
55c
55c
500
50c
Mar
1.00
Jan
Jan
43c
43c
43c
1,600
38c
Feb
48c
Jan
.1
9c
9c
11c
17,300
9c
Feb
15c
Jan
Amer Radiator & St Sani. *
American Tel & Tel Co. 100
223*
1623*
Zenda Gold
Unlisted—
Anaconda
Copper.
50
Cities Service Co
223* 223*
1603* 1653*
493*
513*
33*
33*
53*
63*
183*
183*
523*
533*
513*
33*
Curtiss-Wright Corp
1
53*
Electric Bond & Share
General Electric Cp
5
183*
533*
International Tel & Tel...
103*
Montgomery Ward & Co_.
563*
103*
103*
563*
100
223*
1603*
493*
Apr
293*
Apr
1873*
Jan
200
Apr
683*
Mar
400
33*
Apr
53*
Jan
600
53*
183*
523*
83*
Mar
Apr
27 3*
Feb
200
Apr
62 3*
Feb
200
103*
Apr
100
563*
113*
243*
93*
153*
683*
Feb
Mar
447
100
Apr
83*
123*
93*
123*
83*
200
123*
Apr
60
60
60
100
513*
Jan
5
1
Jan
Apr
Apr
Apr
Apr
12 3*
Nor Amer Aviation Inc
North American Co
Packard Motor Car Co
Radio Corp of America.
5
5
100
12
113*
243*
93*
243*
93*
93*
Standard Brands Inc
Texas Corp...
Mar
1S!6
13
Feb
25
Feb
12
900
243*
100
10
400
1,000
Feb
17 3*
343*
Jan
Jan
12 3*
12 3*
Feb
Jan
16
Jan
Apr
Jan
633*
83*
1083*
17 3*
Feb
Jan
Feb
41
113*
Western Air Express
Feb
13*
43*
373*
100
472
233*
213*
2,888
73*
1,546
525
43*
35
335
63*
4%
13*
5
43*
7
6,230
13*
53*
13*
13*
53*
53*
1,225
1,025
153*
"16
16
1
Jan
23*
43*
13*
25
1
2
16
Jan
1,332
*
Wayne Screw Prod com..4
Apr
Apr
Apr
Apr
Feb
2,188
43*
332
....
Apr
590
16
43*
28
700
16
*
Feb
23*
3*
3,927
103*
383*
253*
93*
38
Apr
Apr
Apr
13*
33*
253*
*
2.50
3*
13*
Feb
13*
83*
293*
13*
Apr
Apr
22
100
23*
Mar
13*
53*
243*
1,405
13
13*
33*
203*
..
18
2,225
13
Sugar common...
21-3*
*
*
_
173*
193*
253*
13*
Mich St Tube Pr com.2,
543*
23*
53*
53*
23*
,S16
100
193*
293*
Mar
4c
43
263*
Jan
Jan
60
Jan
27 3*
Apr
325
Jan
2c
123*
253*
25
.
56
533*
123*
253*
273*
Sunray Oil Corp
Taylor Milling Corp
Transamerica Corp
Superior Oil Co
Apr
1,650
1,000
3c
13*
22
243*
Southern Pacific Co
Standard Oil of Calif
Mar
3c
3c
25
*.
6% preferred
53*% preferred
Jar
563*
433*
54
543*
13 J*
12
18
13*
53*
25
42
43
Sierra
1,710
583*
63*
33*
13*
63*
33*
13*
53*
53*
10
183*
Feb
3,425
143*
553*
Jan
11
Trading Corp___25c
Sontag Drug Stores
100
2
1453*
1
Apr
Apr
7
517
213*
183*
26
3*
com
2,000
3
17
Mahon Co (R C) A pref.
Masco Screw Prod com.
com
1.10
63*
McAleer Mfg com
McClanahan Oil com...
Wolverine Tube
1.00
Mar
63*
115
243*
Wolverine Brew
10
1,700
com.
com
Apr
Jan
2,500
18
B
73*
60c
13*
*
4
1,000
3
45
com.
Hurd Lock & Mfg com..
Tom Moore Dist com
119
4,400
8
73*
Feb
22
Univ Cooler A
Feb
43*
73*
50c
1,805
1,315
183*
com
1063*
4
73*
3
63*
Houdallle-Hershey B...
Rlckel (H W) common
2
River Raisin Paper com..*
50
113
4
113
63*
1243*
17
Hosklns Mfg common...
Prudential Investing com.l
Feb
60c
"l%
lleo Motor common
Feb
163*
3
13*
Hall Lamp common
Hoover Ball & Bear com.
Warner Aircraft
Feb
Apr
Apr
60c
Jan
7
63*
Tlvoli Brewing com
Feb
23*
153*
563*
Jan
93*
Rice Ranch Oil Co
7
"573*
Standard Tube B
Api
27c
1,100
Roberts Public Markets...
Samson CorpB com..;
18
com
Pfeiffer Rights
High
36c
113*
1133*
Feb
213*
Goebel Brewing com
Graham-Paige com
Penin Metal Prod com
Jan
30c
113*
31c
113*
Feb
25
com
723*c
22
5
143*
Parker Wolverine
Apr
35*
253*
33*
20
120
com
com
38c
Jan
.
com
11,800
21,900
Feb
73*
Federal Mogul common..*
Frankenmuth Brew com
1
Parker Rust-Proof
46c
Apr
33
Parke-Davis
38c
2%
33
Mich
Mar
38c
Mar
3*
com..3
M ld-W est A braslve com
Jan
18c
20%
.4
Kingston Products
13*
Jan
200
Eaton Mfg common
Kresge (S S) com
Klnsel Drug common...
1.50
Apr
8c
200
213*
Hudson Motor Car
Jan
1.10
1,120
3*
1
Grand Valley Brew com.
General Finance com...
85c
100
3,700
23*
.5
Gar Wood Ind
2,100
13c
203*
Det Paper Prod com
Det Steel Corp com
Gemmer Mfg B
General Motors
1.20
1.10
He
203*
23*
Det-Mich Stove com..... 1
.
1.10
1.10
23*
203*
23*
com
Ex-Cell-O Aircraft
1%
93*
463*
27)*
43*c
230
29
Low
Jan
20
Cunningham Drug com 2.50
Det & Cleve Nav
Range Since Jan. 1 1937
Week
High
13*
133*
463*
273*
4?*c
*
common
for
of Prices
Price
21
Jan
33*
52 3*c
*
National Funding Corp..
Nordon
800
10
Mar
460
1.00
Occidental Petroelum
Oceanic Oil Co
Sales
93*
Mar
11c
Mt Diablo Oil Mng & Dev 1
Exchange
450
193*
13*
1.10
Mascot Oil Co
Mensaco Mfg Co
Merchants Petroleum
Detroit Stock
200
1.10
Los Ang Industries Inc...2
Los Ang Investment Co. 10
DETROIT
Telephone
450
163*
Lockheed Aircraft Corp._l
Los Ang G & E 6
% pref 100
Chicago Stock Exchange
Building
450
...
Holly Development Co
1
International Cinema Inc..
Jade Oil Co
10c
Kinner Airpl & Motor
1
Lincoln Petroleum
1
Watling, Lerchen & Hayes
New York Stock
1
Farmers & Mer Natl BklOO
General Paint Corp
Jan
5%
163*
92 3*c
Globe Grain & Mill Co..25
4%
21%
22%
163*
97 3*c
Hancock Oil A
Weinborger Drug Inc
*
West Res Inv 6% pref.. 100
13
5
Goodyear Tire & Rubber. *
Refining
13
53*
Jan
3*
Apr
*Jan
3C0
325
Apr
Apr
Apr
13
Mar
8
18
United Corp (Del)
U S Steel Corp
983*
Warner Bros Pictures Inc .5
133*
983* 1083*
123*
143*
5
Apr
300
963*
Feb
600
12 3*
Apr
Apr
Feb
Feb
Feb
Established 1874
Feb
DeHaven & Townsend
Jan
Feb
Members
New York Stock Exchange
-
Philadelphia Stock Exchange
PHILADELPHIA
NEW
1513 Walnut Street
Wm.Cavalier&Co.
Philadelphia Stock Exchange
MEMBERS
New York Stock
Los
April 24
Exchange
Angeles Stock Exch.
to April 30,
Chicago Board of Trade
Friday
Teletype L.A. 290
Stocks—
Par
American Tel & Tel
Sales
Last
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1 1937
Shares
Low
100
Baldwin Locomotive
April 24 to April 30, both inclusive, compiled from official sales lists
Stocks—
*
of Prices
Price
20%
1633*
*
Bankers Securities pref .50
Barber Co
...10
_
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co
*
Budd Wheel Co
*
Chrysler Corp
High
Week's Range
Sale
Angeles Stock Exchange
Friday
115
93
.5
Curtis Pub Co common.. *
Bandini
Petroleum
1
53*
Barker Bros pf 5%new 100
Barnhart-Morrow Cons..l
38 3*
62 3*c
For footnotes see page 2970
5
5
53*
38 3*
2,400
60
383*
Feb
93*
413*
Mar
62 3*c 67 3*c
4,200
45c
Jan
90c
Apr
383*
Sales
Last
American Stores
Los
both inclusive, compiled from official sales lists
San Francisco Stock Exch.
Los Angeles
523 W. 6th St,
Apr
YORK
30 Broad Street
Jan
Elec Storage Battery... 100
General Motors
10
Horn &
Hard't(Phlla),com*
403*
Low
203*
High
233*
160
1673*
63*
73*
383*
41
323*
383*
1153* 1253*
9%
103*
83*
93*
110
1153*
153*
16
393* 403*
553* 583*
1293* 130
for
Range Since Jan. 1 1937
Week
Shares
Low
High
1,211
20
Apr
1,930
160
Apr
240
805
145
1,091
470
320
1,542
70
614
2,721
15
63*
263*
1873*
Feb
Jan
Apr
11
Jan
Jan
45
Mar
323*
1173*
93*
83*
Apr
43
Mar
110
Apr
153*
393*
553*
1293*
Apr
38
Apr
Apr
Apr
1273*
143*
13
Apr
1353*
203*
443*
703*
Apr
139
Apr
Mar
Jan
Feb
Mar
Feb
Jan
Feb
Feb
Volume
Financial
144
Friday
Sales
Friday
S«36%
*
Lehigh Coal & Navigation *
Lehigh Valley.
50
"19H
_
Mitten Bank Sec Corp__25
Preferred
25
Nat'l Power & Light
Pennroad Corp vtc
Penn Traffic
4%
44%
50
__50
Penna Salt Mfg
2%
com
Phiia Electric of Pa 55 pf.*
Phila Elec Pow pref
25
Pliila Rapid Transit
115
50
1
*
Salt Dome Oil Corp
Scott Paper..!
15%
40%
Tacony-Palmyra Bridge. .*
Tonopali-Belmont Devel.l
"~"X
1
Tonopah Mining
United Corp com
*
13%
Improvcom..*
111
*
Preferred
1
*
'45
122
Apr
Jan
125
Mar
9
10
823
8
Jan
11%
40
45
32
Jan
40%
4
380
3%
Jan
6
Feb
21
145
16%
Jan
23
Mar
Apr
Apr
Jan
Jan
20
52%
52%
50
50
Jan
55
Mar
Huttig S & D common...5
15
17
230
13
Jan
20%
175
Feb
Hydraulic Pr Brick com 100
3%
117%
Feb
Feb
Mar
35%
Apr
Jan
7%
13%
3%
16%
Apr
20
Jan
45%
32%
Feb
330
5
240
8%
$Apr
50
1%
12%
Apr
206
12%
2,935
838
30
42
28%
200
*16
Mar
Jan
1%
4%
Apr
Apr
Mar
500
11%
8,630
141
100
Apr
Feb
Mar
f Pittsburgh Stock Exchange
UNION BANK
Tel.
Feb
45%
702
44
Apr
49%
Jan
39
80
23%
Jan
39%
10
33%
Jan
36
Apr
Apr
Jan
22
Mar
35
35
19%
20%
26%
28
125
24
Jan
32%
Mar
19
19
5
15
Feb
Mar
20%
21
329
17%
Jan
22%
26%
10%
295
13%
Mar
;
-
20%
10%
*
100
Beazley Airpl com. .5
*
St Louis Pub Serv com
M.
«,
-
Scruggs-V-B D G com. .25
Scullin Steel preferred
S'western Bell Tel pref.
Prod.l
Wagner Electric com
15
-
~
«.
17
Apr
101
Apr
5
Apr
25c
Jan
70c
12%
Jan
20
Mar
19
Jan
29%
Mar
20
Jan
575
475
122%
Apr
75
11%
Jan
10%
1,600
10
Apr
Apr
13%
10
11%
Mar
41
43
1,112
39
Jan
49%
Feb
Feb
107%
Apr
Jan
101%
Mar
«.
41%
128
Mar
Bonds—
107% 107%
91
92%
107%
Nat Bear Metals 6s_..1947
1941
MUNICIPAL AND
107%
$2,000
88
1,500
& Co.
CORPORATION BONDS
Private Leased Wires
Members: NewYork Stock Exchange, San Francisco Stock Exchange, Chicago
New York Curb Exchange
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Feb
8%
26%
23%
123
Stix Baer & Fuller com.. 10
Sterling-Aluminum
Mar
100
122% 126%
11%
11%
24%
*
100
Jan
2
158
40C
17
_
119
Apr
200
5%
40c
-
Apr
Mar
Apr
75c
80
101
5
com.*
St Louis Bk Bldg Eq
10%
115
10
75c
75c
100
Rice-Stlx D G 2d pref..100
14%
6
115
115
115
1st preferred
Nich
-
-
45
Dean Witter
(Associate)
NEW YORK
120 BROADWAY,
Jan
11%
15%
*
National Candy com
A. T. & T. Tel. Pitb-391
Oourt-6800
3%
Apr
1%
Laclede Steel common...20
Jan
16% Mar
Mar
11
38
Knapp Monarch common.*
Preferred
*
Jan
Apr
Feb
25
120
44
44%
Shoe com..*
Feb
7%
8%
46%
17%
114%
14%
12%
Apr
2%
2%
Meyer Blanke common...*
Mo Portl Cement com.. 25
Jan
Mar
11
100
Preferred..
International
Lacl-Chr Clay Prod com..
PITTSBURGH, PA.
BLDG.,
3%
Ham- Brown Shoe com— *
CO.
H. S. EDWARDS &
| New York Curb Exchange
39
Griesedieck W Br com...*
tScullin Steel 6s
A/r«mw.
Members
'9%
Falstaff Brew common... 1
Jan
Feb
1*516 Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
275
Jan
Feb
*>i6
Jan
4%
39%
13%
110%
12%
9%
181
387
1,101
13%
Jan
103
Hussman-Ligonier com... *
Preferred
50
8
13%
118%
100
Apr
Feb
Jan
Mar
Mar
Bonds—
Elec & Peoples tr ctfs 4s
5
110
Ws
5%
14%
5%
50%
Apr
12%
122
110
Jan
Feb
32%
1%
6%
122
1st preferred.
Jan
Mar
113%
%
100
Emerson Electric pref.. 100
13%
273
30
Feb
32
24%
1,242
15%
40%
Ely & Walker D G com. .25
High
Jan
27%
Apr
,ian
Mar
9%
Westmorland Coal..
Jan
Low
220
30%
30
Apr
900
15
12%
*
Westmorland Inc
14,502
3,274
5%
4%
41%
39%
13%
13%
lll'A
110% 111%
*
Preferred
199
2,094
5%
9%
1%
6
50
Union Traction
United Gas
1%
14%
12%
39%
29%
%
1%
*
Feb
112
Price
Par
Week
2%
197
113% 115
32%
33%
9
50
Philadelphia Traction
Shares
7%
17%
2%
2%
9%
4%
39%
164%
350
586
""ix
.50
7% preferred
Phil & Rd Coal <& Iron
41
Apr
107%
10
4%
44%
41%
170% 170%
2%
3
Apr
36
232
38
36
107% 107%
8%
7%
19%
17%
3%
m
3%
3%
Stocks (Concluded)
High
Low
Shares
9
*
1
Pennsylvania RR
for
of Prices
Low
High
Week
100
Preferred
Week's Range
Sale
for
of Prices
Low
High
Price
Par
Horn & Hard't (N Y) com
Week's Range
Sale
Range Since Jan. 1, 1937
Last
Range Since Jan. 1, 1937
Last
Stocks (Concluded)
2969
Chronicle
San Francisco
Portland NewYork Honolulu Los Angeles
Beverly Hills Pasadena long Beach
Tacoma
Seattle
Fresno
Stockton
Sacramento
Oakland
Board ofTrade
(AssoJ, SanFrancisco Curb Exchange, Honolulu StockExchange
Pittsburgh Stock Exchange
Sales
Friday
Last
Week's Range
Sale
Par
Stocks—
Price
100
Preferred
*
Armstrong Cork Co
Blaw-Knox Co
...*
...
2%
1
Carnegie Metals Co
Central Ohio Steel Prod..*
Clark (D F) Candy
Co...*
Columbia Gas & Elec Co.*
Consol Ice Co
100
1
Fort Pittsburgh Brew
327
2%
5,080
Apr
Jan
Apr
10%
70%
400
13%
508
12%
150
50c
Mar
Apr
21%
13%
727
18
Jan
105
10
Jan
420
30
Apr
50
490
1
Jan
1%
58%
McKinney Mfg Co
Mesta Machine Co
5
9%
7%
Mountain Fuel Supply Co.
Nat'l Fireproof Corp com.*
Preferred
Apr
Apr
9%
7%
3,672
1,140
142
Jan
Jan
Atlas Imp Diesel Eng
Bank of Calif N A
Apr
Bishop Oil Co
Feb
Apr
2,000
7c
Jan
500
8c
Apr
50c
2%
5%
5%
318
1%
3%
Feb
Jan
4%
200
36
15%
5
27
1
.1
2
27%
2%
3c
8%
50
Jan
13%
Jan
19%
20
3S6
21
25c
35
180
15
21
36
......
Jan
30
25
52
16%
1%
Feb
1,950
1,000
2c
8%
5
*
20
Jan
Apr
Calif Cotton Mills com. 100
Calaveras Cement com... *
Calif Ink Co A com
*
Feb
Calif Packing Corp
com..*
Mar
Jan
Jan
Jan
5
Jan
4c
Jan
Preferred..
_
.
...
.
113
5%
Feb
Mar
Enquiries Incited on
Mid-Western and Southern
8t.
150
84%
Apr
47%
Jan
96%
57%
87
54
54
5
5
19%
37%
56%
15%
87%
54%
5%
19%
38%
56%
16%
38
37%
38
505
Gladding McBean & Co..*
Golden State Co Ltd
„_*
20%
7%
24%
7%
790
._..*
21%
47%
20%
7%
21%
47%
.25
19%
37%
A preferred
...
10
Louis
Stock
Chicago
Exchange
St
*
Hancock Oil Co
Board
of
Sale
Stocks—
American Inv com
Par
Price
Range Since Jan. 1 1937
20% ,20%
34%
35
160
20%
Apr
22%
Apr
Mar
200
30
Jan
37
Brown Shoe common
*
46%
46%
47%
351
46
Apr
49%
Feb
Burkart Mfg common
Preferred
*
32
32
33
990
31
Apr
39
Jan
*
32%
32%
100
31%
Feb
32%
Central Brew common...5
4%
5%
150
4
Jan
Preferred
25
Coca-Cola Bottling com..l
Dr Pepper common
Elder Mfg common
154
*
*
For footnotes see page 2970
5%
Mar
53%
Jan
190
38
Apr
Mar
Apr
2,561
185
Jan
Jan
Jan
Apr
30
1,120
28%
100
29%
Jan
1S%
3%
200
18%
Apr
23
10
18%
18
3%
10
6
15
22
5%
6
14
14
38
35
40
1
12
Sugar Plant
6%
2%
20%
22
12
11%
6%
6%
3%
2%
20%
20%
103% 103%
791
425
180
Apr
Jan
Jan
Mar
Feb
4%
Feb
Jan
5%
Apr
8
Feb
Jan
25
Mar
Apr
231
6%
Mar
893
2%
20%
103%
22%
Apr
2.004
Jan
Feb
2
22
12%
33%
9%
1,080
1,835
Feb
Mar
Jan
Jan
16%
45%
16%
7%
Feb
Feb
Feb
Jan
*
2%
*
100
103%
24%
24
25
32
31
32%
180
28
Apr
33%
10%
32%
10%
34
725
32%
Apr
11
4,388
28
28
30
120
10%
23%
Apr
99
99
101
50
98
Jan
85
85
85
30
85
Apr
96
Mar
13%
29%
25%
9%
14%
Apr
16%
Mar
29%
25%
13%
29%
Apr
32
Jan
24
Jan
28
Mar
Apr
11%
Mar
15
16
17%
Apr
12%
18%
12%
15%
50
19%
12%
320
pref. .100
*
100
6% preferred
100
5%% preferred
100
North Amer Oil Cons... 10
Occidental Ins Co.
10
Oliver United Filters A..*
*
15
Pacific Amer Fisheries...5
*
Pacific G & E common..25
6%
1st preferred
5%% preferred._
25
25
29%
25%
10%
15%
12%
19%
12%
31%
29%
27
Apr
44%
6% preferred...
*
Pac Pub Ser (non-v) com..*
104%
*
21%
155
40
113
Jan
160
Apr
37
40
692
25
Jan
48
Feb
20
21
1
20
21%
Pacific Can Co
13%
Pacific Light Corp com..*
154
Jan
Apr
835
31
Paauhau Sugar
*
Apr
460
1,082
31
O'Connor Moff att & Co A A *
High
Low
Mar
70%
18%
41%
31%
8%
23%
28%
B
Week
Shares
Mar
40
Apr
17%
38
Nat Automotive Fibres..*
Sales
of Prices
High
22
Feb
56%
14%
36%
18%
7%
21%
47%
60
31
(I) Magnin & Co com
6% preferred
compiled from official sales lists
Low
Jan
36
100
28%
*
Jan
Mar
7
38%
23%
14%
Market St Ry pr
for
Jan
Mar
Marchant Cal Mach com.5
Trade
Louis, Mo.
St. Louis Stock Exchange
Week's Range
4
10
No Amer Inv com
Last
635
Apr
Mar
Feb
Ltd...*
20
Natomns Co..
Friday
5
21%
47%
38%
90
9%
44%
36%
32%
Magnavox Co Ltd
Telephone Central 3350
April 24 to April 30, both inclusive,
15%
com..*
Lyons-Magnus Inc A
New York Curb (Associate)
315 North Fourth St.,
Mar
395
87%
Lockheed Aircraft
MEMBERS
New York Stock Exchange
Apr
42
Langendorl Utd Bak A...*
LeTourneau R G Inc
1
all
Jan
108%
17%
Jan
39
Preferred.,
Securities
Apr
Mar
39
16
39
Hunt Bros A com
Established 1874
Jan
25
100
16
Hudson Motor Car Co
Business
99
Apr
Mar
39
Hutcu
19%
325
24%
47%
19%
Honolulu Plantation
CO.
Apr
320
Apr
Honolulu Oil Corp
I. M. SIMON &
Feb
7%
Apr
Home F & M Ins Co.
MARKETS
Apr
46
Apr
Hawaiian Pineapple
ST. LOUIS
Jan
16
Preferred
Apr
730
5%
40%
General Paint Corp
Apr
6,223
Jan
35
375
42%
General Motors com
4%
21%
102%
782
20
Jan
111
Mar
21%
42%
16%
20
Feb
165
106%
5
105
42%
164%
100
Jan
40
835
1,192
320
Emporium Capwell Corp.*
Apr
4%
Feb
Mar
Apr
111
12%
59
41%
133%
4%
Jan
Jan
495
111
10
20
Galland Merc Laundry...*
*
150
Mar
125
42
Feb
Feb
_.
Apr
100
Apr
:
112
575
1%
8%
56%
6% % pfdlOO
Jan
Mar
11%
52
Unlisted—
Apr
52
105%
101
42
Jan
Pennroad Corp vtc
Jan
Mar
Feb
Feb
20
6
100
Mar
11
Jan
Lone Star Gas
42%
19%
12%
1%
45%
53%
48%
42
Jan
86
106
320
Mar
32%
Mar
Mar
11
95c
44%
41%
134% 136%
50%
Feb
34%
42
3
45
11%
5%
102%
*
165
2%
Apr
38
Feb
10
395
112
11%
110
Feb
25
213
.100
500
Jan
Feb
112
2,142
Feb
Feb
Feb
Mar
15%
155%
31%
7%
Fruit com... 10
$3 Preferred.
300
Jan
Mar
6%
38% 40%
51
50%
103% 103%
20%
1
7%
61%
Apr
320
com...5
4
Waverly OllcIA
Jan
Jan
49
Creameries of Amer Inc..*
52
Vanadium Alloy Steel
Victor Brewing Co
6%
47%
100
110
42
1
4
United States Glass Co. .25
181
4
49
200
1,185
105
4
United Engine & Fdy
4,280
6%
52%
6%
48%
6%
*
Shamrock Oil & Gas
49
6
50
3c
Jan
42
Jan
Feb
Apr
Mar
35
105
Crown Zeller Corp
29%
2%
771
100
*
1
Co
-
40%
Cons Chem Indus A.....*
Di Giorgio
Feb
Mar
Jan
Jan
260
Cst Cos G & E
*
Westinghouse Air Brake.. *
Westinghouse El & Mfg.50
San Toy Mining
Jan
1,390
29%
11%
Claude Neon Elec Prod..*
4%% cm pref ww..._50
Emsco Derrick & Equip..5
Fireman's Fund Indem._10
Fireman's Pund Insur. .25
Food Mach Corp com... 10
Foster Ar Kleiser com—2%
Renner Brewing Co
Apr
Apr
Jan
Jan
29%
8%
%
39%
112
Crocker First Nat Bk.. 100
Jan
5%
16%
194%
6%
27%
28%
7%
%
643
502
51
Feb
Mar
580
30
40%
pref. .100
Cnrysler Corp
Jan
29
103%
50
Calif Water Serv
Apr
Apr
23%
29%
8%
%
39%
Calif-Engels Mining Co..l
Feb
11%
140
160
49
Calamba Sugar com
Preferred
8%
8%
550
35
206
High
Low
30
Byron Jackson Co
Apr
Feb
Jan
25%
5%
18%
1 1937
Range Since Jan.
for
Week
Shares
15
140
25%
5%
16%
205
206
80
13%
11%
140
25%
5%
17%
Co.5
Feb
Mar
6%
15c
2
Pittsburgh Screw & Bolt..*
Pittsburgh Steel Fdy
*
Plymouth Oil Co
10
Jan
1,481
9c
15c
Pittsburgh Brewing Co.--*
Preferred
v^
*
.
111?
14?
4%
71%
12%
Apr
Mar
11%
Jan
99
Jan
10%
1%
58%
High
Low
140
Alaska Packers Assn...100
6% 1st pref
5
Phoenix Oil & Gas
75
104
1,795
9c
9c
25c
1
Phoenix Oil com
10
11%
3%
61%
2%
58%
9%
6%
*
Apr
25
75
108
11
11%
43%
102
44%
75
Koppers Gas & Coke pf 100
Lone Star Gas Co
*
Anglo Cal Nat Bk of S F 20
Assoc Insur Fund Inc. -.10
24%
13%
39
of Prices
Price
Alaska Juneau Gold Min 10
1.00
85c
Week's Range
Jan
4
Apr
Par
Stocks-
Mar
Mar
20%
8%
20%
Apr
5
Feb
Feb
29%
Apr
15
5%
108
Jeannet Glass pref
_
230
12%
14%
43%
Harb-Walker Refrac com.*
.
20
8%
61
25%
Apr
30
"31%
Follansbee Bros pref
_
7%
8%
60%
21%
2%
14%
95
8
20%
13%
20%
Sales
Last
Sale
1
Duquesne Brewing Co...5
Electric Products
*
compiled from official sales lists
Friday
85c
com
1937
High
Low
Shares
High
7%
8%
60%
21%
2%
14%
5%
12%
*
Arkansas Nat Gas
Range Since Jan. 1
for
April 24 to April 30, both inclusive,
Week
Prices
o
Low
Francisco Stock Exchange
San
from official sales lists
April 24 to April 30, botH inclusive, compiled
Mar
(Non-v)
preferred
6
11
31%
29% 29%
27
26%
46%
44%
103% 104%
30
6
21%
6%
22
435
10
2,414
935
10
316
5,595
9%
Apr
Jan
5
23%
Apr
Apr
108
Jan
Jan
28
Feb
Jan
Jan
^
00
W
33
0\ 40\
102%
Feb
Feb
Mar
Mar
15
Apr
Apr
18
Jan
Apr
440
12%
18%
12%
Apr
22%
18%
Feb
411
30
Apr
38
Jan
32%
29%
53%
Jan
120
1,812
28%
Mar
520
25%
Mar
1,637
40
Apr
130
103%
Apr
929
6
Apr
548
21%
Apr
107
8%
24
Jan
Jan
Jan
Jan
Jan
Jan
2970
Financial
Friday
6% preferred
Shares
140
133
*
76
Rainier Pulp & Paper A..*
B____
*
Republic
Petroleum
76
72
1
common
72%
13%
77%
1
Rooa Bros
S J I & Pwr 7 % pr
pref. 100
Shell Union Cil com..
*
Signal Oil & Gas Co A
Soundview Pulp Co
100
Soutnern
Pacific
So Pac Golden Gate A
B
Feb
Warner Brothers
Standard Oil Co of Calif..*
Super Mold Corp of Cal.10
Thomas-Allec Corp A
*
46
114
Apr
120
Feb
26
Apr
395
102
Jan
48%
Feb
47%
20
102
Mar
45
4,724
16
925
15
150
2
472
43%
1,100
22
16%
14%
16%
65
65
330
330
995
Apr
18
18%
11%
Apr
100
10
33
2,300
50
50
17%
Apr
28%
Apr
24
Feb
23%
18%
Jan
Jan
Mar
MONTGOMERY
Stocks—
Par
Alaska Mexican
350
—
Hollywood
—
Los Angeles
—
Beverly
—
Hills
c
on
Cash sale,
March 9,
a a.
M. Castle & Co. spilt its com
stock
mon
on
1937.
*
•
Stock dividend of 100% paid Sept. 1, 1936.
sale—Not Included in range for year,
Listed,
t In default
a
t Company in bankruptcy, receivership
or
t
Ex-divldend.
Ex rights,
v
reorganisation.
Feb
Apr
40%
49
Apr
64
Mar
Provincial and Municipal Issues
Jan
Bid
5s
4%s
July
Oct
4%s
Aug
5s
June
5s
Dec
Ask
Province of Ontario—
f 62
65
5s
Oct
/60
62
6s
5s
Oct
1 1956
Prov of British Columbia—
Sept
May
4s
June
4%s
Jan
12 1949
99% 100%
96
94%
1 1953
Province of Manitoba—
STREET
Province
110
115
116
1 1959
116
117
1
103% 104%
109% 110%
1962
15 1965
Quebec—
1 1941
92
94
4%s
Mar
2 1950
92
94
4s.
Feb
1
2 1959
Apr
Apr
94
96
4%s
15 1960
15 1961
Province of Nova Scotia—
Sept
15 1952
Mar
1 1960
1958
May
1 1961
Prov of Saskatchewan—
107% 108%
105% 106%
107
108% 110
5s
June
15 1943
105
5%s
4% s
Nov
15 1946
106%
Ask
109
1
15 1954
Prov of New Brunswick—
4%s
4%s
of
Bid
1942
15 1943
Oot
108
92
93
92
94
89%
1 1951
91
105% 106%
112% 113%
Sales
Week's Range
for
of Prices
Price
Low
High
Range Since Jan. 1 1937
Shares
Low
18c
1,000
10c
25
1.60
1.65
650
5
15c
19c
1,600
8%
Amer Tel & Tel
American Toll Bridge
8%
166%
665
80c
3,370
76e
50
21%
100
162%
1
78c
Anglo Nat'l Corp
160
76c
21%
Argonaut Mining
5
22
7
5
Preferred
50
Aviation Corp
8
16
16
50%
50%
8
6%
49% 49%
10%
9%
21% 21%
4.10
3
American Factors Ltd.
Bancamerlca-Blair
7%
8
Ark Nat'l Gas A
com
Bendix Aviation.
Bolsa Chiea OH A
5
10%
21%
10
4.10
Bunker HUl-Su!livan
10
120
Calif Art Tile A
17%
50%
Feb
8%
11
217
10
6,436
80
85
91
145
Apr
13
185%
Jan
97c
Feb
Apr
27%
11%
Jan
13
50%
6%
48%
9%
Apr
18%
52%
Mar
Feb
Jan
9%
49%
13%
21
Apr
24%
Apr
4.10
Apr
7%
146%
Jan
102
19%
Jan
Apr
Jan
Mar
185
4
Jan
91
Apr
25%
6%
95%
Feb
Mar
Feb
30c
30c
100
18 c
Jan
50c
37c
48c
4,000
37c
Apr
82c
1.25
6,700
Curtiss-Wright Corp
1
40c
Jan
1.90
95c
10
610
40c
Jan
1.90
3%
2%
3,868
3%
Apr
5%
Jan
810
70c
Jan
3%
Mar
4.30
372
3.00
Mar
5.25
Mar
15%
6%
330
Apr
17%
8%
Mar
Jan
54
2%
15%
5%
'18%
15
5%
1
General Electric Co
General Metals
18%
18%
105
40
100
10
1
22
220
70
70
20
21%
20
15
680
52%
21%
Gt West Elec Chem com.
Preferred
51
105
2
Holly Development
22
52%
5
275
5%
50
18%
105
52%
21%
69%
21%
Apr
Apr
Apr
Apr
Apr
Feb
Mar
28%
106%
64%
24%
76
Apr
Jan
Jan
Mar
Dec
5s
July
23%
1.15
8,850
80c
Jan
1.60
Bid
Canadian National Ry—
4%s
Sept
1 1951
4%s
4%s
4%s
Feb
1
July
1 1957
5s
July
1 1969
5s
Oct
1
1969
5s
Feb
1
1970
Mar
15%
70
14%
Apr
Mar
~4~66
3.60
4.10
Apr
1.10
1.30
9,505
3,450
3.60
1.20
1.10
Jan
1.85
10%
11%
362
10%
Apr
15%
Feb
Italo Petroleum
80c
73c
90c
10,326
51c
Jan
1%
4%
6%
9,069
4.35
Jan
7%
Mar
40c
36c
44c
10,525
36c
Apr
72c
Feb
10
40c
27c
40c
8.800
20c
Apr
50c
Mar
110
28%
7%
Jan
34
100
32
7%
7%
Apr
10%
3.20
3.30
300
3.20
Apr
4.80
1956
50c
35,465
41c
Apr
63e
112
"55%
Mar
9,690
9%
58%
17%
Apr
11%
6%
54%
10%
Apr
55%
12%
29
Copper. 5c
6.%
55%
10%
8%
& Co..
25c
25c
200
25c
53c
Feb
12%
12%
36%
190
52c
1,500
Nevada Porph
North Amer Aviation
5
1
Cahu Sugar Co.
20
36%
Petroleum.. 1
Olaa Sugar Co
20
Onomca Sugar Co..
20
z Pac Coast
Aggregates. 10
Pac Western Oil
17
6%
2.85
200
150
22%
9%
4%
100
30
31
10%
8%
17
17
6%
23%
6%
23%
Snasta Water Co com.,.;
39
40
Silver King Coal
Sou Calif Edison.
...5
12%
25%
12%
5%% preferred
6% preferred
.25
25%
8 P Gold Gate F 6% pf-100
Stearman-Hnmmond 1.25
Sterling Oil & Develop
50
100
23
Jan
27
Apr
41%
12%
25%
Apr
Apr
16%
32%
28%
29%
91
Feb
205-
Mar
15
1.95
1.85
2.10
2,025
1.85
100
30c
Jan
Jan
23%
60c
12£
Jan
Jan
Apr
Apr
Apr
Feb
9%
44
2.70
1.30
Feb
Mar
Jan
Feb
Jan
Mar
Jan
Jan
Mar
Feb
200
19
Apr
24
Feb
19%
60
18
Apr
21
Feb
1
3.05
2.95
3.50
4,325
1
1.95
1.95
2.05
5,750
1.25
.100
101%
97% 108%
1,360
77%
Jan
Apr
19
Feb
37!-
26
,
Apr
Mar
27%
23%
60c
29%
12%
Feb
73
19
Jan
8
56
18
Jan
Mar
Jan
26%
27%
24%
18
U S Petroleum
Apr
Feb
4.15
Apr
25
685
50
8%
8%
16%
3%
25
100
17%
Apr
Apr
Apr
26
1
Texas Consol OH
1,896
82c
Apr
27%
23%
Sunset McKee S B
Superior Port Cem B
26
310
Jan
26
25
2
Jan
Jan
13%
44%
8%
8%
25
17%
44
30
9%
4%
Mar
Apr
1,613
23
Apr
Apr
Apr
43c
3.10
210
Jan
12%
44%
31
20
Radio Corp of Amer
Radio-Keitt -Orpheum
Riverside Cement A
1954
100
%(100%
1.55
Jan
3.75
Ask
Canadian Northern
110%
113%
115%
115%
6%s
Ry—
July
1 1946
Grand Trunk Pacific Ry—
110%
4s
Jan
1
1962
94%
113%
3s
Jan
1 1962
104%
116%
116%
SECURITIES
Municipal
•
•
Corporation
•
New York
•
HAnover 2-6363
Jin
36
2 85
22%
9%
4%
1
Shumacher Wall Board
Preferred
14
10
13%
44%
2.85
10
Pioneer Mill Co
36
50c
Packard Motors
Park Utan Mines
1
1 1960
Bell System Tele. NY 1-208
Feb
z
Dec
July
104%
108% 108%
Royal Securities Corporation
30 Broad Street
Jan
41c
Montgomery Ward
U S Steel com...
15 1955
Feb
45c
M J & M & M Consol
1
Monolith Port Cem pref. 10
City
32
3.25
Menasco Mfg Co
5s
4%s
Ask
104
Private wire connection betiveen New York, Montreal and Toronto
Mar
5%
5
June
Government
Jan
1
Preferred
Marine Bancorporation.
McBryde Sugar Co
Ry—
1 1946
Ask
110% 110%
113% 113%
110% 111%
CANADIAN
Mar
Kinner Air & Motor
Kleiber Motors
Sept
Dominion Government Guaranteed Bonds
Feb
1.05
Internatl Cinema.
Internatl Tel & Tel
2
Pacific
4%s
Feb
17%
7%
_
Sept
4%s
Feb
Idaho-Maryland Mining. 1
_
Bid
Canadian
Mar
14%
1.10
20
2
Ask
93%
4%
15 1942 /108% 109%
15 1944
100% 102
1 1944
113
113%
Mar
3%
2%
51
Honokaa Sugar Co
6s
Mar
1.00
Dominguez Oil Fields
Electric Bond & Snare...5
Fibreboard Prod pref.. 100
Bid
Pacific Ry—
4s perpetual debentures.
Feb
1.05
Railway Bonds
Canadian
Jan
45c
1
Columbia River Packer
Consolidated Oil
Inc.
Apr
Jan
Go.,
Private wires to Toronto and Montreal
Jan
Mar
4.00
Claude Neon Lights
New York
Jan
3%
1
&
Feb
Apr
1.10
Central Eureka
14 Wall St.
Feb
Apr
7%
7
4%
Gundy
Mar
Apr
Apr
7
1,160
125%
21
Feb
50c
Bonds
Feb
2.50
Jan
160
63
100
19%
4%
50c
Jan
6c
505
Wood,
High
Jan
45c
50
4.10
91
B
Calif-Ore Pow 6% pf'27 100
Calif-Pacific Trading
z Cardinal Gold
1
Preferred
Cities Service
Canadian
Week
16c
Alaska United Gold
Amer & Foreign Power
z
Monte
rCash
Jan
30%
5
Alaska Tread well
z
offices in San Francisco
Del
April 30, both inclusive, compiled from official sales lists
Sale
Occidental
York Stock Exchange
Exchange
Last
z
Jan
d Stock split up on a two-for-one basis.
g
FRANCISCO
Friday
Mountain
21%
b Ex-stock dividend.
Mar
75
Jan
No par value,
two-for-one basis
Jan
Apr
312
330
30%
Feb
5s
z
Apr
Jan
Feb
21%
Apr
65
49
5
Barbara
4% 8
z
15
Feb
20
Apr
2,840
31%
49%
Jan
Apr
Direct Private Wire
z
42
Feb
17%
13%
24%
59,879
3,075
49
12
♦
2,045
65
—
Exchange (Associate)
z
15%
own
Santa
Jan
42%
Private wire to
Jan
Memberai New York Stock Exchange—San Francisco Stock
Exchange—San
Francisco
Curb
Exchange—Chicago
Board of Trade—New York Curb
Corp
Feb
15
Jan
Cortlandt 7-4150
Jan
1
(Since 1880)
Atlas
Apr
Apr
18
6%
2,186
Mar
1%
STRASSBURGER & CO.
to
9%
18%
Apr
Mar
65%
4%s
April 24
Jan
12%
8%
Broadway, New York
Apr
9
234
16%
104
111
Jan
%
38
Francisco Curb
15
195
Members New
Province of Alberta—
5s
Jan
1 1948
San
448
15
Apr
1
620
19
SAN
18
13%
Schwabacher & Co.
Mar
15
133
7%
16%
12%
8%
Mar
40
24%
50
High
Low
13%
5
.5
Feb
36%
16%
15%
Union Sugar Co com
25
United Air I.incs Trans..5
33%
3,058
42;)
13%
1
Range Since Jan. 1,
Shares
High
Feb
Mar
22
.__*
Union Oil Co of Calif...25
Victor Equipment
Preferred
Low
Price
Feb
13%
33
52%
1%
%
173/
78
Apr
Apr
3%
18%
15%
25%
Transamerlca Corp
Jan
IVi
686
57%
1%
%
9%
z
1937
Week
Feb
26
3%
17%
14%
24%
Tide Water Ass'd Oil com.*
for
of Prices
Jan
Jan
89%
79%
30
43
102
Jan
50
315
18
Apr
270
28%
40%
41
Week's Range
West Coast Life Insurance5
Jan
Apr
16
Spring Valley Water Co..*
Yel Checker Cab A
Jan
87
56%
1%
%
9%
44%
*
*
Universal Consol Oil
10
Walalua Agricultural Co.20
Wells Fargo Bk & U T.100
Western Pipe & Steel... 10
150
Apr
72%
13%
77%
2,352
115
40%
102
100
152
Apr
335
75
26
Apr
50
8%
27%
Par
133
1
789
79
76
115
26%
40%
42%
*
14
72
115
5
Preferred
200
Stocks (Concluded)
High
138%
50
72%
7%
26%
8
26 %
Last
Sale
Low
190
135
72%
13%
77%
Ry Equip & Realty com.-*
6%
....100
Range Since Jan. 1, 1937
Week
138% 142%
135
100
common
Sales
Friday
for
of Prices
Low
High
Price
Pacific Tel & Tel com__100
Paraffine Co's
Week's Range
Sale
Par
May 1, 1937
Sales
Last
Stocks (Concluded)
Chronicle
Feb
Jan
2.90
Feb
Jan
126%
Mar
Industrial and Public
Utility Bonds
Bid
A sk
Abltibl P & Pap ctfs 5s '53
f 101
Alberta Pac Grain 6s. 1946
98
Beauharnois Pr Corp 5s '73
59
100
Bell Tel Co. of Can 5s. 1955
Burns & Co 5%s-3%s. 1948
113%
Calgary Power Co 5s__1960
Canada Bread 6s
1941
Canada North Pow 5s. 1953
Canadian Inter Pap 6s '49
112%
79%
96%
109%
103%
101%
101%
59%
80%
97%
110%
103%
101%
Canadian Lt & Pow 5s 1949
Canadian Vlckers Co 6s '47
101
Cedar Rapids M & P 5s '53
Consol Pap Corp 5%s 1961
112% 113%
5%s ex-stock
1961
Dom Gas & Elec
6%s.l945
98%
/90
/66
92%
99%
91%
66%
93%
Donnaconna Paper Co—
4s 1956
East Kootenay Pow 7s 1942
Eastern Darles 6s
1949
Fraser Co 6s
Jan 1 1950
Gatlneau Power 5s.._1956
General Steel wares 6s. 1952
Gt Lakes Pap Co 1st 5s *55
6s
1950
Int Pr & Pap of Nfld 5s *68
Lake St John Pr & Pap Co
5%s
1961
5s
1961
MacLaren-Que Pr 5%s '61
*
No par value.
83
84
100
85
ioi"
94%
110
103
100% 101%
81%
82%
98%
99%
/ Flat price.
McColl Frontenac Gil 6s '49
Minn <fe Ont Paper 69.1945
Montreal Island Pr 5%s '57
Montreal L H & P ($50
par value) 3s
1939
A*k
94
90%
87
99
100
102% 103%
/ 74
74%
103%
50%
97%
51
1956
1973
3%S
3%s
90
91
Montreal Tramway 5s 1941
Northwestern Pow 6s 1960
Certificates of deposit
Ottawa Traction 5%s.l955
Ottawa Valley Pow
5%s '70
Power Corp of Can 4%s *59
Deo
1
1957
Provincial Pap Ltd 5%s *47
Quebec Power 5s
104
/93%
2%s to *38—6%s to '49
Massey-Harris Co 53.. 1947
53
87~"
102%
100%
Bid
Manitoba Power 5%s.l951
Leaf Milling—
Maple
1968
98%
101% 102%
82
82
102
104% 105%
101
104%
102%
103% 104%
99% 100
Saguenay Power 4%s. 1966
Shawinlgan W & P 4%s '67
Smith H Pa Mills
4%s '51
102
8teel of Canada Ltd 6s *40
United Grain Grow 5s 1948
111
United Securs Ltd
5%s *52
Winnipeg Elec 6s.Oct 2 *54
102%
102% 103%
94
96
71%
72%
96
new
members
association
security dealers
UTILITY
CANADIAN
IN
SPECIALIZING
york
52
STREET
PRIVATE
OFFICES
CONNECT
2971
144
Volume
WIRES
Canadian Markets
LISTED
AND
UNLISTED
Montreal Stock Exchange
tables, usually found in
For miscellaneous Canadian
2970.
this section, see page
1
Sales
Friday
Range Since Jan. 1, 1937
Last
Stocks
Montreal Stock
compiled from official sales lists
April 24 to April 30, both inclusive,
A
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Ltd..*
*
pref.*
A..*
Amalgamated Electric...*
10
106
*
-
4%
Jan
12
Jan
Apr
106
125
110
Jan
JaD
7
Mar
5
Jan
7
29
Apr
30
Apr
11
Jan
16
54
Jan
57
Mar
19%
3%
8,361
17
Apr
4%
17
18%
825
Mar
10
15%
51
375
3
Mar
30
35
34
26%
Jan
160%
668
20%
18%
24%
49,686
18%
Jan
35
35
36%
543
35%
Mar
7%
95
7%
Apr
7%
630
7
160
7%
7
7
60
60
159
587
05
Jan
15%
23%
5%
38
170
Apr
Jan
Jan
Feb
Preferred
18
16K
16%
16%
25
14
Tooke Brothers
Vlau Biscuit.
Jan
New preferred
79
29%
10
17%
24
-—26
Celanese
*
23
26
27
24
25
18%
49
Apr
61"
14%
Apr
2Vy
23
Apr
32
24
Apr
31
121
Mar
126
33
420
23
81%
1,175
2,835
72
4%
5
Canadian Locomotive
12%
*
Jan
Apr
778
4%
Apr
83%
8%
7%
23%
17%
22%
100%
60
Apr
Feb
25
Jan
8
Jan
5
5
5
5
4
Jan
*
5%
5
6%
983
5
10%
Jan
4%
5
495
4%
Apr
Apr
10
Jan
30
203
Apr
43
Jan
4%
—
20%
Apr
54%
2,154
48%
Apr
58
21
2,040
19%
Jan
23 J-
Dominion Glass
100
112
56
Jan
118
Mar
April 24 to April 30, both
......
Mar
Mar
Jan
28%
220
73
Jan
85
Apr
6% cum pre!
1,615
13%
Jan
20
Apr
Prel ctfs of
18%
Apr
16
2
6%
Municipal
Public
1883
Montreal
545
225
12%
108
Apr
Apr
115
2
19%
100
1,606
6% 6%
10
32
150
2
Jan
17%
Apr
5%
Jan
6%
24
8%
Price
Mar
.100
61
57
58
58
95
Jan
Bathurst Pr & Pap class B *
Jan
Beauharnois Power Corp.*
92
Brewers & DIst of
Vane..*
Apr
79%
60
Mar
4%
97
Apr
Apr
Apr
6%
Feb
4,544
80
Apr
122%
Apr
1,126
7
Feb
12%
Apr
2,340
8
6%
7%
Jan
9%
Jan
Feb
9
Apr
8%
160
405
14%
Jan
3,340
21%
Apr
21%
26%
Mar
729
16%
Feb
22
Mar
25
37
Jan
11
5
11%
Apr
16%
Jan
*
17
17
27
30
Apr
35
Jan
Brit Amer Oil Co Ltd
*
23%
21%
18%
23%
23
27%
2,240
23
Apr
31
Apr
B C Packers Ltd
*
19
21
4,010
Jan
18
Mar
Mar
56
Calgary Pow 6% cum pflOO
Canada & Dom Sugar Ltd *
89
90
60
60
*
Goodyear T pfd inc '27.100
Gurd, Charles
*
Gypsum Lime & Alabaster*
Hamilton Bridge
*
Preferred
100
5
*
Holllnger Gold Mines
Howard Smith Paper
100
Preferred
-
-
-
-
-
31
-
"26
13
16%
54
54
9
9
15
------
11
405
15
13%
16
14%
13%
16%
------
11%
28%
100
86
86
11
12%
3,696
24%
30
4,185
99% 102
101
4,035
1,443
31
8%
54
7%
Apr
Jan
15%
18%
Jan
Feb
Mar
Apr
13%
Apr
12%
63%
Jan
18 %
Jan
90
Apr
Apr
15%
Jan
11%
18%
Jan
533
99%
Apr
7,819
20%
Apr
34%
103
24%
Apr
Mar
Imperial Oil Ltd.
21%
Imperial Tobacco of Can.5
34%
34%
35%
245
13%
Jan
Industrial Acceptance
14%
14%
14%
2,116
33%
Apr
35
33%
35
33%
Apr
58%
54
62%
3,689
23,912
15%
38%
39%
54
Apr
73%
Mar
Mar
Jan
Mar
Mar
96%
Jan
117%
12%
Apr
Jan
Inter Petroleum
*
Intl Nickel of Canada
Int Pap & Power
pref.. 100
105
Land Jonna Co
*
McColI-Frontenac Oil
Montreal Lii & Pow Cons*
31%
8%
Apr
Feb
43%
16%
Jan
Mar
9%
8%
Apr
15
Mar
Apr
Consolidated Paper Corp.*
86%
39%
2,015
42
340
National Steel Car Corp—*
43%
39%
46
3,305
Niagara Wire new
40
40
43
63%
59
235
Ogllvle Flour Mills
Preferred
Ontario Steel Products
.-*
100
*
Power—100
86
240
150
_
-
_
------
100
Preferred
Ottawa Traction
102%
100
------
of Canada—*
Quebec
Power
Regent
*
Knitting
Preferred
Rolland Paper v t
25
*
Saguenay Power pref
1.00
625
1.00
Apr
2.50
Mar
40c
35c
40C
325
30o
Jan
80c
Jan
2.25
2,945
1.75
1,365
3%
Apr
Apr
4
3%
25
20%
Jan
22
93
Apr
54
Feb
8,324
59
Apr
83
Feb
300
•
40
66
16
585
110
240
Apr
300
Mar
150
20
168
Feb
168
Feb
16
50
15
Jan
93
102% 102%
21
21
11
'
260
9%
Apr
12%
Apr
16%
15%
4,484
13%
Feb
19%
Apr
1,295
13%
Feb
19
pf.10
15
15
16
110
17%
Jan
30
Jan
60
9%
8%
Feb
10%
Feb
Apr
13
Jan
22%
Jan
29%
Feb
30
Feb
50
Apr
Eastn Dalrlas 7% cu
European Elec Corp Ltd 10
Fairchild Aircraft Ltd—-.5
*
pflOO
pf 100
*
ref .20
"99%
60
Mar
2,202
21
Apr
18%
Apr
405
19
Jan
30%
295
25
Apr
99%
Jan
76
33
103%
Feb
Apr
Apr
Imperial Oil Ltd.
Intl Paints 5% cum
Internatl Pet Ltd...
*
Internatl Utilities Corp A. *
B
1
»
No par value.
%| 48%
35
30
Jan
Jan
1,047
1,003
17,332
23
38%
Gen Stl Wares 7% cu
Jan
34
24%
42
42%
8%
24%
.
Freiman (A J)6% cum
Feb
1,980
48
9
*
Fraser Cos Ltd
Voting trust ctfs
9%
10%
9%
*
Ford Motor Co of Can A.
Apr
23
102
Apr
Apr
13%
Feb
Apr
24%
73
13%
Feb
8
Jan
Apr
10%
22
325
10%
59
14
99
8%
27
Jan
326
10%
105
8
34,145
14%
Jan
63%
33%
25%
10%
23%
19%
64
Jan
Apr
Mar
*
Feb
230
15
59
17%
4%
*
B
Mar
19%
21
Jan
*
*
20
63%
23
Jan
Works Ltd
95
24
3%
21
6%
Dominion Stores Ltd
103
18
1.75
5
50
Donnacona Paper A
Dom Eng
5
63%
102
18%
Feb
Feb
5
22
23
Apr
Mar
2.00
3%
—
65
19
-----
Apr
Apr
37%
39
Catelli Fd Pr 5% cum
Jan
Mar
39%
23%
------
85
36%
100
42%
43%
57%
8
*
Penmans
Jan
11%
11%
Feb
10
1.00
Catelli Food Prod Ltd
Preferred
49
1.00
Consol Bak of Can Ltd..*
110
Jan
37%
*
Jan
11
5,910
41%
Noranda Mines Ltd
8
11
1,095
100
*
25
8
pf.15
City Gas & Electric Corp.*
Claude Neon Gen Adv...*
Commercial Alcohols Ltd *
6,538
41%
.
7% cump referred—100
*
Apr
13%
Apr
Jan
65
33
29
Jan
Apr
11%
106
3%
7%
47
31%
40
Apr
75
12%
8,357
1.75
47
32
30%
Apr
825
2%
Apr
Mar
108
Jan
97
16
22
8%
5
Jan
Apr
Jan
29
Jan
93
Mar
Mar
106
Feb
3
60
9
15%
-
Apr
3
34%
-
Jan
212%
11%
180
3%
97
1.75
Jan
371
205
-
50
11
11
Apr
1,000
36%
9%
Mar
38%
212%
9%
4%
21%
29%
Jan
47
25
Apr
Feb
11%
19%
---
20
38%
9
36%
Feb
112
Jan
3
Jan
36%
Apr
19
*
Canadian Vickers Ltd
Jan
36%
109
15
Mar
Can Pow & Pap Inv Ltd..*
5
Jan
73
Jan
310
97
InvTr5%cmpfl00
90
"39""
Breweries
"II
Candlan Marconi Co.-1.00
40
98
91%
Apr
18%
38%
18%
3%
575
228
Montreal Tramways
Cndn Int
Feb
60
34
40
110
38%
Feb
91%
45
212% 212%
38%
Jan
858
38%
37
109
Can Int'l Inv Trust Ltd.
130
*
Montreal Cottons pref. 100
38
Can Nor Pow Ltd pref.
7
.......
100
50
Ltd..*
100
Canada Vinegars Ltd
*
Can Dredge & Dock Ltd..*
Canadian Gen Elec Ltd.50
Cndn Gen Invests Ltd—*
Canada Malting Co
94
------
Massey-H arris
105
pref
S3 cum
7
------
Lake of the Woods
21%
Brewing Corp of Canada—
91
*
Jamaica Pud Serv Ltd—.*
20%
105
..100
Power
Preferred
Power Corp
80
Jan
25
4%
10%
8%
Apr
Jan
41
■
98
80
-y
16%
55
95
4%
Feb
3
58
7% cum preferred—100
Acadia Sug Refining Ltd £1
6%
41%
32,037
8,580
67
deposit—100
30
General Steel Wares
Ottawa L H &
High
Low
Shares
11%
10
Apr
Mar
8%
Abittbl Pow & Paper Co..*
11
*
Preferred
Week
of Prices
High
30
Foundation Co of Can
National
lists
Range Since Jan. 1, 1937
or
Low
*
International
.
Sales
Week's Range
C Corp..*
B
Famous Players
Utility and
Industrial Bonds
inclusive, compiled from official sales
Sale
Par
Stocks—
Jan
110
17%
Electroiux Corp
Feb
Mar
Asbestos Corp voting tr— *
*
1
Enamel & Heating Prod—*
English Electric A
*
East Kootnay Power.
Mar
226
Montreal Curb Market
Mar
Mar
16
12%
Feb
340
Jan
330 Bay St., Toronto
Sparks St., Ottawa
80
108
241
Jan
201
Jan
13
14
Jan
314
5
29
Feb
110
78
13%
Jan
255 St. James St.,
30
15
217%
108
332
INCORPORATED
ESTABLISHED
25,140
80
Jan
HANSON BROS Camufiao Government
Last
*
Apr
211
232
Friday
22%
108
.100
Royal
Jan
19%
-
------
100
Mar
*
Jan
158
Jan
332
100
22
20%
59
Jan
183
211% 212
Montreal
29
117
Jan
143
158%
200
230
193
Jan
15%
57
73
158
193
------
100
Apr
48%
Preferred
60
181
58
58
58
50
100
18
18%
30
Banks—
72
20%
Textile
30
30
.100
80
51
Paper
Dom Tar & Chemical
Jan
Jan
22
Jan
20
Dryden
7
50
Apr
20%
Dominion
Jan
10
Apr
*
112
Apr
5
115
14%
100
Dominion Steel <fc Coal B 25
6%
21
50
12
Dominion Coal pref
Dominion Bridge
5,820
4%
24
15%
79
Feb
Mar
8%
4
8,229
20
Mar
5%
11%
6%
2,235
8,985
685
Distill Corp Seagrams
Apr
18
72%
------
Jan
4
13%
.
20
78
Con MIn & Smelt new...25
Crown Cork & Seal Co
15
16
12
16%
*
Cockshutt Plow
15
------
25
Canadian Pacific Ry
Apr
,
5
215
4%
74
25
Feb
27%
71
*
*
180
4
—
Preferred
Mar
23
B
75
4
B_
Mar
225
73
7%
75
Jan
Feb
Mar
50
Winnipeg Electrlo A—
Feb
27%
4%
Apr
Feb
Canadian Foreign Invest.*
5%
77%
*
Windsor Hotal
Jan
5,155
2,350
1,697
121%
Class
Apr
Apr
121
pref...100
Apr
15%
121%
Canadian Indus Alcohol-_*
1,453
Jan
6%
20
100
Can Hydro-Elec
85
Jan
Mar
80
50
77%
18%
96%
88%
Apr
66%
Jan
13%
Apr
Jan
Apr
49
.
_
Preferred
Preferred 7%
Jan
Apr
6
13%
128
24
Wabasso Cotton
Feb
17
6%
15%
*
Canadian Car & Foundry. *
Apr
20%
66%
10
Canadian
Mar
22%
111
22%
6%
16%
Canadian Bronze
Jan
445
6%
16%
Apr
570
*
Canadienne
267
Canadian Steamships new.
30
130
24
14
-100
Preferred..
Canada.............
70
7%
Jan
Mar
24%
26
8
Mar
22
6%
Apr
Feb
128
*
73
70
22
33%
24%
United Steel Corp
Jan
3
Canada Steamship pref 100
Apr
127%
*
Mar
Jan
Jan
Jan
22
Can Iron Foundries preflOO
Can North Power Corp..*
94%
13%
—
30%
39%
11%
11%
Jan
104
175
16
*
Class B
4,257
690
111
100
16
*
Canada Forgings cl A
18%
15%
17%
100%
Apr
Feb
75
Steel Co of Canada—
Apr
56%
25%
615
-
Apr
24
Jan
5
14
--
------
*
100
28
25
Commerce
Preferred
25%
39%
Mar
68
1,856
4,398
127%
*
20
*
Canada Cement
84
Apr
Jan
22
80
74%
15
25
8.485
23
Southern Canada Power..»
5
51
—
*
34%
26%
100
Jan
19%
26
*
Silk Mills
Building Products A
1
5%
Apr
5
*
Bruck
9%
8%
26
-50
Associated Breweries
*
Assoc Tel & Teleg A pref. *
Bathurst Pow & Paper A_*
Bawlf (N) Grain
*
Preferred
100
Bell
Telephone
100
Brazilian Tr Lt & Power..*
British Col Power Corp A. *
Preferred
B
106
5%
Alberta Pacific Grain
50
105
10
106
------
Agnew-Surpass Shoe
28
Jan
8%
15,854
80
Sherwin Williams of Can.*
High
Low
Shares
9%
9%
Agnew-Surpass Shoe
13%
23
*
Shawlnlgan W & Pow.
Preferred
Acme Glove Works
10%
31
St Lawrence Paper pref 100
Range Since
Last
High
Low
Shares
11%
-.50
preferred
Week
Price
*
St Lawrence Corp
for
of Prices
Low
High
St Lawr Flour M new. ,100
Friday
Par
Par
(Concluded)
Exchange
Week's Range
Sale
Stocks—
BUILDING
TORONTO
YORK
NEW
MONTREAL
BANK
ROYAL
BUILDING
ALDRED
BONDS
INDUSTRIAL STOCKS AND
AND
WILLIAM
Cable Address Hartwal
1-395
Bell System Teletype NY
2-0980
HAnover
Telephone
39%
29%
Feb
50
Apr
Apr
54
48
Mar
49
Jan
103
590
76
Jan
110
Mar
21%
22
856
21
Jan
24%
18%
18%
35%
19
2%
99
35
18%
2
18
Apr
20
33%
16%
Jan
370
2.320
1.60
Apr
39%
21%
3%
45
990
Jan
Mar
Jan
Mar
Feb
Feb
2972
Financial
Chronicle
May 1, 1937
tiSi
1
Canadian Markets—Listed and Unlisted
Montreal
Curb
Market
Toronto Stock
Friday
Last
Par
Weet's Ranoe
of Prices
Low
High
Price
Mackenzie Air Service
1.50
1.40
1.70
Range Since Jan. 1, 1937
Shares
Low
3,150
MacLaren Pow & Paper..*'
28%
27
31
62
61%
90%
6%
67
1.40
2,216
Massey-Harr 5% cu pf.100
McColl-F Oil 6% cu pi. 100
600
90%
Melchers Distillers Ltd pf.*
Mitchell & Co (Robt) Ltd
6%
6%%
cum pre!
90%
1,372
1,138
1.50
10
1.50
"97%
97%
97%
101% 101%
"39*
35
Power of Can cum pre! .100
Quebec Tel & Pow A
*
70
103
1.80
37%
73%
100%
9%
Jan
19
Apr
Apr
Apr
1.00
Jan
6%
20
30
Apr
Jan
Mar
Feb
Barcelona.
Mar
110
Mar
15
104%
4%
Apr
107
Jan
Feb
4%
Mar
12
13
100
10
Mar
36
41
2,085
35
Apr
14%
69%
Mar
14
14
105
13
Jan
22
8
8
100
8
Jan
16
106
108
30
104
Jan
Feb
Reliance Grain Co Ltd...*
Royallte Oil Co Ltd
40%
Sarnla Bridge Co Ltd A..*
B
Southern Can P pref_-100
United Distillers of Can..*
90c
Walkervllie Brewery Ltd.*
Walker-Good & Worts (H)
Preferred
1.30
__*
15
102
Mar
6
161
134
154
45c
50c
Blue Ribbon pref
19%
Jan
20
Feb
Bralorne Mines
17%
Apr
18
Apr
Brantford Cordage pref 25
1.90
Feb
Brewing Corp
4%c
Jan
Preferred
9c
Jan
1.15
Feb
B A Oil
B C Power A
2%c
Biltmore Hats
*
50
12
38
15c
15c
6.90
6.70
2%c
3%c
2%c
4c
4,300
4c
60c
65c
550
85c
Jan
Alexandria Gold Mines
1
2%c
Arno
*
3%c
Mines
Arntfleld Gold MinesLtd.l
"~""lc
lc
6,500
lc
Jan
lc
Jan
Br Dom Oil--
35c
35c
43c
Apr
65o
Feb
47c
48c
51,650
2,300
33c
48c
45c
Apr
72c
Feb
Buffalo Ankerlte
Buffalo Canadian
Bouscadlllac Gold Mines. 1
Brazil Gold & Diamond Ml
50c
45c
60c
23,800
40c
1.15
Feb
Building Prod..
7c
6c
6%c
10,900
6c
15c
Jan
Bunker Hill,..
Bulolo Gold Dredging Ltd 5
Calgary & Edmonton
Cndn Malartlc Gold
*
25c
25c
26c
2,115
25%
Apr
Apr
Apr
Feb
3.30
4.15
6,100
2.40
Apr
6.40
Feb
1.30
1.25
1.48
Apr
2.48
Mar
Burt
25
21c
27c
4,600
25,600
1.10
22 c
18c
.
.
Gold
Cartier-Malartlc G
M Ltd i
Central Cad
40
Central Patricia Gold
1
Consol Chibougamau._..l
Jc
3.10
35
1.25
36
Apr
Apr
1,000
3.10
47 %c
8,600
44
3.00
30
2.75
Apr
5.15
Jan
65
Mar
Feb
1.09
1.30
11,940
1.08
Apr
2.70
Dalhousle Oil Co
*
17c
21c
28,200
18c
Apr
22c
Dome Mines Ltd
1.10
22,115
55c
Apr
3.60
Feb
42% 42%
9%c ll%c
Apr
50%
Feb
66,750
*
"ioc
Duparquet Mining Co_._l
170
43
___*
*
A preferred
B preferred.-—
Canada Cement----
*
Preferred.
100
Can North Power
Jan
15c
Mar
90c
Apr
2.03
Jan
1
2.65
2.20
2.80
42,045
2.10
Apr
3.60
Apr
8.25
15c 19%c
75c
1.10
21c
26c
990
7.40
Apr
12%
Feb
3,500
34,115
15c
Apr
55c
Jan
65c
1.58
Feb
1,500
21,950
18c
Jan
60c
Feb
1.35
Apr
4.10
Apr
Apr
41%
Apr
Apr
57c
Feb
920
14%
Jan
21
23%
5,638
21%
26%
37%
50
36%
Apr
Apr
Apr
Cndn Bronze Ltd
Apr
Canadian Canners
"~2~.66
Hudson Bay Mln & Smelt *
28%
J-M Consol G M Ltd....l
Kirkland Gold Rand
Kirkland Lake Gd Mining 1
34c
Lake Shore Mines
1.75
28
2.10
29%
1,165
30c
40c
13,500
31c
45c
45c
45c
1.40
1.59
1,133
1,000
50
.1
Apr
97%c
Mar
Feb
1.64
460
36%
Jan
13c
7,700
11c
Apr
27 %c
Jan
18c
18c
1,300
15c
Apr
30o
Jan
4c
4c
4%c
4,700
3c
Apr
7 %c
Jan
5.55
4.90
6.00
4,925
4.90
Jan
1.35
1.48
850
1.15
Apr
Apr
8.50
1.35
1.56
Apr
1
4c
3%c
4c
8,200
3c
Jan
8c
Jan
1
O'Brien Gold Mines Ltd__l
26c
25c
26c
1,500
17c
Apr
45c
Mar
9.00
7.75
10%
27,405
6.50
Apr
13%
Jan
Lamaque Contact G M__*
Lebel-Oro Mines
Lee Gold Mines Ltd
11c
11c
1
1
Macassa Mines
1
Mackenzie (R L)
Moffatt-Hall Mines
Montague
Pamour Porcupine M Ltd *
Pandora Cad
50
28
Jan
2.50
2.50
670
2.50
Apr
4.05
Jan
55c
50c
70c
21,000
50c
Apr
1.10
Mar
29c
35c
3,900
25c
Jan
10.00
5,646
12%
10,565
8%
3%o
Apr
Apr
6%c
Jan
61
60%
4%c
64%
51
Jan
74%
Mar
14c
16c
6,910
12 %c
Jan
23c
Feb
5
Apr
5
20c
Apr
42c
Feb
5
203
8
Jan
17
750
15%
Apr
18
Mar
41
330
39%
Apr
44%
4.10
3.15
4.15
2.00
60c
74c
94,815
38,850
7
7%
200
100
23
50
23
Apr
84
87
305
84
Apr
98
148
150
78
145
Jan
156
*
6
-
50
Can Wire & Cable A
Can Wire & Cable B
-
Canadian Dredge
*
Cndn General Electric..50
Canadian Ind Alcohol A..*
Canadian Malartlc
*
Canadian Oil Pref
25
21%
1,821
26,860
20
1.30
Apr
2.68
80%
10,012
72
Apr
100%
173
201
Feb
211
1.10
6.65
-.100
2.50
Jan
2.90
Mar
Darkwater Mines
4.05
Apr
6.50
Mar
Dlst Seagrams
37,175
1.09
Arp
2.25
Jan
Dome Mines
Feb
4.90
Apr
6.10
74c
1.11
100,375
67c
Apr
2.15
Jan
1.22
100
1.06
Apr
1.95
Feb
1.87
2.00
1,500
1.70
Apr
3.30
Feb
4c
4c
500
4c
Apr
7c
Jan
40c
57c
62,050
40c
Apr
73 %c
Apr
6.40
6.40
175
6.35
Apr
8.10
Jan
*
Domlulon Bank
Dominion Coal pref
Dom Explorers
&
Co.
*
..
*
__i
*
Aldermac Copper
Week
Shares
Low
High
Jan
68%
2,865
6%
41%
Mar
13c 14%c
10,700
11c
Apr
20c
10%c
6%c
13,950
41c
40c
51c
24,900
29c
Apr
Apr
5%
5%
32%
5%
340
4%
Feb
34c
39c
5,160
5c
28
29c
15%
Apr
80
Apr
Jan
Jan
57c
Jan
6%
Jan
Jan
43%
Jan
Apr
Apr
95c
Feb
1.89
23%
95
14
108
65c
19
14
Apr
Apr
18
10
108
Apr
116
26,300
85
84,803
40c
19
90c
Jan
Jan
Apr
12%
1.22
24
2.05
Jan
21%
15c 20 %c
99,920
10c
22 %
25c
29%
Apr
1.25
25
33c
98c
—
*
___i6o
105%
100
"l3%
19
22%
85c
1.12
52,400
196
6%
Apr
Mar
11
10
100%
Jan
107
Mar
48
13
12c
Great Lakes Paper
Preferred
42
8
Jan
30c
Apr
10c
Apr
30c
50o
Apr
1.02
8c
Apr
Apr
30c
ll%c
15c
50c
58c
9%c
25c 30%c
23,300
39,400
2,500
14,100
50c
30c
26c
34c
34,700
1
49c
46c
60c
15c
13%c
*
12o
Jan
17c
84
83
83
Apr
Apr
53%
85%
54%
115
53%
172
53
Mar
21c
28c
23c
28c
15,500
13.099
6%c
8c
9,000
21c
25c
*
"26"
*
40
Grull Wihksne
Gunnar Gold
25c
45
16,500
21,700
_*
1
85c
GyDsum Lime A Aiab
*
Feb
1
70c
60c
90c
23,750
60c
Halcrow Swayze
1
1.42
Feb
14%
2%
Arntfleld Gold
1
55c
55c
65c
15,775
55c
Hamilton United Theatre25
Apr
1.15
Feb
Ashley Gold.
1
9c
Harding Carpets
*
Astoria Rouyn
Hard Rock
—-1
14c
1
Ault & Wiborg Pro
.100
.....
490
34o
Apr
68
92%
16c
Apr
23o
Apr
Apr
Apr
6%c
13%
33%
60c
22c
57
63c
57c
18c
20
35
43%
2%
1,205
92c
26.100
69c
Apr
Apr
1.25
15%
3,145
13%
Feb
18%
2%
75c
14
952
5
2%
Mar
2%
3
2
2%
5%
255
2
675
4%
Apr
Apr
Apr
1.85
64.048
1.39
Apr
5
1.74
100
18%
17
2%
1
Jan
8.75
1.58
13
58c 117,450
9c
50
72c
995
16
54c
29c
54c
6%
7
105% 105%
45%
45%
1
I_i
24%
36c
50c
—...
19
32c
*
Granada Mines
Grandoro Mines
25
9%
3.65
12%
4,379
45,200
58c
1
4%c
40
Apr
Apr
Apr
Apr
Jan
17c
Goodflsh Mining
Goodyear Tire
Preferred
Graham Bousquet
No par value.
9%
44
4%
21
Goldale Mines
Gold Belt Mining.
Gold Eagle
1
15C
28%
7.10
*
Gillies Lake Gold
Glenora
Feb
Apr
Apr
Jan
2.10
Apr
Feb
1.27
965
5o
12%
42
235
Apr
Apr
Feb
20
20
12,351
4,975
86c
15c
90c
65c
1,000
41,975
6.00
25c
24
6%
2%C
102%
250
Apr
2.80
2,864
Jan
95
Apr
8.50
12,200
Apr
Apr
19%
5%
59,775
Apr
95
230
27%
7.10
1.33
9c
5
37
20
2.29
6.75
8c
11
15%
108
60c
"T26
2%c
100
51
23,143
1.00
10
Apr
6%c
43%
20%
6.00
10,000
38%
5c
2%c
90,760
2.95
28%
43%
16%
10%
10%
23
Apr
5c
14
2.14
Apr
1,005
108
950
22%
Apr
Apr
Apr
20%
19
1.00
Jan
Feb
1.15
70c
19%
1.25
15c
231
24o
14
23%
95
230
6.00
9%c
65
34,600
4,520
11,460
43
2%c
100
625
1.20
38%
1
8%c
4,550
23%
40%
♦
12%c
90c
23
Anglo Huronian Ltd..
Argosy Gold Mines...
100
204 % 205
20
Alexandria Gold
Feb
1.07
32c
43c
1.44
1.47
5%
General Steel Wares..-—*
Range Since Jan. 1 1937
31c
5.25
8.25
Frost Steel & Wire
Frost Steel pref
Sales
60c
4
1.75
1.66
2.65
Foundation Pete
Francoeur
God's Lake Mines
Golconda
19,800
Apr
Apr
Apr
Apr
Apr
Apr
1
Fanny Farmer..
Toronto Stock Exchange
85c
Mar
*
Federal Kirkland
Ford A...
April 24 to April 30, both inclusive, compiled from official sales lists
75c
1.10
*
-.1
Falconbrldge
WA. 3401-8
60c
43%
25
14o
700
21
1
:r=
Easy Washing...
Eldorado Mines
Toronto Stock Exchange
Commodity Exchange, Inc.
York Curb (Associate)
37c
204%
20
Dom Scottish Inv
prdg
Dora Steel Coal B
Dom Stores.
2
80c
72
230
A preferred
—1
1.25
78
25
East Malartic--
STOCK BROKERS
19c
'""85c
-.100
Dorval Slscoe
East Steel Prod
Duncanson, White
2
75c
Dom Anglo Investment—*
1
...*
Preferred
A P Cons Oils
2
*
Apr
94c
400
25
17%
20%
1
1.80 375,545
35
12%
20%
1.22
------
9,800
Jan
Dom Tar & Chemical Ltd.*
100
13%
8%
2.30
135
2.38
4.05
4%c
12%
Apr
Apr
Apr
Apr
3.70
800
Preferred
"l2%
1.10
115
4,500
Cosmos
5%c
46
1.46
Jan
1
14,672
1.20
18
1.47
14,185
34,850
15,870
1.52
1.15
1.25
11%
1.15
46%
15
4.05
8%
56%
3,125
35c
1.60
Hioh
5%
1.15
1.35
4%
1.25
1.48
1
"5
16%
*
*
240
4%
Apr
Apr
12%
21%
*
1
Afton Mines Ltd
207%
450
*
Jan
Alberta Pac Grain
22
38%
23% 26
38% 39%
207% 207%
»
Consumers Gas
Ajax Oil & Gas.
Apr
Apr
32
520
23%
40%
24
2^
Cockshutt Plow
Conlaurum Mines
4.50
14c
Apr
Commonwealth Pete
3.75
10
14
Feb
4.10
60
1,515
Feb
1
*
17
•
Feb
*
Slscoe Gold Mines Ltd
Sladen Mai
.100
Mar
14
2.60
*
6% preferred
Mar
10
16%
2.90
5
AbitibI
7%
18%
3.25
Cons Chlbougamau
Cons Smelters
Acme Gas & Oil
15
1,755
20%c
Cons Bakeries
of Prices
180
11
1
Feb
Low
8%
19
10%
1
Feb
*
8
19
11
*
1.13
Sale
49
16c
Apr
4.00
Price
210
22c
2.20
Apr
Par
73
Jan
Apr
Apr
1 00
Apr
Apr
Stocks—
Apr
23
15,650
3.50
40,215
24c 108,040
57c
for
60
183
7,300
1.16
1.80
Week's Range
10
104
31
1.03
300
Friday
60
200
1.10
1
20,461
Last
60
1.47
22,500
King Street West, Toronto.
31
225
65c
15
75
Jan
1,860
1.47
New
Jan
19
2%
2.65
Members
56
1.62
59c
Canadian
50
205
1.50
2.05
Wright Hargreaves M Ltd*
67
25
1
63c
50c
9%
195
*
2.50
,..*
Jan
28
100
1
Wayside Cons G M Ltd 50c
18
6%
25
*
1st preferred
100
2nd preferred
*
Canad Car & Foundry _._*
Preferred
25
1
Wood Cad.
27
*
Sherrltt-Gordon
92c
Mar
120
67
*
Canadian Bakeries—
Preferred
Shawkey
Thompson Cad..
..1
Towagamao Exploration .1
7
1,400
6.85
6%c
1.57
Feb
Apr
Apr
1,600
Ltd
7
5%
14%
Apr
39,100
6c
5.10
15%
220
3.80
4,300
14c
Ventures
16
100
6%
16%
7%
28%
9%c
4.60
6c
1.25
110
Feb
10c
4.90
23
Jan
850
3.80
1.50
Jan
Apr
6c
5.00
Feb
15%
103
50c
12c
1
45
Jan
4.05
Sullivan Cons Mines Ltd.l
Jan
Mar
59%
Feb
1,500
Teck-Hughes G M Ltd
103%
Jan
Feb
50c
1.50
Apr
6.50
50c
1.08
99%
51%
3.80
1.40
*
Mar
Apr
2.51
3.35
1.05
Stadacona-Rouyn
Sudbury Basin
1.75
10%
855
104
22%
Feb
Apr
Apr
Apr
2.75
1.15
1.47
84
6 55
40c
Apr
3.10
Perron Gold Mines Ltd_._l
San Antonio Gold M Ltd.l
22%
103
10
18%
16
17%
104
20
53%
1.50
6,000
Jan
7
1.05
2.25
Pend-Orellle
1
100
53%
*
Steamships
(New)
Can Steamships pref
Feb
15%
39%
*
Canada
Feb
40
2.75
Pato Gold
8,632
5,800
7,225
4,600
Quebec Gold Mln Corp
1
Read-Authler Mine Ltd..!
Reward
358
1.10
Canadian Wineries
Cariboo GoldCastle Trethewey
Central Patricia
Central Porcupine
Chemical Research
Chromium Mining
20c 22 %c
2.20
2.50
Jan
Jan
9.00
100
Canada Packers
Can Permanent
C P R
2.50
Parkhill Gd M Ltd new__l
Ritchie Gold....
59
39
Jan
Mar
3%c
100
Can Bank of Commerce 100
45c
95c
»
Mar
9%
3%
Mar
Jan
17%
21%
50
5%c
OH
30%
Apr
2%
36%
100
21,600
Francoeur Gold M Ltd...*
Jan
7
68c
1.25
Home
10
7
96c
Graham-Bousauet Gold-.l
Feb
Mar
,
19
Jan
9.00
50
23
Feb
Mar
26%
630
...
1.20
7.50
29c
Mar
53,822
16
FN..
I
8.00
16%
40
6.70
3%
*
East Malartlc
Falconbrldge Nickel M__*
Feb
9.20
Eldorado Gold M Ltd
Federal Kirkland
72c
Jan
15c
Jan
Jan
Apr
35
Jan
1.70
Apr
Apr
3%c
Calgary & Edm
Apr
90c
176
Jan
Apr
24%
24%
8%
*~30c
Calmont Oils
Canada Bread..
Feb
19c
1.10
Coulson Consol
9%
30
8%
2%
50
4.10
Burry Biscuit pref...
Burlington steel
Beaufort
21%
112
Apr
Apr
Feb
5,828
7.40
18%
*
1
Barry-Holllnger M Ltd.
1.75
Feb
Apr
Apr
2%
19
Big Missouri Mines Corp.l
11%
15
25%
*
*
40c
22,000
25
Brew <Sr Distillers
Apr
76o
235
17c
"21"
Brazilian
Apr
Apr
Apr
58,760
10,151
12%
38
12%
~~
*
10
Jan
154
24%
Apr
15
98c
Bobjo Mines
75c
Apr
1,641
83c
Jan
31,545
13,200
25o
8
48c
Jan
1.32
Apr
87c
Jan
1.00
1.00
7%
17
75
100
1.15
1.20
Mar
65c
12,300
1.40
Big Missouri
Mines—
Aldermac Copper Corp...*
8
Jan
Mar
Bell Telephone
3%
49%
15
Apr
7%
Bidgood Kirkland
Apr
Apr
521
Mar
Mar
101
1.15
Jan
340
10
Jan
Apr
1.85
Jan
Feb
273
10
Jan
2
245
Apr
Apr
Jan
7
65c
49o
Apr
11,900
1,775
14%
107% 110%
154
60
Mar
16
14%
42
16
80 %c
312
250
37c
100
515
19%
Jan
7%
9%
Beatty Bros A
221
12o
Apr
19
31c
17
Beatty Bros pref
Beauharnols
Feb
108
35,258
2
B
345
16
16
1.04
20
32c
400
19%
'19%
*
13
315
17%
90c
42%
Apr
235
7%
*
*
2
2
42
*
Weston Ltd (George)
65c
2
Jan
23c
260
*
Beattie Gold....
,57%
315
Base Metals Mln
Mar
39
7,300
255
Bathurst Power A
High
8c
31c
85c
98c
315
Low
3,000
59
235
1
Range Since Jan. 1 1937
Week
9c
59
59
100
105
30
Bankfield Cons
100
Jan
4%
8c
100
Bank of Nova Scotia
Feb
79
Shares
Price
25c
Bank of Toronto
Apr
Apr
Apr
64%
for
of Prices
Low
High
50
Mar
99
48%
Week's Ranoe
50c
Bank of Montreal
35
97%
Last
Bagamac Mines
Jan
1.50
Par
Aztec Mining
Bank of Canada
Mar
30
103
4%
Apr
13,478
1,140
44
64%
66
100
62%
90%
Stocks (Continued)
High
Apr
27
40
7%
21%
19
21%
Montreal Island Power...
N S L & P 6% cum pref.100
Page-Hersey Tubes Ltd..
Price Bros & Co Ltd—100
Sales
I
Week
Friday
Sale
for
Sale
Stocks (Concluded)
Exchange
I
26%
51
3%
7
3%
7
3.44
Volume
2973
Chronicle
Financial
144
Canadian Markets—Listed and
Unlisted
Exchange
Toronto Stock
F. O'HEARN & CO.
11 KING ST. W.
Stocks
(Concluded)
MEMBERS
Cobalt
Montreal
Noranda
The Toronto Stock Exchange
*
1
Ottawa
Sudbury
Kirkland Lake
Winnipeg Grain Exchange
Montreal Curb Market
St Anthony
Hamilton
40H
Apr
Feb
48 He
209
58
200
Jan
227
Mar
38
41
2,027
23,600
35
Apr
60
Mar
101
Apr
98 H
Apr
Jan
32c
Apr
82%
50
32%
82%
101
13c
35
14c 18 He
16c
Saguenay Power pref. .100
(Inc.)
High
Low
15c
90,800
207
St Lawrence Corp A pref 50
Canadian Commodity Exchange
Chicago Board of Trade
Bourlamaque
Week
25c
18c
23c
Royallte Oil
North Bay
Shares
__1
100
Royal Bank..
Toronto
Sarnia
for
of Prices
Low
High
Price
Par
Roche Long Lac
OFFICES
Owen Sound
Range Since Jan. 1 1937
Week's Range
Sale
TORONTO
WAverley 7881
Sales
Last
GRAIN
BONDS
STOCKS
Friday
Apr
82%
Mar
103
San Antonio
1
1.74
1.50
1.75
9,560
1.25
Apr
2.40
Jan
1
63c
60c
70c
20,400
54c
Apr
1.10
Feb
Shawkey Gold
Tlmmlns
79c
81c
6,900
57c
Apr
81c
Apr
2.10
2.70
69,631
1.90
Apr
3.95
Feb
26
27
50c
80c
Sherrltt Gordon
1
2.50
Simpsons A
*
Sheep Creek
Exchange
Toronto Stock
for
of Prices
Low
High
Weet
High
Low
Hargal Oils
20
1,500
20
20
*
Apr
Jan
17c
High wood Sarcee
*
Hlnde & Dauch—
*
16c
18HC
33,200
15c
Jan
33c
Feb
28c
Harker
24 He
29c
21
42,000
1,010
15c
Jan
90c
Mar
19H
10Ho
Apr
22 H
Feb
Apr
15HC
Jan
20
19H
10.160
11c 12Hc
Spooner Oils
Stadacona
1.10
1.49 147,800
1.00
Apr
2.49
Jan
1.15
1.40
27,000
1.15
Apr
2 50
Feb
3,500
2,900
3o
Apr
5Hc
3c
32c
Apr
87 c
Jan
1
Apr
72c
Jan
85
85
10
235H
231
238
76
231
Apr
251H
Jan
21X
14%
20
22
13,859
20
Apr
24 H
Mar
99 H
99 H 102
12 X
Jan
Feb
15H
Mar
Feb
105
Tashota
Apr
40 He
1.08
Apr
3.25
Jan
Apr
4.80
Feb
Feb
Jan
1.50
1.31
1.55
3.30
2.95
3.50
34,725
2.70
16 H
12c
16
16%
655
15H
Jan
16H
Jan
14c
21,016
10c
Apr
28Hc
Feb
23,895
7,850
4.90
Apr
6.00
1.50
10c
5.25
4.95
5.25
1.55
1.50
1.75
12 %
12H
200
12 H
Apr
19H
54 H
62 H
53,895
54 H
Apr
73 H
Feb
Preferred..
International Pete
*
35
33 H
35H
11,062
Toburn Gold...
Internat'l Utility A
Internal Utll B
*
16H
19
*
2H
Jack Walte Mines
1
1.C4
95c
Jacola Mines
1
38c
37c
12 H
*
Tip Top Tailors...:
109
100
Jan
2.35
Jan
10
Feb
14
Apr
15
12 H
Apr
50
104
Mar
110
Apr
109
Jan
4.65
2.40
2.60
2.25
Apr
40
36
41
640
36
Apr
46
Apr
48
47
48
220
28H
Apr
52
Jan
100
100
5
86H
Mar
110
88c
Apr
2.00
Apr
19
1,975
33 %
Apr
39 H
Mar
285
15%
Jan
21%
Feb
6,515
1H
Jan
3H
Feb
1.20
16,225
1.00
Apr
1.61
Mar
Toronto General Trust. 100
48c
23,752
36c
Apr
53c
Mar
Towagmac Expi
1.26 292,375
90c
Apr
2.15
Feb
Union Gas
*
18,700
33c
Apr
59c
Feb
United Oils
*
29c
22c
29c
29,380
17c
Apr
70c
Feb
338
30 H
Jan
39
Jan
United Steel
*
8
6H
8H
11,920
6H
Apr
11H
Mar
35,615
3,625
1.60
Apr
3.30
Feb
1.00
Apr
2.25
Mar
2H
2
1.00
35c
21c
16,750
24,360
*
"~59~"
1.20
6.90
*
*
1
Feb
Apr
Texas Canadian
1
1
Apr
96
3 75
Teck Hughes
International Mining
International Nickel
J M Consolidated
2.85
Apr
5,550
1.78 284,793
*
1
Tamblyns
Jan
Jellicoe Cons
90 HC
78
Jan
737
4.85
86
Mar
90
72
99H
Mar
68
1
Sylvanlte Gold
125
Jan
Feb
2.00
Apr
Apr
.1
Sullivan Cons
33Hc
530
29
1.32
1
Sudbury Contact
56,900
53c
oq
500
21c 26Mc
T.60
*
23c
39,800
14H
29
90c
4.00
45c
14
80c
4.25
35c
Imperial Tobacco
5
Internatl Milling pref—100
3c
70c
"80c
»
38c 45 He
Jan
6.65
Sudbury Basin
41c
100
*
Apr
78
39c
100
3.60
79
1
Imperial Bank
Imperial Oil
48,230
*
Homestead Oil
Huron & Erie
Feb
4.60
Steel of Canada
11%C
Jan
110
1.45
*
5
Howey Cold
Jan
*
Holliuger Cons
-
99 H
1.36
South Tlblemont
38
Jan
222
1
Slave Lake
Shares
10
17
1
Sladen Malartic
Southwest Pete..
Price
Stocks (Continued)—Par
38
Apr
3.80
"~4~.i5
..1
Jan
9
9
..100
Siscoe Gold
Range Since Jan. 1,1937
Week's Range
Last
Feb
20
99M 100
9
♦
Preferred
Sales
Friday
Sale
Simpsons B
,80
*120
33c
41c
2.50
1
Toronto Elevators
Preferred
100
"
1.22
1.00
13H
20,941
1.25
13
14
13
3,860
*
Jan
Feb
Jan
Kelvlnator..
♦
30 H
30
31
Kerr Addison
1
2.60
2.25
2.79 110,174
2.20
Apr
3.30
Apr
Ventures
Kirk. Hud Bay
Kirkland Lake
1
1.55
1.35
1.80
6,072
1 35
2.65
Feb
Vulcan
1
90c
Apr
Feb
1.70
Apr
60c
Apr
1.10
Feb
Walte Amulet
2.90
2.75
3.15
2.35
Apr
Lake Shore
1
50c
47He 51 He
Apr
Jan
Walkers
43
42 %
44 H
42 H
Mar
1
lie
10c 12 He
Feb
•
Mar
19%
3Hc
19H
Lang & Sons
19H
3Hc
4c
10,700
3He
Apr
Feb
Apr
49H
Lamaque Contact.,
10,659
5,628
3,700
Feb
1
63c
4.65
Laguna Gold
Lapa Cadillac
1
Apr
12H
1.54 220,771
1.27
73c
62c
19H
74c
10c
Apr
59 %
28c
15H
Jan
21H
69
23,375
63c
15
87c
67c
69
69
47H
25
19 %
8,000
14,953
52,600
68H
Apr
Apr
85c
92c
19,050
79c
Feb
1.05
Apr
1
16c
16c
20c
34,085
15c
Apr
30c
Jan
4c
Apr
7Hc
Jan
Apr
Apr
Apr
1.35
Feb
8.40
4Hc
5,500
1
67c
60c
76c
26,260
60c
Little Long Lac
Loblaw A
*
6.10
5.50
6.40
11,370
5.00
4c
4 He
_1
Jan
*
23 %
23
23 H
885
25
Feb
*
21%
21
21%
514
21
Jan
23
Feb
*
B
28
27
30
2,125
21
Apr
90
Feb
23
2.07
1.30
1.50
50c
Westerns—
87c
Leitch Gold
Wayside Cons
Western Canada Flour
1
Lee Gold
1.80
1.40
Preferred
Jan
*
Lava
Lebel Oro
1.99
l
Jan
1.33
77
Laura Secord
Cap Gold
*
...
~I(T
"~15c
Whitewater Mines
Wiltsey Coghlan
Preferred
6
Macassa Mines..
5.50
1
6.10
4.90
4.90
53,400
52.161
Apr
8.60
Jan
1
1.85
2.25
Apr
4.85
Madsen Red Lake
1
87c
73c
95c
59.520
65c
Apr
1.20
Manitoba «k East
*
3Hc
3 He
4c
22,000
3c
Apr
16c
Feb
.1
17c
15c
19Hc
40,433
14c
Apr
36c
Mar
3.00
260
75c
Jan
3.00
31
Maple Leaf Gardens
1.75
*
1.75
8,000
21,950
34,980
2,000
3c
2 He
50c
45c
58c
*
6.75
6.25
6.85
Ymlr Yankee Girl
♦
31c
29c
31c
Mar
10
10
Jan
Apr
44
Jan
Apr
34c
6.10
28c
Apr
Apr
Apr
5c
Jan
77c
Feb
8.10
Jan
52c
Feb
compiled from official sales lists
Sales
4
4
250
2%
Jan
5
Mar
Friday
8 %
7H
9H
915
6%
Jan
11
Jan
Last
Week's Range
for
*
Sale
of Prices
Week
....*
12%
11H
63
60
10
Maple Leaf Milling
Preferred
8%
Preferred
100
May Spiers Gold
McColi Frontenac
Preferred
12 He
9
1
*
McDougall Segur
Mclntyre Mines
7H
340
5
Apr
12H
Jan
13 H
5,005
8%
Jan
16H
Mar
67 %
l5Hc
2,125
52 H
Jan
74
He
21,600
11c
Api
44c
Jan
Brett Trethewey
1
4,877
8H
Ap
14H
Mar
Bruck Silk
*
8H
9
Mar
Canada Bud..
*
Canada Malting
*
5
90 H
100
%
Ma
89
64
92
Par
Stocks—
101
Mar
21H
22
900
21H
Ap
25
34 H
33 H
36 H
6,709
33H
Jan
Canada Vinegars
1.25
1.49
1.04
2.03
Jan
Canadian Marconi
2Hc
Ap
19HC
Jan
Canadian Wlrebound..
8H
1
28,300
6c
Apr
4c
3Hc
4c
20,300
3Hc
Apr
5.00
4.75
5.75
1,645
4.75
Apr
10
1HC
2c
7,000
Apr
3Hc
Jan
Jan
Mar
32c'
39c
50,450
81c
31,400
33c
6,000
Merland Oil
*
15c
13c
17c
11,400
10c
Ap
39c
Feb
Cobalt Contact
lHc
Mining Corp
*
3.15
2.85
3.60
29,406
2.80
Ap
5.00
Feb
Consolidated Press
17
Minto Gold
*
Model Oils
l
27 He
48c
M oneta Porcupine
1
1.30
27c 33 He
35,200
20c
45c
50c
3,650
45c
1.19
1.53
89,985
1.05
29c
Feb
1.15
Feb
42
45
450
42
Ap
45
Mar
27
180
Ap
18S
Mar
DeHavilland
Morris Kirkland
35c
1
Murphy Mines
1.05
Dalhousle Oil
182
4c
...1
National Breweries
35c
4c
42c
4Hc
20,634
15,500
33c
4c
Ap
Ap
Feb
10c
Feb
42%
Feb
Jai
11
Apr
*
Ap
21H
Jan
Foothills Oil
*
5Hc
New Golden Rose
1
80c
140
9H
2,230
19 H
80
50c
3,000
45c
Ap
1.05
Feb
18,800
4c
Ja
12c
Feb
9,700
1,825
75c
Ap
1.49
Jan
3.60
Feb
Feb
Preferred
7c
75c
80c
2.45
2.65
Nlpissing
5
Noranda Mines
*
"63 H
Norgold Mines
1
Normetal Mining Corp Ltd
7c
1.30
8c
2,620
6Hc
1.20
Ap
16 He
Jan
Ap
1.75
Apr
Humberstone Shoe
*
75c
73c
78c
1
9.25
7.90
10.25
73,835
Okalta Oils
*
1.30
1.65
Ap
*
5c
5c
5Hc
23,450
5,500
1.05
Olga Oil & Gas
Omega Gold
4Hc
Ap
12c
1
65c
57c
65c
80.099
45c
Ap
1.28
Orange Crush
*
Pacaita Oils
2H
*
Oro Plata Mln
*
Page Hersey
*
107
1.20
1.05
16
100
100
70c
Ap
95c
Apr
6.50
Ap
13.25
Jan
55
107
2H
20
Jai
106
2
Jan
4.10
112
3H
16,300
1.00
Ap
2.20
44,700
1.20
20
10c
Ap
43 He
541
102
25,385
98
Feb
2.00
Ap
5H
Ap
118
4.00
Feb
Preferred..
Jan
Mar
Malrobic
Mandy
Mercury Mills
1.45
28,385
2,000
Pickle Crow
1
6.25
5.75
6.70
Pioneer Gold
1
4.60
4.60
4.95
Powell Rouyn
l
1.29
Power Corp
*
23H
1.06
23
303
1.42
25,800
24 %
715
Premier
1
2.72
2.60
2.95
Pressed Metals
*
30
30
32
Preston E Dome
1
95c
15,525
50
1.14
87,450
.1
6,575
90c
Apr
3.35
Feb
435
12 H
Jan
18H
Apr
63
Jan
90 H
Apr
80
1.75
2.10
75c
80c
1.40
300
Apr
4.05
60C
32,465
15
Jan
1H
Jan
15
Apr
10,013
27
Apr
10
Feb
12
Feb
32
Apr
41H
82%
518
13H
Apr
18H
102H
225
90 H
Jan
37c
4,800
23c
Jari
55c
Apr
2Hc
Apr
4Hc
Feb
27
31
32
14
13H
14 %
98
97H
27c
2Hc
100
Jan
Jan
30
15
32
2Hc
34c
3Hc
33,300
33c
35c
3,900
*
2
2
1
*
46c
Jan
Pawnee Kirkland
1.38
Jan
Jan
Mar
108
Jan
18 He
23c
27c
Apr
69c
Jan
6
2
Apr
2
Apr
670
29
Apr
37 H
530
40
30,900
Jan
Apr
57 H
Jan
Apr
6c
Apr
150
Apr
49c
Feb
2
Apr
4
Jan
2c
9,500
2%
95
4 He
5Hc
10,000
4Hc
Apr
12c
17c
20c
9,600
15c
Apr
30c
2Hc
2Hc
3c
10,500
2Hc
Apr
6c
Jan
3.00
1
Pend Oreille
2.50
21Hc
2.90
3.50
2.90
Apr
6.65
Feb
4HC
4c
4Hc
55,370
24,000
4c
Apr
11c
Feb
220
2
4
He
.—1
1.00
Porcupine Crown
1HC
Ap
3Hc
Jan
Prairie Cities OH
*
21
Ap
26H
Jan
Ritchie Gold
1
5.20
Ap
9.20
Feb
Robb Montbray
4.60
Ap
6.85
Frb
Robert Simpson pref.. .100
Ap
2.20
Feb
Jan
Jan
2H
2H
2H
Apr
3H
Jan
5c
7 He
14,000
5c
Apr
16o
Feb
5Hc
6 He
15,000
4c
Apr
12 He
Jan
122
Feb
6c
*
Feb
1.06
Rogers Majestic
Ap
33H
2.50
Ap
4.50
Jan
Shawlnigan W & P
30
Ap
36
Feb
Stand Paving
Jan
Preferred
21
84c
1.10
1.45
4,500
55c
3,000
50
500
12
12c
1.30
29H
1
1.40
12c
Quemont Mining
Feb
1.05
*
Ap
Ap
Ap
50c
1.40
Prospectors Air
Quebec Gold..
1.05
42,305
4,173
45c
15
*
1
lHc
Jan
♦
Osisko Lake Mines
22
10c
'
5
Apr
1.09
95,200
80c
Oil Selections-
41
1HC
31c
1.95
Nordon Corp.
Ap
21
Apr
19c
17%
North Star Oil
20c
1.30
33 H
82
Jan
41,750
*
Apr
14
Jan
30c
1
30
80
Feb
21c
•
136
Night Hawk
30c
Photo Engravers
32 H
2 He
40
Peterson Cobalt
Apr
30 H
2Hc
Ap
Penmans
58 H
40
20c
1
Apr
2Hc
900
Paymaster Cons
49 H
29H
5,652
18c
245
40 H
21c
55c
54 H
1
2.70
12,800
Feb
49 H
*
6 He
73c 153,195
Feb
70
82
National Steel Car
20c
22c
22 H
Jan
Montreal LH4P
2.20
56c
Feb
67
Feb
Mar
5Hc
20Hc
15
10
Mar
22c
64c
60
30 %
44
1
9H
1.15
Feb
70
29
*
20c
Feb
88c
♦
1
I
52,305
3.60
Jan
Mar
Parkbill
Paulore Gold
Jan
Apr
Apr
20
Kirkland Townslte... —-1
Pautepec Oil
Partanen Malartic
1%
550
100
Inter M etals A
Pamour Porcupine
2.30
105
*
Hudson Bay M & S
1.55
83
O'Brien Gold
107
Preferred
59K
North Can Mln
100
Hamilton Bridge
13,494
66 M
11,141
15,200
1.62
....
Ap
Ap
7c
1.45
59 %
2
20H
95H
2H
Jan
1.25
Honey Dew__
5Hc
19
89
30c
Home Oil
2.40
45c
_
8H
10
31
East Crest Oil
39 %
9
19
*
National Sowerplpe A
Naybob Gold
New bee Mines
9%
20
50
Found & Steel—
Ap
38
38
*
National Grocers
17%
95
70
100
Dominion Bridge
Dom
Fob
17
20
Preferred
88c
Jan
6c
lHc
12H
Apr
182
Mar
17
Crown Dominion Oil—
1.98
43
Jan
31c
95
Corrugated Box pref— .100
Jan
182
8%
25
2
Jan
*
A
1
...5
Ap
100
Moore Corp
Jan
8c
68c
Churchill Mining
Coast Copper
Jan
18 H
15
6Hc
30 He
Central Manitoba
21
19
7 He
71c
Jan
Jan
590
38
Jan
Jan
33c
Feb
Feb
Feb
35c
Mar
38 H
1.60
*
63c
Apr
Jan
34
22H
*
57c
10H
10
1
1.18
12
Jan
23 H
Mercury Oils
Jan
Apr
23H
McWatters Gold.
Ap
Ap
6H
8H
3,625
McVlttie Graham
17c
Apr
1,035
2.25
4c
60c
8c
95
9
10 He
1.75
1.75
1
26c
Feb
21c
8,300
7
9c
19
♦
...1
McMillan Gold
1
High
Low
8H
37
37
*
4c
35,930
53,400
Ap
Ap
42 H
1.38
4Hc
1 1937
Range Since Jan.
Shares
6H
9Hc
1
*
High
Low
Price
Mar
...5
McKenzie Red Lake
Ontario Loan
Jan
Jan
Apr
Exchange—Curb Section
Toronto Stock
April 24 to April 30, both inclusive,
4
Preferred
Massey Harris
Jan
2 Ho
75
Apr
Malargo Mines
1.75
Feb
Jan
MacLeod Cockshutt..
2.20
17c
4H
4H
95
Wright Hargreaves
Lowery Petroleum
Jan
29
186
6%
30
.100
White Eagle
Wood Cadillac
Mar
5Ho
1,600
5
B
106 H
30c
12c
4H
5
Winnipeg Elec A
18 H
Apr
99
11,300
15c 17 He
7c
7c
7c
Apr
15H
135
100
Jan
7He
Mar
965
17
15H
100
100
20
Feb
Jan
Jan
8
15
8
8
*
Preferred
19 H
Ap
1.47
1.55
Jan
85
Jan
Apr
48
Jan
Supertest ordinary
Temiskaming Mines..
Fe
Read Authier
1
4.40
3.80
4.60
Ap
6.85
Feb
*
1.00
90c
1.28
18,975
19.100
3.80
Red Crest Gold
90c
Ap
1.95
Feb
United Fuel pref
Red Lake G Shore
*
60c
52c
69c
67,450
50c
Ap
1.78
Feb
Walkerville Brew
3H
3
H
130
2H
Ap
3H
Apr
Waterloo Mfg A
92 c
1.02
26,725
90c
Ap
1.35
31H
25
30H
6
25H
*
6H
lHc
*
6H
25H
6H
45
*
Apr
6
Apr
281
6H
10
25H
5H
30
Apr
Feb
Apr
36,200
36
1 He
33 H
Jan
20c
Jan
8H
35c
47c
69,100
20 H
53
20 H
1C
19
Jan
Feb
34
9H
Mar
Jan
56
4c
Jan
58c
Mar
Apr
345
2c
lHc
109
565
28
35
42c
25
400
116
45
..100
1
116
37
Jan
25
Apr
Feb
Jan
31H
5Hc
118
*
Sudbury Mines
Ap
...1
Relnhardt Brew
*
Reno Gold
1
Riverside Silk A
*
1.00
Feb
33
Jan
Thayers pref
58
615
*
2
2
12C
*
3
3
60
.100
53
♦No par value.
Jan
Jan
62 H
2
Apr
8%
Jan
2 H
Feb
5
Feb
51H
it
I
2974
Financial
Quotations
Bid
a 8a
Jan
1 1977
a33*s
<*3Hb
a33*8
a33*s
a3?*s
o3?*s
July
11975
May 11964
N«v
103
11954
Bid
104
104
103
1033* 104
104?* 1063*
1083* 1093*
<148
July
May
11975
11957
a4B
Not
1 1958..
a 48
a 48
May 11959
May 11977
048
Oot
108?* 110
108?* 110
Ill
1133* 1143*
1143* 1153*
1143* 115?*
043*8
o43*8
043*8
o43*s
o4.3*b
043*8
112
11980
1113* 1123*
fl4j*« Sept 11960
a4M»Mar 11962
113
a43fcs Apr 1 1966
a43*s Apr 151972
043*8 June 11974
043*8 Feb 15 1976
a43*s Jan
11977a43*8 Nov 16 1978
a4 3*s Mar 11981
1123* 1133*
1123* 1133*
114
115
May 1 A Nov 11957
Mar 11963
June 11965
July 1 1967.,.
Deo 16 1971
Deo 11979—-
116
1153*
1153*
1163*
1143*
116
117
1163*
1163*
1173*
1163*
11173*
118
1173* 1183*
117?* 1193*
Bid
Par
Ask
a43*s Mar 11964
1033* 1043*
Mar 11960
Jan 15 1976
New York Trust
City Bonds
Ask
97 3*
96?*
1003* 102
May 1, 1937
Over-the-Counter Securities—Friday April 30
on
New York
Chronicle
Companies
Ask
Par
Banca Comm Italians. 100
105
115
460
470
Fulton
Bankers
10
Bronx County
Brooklyn
683*
7
70 3*
12?*
128
100
13?*
133
30?*
20
128
Guaranty
100
Irving
173*
163*
1850
49
131
65 3*
90
100
Colonial Trust
26
16
18
New York
173*
19
64
65
Title Guarantee A Tr. -20
Underwriters
100
20
352
46
o»
»
50
Bcnk A Tr. 10
347
100 1750
1
Chemical Bank A Trust. 10
Continental
275
10
Kings County
Clinton Trust
Corn Exch Bk A Tr
313*
260
Lawyers
Central Hanover
Ask
Bid
Empire
Bk of New York A Tr-100
673*
Manufacturers
20
Preferred
20
-26
United States
10(1
58
56
52 3*
50 3*
135
132
15?*
143*
94
104
1775
1825
1193* 120?*
Chicago Bank Stocks
New York State Bonds
Bid
Par
Ask
American National Bank A
Bid
Ask
|
Bid
8s 1974
62.80 leas
1
World
38 1981
62.90 less
1
43*8 April 1940 to 1949.
Highway Improvement—
Canal A Highway—
War
Ask
Bonus—
Trust
285
Trust
5s Jan A Mar 1946 to '71
63.05
Highway Imp 43*8 Sept '63
Canal Imp 4>*a Jan 1964..
Can A Imp High 43*8 1965
126?*
4s Mar A Sept 1958 to '67
Canal Imp 4s JAJ'60 to '67
Barge O T 4s Jan '42 to '46
Barge O T 43*8 Jan 11945
1133*
500
780
820
1103*
124
312
570
1193*
1193*
126?*
33 1-3
Ask
307
142
Continental Illinois Bank A
62.25
Bid
Par
First National
100
Harris Trust A Savings. 100
Northern Trust Co
100
305
138
.100
Port of New York
Bid
Ask
Holland Tunnel
43*8
1043* 105
1937-1941
..MAS
Gen A ref 2d
a or
103
103 3*
1942-1960
...MAP
Gea A ref 3d
eer
101
1013*
Gen A ref 4th ser 3s. 1976
George Washington Bridge
43*8 eer B 1940-63.MAN
Bayonne Bridge 4i series C
1939-53
JAJ
3
Inland Terminal
98 3*
973*
43*8
112
51.00
111
1937-1941
61.50
MAS
2.60
4s 1946
Exchange
CENTRAL ROW
HARTFORD
Tel. 5-0151
A. T. T.
1063* 108
Teletype—Hartford 35
Trlborough Bridge—
See Miscellaneous Bonds
1043* 1053*
Insurance Companies
Bid
Ask
100
Bid
1013*
Bid
Par
United States Insular Bonds
Phillip pine Government—
QUOTED
Members New York Stock
6
MAS
—
PUTNAM 6k CO.
2.10
113
eer D
1942-1960
110
Ask
ser E
Gen A ref 4b Mar 1 1975.
Insurance Stocks
BOUGHT—SOLD
Bid
Port ol New York—
33*8 '65
33*8 '76
Hartford
Authority Bonds
Honolulu 5s
U S Panama 3s June 11961
Govt of Puerto Rico—
Ask
63.50
3.00
As*
Par
Aetna Casualty A Surety 10
Aetna Fire
..10
Aetna Life
10
943*
98 3*
Home
423*
28
44 3*
29 3*
Home Fire Security
Homestead Fire
Agricultural
88
90
Importers A Exporters
,
.25
58
£8
1959
103
105
1952
1965
103
105
April
101
103
Feb
1952.
108
111
108
110
115
1163*
53*8 Aug
1941
Hawaii 43*8 Oot 1956
183*
6
83*
673*
193*
53*
22
23 3*
43 3*
14
16
Lincoln Fire
12
133*
Re-Insurance. 10
American Reserve
.10
42
44
283*
29?*
52
54
10
28M
303*
-23*
7?*
8?*
1123*
108
111
American
109
5s July 1948
U S conversion 3s 1946
Conversion 3s 1947
111
3 50
.
.
Automobile
,26
—
Federal Land Bank Bonds
Baltimore Amer
Bid
8a 1955 opt 1945
JAJ
8a 1956 opt 1946
8a 1956 opt 1946
JAJ
MAN
83*8 1955 opt 1946—MAN
4a 1946 opt 1944
JAJ
Ask
1003* 1003*
1003* 1003*
4fl 1957 opt 1937
MAN
Bid
| Ask
10W1013*
4a
MAN
102 ?*
1003* 1003*
101?* 1013*
108
1958 opt 1938
43*s May 11957 opt 1937
called May 1 1937
1083*
1003*
1013* 101?*
1033* 1043*
43*8 1957 opt Nov 1937.
43*a 1958
j 103 3*
100
opt 1938—MAN
Bankers A Shippers.. —25
Boston
Camden Fire
100
1033*
666
676
5
193*
..in
253*
25?*
36 3*
—
Carolina
City of New York
.
10
Connecticut Gen Life- -10
Continental Casualty. ...5
Bank
-10
Fidelity A Dep of Md. -20
Bid
Atlanta 6s
Atlantic 5e
100
Burlington 5a
California 5a
Ask
100
Bid
100
Lincoln 5a
....
60
50
Chicago 5s
-
/53*
Dallas 5s
63*
102
100
Denver 5s—
—
93
943*
First Carolines 5a
96
First of Fort Wayne 43*8..
First of Montgomery 5s
98
Fletcher 33*8
Potomac 5s
St Louis 5s
97
843*
/22
Southern Minnesota 5a
Tennessee 5s
......
86
•
M
100
....
6?*
_
Atlanta
—100
Bid
32
Land
443*
Revere
Ask
Par
38
Lincoln
Bid
Ask
3
5
45
New York
10
26
,
27
30
100
Pennsylvania
20
24
100
60
70
Potomac
55
60
First Carollnas
100
8
10
54
58
Fremont
100
.
>
2
...
San Antonio
Virginia..
Virginia-Carolina
75c
._
...100
Ask
FIC
Globe A Republic
—.5
Globe A Rutgers Fire.
15
19?*
22 3*
62
65
...16
88
92
Great American
—.5
Great Amer Indemnity -.1
Halifax
Fire...
10
26
273*
47
Bid
F I C
'
mmm
mmm
---
Kingsboro National
100
353*
72
91
129
543*
46 3*
483*
195
201
Fifth Avenue
100
980
First National of N Y..100 2000
Flatbush National
100
37
65
27
11
12
63
33
650
700
465
475
U S Guarantee
33 3*
61
13
'
Seourlty New Haven... 10
Springfield Fire A Mar..25
Stuyvesant
6
Sun Life Asauranoe
100
Travelers
643*
31
209
U S
363*
119
83*
100
25
Fidelity A Guar Co..2
US Fire
38
122
93*
253*
523*
543*
10
58
61
2.50
33
35
4
Surety Guaranteed Mortgage Bonds and Debentures
1953
Ask
83
Arundel Bond Corp 2-6s '53
Arundel Deb Corp 3-6s '53
Associated Mtge Cos Ino—
55
55
Bid
Nat Union Mtge Corp—
Series A 3-6s
1954
..
82
Series B 2-5s
...
Potomao
Bond
47
-
81
-
-
-
«
49
-
(all
1953
76
Potomao Cons Deb Corp—
3-6s
1953
46
48
Potomac Deb Corp 3-6s '53
50
28
47
Ask
56
1954
Corp
Issues) 2-5s
46
48
46
48
Potomao Franklin Deb Co
1945
47
50
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
37
39
Ino 2-5s
1953
Nat Bondholders part ctfs
(Central Funding series)
/42
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-6S.1953
46
3-6s
...1953
Potomao Maryland Deben¬
ture Corp 3-6s
1953
81
Potomao
45
Realty
70
...
Atlantic
Debenture Corp 3-6s '63
Realty Bond A Mortgage
48
46
48
1953
47
49
Unified Deben Corp 6s '65
77
36
38
deb 3-6s
Ask
FIC
13*8—Sept 15 1937 61.05%
Oot 15 1937 61.10%
13*8.—Nov
FIC 13*s...Deo
15
1937 61.10%
Telephone and Telegraph Stocks
15
Par
Par
Merchants Bank
100
National Bronx Bank...60
Bid
100
14
Peoples National
74
Public National
115
50
National Safety Bank. 123*
Penn Exchange
10
50
Ask
183*
20 3*
16
.
.
.
1030
Sterling Nat Bank A Tr.25
40
48 3*
42
2240
Trade Bank
30
37
25
123*
463*
100
Bell Telep of Canada.. 100
Bell Telep of Pa pref-.lOO
Cincln A Sub Bell Telep. 50
Bid
Ask
118
Par
120
125
Bid
Ask
127
New York Mutual Tel. 100
25
1563* 1593*
Pao A Atl Telegraph
25
20
114
118
90
93
Peninsular Telephone com*
Preferred A
lOw
110
Cuban Telep 7% pref-.lOO
42
273*
28
22
29?*
114
54
Emp A Bay State Tel.. 100
Franklin Telegraph
100
Gen Telep Allied Corp—
62
-
—
-
-
100
140
127
1293*
1113* 115
22
| 25
1553* 1573*
144
New England Tel A TellOO
Rochester Telephone—
$6.50 1st pref
100
So A Atl Telegraph
25
Sou New Engl Telep... 100
»
-
$6 preferred
*
Int Ocean Telegraph... 100
Mtn States Tel A Tel.. 100
97
42
...
.
FIC 13*8
Ask
67
523*
93*
263*
204
22?*
..10
2-3s
1.00
New York Bank Stocks
City (National)
123*
Commercial National.. 100
83*
243*
253*
103*
10
5
9?*
-10
Preferred
13.65
Fire
Seaboard Fire A Marine..5
Seaboard Surety
10
8?*
243*
353*
663*
Am Diat Teleg (N J) com.»
303*
203*
343*
St Paul Fire A Marine.-25
42
1937|61.10%
National..60
(Paul)
Ross la
28
..
40
Empire Properties Corp
Federal Intermediate Credit Bank Debentures
Bank oi Manhattan Co. 10
Bank of Yorktown__66 2-3
89
18
323*
'■
6
...
Debenture 3-6s
1953
Cont'l Inv Bd Corp 2-5s '53
ContI InvDeb Corp 3-6s'53
15
North Carolina
14
Bensonburst
Chase
85
Reinsurance Corp (N Y)_2
Republic (Texas)
10
42>*
All series 2-5s
Bank Stocks
80
Bid
263*
1353*
1373* 1413*
26
General Reinsurance Corp5
Georgia Home
10
Gibraltar Fire A Marine. 10
104
131
993* 100?*
12
Par
National.25
Westchester Fire
100
40
13*8...May 16 1937 6.75%
IC13*s—June 15 1937 b .90%
13*8—.July 15 1937 61.00%
FIC 13*s
Aug 16 1937 61.00%
Northwestern
101
75
FIC
25
-
100
F
21
100
153*
353*
463*
513*
243*
89
Hartford Steam Boiler -10
-
100
Bid
2
.2.50
Northern
313*
24
Atlantic
Dee Moines
20
—12.50
103*
133 3*
33?*
44?*
483*
~
Dallas
Denver
10
87
Bid
Par
15
Phoenix
10
Preferred Accident
6
Pro vldenoe-Washington. 10
11?*
Allied Mtge Cos Ino—
Joint Stock
129
72 3*
Hanover Fire
30
87
62 3*
2
Pacific Fire
40 3*
126 3* 130
-
993* 1003*
Virginia-Carolina 5a
Virginian 5a
46
Hartford Fire
-
20
20
293*
—
-
100
Union of Detroit 6s
-
-
National Union Fire
New Amsterdam Cas
New Brunswick Fire
143*
173*
North River.
53*
703*
103*
12
603*
83*
National Casualty
10
National Fire
—.10
National Liberty.—
2
Franklin Fire
2d preferred
---
-
100
Southwest 5s
-
f'27
San Antonio 5s
29
-
108 3*
57
42 3*
Fire Assn of PhlladelphlalO
—
100
73*
613*
54
Firemen's of Newark..
.5
Fireman's Fd of San Fran25
Glens Falls Fire
-
«...
100
100
99
•
100
107
100
Kentucky of Lexington 5s_
La Fayette 5s
66
100
80
84
62
100
Phoenix 5s
103
100
Ohio-Pennsylvania 5a
Oregon-Washington 5a
Pennsylvania 5s
75
Greensboro 5a
993*'1003*
993* 1003*
993* 1003*
63*
583*
Merch Fire Assur com
6
Merch A Mfrs Fire New'kS
New Hampshire Fire.—10
—
North Carolina 5a
993*
1003*
101
Illinois Midwest 5s
«
-
100
100
Illinois of Montloello 43*8.
Iowa of Sioux City 43*8
m.
-
43*
New Jersey
New York Fire
43*
—
m
100
Pao Coast of Salt Lake 5s..
Pao Coast of San Fran 5a__
97
973*
99
Greenbrier 5a
100
101
95
First of New Orleans 5a
First Texas of Houston 5s.
First Trust of Chicago 43*8
Fremont 5s
Maryland-Virginia 5s
Mississippi-Tennessee 5a._
Ask
96
New York 5s
Pacific Coast of Portland 5s
Pacific Coast of Loa Ang 5s
993* 101
100
94
173*
Maryland Casualty
1
Mass Bonding A Ins—123*
27 3*
44
66
5
38
5
Federal..
Bonds
213*
26?*
27
Eagle Fire
.23*
Employers Re-Insurance 10
Excess
Joint Stock Land
6
17
403*
111
118
d3.75
36
43*
5
Ins Co of North Amer—10
Knickerbocker
—5
American Alliance
-10
American Equitable.. ...6
American Home
-10
American of Newark- .23*
114
43*8 July 1958
Ask
34
.10
American Surety
43*8 Oct
43*8 July
Bid
5
10
For
Footnote
aee
page
2976.
100
.
-
-
S'western Bell Tel pref. 100
122
124
Wisconsin Telep 7% pf.100
114
117
Volume
Financial
144
2975
Chronicle
Quotations on Over-the-Counter Securities—Friday April 30—Continued
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
QUOTED
.
Earnings and Special Studies
Monthly
'
Bulletin
Request
on
3o$epb Walkers Sons
Members Nrw Yerk Sloth
York Security Dealert Association
M embert New
Tel. REctor
St., N. Y.
41 Broad
GUARANTEED
NEW YORK
e. sloane & co.
john
Exchange
Dealers in
120 Broadway
-
HAnover 2-2455
Bell Syst Teletype NY 1-624
-
2-6600
STOCKS
Since1855^
Railroad
Bonds
Guaranteed Railroad Stocks
Aiked
Bid
(Guarantor in Parenthesis)
Asked
Bid
Dollars
5 Hi. 1945.
6s, 1945.
6.00
Creek
Beech
Boston A
Boston
Albany (New York
184
102
105
Boston A Maine
40
43
Prior lien 4s,
135
140
Prior Hen 4Hs,
142
Convertible 5s, 1940-45
1944
98
.100
5.00
100
Central) 100
6 00
99
Common 5%
stamped
.
A St Louis pref (N Y
Cleve Clnn Chicago
98
3.50
85
88
200
49
51
25
2.00
44
47
6.50
Michigan
Western).. —100
.1(H)
Central (New York Central)
-
Morris A
Essex (Del
Northern
—50
(Pennsylvania)
(Erie)
Central
Pittsburgh Bessemer A
Preferred
Lack A Western)
60
,
St.
Louis Bridge 1st
62
Little Rock A Hot Springs
90
95
Long Island refunding mtge. 4a,
96
62
67
Maoon Terminal 1st 5s,
4.50
67
70
Maryland A Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955
160
175
mmm
98
103
Piedmont and Northern Ry. 1st mtge.
138
143
Portland RR 1st 3 Hi,
300
67
71
mm
New York A Hoboken Ferry
0 00
138
143
10 00
238
Rook Island Frisco
(Illinois Central) _ .-100
500
82
85
Shreveport Bridge A Terminal 1st
Somerset Ry 1st ref 4s, 1955
500
85
90
Southern
50
3 50
48
52
50
3.00
61
_
_
St Clair Madison A St Louis
Toronto Hamilton A
&2.00
Bid
Ask
1.35
EST.
63.00
2.25
2.00
5 Hi
2.00
63.00
6s
2.00
Alabama Power $7 pref—*
New Orl Tex A Mex
4 Hi-
63.75
2.50
63.00
2.25
Assoc Gas A Elec
3H« Deo. 1 1936-1944..
63.25
2.25
4 Hi-
63.10
2.30
pref.*
Arkansas Pr A Lt $7
New York Central 4 Hi—-
63.10
2.30
63.00
2.25
4H«
62.60
1.50
61.50
1.00
6Hi
61.50
1.00
4 Hi
62.65
2.00
6s
62.00
Teletype N.Y. 1-1146
63.75
3.10
3.00
1.25
Pennsylvania RR 4Hi—-
62.00
1.25
4.50
Pere
65.10
4.75
86
82
86
Marquette 4 Hi
70
75
77
9H
10 H
18
20
19
21
7%
112
Nebraska
131
....
4 H«-
64.00
2.75
64.00
6 Hi
2.75
62.50
-
Erie RR 5 Hi
2.75
64.00
5s
1.50
100
---100
Lt 7% pref—100
90
93
58
60
77 H
80 H
86
pf.*
98
100
7% cum (preferred.-.100
Nor States v|>r 57 pref—100
106
108
82
85
2.25
Cent Pr A
2.25
Columbus Ry Pr A Lt—
preferred
56 preferred
preferred A
56.60 preferred B
100
100
84 H
106 H 108
107
106
6s
62.50
1.50
4 Hi
63.10
2.25
fis
62.50
1.75
62.00
1.25
Great Northern 4Hs
1.25
1.25
63.10
2.25
62.00
1.25
' ■4®l
Illinois Central 4 Hi
58
62.00
1.25
Internet Great Nor 4 Hi-
63.90
2.75
Long Island 4 Hi—
63.00
2.00
62.50
1.50
5 H®
58
Loulsv A Nash 4 Hi
5s
Maine Central 5s
Consol Eleo A Gas 50 pref.
100 H
Consol Traction (N J) -100
63
66
63.60
2.50
pref.-*
Continental Gas A El—
102
103
Consumers Pow 55
63.00
5a
2.00
63.00
2.50
62.50
4 Ha—
1.75
Dallas Pr A Lt
Derby Gas A El 57
Essex-Hudson Gas
63.20
2.35
6S
63.00
2.10
5H8
62.25
1.50
Southern Ry 4 Ha
7%
13 H
16H
61.90
1.26
61.90
1.25
63.25
2.25
100
87
89
7% pref 100
113
pref-*
100
68
71
182
63.25
2.25
63.75
3.00
Federal Water Serv Corp—
62.90
2.10
56 cum preferred
39 H
41
62.90
2.10
50.50 cum preferred—
40
preferred
0% pref—.100
Ohio Power
Ohio Pub Serv 6%
66
H
pf—100
preferred
-.100
Okla G A E 7%
pref—100
107 H 109
109H HIH
94 H
93 H
102 H 104
105H 108
62.25
1.50
41
43
pf 100
pref—*
Paolfio Pow A Lt 7%
Philadelphia Co 55 pref—*
Pub Serv of Colo 7 % pf 100
76
78
100 a ioi H
83
86
108
110H
41H
Virginian Ry 4 Ha
1.10
Gas A Elec of Bergen..100
116
Queens Borough
0% preferred
1.10
Hudson County Gas
Republic Natural Gas——1
1.00
Idaho Power 56
100
*
182
61.75
6s
107
109
Rochester Gas A Elec—
100
108
110
57 cum preferred
pref
100
102
Illinois Pr A Lt 1st pref--*
54H
55 H
0% preferred C
100
Sioux City GAES7 pf-100
100 H
102 H
Gas.--*
Interstate Power 57 pref—*
Jamaica Water Sup pref .50
Jer Cent P A L 7% pf—100
27
30
Sou Calif Edison
11
13
South Jersey Gas A
61.75
58
Wabash Ry 4Hs
6s...
1.00
101
5 Hi
6s
Western
G A E—
100
61.60
61.60
Union Pacific 4 Hi
...
Maryland 4 Hi-
103
100
101H
63.00
2.50
7%
preferred
Interstate Natural
fis
Western Pacific 5s...—
53
97"
111H 114
62.75
2.00
Kan Gas A El
63.75
2.75
Kings Co Ltg 7% pref-100
75
78
2.7£
Long Island Ltg 0% pf-100
70 H
72
78
80
71H
74
7% pret-100
pref B.25
E1.100
Elec Pow 0% pref 100
68
5H
72
6H
100 H 101H
94
95
27
28
H
182
100
65
56H
66 H
pf-100
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
Utah Pow A Lt 57 pref---*
Utica Gas A El 7 % pf—100
Virginia Ry
100
100
102 H
105 H
107 H
Tenn
H
.95
63.75
7%
2976.
77H
101H 102 H
pref
Penn Pow A Lt 57
4 Hi
Texas Pacific 4s
5 Hi—
For footnotes see page
43
76
115
preferred
preferred
100
Memphis P r A Lt 5 7 pref ~
5 H>
Minn St P A S3 M 4s
Ohio Edison 56
57
41H
Serv Co—
N Y Pow AXt 56 cum
7%
58
62.00
61.75
58
Hooking Valley fis
£S
99
100
5 Hs
120
65
98H
Southern Paolfio
116
57 prior lien pref
*
New Orl Pub Serv 57 pf--*
98
5s..
111
New Eng Pub
97
St Louis Southwestern
35H
85
5s
St. Louis-San Fran 4a
6
41H
82
4H8
fis
Denver A R G West
100
37 H
34
*
2.00
1.10
pref.100
Pow 7% pref.100
94
preferred
1st 56
—100
preferred
Nassau A Suff Ltg
4
A E 5H% pf-*
N E Pow Assn 6% pref.100
2.00
57
_
.
114H 116H
New Eng G
63.00
62.00
6s
85
Newark Consol Gas
63.00
Reading Co 4Hs
62
68
Central Maine Power—
call
Deo. 1 1937-50
3.10
64.85
59
preferred
Mississippi P A L 50 pf—-*
Miss Rlv Pow 0% pref.100
Mountain States Pr com
*
57
25
62.95
1937-49
G non
Ask
Mississippi Power 56 pref—
87 H
77
63.00
Jan A July
series
Bid
74 H
24 H
91
Buff Nlag
6%
Par
73
75
1.00
4s series E due
2 Hi
pref..*
BangorHydro-El 7 % pf 100
Birmingham Eleo 57 pref.*
Atlantlo City El 56
A E pr pref—25
Carolina Pr A Lt 57 pref-*
61.50
63.90
82
3.00
62.00
,58...
Stocks
Ask
Bid
2.00
63.75
1.25
63.90
57
Northern Paolfio 4 Hi
5s
♦
*
56.50
2.25
62.60
N YN HAHartf4Hs
1.50
63.25
5s
orig pref *
preferred
preferred
62,25
6s
N Y Chlo A St. L 4 Hi
Paolfio 4 Hi
Chicago RI A Pao 4 Hi-
ONE WALL ST., N. Y.
exchange
Par
2.25
fis
Tel. DIgby 4-2800
1908
3.00
2.25
58
71
SERVICE COMPANY
Public Utility
Ait
63.25
Chlo Mllw A St Paul 4 Hi-
98 H
68
1954
stock exchange
n. y.
63.00
Chicago A Nor West 4Hi-.
95
Buffalo 4 Hi, 1966
BmteU Brothers
63.75
Missouri Paolfio 4 Hi
&3.25
Chesapeake A Ohio 5 Hi-
91
112
5% PREFERRED
68...
Cent RR New Jer
88
109
OHIO PUBLIC
Philadelphia, Pa.
52.50
fis
72
67
1951--.
Equipment Bonds
Bid
Canadian
86
94
90
fis, 1955
Illinois A Missouri Bridge 1st 4s,
and n. y. curb
National
68
95
Toledo Terminal RR 4 Hi. 1957
A Western)
92 H
90
1st 4s, 1951
91
104
.
75
66
3Hs. 1966.
Terminal 4 Hi. 1957
87
members
Canadian
73
91H
general 5s, 1946
100
—100
New York
Boston A Maine 4 Hi
i
244
Stroud & Company Inc.
58
—
92
84
Quotations-Appraisals Upon Request
Baltimore * Ohio 4 Hi
«.
54
50
2d 4s, 1949.
Consolidated 5s, 1945
EQUIPMENT TRUST CERTIFICATES
Line 4 H»-
75
90
1951
Washington County Ry 1st 3Hs.
Atlantic Coast
102 H
71
—
MlnneapoUs St Paul A Sault Ste Marie
Montgomery A Erie 1st 6s, 1956
500
Railroad
102 H
165
7.00
0.82
_
mmmm
101
100
7.00
Preferred
Private Wire® to
f28
1965-
0.00
_
ioiH
99
1949
600
Shore fPcnnsvlvanla)
92 H
104
100
100
—100
A Hudson)
(Delaware Lackawanna A Western)
A Raa
59
500
86
RR St Louis
Wmi. JnrRAv
67
93
Western 1st 4s, 1939.
3.875
82
100
Warren RR of N J (Del Lac
H
94
90 H
3.00
pref (Terminal RR)
Vlcksburg Shreveport A Pacific
100
65
1st 6s. 1955
Gulf 1st 6s, 1978
43
(Terminal RR)_
-.100
United New Jersey RR A Canal (Pennsylvania)—
Utlca Chenango A Susquehanna (DLAW)
Valley
Kansas Oklahoma A
41
Second preferred
Tunne
69
98 H
92
Kanawha A West Virginia
50
Chicago (Pennsylvania)
65H
1946
Hoboken Ferry 1st 5s,
---
1.50
Preferred
Rensselaer A Saratoga (Delaware
1000
50
Lake Erie (U S Steel)
Pittsburgh Fort Wayne A
70
50.00
4.00
—
(D L A W)„ —100
Northern RR of N J
Oswego A Syracuse (Del
199
67
—
94
193
4.00
93
90
1942
Western 1st 5s, 1965.
Cleveland Terminal A Valley 1st 4s, 1995
Georgia Southern A Florida 1st 5s, 1945
Goshen A Deckertown 1st 5Hs. 1978
Cincinnati Indianapolis A
4.00
Laok A Western)
Lackawanna A Western
York
88
10.00
pref (N Y Central)
Wayne A Jackson
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A
New
mm mm
m
50
Better man stock
Delaware (Pennsylvania)
Fort
Chateaugay Ore A Iron 1st ref 4s,
Choctaw A Memphis 1st 5s, 1952
102
50
Cleveland A Pittsburgh (Pennsylvania)
96
58
55
4.00
89H
-
94
Buffalo Creek 1st rel 5s, 1961•
2.85
81
78
87H
135
.100
York Central)
Carolina Clinehfleld A Ohio (L A N-A C L) 4%- -.100
70
66
3s, 1950
8.60
Canada Southern (New
98 H
98
106
104 H
1942
8.75
Central)
(New Haven)
Providence
A
179
95
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 4 Hi. April 1, 1943.
2.00
50
97
1050
100
...
York Central)
(New
95
6.00
Central)
Ibany A Susquehana (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
Alabama A Vlcksburg (Illinois
72 H
96 H
1953
Augusta Union Station 1st 4s.
72H
71H
Akron Canton A Youngstown
Ditidend
Par in
71
7%
preferred
Texas Pow A Lt 7%
54 H
92
65 H
97 H
165
94
67H
99 H
171
2976
Financial
Quotations
Chronicle
May 1, 1937
Over-the-Counter Securities—Friday April 30-Continued
on
Securities of the
OFFERINGS
Associated Gas & Electric
&
S. A. O'BRIEN
Members New York Curb
ISO
BROADWAY, NEW YORK
American
CO.
75
Works
&
Electric
Co.,
Inc.
(Maine)
FEDERAL ST., BOSTON
H. M. PAYSON & CO.
HANcock 8920
Telephone between New Yorh and Boston
1-1074
Est. 1854
Bell System Teletype—N.Y.
Public
Water
Consumers Water Co.
Exchange
COrtlandt 7-1868
Direct Private
WANTED
First Mortgage Bonds of Subsidiaries
System
PORTLAND, MAINE
Tel. 2-3761
Utility Bonds
Specialists in —
Bid
Ask
Bid
86
Ask
,
80
81%
Dallas Pow A Lt 3%s_.1967
Federated Utll 5 %b_._1967
95
96%
Green Mountain Pow 6s '48
62
63%
Houston Lt A Pow 3%s 66
Iowa Sou Utll 5%s___1960
37
38
Kan
37%
38
Kan Pow A Lt 1st 4 Ha '65
40
:
41
Keystone
Telep 6 Ha. 1955
100
101
Louisville Gas A El 3 %s '66
100
100%
104% 105
82
Metrop Edison 4s ser G '65
Missouri Pow A Lt 3%s 66
97
97%
87
Mtn States Pow 1st 6s 1938
94
96
Narragansett Eleo 3%s '66
Newport N A Ham 5s. 1944
N. Y. State E A G Corp.
101
Assoc Gas A Eleo Corp-
*
Inoome deb 4%s.
42%
80
84%
98
mmm
76%
102
44
47
35
40
42
47
45
100
102
1965
NorthernN~ Y Uttf
53
Northn States Pow
40
44
Ohio Edison
47
51
1965
3%s '67
3%s
1972
96%
Atlantlo County Wat 5s '68
95%
97%
97%
101% 102%
52
60
Old Dom Pr 6s May 15 '61
68
Pennsylvania Eleo 6s 1962
104
Penn Telep Corp 1st 4s '65
Peoples LAP 5%8___1941
103
...
94
ser
96
Phlla Electric
72%
74%
Public Serv of Colo 6S.1961
81%
Pub Serv of N H
79%
G
101
101%
3%s.--1967
Pub Utll Cons
3%s D '60
6%S-_1948
97 H
5%
Sioux City Gas A El 4s 1966
Sou Cities Utll 6s A
1958
1966
3%s series G
1966
Conn River Pr
3%s A_1961
Consol E & G 6s A
Chester Wat Serv 4%s '58
Citizens Water Co
6s
6a
51
53
Wise Mich Pow
51
53
49%
51%
6% secured notes. .1937
Cumberl'd Co PAL 3%s'60
55
57
94%
81
83
B"l954
5s
1957
5s series C
99% 100%
101
75
1946
78
105%
1958
97
105
92%
.1942
1942
100
1960
150
2360
Broadway,
N, Y.
Real Estate Bonds and Title Co.
Bid
94%
Roch A L Ont Wat 5s. 1938
St Joseph Wat 4s ser 19A'66
Scran ton Gas A Water Co
99
105%
Alden 1st 6s
Jan 1 1941
/42%
46
Broadmoor (The) 1st 6s *41
B'way Barclay 1st 2s_1956
100%
1952
99
100%
108
102
1954
103
101
151 %
55
Bid
32
6s
1948
6%s__1944
Broadway Motors Bldg
/41%
6s stamped
..1948
Chantn Bldg Ino 4s...1945
70%
72%
63
66
Chesebrough Bldg 1st 6s '48
61%
64%
Munson Bldg 1st 6%s.l939
N Y Athletic Club—
/48%
/34
51%
1st mtge 2s stmp A reg'55
1st A gen 6s
1946
/9%
5 %s series BK
5%s series F-l
6s
45
Dorset
(The) 1st 6s...1941
Aref5%s
1947
S f deb 6s
1945
N Y Eve Journal
6%s.l937
N Y Title A Mtge Co—
36
East Ambassador Hotels—
1st
Eqult Off Bldg deb 5s 1952
Deb 6s 1952 Legended..
83
10%
85%
80
84
60 Bway Bldg 1st 3s Ino '46
600 Fifth Avenue—
/54
58
5%s series C-2
5%s series Q
1949
40%
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
/51%
/53
G'lver Cromwell (The)—
1st 6s
Nov 16 1939
1 Park Avenue—
40 Wall St Corp 6s
42 Bway 1st 6s..
1958
70%
1939
1400 Broadway Bldg—
1st 6%s stamped...1948
73"
79%
/44%
Fox Theatre A Off
1st 6 %s
Fuller Bldg deb 6s
1941
/12
1944
70%
6%s unstamped
1949
Graybar Bldg 6s
1946
Harrlman Bldg 1st 6s 1951
/49%
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s... 1950
Kelth-Albee Bldg (New
Rochelle) 1st 6s
65
90
/61%
53
73%
53%
75%
67
91%
Shenango Val 4s
99
ser
93
B 1961
South Bay Cons Wat 6s '50
Pittsburgh Wat 5s '55
98
104
104
Ask
Lexington Wat Co 5%s '40
Long Island Wat 5%s.l955
103% 105
31%
Middlesex Wat Co 6%s *57
104
103%
98
mmm
mmm
94%
93
100%
64
67
103
1960
6s series B
1960
...
102
105
Spgfleld City Wat 4s A1956
6s series A
mmm
98
96
101
.1949
Texarkana Wat 1st 5s. 1968
Union Water Serv 5%s *61
103
mmm
103
mmm
'
"mmm
99% 100%
Water Serv Cos Ino 6s '42
98
W Va Water Serv 4S..1961
Western N Y Water Co—
96%
6s series B
1950
1st mtge 5s
95
102
1951
1st mtge 6%s
1960
Westmoreland Water 5s '62
Wichita Water Co 6s B '56
97%
98% 100
96
98%
100
—
-
—
102% 104
100
'mmm
6s series C
1960
102
6s series A
1949
103%
102% 104
W'msport Water 5s...1952
mmm
"
mmm
106
67
71
^
36
|
■4
Chain Store Stocks
/34%
/31
/31
Borland Shoe Stores..
100|
33%
B/G Foods Ino
33
m
$2.60
102 jg
Bohack
/55*
59
"1
47
«
/»%
Ask
13
16
98
103
com
3%
14%
»
36
*
7
♦
pref..
(H C) common
7% preferred
100
Diamond Shoe pref
37%
.100
4%
J
48 «
-w
30%
11
*
43
103
106
Neisner Bros pref
100
114
116
pref.. 100
Schlff Co preferred
100
United Cigar Sts 6% pf.100
105
8
41%
11%
*
16
Reeves
(Daniel)
29%
29%
New common
1%
90
57
*
...
31%
31%
2
60
22
100
7% preferred
13%
11%
18
38%
6% pref ctfs
10
Ask
13
15%
New preferred
Kobacker Stores
Bid
6% pref
36%
104
Fishman (M H) Co lnc—
New common
Par
Kress (S H)
Miller (I) Sons com
6%% preferred
100
Murphy (G O) $5 pref. 100
59
<mt
12 7%
conv
Bid
•
100
Blckfords Ino
95
90%
68%
51
71%
Sugar Stocks
53%
69
"
1
Cuban Atlantic Sugar
63
10
/57%
59
Bid
Ask
21%
23%
29
32
I
39
1
Par
Bid
Savannah Sug Ref com
1
West Indies Sugar Corp_.l
Ask
42
*1
Eastern Sugar Assoc
Preferred
l
Haytlan Corp Amer
/61
36%
38%
26%
Roxy Theatre—
1st fee A l'hold 6%s_l940
Par
7% preferred
6s
1945
/24%
/24%
1956
1
50%
9%
1%
Miscellaneous Bonds
70%
32
616 Madison Av 1st 6 %s'38
61 Bway Bldg 1st 5 %s 1950
48%
/33
51%
/59%
62
73%
Syracuse Hotel (Syracuse)
1st 6%s
Oct 23 1940
/74%
Textile Bldg—
1st 3-5s (w s)
•
—
98
53%
72%
72%
Bid
36
«
/54%
70%
^
129
97
1943
3-5%s deb lnc (w s).1956
60 Park PI (Newark) 6s '37
49%
1942
1936
102
Sherneth Corp—
Ludwlg Bauman—
(Bklyn)
99% 100
102
99
3s with stock
55
London Terrace Apts 6s '40
1st 6s
5s Income..
Savoy Plaza Corp—
Realty ext 1st 5%s.l945
92
64%
Loew s Theatre Realt Corp
Qg
1947
1st 6 %s (L I)
...1951
5%s double stpd_._1961
Realty Assoc Seo Corp—
14
Bldg—
1st 6%s
Apr 15 1937
Lincoln Bldg Ino 5%s.l963
100%
105%
<4
Prudence Co
1936
Lefoourt Manhattan Bldg
1st 4-6s extended to 1948
Lewis Morris Apt
73%
2nd mtge 6s
103 E 57th St 1st 68...1941
165 Bway Bldg 1st 5%s '51
Bldg—
Oct 1
99
95
/43
/55
/44
62d A Madison Off Bldg
6s
Nov 1947
Film Center Bldg 1st 6s '43
6%s unstamped
mmm
mmm
84
Metropol Playhouses Ino—
Court A Remsen St Off Bid
Apr 28 1940
1947
mmm
102
1958
92
Metropolitan Corp (Can)—
1st leasehold
1st 6s
/29
mmm
-
105%
104
1958
Terre Haute Water 5s B '56
mmm
100%
102%
1962
98%
82
Scranton Spring Brook
Water Serv 5s
1961
1st A ref 68 A
1967
Sou
Interstate Water 6b A.1940
Joplln W W Co 6s
1957
Kokomo W W Co 5S..1958
Mortgage Certificates
Majestic Apts 1st 6s. .1948
Metropolitan Chain Prop—
B'way A 41st Street—
101%
4%s
104
5s series A
5s
mmm
106
97
105
99% 101
Illinois Water Serv 6s A '62
Ask
100
102
99
58
1948
Pittsburgh Sub Wat 5s '68
Hackensack Wat Co 6s '77
5%s series B
1977
BeUN^tS^8e1'
94%
98% 100
99
100%
Plalnfleld Union Wat 6s '61
Richmond W W Co 58.1957
Roanoke W W 5s.... 1950
102%
Indianapolis Water—
1st mtge 3%s
1966
Indianapolis W W Secure—
1950
76%
79%
101
1958
6s
BArclay 7
93%
4%s..l966
Water Works Co—
103
6s series B
INCORPORATED
88
105
6s series D
AMOTT, BAKER &, CO.
mmm
99%
1948
101% 102%
Huntington Water 5s B '54
-
87
Phlla Suburb Wat 4S..1965
Pinellas Water Co 5%s '69
102
Greenwich Water A Gas—
•
88""
98
1948
6s series A
Reports—Markets
92%
.
107
1st consol 5s
1st mtge 6s
Public Utilities—Industrials—Railroads
98
''-'-'mmmm
1st consol 4s
mm
104
1952
1st coll trust
1st A ref 5s
mmm
..1946
5s series A...
5s series B
91%
'
Ohio Water Service 58.1958
Ore-Wash Wat Serv 5s 1957
mm
79
Prior lien 5s
mm
4%s
Estate Securities
—
80
100
E St L A Interurb Water—
Real
'
75
76
1951
100% 102
100%
104 %
Connellsvllle Water 5s. 1939
Consol Water of Utica—
99% 100%
100
105
Penna State Water—
1947
5 %s series B
6s series A
98% 99%
100% 101
New Jersey Water 5s. 1950
New Rochelle Wat 5s B '51
mmm
104%
mmm
1957
5 %s series A
88
104
Peoria
Davenport Water Co 6s '61
1961
mmm
Community Water Service
102%
95%
1st mtge 4s
100%
New York Wat Serv 5s '61
Commonwealth Wat (N J)
Wisconsin Pub Ser
3%s..l961
1941
1st 6s series C
117%
1P3% 103%
i960
Newport Water Co 5s 1953
Ohio Cities Water 5%s *63
Ohio Valley Water 58.1954
mmm
101
Clty'w "(Chat)
85
6%s
6%s._
101
Clinton W Wks Co 58.1939
102
95
Morgantown Water 5s 1965
108
1951
97%
Western Mass Co 3 Ha 1946
Western Pub Serv 6 Ha *60
Wisconsin G A El 3 Ha 1966
Ask
94
Monongahela Valley Water
102% 104
6%s series A
1951
City of New Castle Water
96%
Tel Bond A Share 5S..1958
1962
105%
(Wash)
79
Utica Gas A El Co 6s.l957
1962
6s series B
•
100
76
106
3%a series F
104
Calif Water Service 4s 1961
105%
103%
/93 H
95%
102
102%
105 H 106%
101% 102%
100% 101
102% 103%
101% 101%
Conn Lt A Power 3 %s 1956
1957
1954
5%s series A
1954
Butler Water Co 6s...1957
Central Public Utillty-
15%
Bid
Monmouth Consol W 6s '66
-
Water Works
6s series C.
98
100% 102
Ask
99
•
6s series B
71
106%
Birmingham
97
95
98
104%
101% 103%
101
102%
M uncle Water Works 6s '66
95%
97%
Okla GaB A Eleo 3%s_1960
Debenture 4s
1946
Parr Shoals Power 5s_1952
Cent Maine Pr 4s
Ashtabula Wat Wks 6s '58
102
96%
1
Water Bonds
Bid
Alabama Water Serv 5s '57
Alton Water Co 5s
1956
95 H
NEW YORK
Teletype: New York 1-1073
Tel. HAnover 2-0610
105
56
1st lien coll tr 6s
INCORPORATED
EXCHANGE PLACE,
101%
48
Blackstone V G A E 4s
Swirt.Brent & Co.
40
50
4s
48
Atlantic City Elec 3%sl964
Complete Statistical Information—Inquiries Invited
103%
101% 101%
100
Assoc Gas & Eleo Co—
Sink fund lno6%8_.
City Pub Serv 38.1961
102%.102 %
72 H
74%
43%
74
74%
Sink fund Ino 4%s_.
Sink fund income 6s
Water Works Securities
43 H
45%
106% 107
183
1958
Trinity Bldgs Corp—
1st 5%s
1039
2 Park Ave
Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
1st 6%s
Oct 19 1938
Westlnghouse Bldg—
1st fee A leasehold 4s '48
Associates Invest 3a..1946
Mountain-Hudson
River Bridge 7s
1953
2s
.
96
63%
67%
/27%
32%
/75%
80%
94%
Aug
15
* No
June
par
1
value,
1939
a
Bid
104
100% 100%
Interchangeable.
Sept
t Quotations
per 100
1939
100*32 100»3Z
87%
88
91
f revenue 1977.AAO
98%
99%
4s serial revenue 1942-68
52.65
3.90
4s
s
6 Basis
price,
to i When
Issued,
x Ex-dividend.
Curb Exchange,
z Now selling ex-coupons,
on
1
Journal of Comm;6%a 1937
Reynolds Investing 5s 1948
Triborough Bridge—
/Flat
t Now listed
Ask
Federal Farm Mtge Corp—
l%a
100% 1007,6
1938 10D,6
101%
51%
94
Ask
Home Owners' Loan Corp
1%8
Aug 15 1937
l%s
48%
93%
Bear
price,
V
Now
d Coupon,
selling
on
e
Ex-rights.
New
York
New York Stock Exchange.
gold rouble bond equivalent to 77.4234 grams of pure gold.
Volume
Quotations
2977
Chronicle
Financial
144
Over-the-Counter Securities—Friday April 30- Continued
on
Industrial Stocks and Bonds—Continued
Publication Corp oom
Ask
47%
3%
15%
50%
4%
40
42
297
301
*
Remington Arms oom
Climax
Molybdenum Co.
Rome Cable
Scovlll Mfg
Lawrence Portland Cement Co.
Corp com...5
25
Singer Manufacturing.. 100
6
100
Worcester Salt
York Ice
Ask
65
25 %
24 %
Machinery..;..*
7% preferred
100
Young (J S) Co com...100
7% preferred
100
16%
91
97
94*|
1075
126
Bonds—
6%
151
156%
Singer Mfg Ltd
Bid
61
Par
Bid
Insurance Co.
Federal
Co., Com. & Pfd.
106
109
Stromberg-Carlson Tel Mfg
14%
15%
Am Wire Fabrics 7s..1942
95
100
Sylvanla Indus Corp
Amer. Dist. Tel.
37%
39
97
100
18%
Chicago Stock Yds 5s. 1961
Cont'l Roll A Steel Fdy
1st conv s f 6s
1940
98 %
42%
Cudahy Pack conv 4s. 1950
101
1955
Deep Rock OH 7s
1937
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
99
100%
101 %
99 %
100
Standard Screw
*
Taylor Wharton Iron A
Bought—Sold—Quoted
Steel
17%
40%
com
Trico Products Corp
Tublae Chatlllon cum
*
pf.10
6%
17%
19%
2%
Kopper Co 4s ser A...1951
18
Martin
Bell System
100
16
*
Welch Grape Juice com..6
7% preferred
100
West Va Pulp & Pap com. *
45
Preferred
Tel. BArclay 7-0700
Teletype NY 1-1493
Par
66
American
15%
40
42
60
62
uen Fire
25%
26%
35)4
8)4
38%
Preferred
.70
103
14)4
*
Garlock Packing com
100
Rubber—
108
American Hard
35%
36)4
20
26
*
Hardware
Amer Maine Products
23
*
ExtlngulBher—*
Golden Cyole Corp
10
Good Humor Corp
1
86
Qraton A Knight oom
82
pref.100
com.*
Andlan National Corp..-*
Art Metal Construction. 10
Bankers Indust Serv cl A*
Beneficial Indus Loan pf.*
Bowman-Biltmore Hotels
American Mfg 5%
20
100
68
Great Lakes SS Co com..*
47
27)4
Great Northern Paper..26
40%
Preferred
Corp
1
Lawyers Mortgage Co..20
51)4
50
2%
1)4
Klldun Mining
7)4
Lawrence Portl Cement 100
30
8
10
*
17
20
Columbia Broadcasting A *
49)4
51)4
Maytag warrants
*
49)4
51)4
Merck A Co Inc oom
*
100
$7 preferred
Dennlson Mfg class A
10
Dentists' Supply Co of N Y
47 %
50%
Devoe <fc Raynolds B com
6% preferred
2d 8% preferred
8)4
50
51)4
108
-
-
6%
29
31
1st 5s
Woodward Iron com ...10
32%
34%
2d conv inc 5s
10
6% preferred
..100
/60
64""
101
102 %
Woodward Iron
—1962
1962
131% 137
Northwestern
6%
*
Norwich
-
Bell System Teletype NY 1-2075
Telephone DIgby 4-5600
46
110
New York
Broadway
113
9
5
...*
10%
33
30%
93% 100
81
83
38%
41
21
25%
*
Pathe Film 7% pref
94
Petroleum Conversion
»
1
INTERNATIONAL RADIO
11%
97
Ohio Match Co
10%
7
6
42
-
17%
3%
%
-
42
100
Yeast
Pharmacal
Ohio Leather com
35
31
Morton Lachenbruch & Co.
••
•
Incorporated
preferred
82
23)4
3
*
Bros.
Cigar Stores
1%
100
oom...*
100
Haven Clock pf
100
5%
New
5%
Foundation Co. For shs..*
United
35%
Nat Paper A Type
67)4
35%
21%
Follansbee Bros pref.—lOO
2976.
Follansbee
...
33%
*
Preferred
69
79
m
10%
16
National Casket
35)4
m
%
59
65)4
For footnotes see page
64
114
Muckegon Piston Ring
...30
shares
9%
t—
.1
..100
64
62)4
American
preferred
Preferred
120
100
10%
5%
11%
Mock Judson A Voehringer
-
Crucible...100
Douglas Shoe preferred. 100
Draper Corp
*
Federal Bake Shops
*
Preferred
1
(Glen L) com
54
Dixon (Jos)
Tide Wat Assoc Oil 3 %s ' 52 t
Wltherbee Sherman 6s '44
101% 103
Woodward Iron
•
61
*
Preferred
Martin
5%
4)4
*
29"
5
24%
/22%
2)4
120
Macfadden Publica'n eom »
61
♦
Dictaphone Corp...
Preferred
1st
7
Crowell Pub Co com
26
110
27
B.
1943
6%s
102
260
100
100
27
*
Chilton Co com
10
Climax Molybdenum,...*
Columbia Baking com.—*
Class
98
97%
106% 108 %
46
44
100
Lord A Taylor oom
20
$1 cum preferred
1st 6%s assented... 1942
Struthers Wells Titusville
100
42%
2%
6
Bur dines Inc com
23%
Willys Overland Motors.. 1
49
25)4
91%
72
49
90 <j«
92 %
80
Standard Textile Products
WJR The Goodwill Station
10
19
100
preferred
238% 247 %
70 %
/67
1952
1945
Pipe Line 4s
Scovill Mfg
4%
33
21%
*
preferred
1946
6S..1946
1962
30
White (S S) Dental Mfg_20
White Rock Mid Spring—
$7 1st preferred
13%
11%
»
cum
Otis Steel 4%s
106
3%
*
101% 101%
Panhandler Eastern
40
104
•
99 *
95
Wilcox-Gibbs common..50
47 %
American Republics
1st
$3
Ask
Bid
*
Galr (Robert) Co oom
47
44
preferred-—100
American Book
8% cum
Par
Ask
Bid
•
N Y Shipbuilding
m--
38
100
Preferred
22""
107%
West Dairies Inc com v t o 1
1939
Nat Radiator 5s
19
31
(Glenn L)
6s
conv
$3 conv preferred
86 %
/84%
/2 8%
—1948
Conv deb 6s
Warren Northam—
Industrial Stocks and Bonds
American Arch—
2%
United Piece Dye Works. *
York Security Dealers Association
Broadway, N. Y.
116
See Chain Store stocks—
United Merch & Mfg com *
1920
3%s
5%
United Cigar Stores—
Bristol & Willett
Members New
1st
104
100
United Artists Theat com *
Established
American Tobacco 4s. 1951
1%
1
fecpSieAA £jcc&a/ng&
62 Wall
Tennessee Products Common
A. T. & T. Teletype N. Y. 1-1642
EDWARDS & CO.
S.
H.
New York City
Street,
HAnover 2-3080
/ Pittsburgh Stock Exchange
| New yor^ curb Exchange (Associate)
Memoers
120 Broadway,
INDUSTRIES, Inc.
PENNSYLVANIA
Units
New York
Teletype N. Y. 1-869
Tel. REctor 2-7890
Union Bank Building, Pittsburgh
ROBINSON, MILLER & CO.
INC.
nSXSS&a 52 William Street, N.Y.
Diamond T Motor Car Co.
N~
Bought, Sold & Quoted
Prospectus
upon
request
ROBERT GAIR CO.
QUAW & FOLEY
Leading Paperboard Manufacturer
Members New York Curb Exchange
30
Broad St.,
Common
Hanover 2-9030
N. Y.
$3
6% Notes
Pfd.
Analysis
Request
on
LANCASTER & NORVIN
30
C.
HAnover 2-0077
BROAD STREET
UNTERBERG &, CO.
E.
Members
CURRENT
j
Commodity Exchange, Inc.
NOTICES
—Tobey & Kirk, members of the New
BOwling Green 9-3565
York
the opening today
Teletype N. Y. 1-1666
firm's
York Stock Exchange, announce
of enlarged uptown offices at 50 East 42nd Street.
CURRENT
—The probability or higher wages
this year creates a problem
corporation earnings in
NOTICES
of increased operating cost that will affect
certain industries far more acutely than others,
public April25 by
Fenner & Beane.
The analysis emphasizes the wide discrepancy in the
ratio of wage cost to total value of product among various major industries,
ranging from 2.2% in certain branches of the food industry to 48.2% in
typewriter manufacturing.
St.,
business as an individual dealer in industrial and
In the past Mr. Rowland was a partner in May
& Row¬
subsequently becoming associated with J. G. White & Co., Inc.,
Trew & Co. and more recently with Gibson, Leefe & Co. as manager of
land,
their unlisted trading department.
J. Ward Hartke has been
appointed manager of their Statistical Department in the
Mr. Hartke occupied the same position with
Chicago.
Chicago office.
Miss
Women's Department of
the uptown office of Tobey & Kirk, has been in the
starting as a bookkeeper in the firm
investment business for eighteen years,
of Chisholm & Chapman in
1919, later becoming the only women margin
clerk in that firm, and being placed in charge
in
1928.
From
1932 to
1935, Miss
of its Women's Department
Hauer was a customers' woman at
Fenner & Beane and subsequently served in a similar
capacity with Francis I. DuPont & Co.
—Hornblower & Weeks, 40 Wall St., New
York, investment bankers and
members of the New York Stock Exchange,
have prepared a study giving
selected financial
traded
on
data
on
one
hundred dividend paying common stocks
either the New York Stock
first quarter of 1937; earnings per
Exchange or the New York Curb.
mate current price
dividends for 1936 and for the
share for the last three years; the approxi¬
and range for 1937 to date.
Lamson Brothers for the past
and prior to that time was associated with Lane Roliinson &
Mr. Hartke has been on La Salle St. for 15 years.
Department.
stitute over
Presented in tabular form, this data includes
—E„ H, Rollins & Sons, Inc., announce that
six years
of the Women's
the uptown office of
Rowland announces the opening of offices at 30 Broad
utility securities.
Ross, office manager, to the rapid growth
Women, according to Mr. Ross, now con¬
30% of the customers of the office.
Mathilda Hauer, who has just been appointed manager of the
primarily attributed by L. G.
and shorter hours in many lines of busi¬
according to a survey of more than 60 industries made
New York, to conduct
The
than double the floor space
September.
The enlargement is
now represent more
uptown quarters
leased when the office was first opened last
—John Q.
Bell Tele. N. Y. 1-1786
f New York Security Dealers Association
61 Broadway, New
ness
GREENE
Incorporated
CLIMAX MOLYBDENUM COMPANY
Co.,
—Lewis Widder Co. announce
New York.
the removal of their offices to 60 Wall St.,
2978
Financial
Quotations
Chronicle
May 1, 1937
Over-the-Counter Securities —Friday April 30 -Concluded
on
Investing Companies
Bid
Put
Administered
Amerex
Par
19.66
Incorporated Investors-.*
10.38
Holding Corp
Amer Business
Ask
18.48
Fund.
Affiliated Fund Ino
11.25
2834
29 34
*
1.21
1
Shares
Bid
Invest Co of Amer com. 10
Amer A Continental Corp.
Amer General Equities Inc
Investors Fund C
13
1.10
1.23
47
Major Shares Corp
Maryland Fund Inc
21.96
23.04
3
com..
9.79
10.72
Trust..1
28.08
29.79
15.99
17.48
7.15
7.41
4 44
4.54
Am Insurance Stock Corp *
53*
6
Mass
7 3*
834
Mutual Invest Fund
1
43*
National Investors Corp..
Nation Wide Securities.. 1
Bankers Nat Invest Corp *
Basic
Industry Shares
5.08
*
1
Broad St Invest Co Ino
.75
35.01
British Type Invest A
.55
37.44
2134
23 X
4.40
4.80
1
Bullock Fund Ltd
Voting trust certificates.
2.03
WALTER E.
52 William
Foreign Unlisted Dollar Bonds
4
Century
Trust
6
25.50
27.42
11.80
12.79
11.88
12.83
Anhalt 7b to
12.44
13.43
Antloquta
Insurance stocks
9
*
Shares
48
»
Class B
Bank stockR..
Building supplys
Electrical equipment
*
Central Nat Corp cl A
45
Bid
1946
1972
10.48
11.32
Argentine 4s
5.58
5.97
Machinery stocks
13.14
14.18
Bauk of Colombia 7
Consul.
ii 3*
\2%
15.65
Bank of Colombia 7 %
18
Railroad equipments
Steel stocks.
14.50
17
Continental Shares pref—.
15.13
16.32
2.97
No Amer Bond Trust ctfs
5834
6334
Series AA
2.79
No Amer Tr Shares 1953..
2.70
Accumulative series
2.79
Corporate Trust Shares—
Series
AA
Series 1955
3.60
mod
28J4
10
100
8% preferred
Northern
117
Crum A Forster Insurance
100
33 X
11234
Cumulative Trust Shares. *
Pacific Southern Inv pref. *
Class A
»
6.36
Common B shares
10
7% preferred
3534
Class B
18
3 H
11
.91
1.02
17.67
19.35
3.33
3.13
-
Representative Trust Shs
-
British
34
14.88
Management
134
7 3*8
Selected Amer Shs
....
new
.
8.00
Selected American Shares.
2.09
Selected Cumulative 8hs._
10.40
Eqult Inv Corp (Mass)—5
Equity Corp conv pref
1
34.25
36.81
Sovereign Invest Inc
3734
4034
Spencer Trask Fund
Fidelity Fund Inc
26.83
16.21
4.08
1.94
Selected Income 8hares
*
4.05
4.30
Callao 'Peru) 7)4% —1944
Cauca Valley 7 His
1946
State Street Inv Corp
*
Super Corp of Am Tr Shs A
Standard
B
*
Foundation Trust Shares A
Fundamental Investors Inc
13.07
11.02
:.
.
.
25.28
6.21
General
6.88
6.84
Investors Trust._
*
.87
.94
116
-
-
4.11
C
Chilean Nitrate 5s
7.83
15.58
7.44
2.07
Series C
3.06
1.42
1.54
Series D
3.01
Building shares
2.11
2.18
Chemical
1.58
1.72
.97
1.06
Trusteed Amer Bank Shs P
1.69
1.83
Trusteed Industry Shares
U S El Lt A Pr Shares A..
Investing shares
Trustee Stand Oil Shs A..
1.41
1.53
1.64
1.68
Petroleum
1.49
1.62
RR Equipment shares..
Steel 8 hares
1.55
2.02
1.68
2.19
Tobacco shares
1.06
1.16
h
134
Guardian Inv Trust com.*
24
Preferred
.75
Holdirg Corp
1.13
Institutional Securities Ltd
mm*
—
mm mm
•
—
1.01
1.49
Voting trust ctfs
shares
mm
mm
.91
B
•.
—
7.43
1
65
1.82
1.58
1
Group Shares
Duesseldorf 7h to
Dulsburg 7 % to
1.08
East Prussian
334
43*
134
19.66
Wellington Fund
134
21.15
Corpt
Bancamerlca-Blair Corp..
First Boston Corp
Pomeroy Ino
Dortmund Mun Utll 6s '48
2.71
10
11
3434
3634
1945
-1945
Pow6s.l953
Electric Pr (Germ) 6 His '50
6 34s
1953
734s Income
In
1966
1966
7s
1967
7 His
78 Income
43*
com
53*
on
Frankiurt
/a
-1967
1945
to
French Govt 5 34s
193
French Nat Mall SS 6s '52
Gelsenklrohen Mln 6s
Eleo
7s..1957
Munich 7s to
The
of
following securities
the
were
sold at auction
on
Wednesday
week:
current
/22
Nassau Landbank
Natl
Bank
634s '3s
634%
/1934
/8
2034
m
/ 1934
/1934
/71
20
1946-1947
/86
92
1948-1949
/84
90
Nat Centra] Savings Bk of
15
Hungary
734a
1962
National Hungarian A
10
Mtge 7%.
2034
48
/19
to
194ft
Porto
60
many) 7s
1946
Prov Bk Westphalia 6s "33
Prov Bk Westphalia 6s '36
/ 28
/35
/16
/1834
/1834
/1834
/19
/19
31
5s
37
Ohuroh
By Adrian II. Muller & Son, New York:
Shares
Slocks
$ per Share
330 Susquehanna Silk Mills, class A, vot. tr. ctfs., par $1
Corp. (Del.) class B, common,
100 Mo-Tex Oil Co. (Texas) no par
——
no par.
21
Royal Dutob 4s
1945
160
21
Saarbrueoken M Bk 6s '47
Salvador 7%
1967
/17
21
Rio de Janeiro 6%.-.1933
Rom Cath Church 634a '46
Welfare 7s
46
1957
4s scrip
8s
1948
8s ctfs of dep.
Santa
Oatharlna
2034
1948
$10,000 Lexington Hotel
1928, due
May
1,
26
1951
/19
20
State Mtge 6a. 1947
/20
By R. L. Day & Co., Boston:
Shares
■>
Stocks
..
$ per Share
50 North Adams National Bank, North Adams, par $100
1 Pittsfield & North Adams RR., par $100
125
77
1 Providence & Worcester RR., par $100
1203*
2 2-10 Post Office Square Co.
20 Kerner Incinerator Co., par
1334
/6J4
1960-1990
1334
834
109
96
Per Cent
By Crockett
Shares
&
Co., Boston:
"
par
$100
STOCKS
1956
91
Tollma 7s
—--1947
/15
100
110
Tucuman City 7a
1951
Union of Soviet Soc Repub
93
1634
7% sold ruble
1943 $86 .42 90.99
100
Steamship 6s. 1937
United
/is
Unterelbe Electrlo 6s. 1953
99
Veaten Eleo Ry 7s
1947
Wurtemberg
1945
7a
to
2i""
/19
/1734
/19
19
21
/6934
2976.
Internal
2 54
-
Bonds—
COUPONS
—
SCRIP
External
per Cent
29 shs. common
ROBERT E. HAUTZ & CO., INC.
$85lot
By Barnes & Lofland, Philadelphia:
Stocks
50 Broad Street
160 No. LaSalle St.
NEW YORK
CHICAGO
$ per Share
131 Goldner Bros. Motor Co., preferred, par $100
50c
156 Goldner Bros. Motor Co., common
2 34
248 Rlttenhouse Motor Car Co., capital
1 Philadelphia Motor
ioc
Accessories Co., common; 1 preferred
20 Huntingdon Valley
Granting Annuities,
Trust Co., par $50
Co., Chester, Pa., par $10
10 Delaware County Trust
10 Falling Spring Lime Co.,
Covington, Va , no par
Academy of the Fine Arts, par $100
NOTICES
1854
25 Delaware County National Bank, Chester, Pa., par $10
20 Pennsylvania Co. for Insurances on Lives A
CURRENT
91 lot
29 Southwestern Market Co., par $100
1 Pennsylvania
1946
/51
/39
/50
/38
100
Electrlo 7s
fTDMAM
4 >
$800 Washington Building Realty Corp., reg. 7s, July 1,1945; 48 shs. $3 pref.;
Shares
1936
1946
Certificates 4s
Toho
uLKIYIADI
BONDS
120
12 Consolidated Investment Trust Warrents
20 Mass. Power & Light common with warrants
21
Stlnnea 7s unstamped. 1936
:
$ per Share
Co.,
/56
/41
/19
..22 flat
on.—.
Stocks
1 Collateral Loan
1939
For footnotes see page
54
Certificates 4s
/56
°
56
52
7s unstamped
1953
Bonds—
54
1956
Oct 1935 to Oct 1936.
11
/1234
97
m
1956
Oct 1932 to April 1935
634
/10
Hansa 88 6s stamped. 1939
$1,000 Mass. Cities Realty 7s, 1953, coupon, July 1935 & sub.
1940
Mtge Bk Jugoslavia
2d serle9 5s—
m
1967
6s unstamped
53
Coupons—
17
paid, par $5; 75 Royal Tiger Mines, par 1 cent; 11 City Service Refining Co.,
com.; 4 Fairhaven Mills Real Estate Corp.; 10 International Match
Corp.,
pref., par $35; $100 Merchants & Mfg. Realty 6s, 1937; 23 National Boston
Montana Mines, com., par $1; 25 Yukon Gold Co., par $5
$161 lot
Guatemala 8s 1948
Haiti 8%
51
6s
Hanover Hara Water Wks
6%
54""
1956
7a
State
/8
/16
$100; 500 Independence Lead Mines Ltd.,
Assess, of $10 paid, par $1; 50 Perpetual Royalty Syndicate, par $1;
$1,500
County Drilling Syndicate Int. ctf.; 20 First National Copper $3.75
Allen
52
Stettin Pub Utll 78—1946
June 1 '35 to Deo. 1 *36
Graa (Austria) 8s
1954
Gt Brit & Ireland
4s
1956
/56
/4i
Slem A Halske deb 6a. 2930 /295
/58
German *cr>p
German Dawes Coupons
Dec 1934 stamped
Apr 15 *35 to Oct 15 '36.
German Young Coupons
Dec 1 '34 stamped
1634
Nov 1932 to May 1935
Nov 1936 to Nov 1936
/3034
/29
/20
Jan to Mar 1937
1234
21
2d series 5a
July to Deo 1935
$800 lot
_
34 34
Coupons—
m
Corp. 6% gen. mtge. gold bonds, dated May 1,
with May 1, 1932 and subsequent coupons at¬
—
738
/3334
/II
/71
m
/20
96
/33 3*
/32
1935,
tached
1934
83
2834
Jan to June 1935
1936-.-
20
28
Santander (Colom) 7a. 1948
Z3434
July to Deo
26
/I834
/18
/25
Scrip
/92
July to Dec 1934
per Cent
/18
/23
/8134
/80
/15
/23
1947
Fe 7s stamped. 1942
12l"
/28
(Brasll)
8%
Santa
/283*
Jan to June 1934
Jan to June 1936
Bonds—
26
/22 34
R O Cburoh
6348
834
6934
-
19
69
/18
1941
Serbian 6a
40
;
/17 34
/20 34
2134
2034
2034
130
4 34
318 Susquehanna Silk Mills, class B, vot. tr. ctfs., par $1
100 Kenton
German defaulted coupons
July to Dec 1933
2034
Rhine Westph Eleo 7% '36
6s
1941
7s ctfs of dep
116
50
/1834
/54
/24
1734
/33
/28
/33
/28
/1834
1968
(Ger
Protestant
33"
/19
Alegre 7%
81
131
97
Oberpfals Eleo 7%.-.1946
Oldenburg-Free State 7%
73
m
/33
1947
48
2034
/33
Ind
1948
Panama 5% scrip
/33
/ 79
/59
/19
/21
(C A D)
2034
Saxon
1946
83
81
Panama
/1934
Funding 3s
/20
(A A B)
/1934
/18
/13
Building & Land
Int. ctfs of dep July 1*37
/19
20
Sao Paulo (Brasll) 6s. 1943
Saxon Pub Works 7s. 1945
•bank 6 4%
-.1948
German Conversion Office
/41
/1834
/5 0
/ 26
/19
20
/23
German
/56
/1834
1937
6s
53
/1834
German Atl Cable 7s. -1945
AUCTION SALES
54
61
1945
/75
/50
1934
52
Municipal Gas A Eleo Corp
European Mortgage &
vestment
Investm't Banking
1.96
Insurance
1949
6His.. 1959
.97
Un N Y Tr Shs ser F
1946
5s.
Cundlnamarca
173*
Schoelkopf, Hutton A
Bank Group Shares
1953
.1937
Costa Rica funding 5% '51
Costa Rioa Pao Ry 7 His '49
17 3*
2.61
Un N Y Bank Trust C3_.
Merldlonale
Buda
-
Issue Of 1934 4%
Cordoba 7s stamped
—
7.91
Series B
Mining Shares
shares
pest, 7s
Colombia scrip Issue of '33
1.91
shares
..
1968
City Savings Bank
mm
mm
14.33
Automobile
Food shares
-1934
f'33
/33
/23
A
.1948
Mannheim A Palat 78.1941
North German Lloyd 6s '47
7s assented
Trustee Stand Invest't Shs
shares
1947
Cblle Govt 6s assented
7.83
D
Supervised Shares
Light
Power
Water 7%
8334
Central German Power
Magdeburg 6s
2.70
Agricultural shares
Huron
-
—
2.70
5.20
Group Securities—
Merchandise
Ceara (Braall) 8%
119
3.94
B
....
5.68
B
Utilities Ino
AA
-
4.90
23.94
Fundamental Tr Shares A.
46
Standard Am Trust Shares
3.99
Lelpxlg O'land Pr 634a 46
Leipalg Trade Fair 7s 1953
Luneberg
114
Caldas (Colombia) 7 34b
28.91
4.15
15
Recklinghausen 7s.. 1947
Call (Colombia) 7%-.1947
3 66
1234
61
1.18
3.81
1943
21
/36
scrip
21.67
Insurance stock series
*
'•
—
Land M Bk Warsaw 8s '41
/58
Aires
/33
Munlo Bk Heasen 7s to '45
1953
-
Buenos
1.07
Bank stock series.-.-—
Fixed Trust Shares A
5.44
1134
Nov 1932 to May 1935
Nov 1935 to Nov 1936
Brown Coal ind Corp—
21.02
com.
Koholyt 6348
Rurmelster A Wain6s. 1940 /110
—m
*
Fiscal Fund Inc—
._
Hungarian Bank
1962
0 3*8
—
25
23 34
12
/1834
1940
1.70
7.20
Shares
6s.
1.55
25c
D
Dividend
funding aoilp
Bremen (Germany) 7s 1935
m
Coupons—
/19
8234
/93
/22 34
Braall
14.25
1948
Jugoslavia 5a Fundingl956
J ugosia via 2d ser 5s
1956
/1034
/12
1940
Brandenburg Elec 6s -1951
Braall funding 5% 1931-51
13.75
Republic Investors Fund-
....
Royalties
5.05
C
-
-
llseder 8teel 6s
2034
/ 23
1969
-
68-...—.
43*
2.46
Diversified Trustee Shs B_
new.
7a
43
16
Plymouth Fund Ino A. 10c
Quarterly Ino Shares
Deposited Bank Shs ser A.
Deposited Insur Sha A
Deposited Insur 8h ser B__
40
»
1936
f22
fll
/ 10 34
1945
Bolivia (Republic) 8s-1947
7s
195H
75
change Bank 7s
/1434
1945
8s
3.20
67
Securities.—100
Hungarian Ital Bk 734s 32
Hungarian Discount A Ex
...
Bogota (Colombia) 6 34* '47
3.40
Series 1958
3034
/ 19
Ask
Housing & Real Imp 7s *46
Hungarian Gent Mut 7s '37
-2034
Cons
Palatinate
Clt 7% to
3.47
Series 1956
3.60
Series ACC mod
Crum A Forster com
% 1947
1948
Barranqullla 8s'35-40-46-48
Bavaria 6 3*s to
1945
Bavarian
A*k
/1834
/22
88 3*
/21
m
122
1946
8%
Commonwealth Invest-—1
Funds Corp cl A.
Tel. HAnover 2-5422
19.74
Y Bauk Trust Shares
N Y Stocks Inc—
Canadian Inv Fund Ltd.l
BRAUNL
St., N. Y.
2.19
18.36
New England Fund
N
Inactive Exchanges
16.28
*
Assoc Stand Oil Shares-.2
Investors
Foreign Stocks, Bonds and Coupons
49
15.33
..
Keystone Cust Fd Ino B-3.
1.33
12
Ask
25.63
7
par $10
39 3*
25
—Bayles,
Wall
Softye
&
Co.
announce
the removal
of their
offices
to
60
St., New York.
434
$4 lot.
21
—O. F. Herb & Co.
New York City.
announce
the removal of their offices to 55
Liberty St.,
Volume
Financial
144
2979
Chronicle
Corporation and Investment News
General
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
RIGHTS—SCRIP
Specialists since 1917
McDonnell &fo.
Member $
for construction of warehouse
New York Curb Exchange
New York Stock Exchange
120
Telephone REctor 2-7815-80
Broadway, Naw York
Bell Teletype
and for working capital.
Lewis, Inc., of N. Y. City, is the underwriter.
Pittsburgh, is President.
Filed March 24, 1937.
Henrotin, Moss 8c
Albert M. Hanauer, of
Form A-2) of Marion, O., has filed
covering $4,500,000 of first mortgage bonds.
discharge indebtedness of predecessor com¬
panies.
The company states that White, Weld & Co., of N. Y. City, is
expected to be. among the principal underwriters.
C. C. Roberts, of
Marion, is President.
(See offering in V. 144, p. 2833.)
Filed March
Marion-Reserve Power Co. (2-2984,
[NY 11640
registration
a
statement
The proceeds are to be used to
FILING OF
REGISTRATION
The
UNDER
STATEMENTS
ACT
SECURITIES
No. Of Issues
92
and
Total
Type
$255,658,200.85
Commercial and industrial
5,000,000.00
1
Investment trust.
1
Securities in reorganization.....
1
Voting trust certificates
The following issues for which
are included in the total:
100,857.40
488,205.00
releases have been published
Safeway Stores, Inc.—$20,000,000 of 15 year sinking fund debentures
1, 1952, and 92,397 shares ($100 par) 5% cumulative preferred
(See details in V. 144, p. 2319.)
(Docket No. 2-2987, Form A-2,
due April
Release No.
_
Simmons Co.—$10,000,000 of debentures due 1952, rights to be issued
undetermined
details in
Release
V.
No.
number
of
purchase $9,941,000 of the debentures and an
of no par value common stock.
(See
shares
(Docket No. 2-3019, Form A-2, included in
144, p. 2845.)
■-AV'--
V-'
--.v:
Aviation Capital, Inc. (2-2986, Form A-l) of N. Y. City, hasTiled a
registration statement covering 45,000 shares ($1 par) common stock, of
which 5,030 shares are presently outstanding.
The proceeds are to be used
for investment in securities of corporations engaged wholly or in part in
aviation industry.
Courtlandt S. Gross, of N. Y.
Filed March 25, 1937.
various phases of the
City, is President.
The North American Oil Co.
(2-2988, Form A-l) of Baltimore, Md.,
covering 250,000 shares ($1 par) common
of which 125,000 shares are outstanding.
The company states
that the outstanding stock was sold entirely within the State of Maryland.
The unissued stock will be offered to stockholders at $1.30 a share on a
share-for-share basis.
Any of the shares not taken by stockholders are to
has filed a registration statement
1347.)
to common stockholders to
•■
Burlington Mills Corp. (2-2985, Form A-l) of Greensboro, N. C., has
a registration statement
covering 247,911 shares ($1 par) common
stock and common stock purchase warrants evidencing rights to purchase
39,111 shares of the common stock.
Of the stock being registered, 198,800
shares are to be offered publicly, 10,000 shares are to be offered to officers
and employees, and 39,111 shares are to be reserved for exercise of warrants
to be issued to Lehman Brothers, of N. Y. City, the underwriter, and to
Edward F. Addiss, of N.Y. City, a director and the treasurer of the com¬
pany.
The proceeds are to be used for improvements and additions to plants
and equipment, for working capital and to make an advance to Burlington
Corp., a subsidiary.
J. Spencer Love, of Greensboro, is President.
(See
offering in V. 144, p. 2642.)
Filed March 25, 1937.
■
filed
stock.
incuded in
1937.
25,
Exchange Commission on April 23
announced the filing of 95 additional registration statements
(Nos. 2978-3072, inclusive) under the Securities Act.
The
total involved is $261,247,263.25, of which $260,658,200.85
represents new issues.
Securities
1350.)
AssDcitted Gas & Electric Corp.—$10,000,000 of 5% debentures due
Feb. 1, 1952.
(See details in V. 14-L p. 2288.)
(Docket No. 2-3024, Form
A-2, included in Release No. 1359.)
Commonwealth Water Co.—$4,500,000 of first mortgage bonds, Series
A, due April 1, 19S7, and 10,000 shares ($100 par) cumulative first preferred
(See details in V. 144, p. 2294.)
(Docket No. 2-3025, Form A-2,
included in Release No. 1361.)
stock.
National Container Corp.—447.770 shares ($1 par) common stock,
$2,000,000 of 15-year 5H% debentures, and 2,000 common stock purchase
the debentures.
(See details in V. 144, p. 2311.)
(Docket No. 2-3030, Form A-2, included in Release No. 1358.)
stock,
be offered publicly at $1.75 a share.
The proceeds are to be used for the
acquisition and development of additional oil and gas properties, and for
working capital.
Henry White & C*» , of Baltimore, is the underwriter.
Henry M. White, of Baltimore, is Firsident.
Filed March 25, 1937.
The McCelland-Kennard Co. (2-2989, Form A-2) of Barnesville, O.,
nas filed a registration statement covering 105,000 shares ($1 par) common
stock, of which 50,000 shares are to be offered for the account of the com¬
pany, and 50,000 shares for the account of stockholders.
The remaining
5,000 shares are to be optioned to the underwriter by the company and are
not presently to be offered.
The proceeds to be received by the company
are to be used to discharge indebtedness and for working capita1.
A. W.
A. E. Kennard, of Barnes¬
warrants to be attached to
Porter, Inc., of N. Y. City, is the underwriter.
ville, is President.
Filed March 26, 1937.
Hearst Publications, Inc.—$22,500,000 of debentures of 1937.
(See
details in V. 144, p. 2303.)
(Docket No. 2-3031, Form A-2, included in
Release No. 1356.)
Philadelphia (2-2990, Form A-2) of Phila¬
delphia, Pa., has filed a registration statement covering 6,300 shares (no
par) common stock and subscription certificates to be issued to stockholders
evidencing rights to purchase 3,340 shares of common stock.
The company
will publicly offer 2,960 shares of the stock being registered together with
Bond
Stores, Inc.—155,000 shares of $1 par value common stock.
(See
(Docket No. 2-3035, Form A-2, included in
details in V. 144, p. 2289.)
Release No. 1360.)
Mfg. Co.—174,473 shares ($25 par) capital stock, instalment
subscription receipts, and full and fractional share subscription rights to
To. 2-3041, Form A-2, included in Release No.
Surchase the capital stock. (See details in V. 1363.) p. 2320.)
144,
Other issues included in the total
are
as
(Docket
follows:
Apex Gold Mines, Ltd (2-2978, Form A-l) of Vancouver, British Col¬
umbia, has filed a registration statement covering 1,250,000 shares (50
cent par) common stock to be offered at par.
The proceeds are to be used
for construction of a mill, for machinery and equipment, and for working
capital.
Harry E. Miller, of Vancouver, is president of the company.
Filed March 23, 1937.
(B. F.)
(2-2979, Form A-2) of Louisville, Ky, has
registration statement covering $1,000,000 of 10-year sinking fund
4H% notes, 36,500 shares ($25 par) 6% cumulative preferred stock with
common stock purchase warrants attached, warrants to purchase 109,500
shares of common stoc k, and 109,500 shares ($5 par) common stock to be
Avery & Sons Co.
a
reserved for exercise of the warrants.
The warrants to be attached to the
preferred stock will call for 36,500 shares of common and the remaining
warrants for 73,000 shares are to be issued to underwriters as part compen¬
sation. The proceeds are to be used for the retirement of all of the company's
Series A and Series B mortgage and collateral trust notes.
F. Eberstadt
& Co., Inc., of N. Y. City, is the underwriter.
Charles T. Ray, of Louis¬
ville, is President.
Filed March 24, 1937.
P* The
American Forging & Socket Co. (2-2980, Form A-2) of Pontiac,
a registration statement covering 231,400 shares ($1 par)
stock, of which 191,400 shares are presently outstanding.
The
offering is to consist of 53,500 shares, of which 40,000 shares are for the ac¬
count of the company and 13.500 shares for the account of stockholders.
Mich., has filed
common
The proceeds to be received by the company are to be used to discharge
indebtedness and for working capital.
Van Alstyne, Noel & Co., Inc.,
and
Fenner
&
Beane
Corp.,
both of N. Y. City, are the underwriters.
(See offering in V. 144, p. 2815.)
W. S. Saunders, of Pontiac, is President.
Filed March 24, 1937.
The
&
W.
ParkerBburg Rig & Reel Co. (2-2981, Form A-2) of Parkersburg,
a registration statement covering 100,000 shares ($1 par)
V., has filed
presently outstanding.
None of the pro¬
to be received by the company.
H. M.
Byllesby & Co.« of Chicago, is the underwriter.
David B. Crawford, of
Parkersburg, is President of the company.
(See offering in V. 144, p. 2840.)
Filed March 24, 1937.
common
stock, all of which
are
ceeds from the sale of the stock
are
Uni&n Premier Food Stores, Inc. (2-2982, Form A-2) of Philadelphia,
Pa., has filed a registration statement covering 82,000 shares ($1 par) com¬
stock, of which 78,000 shares are to be offered publicly at $11 a share
and 4,000 shares are to be issued in exchange for $35,200 of the company's
outstanding 6% stock debentures.
The cash proceeds are to be used to
retire outstanding certificates of stock debentures, to discharge indebtedness
and for working capital.
Childs, Jeffries & Thorndike, Inc., of N. Y. City,
is the underwriter.
Samuel Friedland, of Moorestown, New Jersey, is
President.
(See offering on subsequent page.)
Filed March 24, 1937.
mon
Hamberger
has filed
a
cumulative
Distillery,
Inc.
(2-2983,
Form A-l)
of Pittsburgh, Pa.,
registration statement covering 40,000 shares ($25 par) $1.38
convertible preferred stock, of which 5,000 shares are to be
offered to employees at $25.25 a share and the remaining shares, together
with such of the shares as are not taken by employees, are to be offered
publicly at $27 a share.
The company is also registering 225,000 shares
($1 par) common stock, of which 120,000 shares are to be issued to a stock¬
holder in exchange for 5,000 shares of old no par value common stock,
80,000 shares are to be reserved for conversion of the preferred stock, and
25,000 shares are to be sold to underwriters but are not presently to be
offered publicly.
The proceeds are^tojbe used to discharge indebtedness
by stockholders.
The proceeds are to
William S. Wasserman, of Philadelphia, is Presi¬
1937.
such of the shares as are not taken
.
Scovill
filed
The Investment Corp. of
be used for investment.
Filed
dent.
March 26,
Reynolds Spring Co. (2-2991, Form A-2) of Jackson, Mich., has filed
registration statement covering 58,000 shares ($1 par) common stock
for the common stock.
Trans¬
ferable warrants expiring May 12, 1937, are to be issued to stockholders
and will entitle them to subscribe for one new share for each five shares held.
a
and full and fractional subscription warrants
Any shares not taken by stockholders may be offered publicly by under¬
writers.
The proceeds are to be used to discharge indebtedness, for con¬
struction of a new plant, for additional machinery and equipment, and for
working capital.
Chas. G. Munn, of Jackson, is President.
Filed March
26
1937.
-
Kane-America Corp. (2-2992, Form
E-l) of Fort Worth, Tex., has filed
registration statement covering 100,000 shares ($1 par) common stock,
of which 37,453 shares are to be issued in exchange for certain assets of
Crystolax Corp., and 62,547 shares are to be offered publicly at $1 a share.
Leon Jae Kane, of Fort Worth, is President.
Filed March 26, 1937.
a
Educational Pictures, Inc. (2-2993, Form A-l) of N. Y. City, has filed
registration statement covering 150,000 shares ($5 par) 60 cent cumulative
preferred stock and 499,729 shares ($1 par) common stock.
The preferred stock is to be offered publicly.
Of the common stock being
registered, 150,000 shares are reserved for conversion of the 60 cent cumu¬
lative convertible preferred, 89,730 shares are to be issued to holders of the
company's outstanding 8% cumulative preferred stock on the basis of five
shares for each share held, 5,000 shares are to be issued as part payment
for all of the outstanding shares of capital stock of Skibo Productions, Inc.,
17,946 shares are subject to warrants to be issued to holders of the 8% pre¬
ferred, 99,053 are subject to warrants to be issued to holders of outstanding
common stock, 74,000 shares are subject to warrants to be issued to the
President of the company, and 64,000 shares are subject to warrants to be
issued to the underwriters.
The cash proceeds to be received by the com¬
a
convertible
be advanced to subsidiaries to discharge indebtedness, and for
Herrick, Heinzelmann & Ripley Inc., of N. Y. City, is
E. W. Hammons, of N. Y. City, is President.
Filed
March 26, 1937.
pany are to
working capital.
the underwriter.
The Di-Noc Mfg.
Co. (2-2994, Form A-2) of Cleveland, O., has filed a
registration statement covering 250,000 shares ($1 par) common stock,
of which 150,000 shares are to be offered publicly through underwriters
at $3.75 a share and the remaining 100,000 shares are und«r option to the
underwriters.
The proceeds are to be used to discharge Indebtedness, for
machinery and equipment, for the redemption of the company's 6% con¬
vertible preferred stock, and for working capital.
Falvey, Waddell & Co.,
Inc., of N. Y. City, Poik-Peterson Corp., of Des Moines, and H. O. Wallace,
Inc., of Rochester, N. Y., are the underwriters.
K. E. Weigle, of Cleve¬
land, is President.
Filed March 26. 1937.
United States Glass Co.—C. D. Marshall, Et Al, Voting Trustees
of United States Glass Co.
(2-2995, Form F-l) of Pittsburgh, Pa., have
registration statement covering voting trust certificates for 97,641
($1 par) common stock of United States Glass Co.
Filed March
27, 1937.
filed
a
shares
Clear Springs Water Service Co. (2-2996, Form A-2) of Wilkes-Barre,
Pa., has filed a registration statement covering $600,000 of first mortgage
5% gold bonds Series A, due March 1, 1958, which are owned and are
presently to be offered publicly by Water Service Companies, Inc.
The
proceeds from the sale of the bonds are to be received by that company.
E. C. Deal, of Wilkes-Barre, is President.
Filed March 27, 1937.
The Monarch Machine Tool Co. (2-2997, Form A-2) of Sidney, O.*
21,600 shares (no par) common
presently outstanding.
The proceeds to be
be used for an addition to the company's
plant, for additional machinery and equipment, and for working capital.
has filed
a
registration statement covering
stock, of which 9,600 shares are
received by the company are to
new warehouse, for installation of automatic sprinkler systems mTware¬
houses, and for working capital, Bartlett & Gordon, Inc., of Chicago,lis
the underwriter.
Thomas A. Medley, of Owensboro, is President.iied
March 29. 1937.
F. Eberstadt & Co., Inc., of N. Y. City, and Hawley, Huller & Co., of
Cleveland, O., are the underwriters.
W. E. Whipp, of Sidney, is President.
(See offering in V 144, p. 2662.)
Filed Marl 27, 1937.
I
Payne Furance & Supply Co., Inc. (2-2998, Form A-l) of Beverly
Hills, Calif., has filed a registration statement covering 45,000 shares (no
60 cent cumulative convertible preferred stock Series A and 100,000 shares ($1 par) common stock.
The company states that 15,625 shares
of the preferred stock and 35,000 shares of the common stock are to be issued
in exchange for the business and assets of its predecessor, and the preferred
will then be offered through the underwriter.
The remaining 29,375 shares
of preferred stock together with 20,000 shares of the common stock will also
be offered publicly through underwriters.
The remaining 45,000 shares of
common stock are to be reserved for conversion of the preferred stock.
The cash proceeds are to be used for construction of a warehouse, to dis¬
charge indebtedness, and for working capital.
Hammons & Co. Inc. of
Calif., of Los Angeles, is the underwriter. D. W. Payne, of Beverly Hills,
is President.
Filed March 27, 1937.
England Fire Insurance Co. (2-3012, Form A-2) of Pittsfieid,
a registration statement covering 60,000 shares ($10 par)
stock and warrants to purchase the common stock.
The warrants
are to be issued to stockholders of record March 17, 1937, and will entitle
them to purchase one and one-half shares at $16 a share on or before May 20,
1937.
Any of the shares not taken through exercise of the warrants are to
be purchased by Springfield Fire & Marine Insurance Co., of Springfield,
Mass., a parent of the registrant.
The proceeds are to be used for invest¬
ment purposes.
George G. Bulkley, of Springfield, is President.
Filed
New
Mass., has fi.ed
par)
common
March 29, 1937.
(S. D.) Warren Co. (2-3013, Form A-2) of Boston, Mass., has filed a
registration statement covering $2,500,000 of first closed mortgage 15-year
sinking fund bonds due May 1, 1952, $2,500,000 of convertible debentures
due May 1,1952, and 75,000 shares (no par) common stock including bearer
scrip certificates to be reserved for conversion of the debentures.
The
proceeds are to be used to redeem the company's outstanding first closed
mortgage 20-year 6% sinking fund gold bonds due Feb. 1, 1945, to dis¬
charge indebtedness, and for working capital.
Burr, Gannett & Co., and
Estabrook &Co„ both of Boston, are expected to be the underwriters, it is
stated.
Roger D. Smith, of Boston, is President.
(See offering in V. 144,
p. 2850.)
Filed March 29, 1937.
Atlas Press Co. (2-2999, Form A-2) of Kalamazoo, Mich., has filed a
registration statement covering 71,496 shares ($1 par) common stock, of
which 53,196 shares are presently outstanding.
The proceeds to be received
by the company from the sale of 18,300 shares are to be used to discharge
indebtedness and for working capital.
Sadler & Co.> of Chicago, is the
underwriter.
John H. Penniman, of Kalamazoo, is President.
Filed
March 27, 1937.
Air Associates,
Inc. (2-3000, Form A-2) of Garden City, N. Y. has
Nashua Gummed & Coated Paper Co. (2-3014, Form A-2) of Nashua,
filed a registration statement covering 49,000 shares ($1 par) common stock,
of which 25,000 shares are to be initially offered through underwriters and
24,000 shares are under option to the underwriters.
The proceeds are to
be used to discharge indebtedness, for the purchase of manufacturing
equipment, for development, and for working capital.
Robinson Miller
& Co., Inc., and Cohu Brothers, both of N. Y. City, are the underwriters.
F. Leroy Hill, of Garden City, is President.
Filed March 27, 1937.
Macon Gas
Co.
(2-3001, Form A-2) of Macon, Ga., has filed a regis¬
tration statement covering $750,000 of first mortgage 43^ % Series bonds,
due 1952.
The proceeds are to be used to redeem the company's outstand¬
ing first mortgage 7% gold bonds due Sept., 1, 1941, to discharge indebted¬
ness, and for additions and improvements to plant and facilities.
E. H.
Rollins & Sons, Inc., of N. Y. City, and Chandler & Co., Inc., of Phila¬
delphia, are the underwriters. W. W. Winter, of Atlanta, Ga., is President.
Filed March 27, 1937.
Binks Mfg. Co.
(2-3002, Form A-2) of Chicago, 111., has filed a regis¬
tration statement covering 25,0)0 shares ($1 par) capital stock, of which
20,000 shares are to be offered publicly through underwriters, and 5,000
shares are under option to the underwriters.
The proceeds are to be used
for construction of a new building, for machinery and equipment, and for
working capital.
Fusz-Schmelzle & Co., of St. Louis, Mo., is the under¬
writer.
J. F. Roche, of Chicago, is President.
Filed March 27, 1937.
Rheem Mfg. Co.
(2-3003, Form A-2) of Richmond, Calif., has filed a
registration statement covering 120,000 shares ($1 par) common stock, of
which 55,550 shares have been issued in conversion of the company's pre¬
ferred stock and are presently held by the underwriters, and 64,450 shares
are to be offered publicly.
The proceeds are to be used to discharge in¬
debtedness, for advances to a subsidiary, to reimburse the company for
capital expenditures, and for additional working capital.
Blyth & Co.,
Inc., and Greenwood-Raggio & Co., of San Francisco, are the underwriters.
R. S. Rheem, of Richmond, Calif., is President.
Filed March 27, 1937.
Kane'8 Inc. (2-3004, Form A-2) of Boston, Mass., has filed a registration
covering 20,000 shares ($15 par) $1.25 cumulative convertible
preferred stock and 200,000 shares ($5 par) common stock.
The present
offering is to consist of 16,305 shares of preferred stock for the account of
the company and 3,695 shares of preferred stock and 37,500 shares of com¬
mon stock for the account of stockholders.
Of the remaining shares of
common stock being registered 40,000 are reserved for conversion of the
preferred and 122,500 shares are outstanding and are not presently to be
offered.
The proceeds to be received by the company are to be used to
open additional stores and for working capital.
Harry Kane, of Newton,
Mass., is President.
Filed March 29, 1937.
V
Fruehauf Trailer Co. (2-3005, Form A-2) of Detroit, Mich,, has filed a
registration statement covering $1,500,000 of 10-year 4H% sinking fund
debenture notes due April 1,1947, and 78,870 shares ($1 par) common stock,
of which 23,600 shares are reserved for conversion of the company's Class A
preferred stock.
The remaining 55,270 shares together with such of the
shares as are not taken under the conversion are to be offered publicly.
The proceeds are to be used to redeem the Class A preferred stock not con¬
verted, and for working capital.
Watling, Lerchen & Hayes, of Detroit,
are
the underwriters.
Harvey C. Fruehauf, of Detroit, is President.
Filed March 29, 1937.
statement
Davidson Bros.
Inc.
(2-3006, Form A-2)
of Detroit, Mich., has filed
registration statement covering 305,000 shares ($1 par) common stock,
of which 200,000 are to be offered publicly, 15,000 shares are under option
a
to
Baker, Simonds& Co., of Detroit, the underwriter, 15,000 shares are under
option to Nathan Z. Greenhouse, and 75,000 shares are to be offered to
officers and employees.
The proceeds are to be used for working capital.
Israel Davidson, of Detroit, is President.
Filed March 29, 1937.
Earl Fruit Co. (2-3007, Form A-2) of San Francisco, Calif., has filed a
registration statement covering $2,500,000 of first mortgage 5% sinking
fund bonds, due May 1, 1947.
The proceeds are to be used for refunding,
to discharge indebtedness, and for working capital.
Joseph Di Giorgio, of
San Francisco, is President.
Filed March 29, 1937.
National Bellas Hess,
Inc. (2-3008, Form A-2) of Kansas City, Mo.,
has filed a registration statement covering 100,000 shares ($20 par) 6%
cumulative convertible preferred stock, 600,000 shares ($1 par) common
stock to be reserved for conversion of the preferred stock, and warrants to
be issued to stockholders evidencing rights to purchase 81,130 shares of the
preferred stock.
Subject to the offering to stockholders the company will
publicly offer through underwriters up to 55,000 shares of the preferred
stock not taken by stockholders and will grant options to underwriters to
purchase up to 20,000 additional shares of unsubscribed preferred stock.
The remaining 18,870 shares of preferred being registered, together with the
remaining shares not taken by stockholders and for which no commitment
has been reserved by the company for dividend requirements and for general
corporate purposes.
The proceeds are to be used for working capital.
Stemmler & Co., of N. Y. City, is the underwriter.
Carl D. Berry, of
Kansas City, is President.
Filed March 29, 1937.
Thrifty Drug Stores Co. Inc. (2-3009, Form A-l) of Los Angeles,
Calif., has filed a registration statement covering 42,252 shares ($25 par)
6% cumulative preferred stock Series A, of wnich 40,000 shares have
common
stock purchase warrants attached.
The company will issue
36,440 shares of the preferred stock under a plan of reclassification to
holders of its outstanding shares ($100 par) 6% cumulative preferred stock,
and 35,688 of these shares together with 3,560 shares of the unissued pre¬
ferred stock with warrants attached are to be offered publicly through un¬
derwriters.
The remaining 2,252 shares of preferred being registered will
not have warrants attached and will be offered to employees under a stock
purchase plan.
The company is also registering 451,492 shares (no par)
common stock and non-attached common stock purchase warrants.
Or the
common stock being registered, 300,000 shares are outstanding, 100,000
shares are to be sold to the underwriters, 40,000 shares are reserved for
exercise of the warrants attached to the preferred stock, 10,000 shares are
reserved for exercise of the non-attached warrants, and 1,492 shares are
reserved for exercise of options granted to employees.
The non-attached
warrants are to be issued to the underwriters as additional compensation.
The proceeds to be received by the company are to be used to discharge
ndebtedness, for expansion and for working capital.
King, Crandall &
Latham Co., Inc., and Fuller, Rodney & Co., both of N. Y. City, and
Conrad, Bruce & Co., of Los Angeles, are the underwriters.
Harry H.
Borun, of Los Angeles, is Prsident.
Filed March 29, 1937.
Brown McLaren Mfg. Co. (2-3010, Form A-2) of Detroit, Mich., has
a registration statement
covering 250,000 shares ($1 par) common
stock, of which 205,000 shares are presently outstanding.
The present
offering is to consist of 75,000 shares, of which 45,000 are for the account
of the company and 30,000 are for the account of stockholders.
The stock¬
holders have also optioned 90,000 shares to the underwriters.
The re¬
maining 85,000 shares of outstanding stock is not presently to be offered,
it is stated.
The proceeds to be received by the company are to be used for
working capital.
Alison & Co., of Detroit, is the underwriter.
Raldo C.
Brown, of Detroit, is President.
Filed March 29,1937.
filed
The Daviess County Distilling Co. (2-3011, Form A-l) of Owensboro,
Ky., has filed a registration statement covering 30,000 shares ($25 par) 6%
cumulative convertible preferred stock to be offered at par.
The proceeds
will be used to reduce indebtedness, for the erection and equipment of a
May 1, 1937
Chronicle
Financial
2980
N.
H., has filed a registration statement covering 9,500 shares (no par)
stock, of which 3,000 shares are outstanding.
The proceeds to be
from the sale of 6,500 shares are to be used for
plant additions and for working capital.
Estabrook & Co., Burr, Gannett
& Co., and Paine, Webber & Co., all of Boston, and Putman & Co., of
Hartford, are the underwriters.
Winthrop L. Carter, of Nashaua, N. H.,
is President.
(See offering in V. 144, p. 2837.)
Filed March 29, 1937.
Scherer Leather Co. (2-3015, Form A-2) of Cudahy, Wis., has filed a
common
received by the company
.
registration statement covering 40,000 shares ($5 par) common stock to
be offered at par.
The proceeds are to be used to discharge indebtedness
and for working capital.
The Bartlett-Baxter Co., Inc., of Chicago, is the
underwriter.
A.
1. Scherer, of Wauwatosa, Wis., is President.
Filed
March 29, 1937.
Columbia American Distillers, Inc. (2-3016, Form A-l) of Columbia,
111., has filed a registration statement covering 30,000 shares ($5 par) com¬
stock, of which 27,400 shares are to be offered publicly at $6.25 a share
and 2,600 shares are to be issued as part jla yment on construction and equip¬
ment contracts.
The proceeds to be received by the company are to be
used for construction, equipment and machinery, and for working capital.
Edward H. Gundlach, of Columbia, is President.
Filed March 29, 1937.
mon
Zonolite
The
Co.
(2-3017, Form A-2)
of Libby, Mont., has filed
a
registration statement covering 146,426 shares ($1 par) common stock to
be offered to stockholders of record March 8, 1937, at par.
The proceeds
Wm.
used for improvements, equipment, and for working capital.
Nagel, of West Detroit, Mich., is President.
Filed March 29,
be
to
are
G.
1937.
Wilson & Bennett Mfg. Co. (2-3018, Form A-2) of Chicago, 111., has
a registration statement covering 87,000 shares ($1 par) common stock,
outstanding.
The present offering is to consist of 75,000
shares and the remaining 12,000 shares are under option to the under¬
writers.
All of the proceeds are to be received by stockholders.
Lehman
Brothers, of N. Y. City, is the underwriter. Stevens A. Bennett, of Chicago,
is President.
Filed March 29, 1937.
filed
all of which are
Hupp Motor Car Corp. (2-3020, Form A-2) of Detroit, Mich., has filed
a
registration statement covering 1,243,954 shares ($1 par) common stock
and
common
stock.
stock purchase warrants
The company will
for 254,983 shares of the common
offer 988,971 shares of the common stock to
stockholders of record April 20,1937, at $3 a share on the basis of 1 % shares
for each share held.
Any of the shares not taken by stockholders are to be
offered publicly through underwriters at the market.
The remaining
254,983 shares
are
reserved for exercise of the warrants which are to be
as additional compensation.
The underwriters
issued to the underwriters
follows: F. S. Yantis & Co., Inc., Chicago; Sadler & Co.,
Walter E. Schott, Cincinnati; Brown, Young & Co., Inc., N.
are
as
Chicago;
Y. City;
Brush, Slocumb Co., San Francisco; Crowell, Weedon & Co., San Fran¬
cisco; Dempsey-Detmer & Co., Chicago; Enyart, Van Camp & Feil, Inc.,
Chicago, O. B. Ewart & Co., Inc., N. Y. City; Scott Mclntyre & Co.,
Cedar Rapids, Iowa; Polk-Peterson Corp., Des Moines; Scherck, Richter
Co., St. Louis; Whitlock, Smith & Co., Detroit; W. D. Hanna & Co.,
Burlington, Iowa; Mclnnis, Van Dusen & Co., Seattle; Richardson. Lane
& Co., Davenport, Iowa; and Frederic Collin, Inc., Detroit.
The proceeds
are to be used to discharge indebtedness of the company and its subsidiaries,
for the production of new automobiles, and for working capital.
Thomas
Bradley, of Detroit, is President.
Filed March 30, 1937.
National Oil Products Co. (2-3021, Form A-2) of Harrison, N. J.,
has filed a registration statement covering $845,500 of 15-year convertible
3%% debentures due June 1, 1952, debenture subscription warrants, and
16,910 shares ($4 par) common stock to be reserved for conversion of the
debentures.
The warrants are to be issued to common stockholders of
record April 28, 1937, and will entitle them to subscribe for $5 principal
of common stock then held.
The
calling for deben¬
principal amount of $500 or some multiple thereof, it is stated.
The application of the proceeds is to be furnished by amendment to the
registration statement.
Charles P. Gulick, of East Orange, N. J., is
President.
Filed March 30, 1937.
of debentures for each share
amount
warrants are transferable and are exercisable in amounts
tures in the
Federal-Mogul Corp. (2-3022, Form A-2), of Detroit, Mich., has filed a
exceed 35,000 shares (no par) com¬
stock.
The present offering is to consist of 10,268 shares for the ac¬
count of the company and at least 9,732 shares for the account of stock¬
registration statement covering not to
mon
holders.
The remaining 15,000 shares are outstanding and may be offered
by stockholders, it is stated.
The proceeds to the company are tfbe used
working capital.
H. Gray Muzzy, of Detroit, is President.
Filed
March 30, 1937.
for
The Southern New
England Telephone Co. (2-3023, Form A-2), of
New Haven, Conn., has filed a registration statement covering $16,000,000
of 30-year 3
debentures due April 1, 1966.
The company states that
the entire issue was sold privately to insurance companies and banks.
The
proceeds were used to redeem the company 's 40-year 5% gold debentures
and for the reduction of indebtedness to American Telephone & Telegraph
Co.
Harry C. Knight, of New Haven, is President.
Fort Howard
filed
Filed March 30,1937.
Paper Co. (2-3026, Form A-2), of Green Bay, Wis., has
registration statement covering 7,500 shares ($100 par) 5% cumula¬
tive preferred stock of which 1,778 shares are to be offered in exchange for
the company's outstanding ($100 par) 7 % cumulative preferred stock on a
share for share basis plus $6 in cash, and the remaining shares are to be
offered at $100 a share.
The company also registered 7,000 shares ($100
a
par) common stock to be offered to common stockholders at par,
The
proceeds are to be used to redeem any of the 7 % preferre d not exchanged,
and for working capital.
A. E. Cofrin, of Green Bay, is President.
Filed
March 30, 1937.
The Durham Mfg. Co. (2-3027, Form A-2), of Muncie, Ind., has filed a
registration statement covering 76,731 shares ($1 par) common stock, of
which 66,731 shares are outstanding and are to be offered publicly through
underwriters by Durham Shares, Inc.
The remaining 10,000 shares are
unissued and are reserved by the company for exercise of option warrants
for 5,000 shares granted to Straus Securities Corp., and for option warrants
for 5,000 shares to be issued to Wm. C. Roney & Co., of Detroit, the under¬
writers.
The proceeds to be received by the company from the exercise
of warrants are to be used for general corporate purposes.
Earl A. Munger,
of Muncie, is President.
Filed March 30, 1937.
Independence Fund of North America, Inc. (2-3028, Form C-l), of
N. Y. City, has filed a registration statement covering 400,000 shares in
First Mutual Trust Fund.
Filed March 30, 1937.
The
Hendey Machine Co. (2-3029, Form A-2), of Torrington, Conn.,
has filed a registration statement covering 18,000 shares (no par) Class B
stock to be offered to common stockholders through option war¬
common
Any shares
not subscribed for may be offered publicly through underwriters.
The
proceeds are to be used to discharge indebtedness, for the payment of notes
issued in lieu of dividends, and for working capital.
David Ayr, of Hart¬
ford. Conn., is President.
Filed March 30,1937.
rants in the ratio of one new share for each ten shares held.
San-Nap-Pak Mfg. Co., Inc. (2-3032, Form A-2), of N. Y. City, has
a registration statement covering 232,500 shares
($1 par) common
stock all of which are presently outstanding.
The present offering is to
filed
Volume
Financial
144
participating preferred stock."9 The proceeds are to be used to discharge
indebtedness, and for the purchase of an additional tug or to increase working
capital so as to permit the declaration of a greater percentage of earnings as
dividends.
E. B. Fisher, of N. Y. City, is the underwriter.
Eugene F.
Moran, of Brooklyn, N._Y., is President.
Filed_March 31. 1937.
tive
of two stockholders who have also
granted options to the underwriters to purchase an additional 33,000 shares.
The remaining 164,500 shares of outstanding stock are not presently to be
offered, it is stated.
None of the proceeds are to be received by the com¬
pany.
Johnston, Lemon & Co., of Washington, D. C., and Waterman Corp.
of Albany, N. Y., are the underwriters.
Nat E. Heit, of N. Y. City, is
President.
Filed March 30, 1937.
stock to be reserved for conversion of the preferred stock.
par)
for
stock held.
of Chicago, are
The
of record March
John J.
used for capital expenditures and
Sheerin, of Amarillo, is President.
Filed
A-2) of Clifton, N. J., has filed
registration statement covering $1,500,000 of 5% 15-year sinking fund
debentures, 25,000 shares ($10 par) common stock and purchase warrants
evidencing rights to purchase 15.O0O shares of common stock.
The com¬
pany states that the debentures and the stock purchase warrants are to be
offered in exchange for its outstanding 6% sinking fund gold debentures
and for the 6% cumulative preferred stock of The American Art Works,
Inc., a subsidiary.
The debentures and stock purchase warrants not issued
under the exchange plan will be sold to holders of the company's securities,
it is stated, and through underwriters to the public.
The additional 10,000
shares of common stock being registered are for issuance to H. M. Preston
& Co., pursuant to a contract with the company.
The cash proceeds to be
received by the company are to be used to redeem its 6% debentures, to
redeem the 6% preferred stock of The American Art Works, Inc., and for
working capital.
Bartlett & Gordon, Inc., of Chicago, is expected to be
the underwriter, it is stated.
Edwin Lennox, of Chicago, is President.
Filed March 30, 1937.
a
& Sons Merchandise Co. (2-3052, Form A-2) of
has filled a registration statement covering 5,000 shares
6% cumulative preferred stock all of which is presently out¬
standing.
The proceeds are to be received by H. K. Poindexter, President.
Filed March 31, 1937.
Foundation
($100 par)
by the stockholders.
The remaining shares together with
by employees are to be offered publicly for the
Bissinger & Co., of San Francisco, and Dean
Witter & Co., and Blyth & Co., Inc., both of Portland, are the underwirters.
Aaron M. Frank, of Portland, is President.
Filed March 31, 1937.
Consolidated
Lawrence Stern & Co., Inc. and Ralph A. Bard
J. C. Markey, of Bryan,
The Ryan
par) common
underwriters,
the company.
The application of the proceeds is to be furnished by amendment to the
registration statement.
G. Brashears & Co., of Los Angeles, is the under¬
writer.
company,
Corp. (2-3040, Form A-2) of Warren, Pa.,
General
filed
Joslyn Mfg. & Supply Co. (2-3042, Form A-2) of Chicago, 111., has filed
registration statement covering 30.000 shares ($5 par) common stock.
for working capital.
Central Republic Co.,
the underwriter, it is stated.
Marcellus L.
Joslyn, of Hinsdale, HI., is President.
Filed March 31, 1937.
Corp. (2-3043, Form A-2) of N. Y. City, has
covering 82,290.5 shares ($5 par) capital
statement
and Con¬
Funds Corp.
The shares are to be offered from time to time
through brokers and dealers at the market, it is stated.
None of the pro¬
ceeds are to be received by the company
Edgar H. Boles, of N. Y. City,
is President.
Filed March 31, 1937.
stock all of which are outstanding and owned by Equity Corp.
solidated
Berghoff Brewing Corp. (2-3044, Form A-2) of Fort Wayne, Ind., has
a registration statement covering 30,000 shares ($1 par) common stock
filed
and 270,000 stock purchase warrants evidencing rights to purchase the com¬
mon stock.
The warrants are to be issued to stockholders of record April 15,
1937, and will entitle them to purchase at $10 a share one share of common
stock for each nine shares held.
Any shares not taken by stockholders are
be offered publicly through underwriters at the market.
The proceeds
to be used for working capital.
F. B. Evans, of Chicago, is President.
are
Filed March 31. 1937.
of Cleveland,
O., has
a registration statement covering 5,000 shares ($1 par) common stock
be offered to officers and employees at $25 a share.
The proceeds are
to be used to discharge indebtedness and for working capital.
P. C. Clark,
filed
to
of Cleveland, is President.
Central Steel
filed
&
Wire
Filed March 31, 1937.
Co.
(2-3046, Form A-2)
of Chicago,
111., has
($50 par) 6% cumu¬
lative preferred stock.
The proceeds are to be used for construction of a
new warehouse and for working capital.
Paul H. Davis & Co., and Bacon,
a
registration statement covering 24,000 shares
General Alloys Co.
Vacuum Concrete Corp. (2-3047, Form A-l) of N. Y. City, has filed a
Rio Grande Brewing Corp. (2-3048, Form
A-l) of San Francisco, Calif.,
The proceeds are to be used for the equipping and remodeling
plant, and for working capital.
Paul C. von Gontard, of San Francisco,
Filed March 31, 1937.
company.
of
a
is President.
Moran
filed
a
Transportation Corp. (2-3049, Form A-2) of N. Y. City, has
registration statement covering 25,000 shares ($20 par) 7% cumula¬
Carpet Corp.
(2-3059, Fbrm A-2) of Philadelphia, Pa., has
registration statement covering
3,560 shares (no par) $6.50 cumula¬
(2-3063, Form A-2) of Boston, Mass., has filed a
registration statement covering 116,387 shares (no par) common stock and
common stock subscription warrants for 24,949 shares.
The warrants to¬
registration statement covering 88,000 shares ($1 par) common stock to
be offered at $2.12 }4 a share.
The proceeds are to be used for the redemp¬
tion of common stock of the company held in escrow, to retire notes and other
has filed a registration statement covering 22,500 shares ($10 par) common
stock of which 18,000 shares are to be offered publicly at panand 4,500
shares are reserved for exercise of an option granted to the President of the
a
1937.
Whipple & Co., both of Chicago, are the underwriters.
H. R. Curran, of
Evanston, 111., is President.
(See offering in V 144, p. 2820.)
Filed March
31, 1937.
obligations, and for working capital.
Hanson & Hanson, of N. Y. City is
the underwriter.
Karl P. Billner, of N. Y. City, is President.
Filed
March 31, 1937.
The remain¬
offered. The
development,
Lake City, is
preferred stock and 687,600 shares ($1 par) common stock, of
which 312,000 shares are outstanding.
The preferred stock together with
not to exceed 35,600 shares of the common stock are to be reserved for ex¬
change of first (closed) mortgage 6H% sinking fund gold bonds of Charles
W. Poulson & Sons Carpet Co., Inc., assumed by General Carpet Corp.
Of the remaining shares of unissued common steck, 40,000 are to.be issued
in exchange for 1,900 shares of second preferred stock and 300,000 shares
are to be offered publicly through underwriters.
The cash proceeds to be
received by the company are to be used to discharge indebtedness, for the
purchase of equipment and for working capital.
B. E. Buckman & Co.,
of Madison, Wis., is the underwriter.
W. Gill Wylie, Jr., of Red Bank,
N. J., is President.
Filed March 31, 1937.
Belmont Radio Corp. (2-3060, Form A-2) of Chicago, 111., has filed a
registration statement covering 315,000 shares (no par) common stock,
of which 300,000 shares are outstanding and 15,000 shares are unissued and
reserved for exercise of an option granted to the underwriter.
The present
offering is to consist of 75,000 shares for the account of stockholders, and.
it is stated, 20,000 of these shares -will be offered first to employees of the
company.
Stemmler & Co., of N. Y. City, is the underwriter.
Parnell
S. Billings, of Chicago, is President.
Filed March 31, 1937.
New Amsterdam Casualty Co. (2-3061, Form A-2) of Baltimore, Md.,
has filed a registration statement covering 45,000 shares ($2 par) capital
stock, all of which is owned by United States Casualty Co., a subsidiary.
None of the proceeds are to be received by the New Amsterdam Casualty
Co., it is stated.
J. Arthur Nelson, of Baltimore, is President.
Filed
March 31, 1937.
Consumers Steel Products Corp.
(2-3062, Form A-l) of Detroit,
Mich., has filed a registration statement covering 117,500 shares ($1 par)
common stock to be offered at $4 per share.
The Qpoceeds are to be used
for plant, machinery and equipment, and for working capital.
Hammons
& Co., Inc., and Walter Lyon & Co., Inc., both of N. Y. City, are the
underwriters.
Louis J. Epps, of Detroit, is President.
Filed March 31,
The proceeds are to be used
of Chicago, is expected to be
(2-3045, Form A-2)
stockholders.
tive first
a
Co.
and 39,500 shares for the account of
The O'Sullivan Rubber Co., Inc. (2-3058, Form A-2) of N. Y. City,
filed a registration statement covering $350,000 of First Mortgage
5M% sinking fund bonds due April 1, 1947, with non-detachable common
stock purchase warrants attached, and i0,500 shares ($1 par) unsubordinated
common stock to be reserved for exercise of the warrants.
The present
offering is to consist of only these securities it is stated.
The company is
also registering 20,000 shares of outstanding ($25 par) 6% cumulative pre¬
ferred stock and 10,000 shares of outstanding ($1 par) subordinated com¬
mon stock to be issued, if offered, in units consisting of one share of preferred
and one-half share of common; and 40,218 shares of outstanding unsubordi¬
nated ($1 par) common stock including 10,000 shares which are temporarily
subordinated.
The proceeds to be received by the company are to be used
to discharge indebtedness and for working capital.
Hill, Thompson & Co.,
Inc., of N. Y. City, and Langdon Co., Inc., of Hagerstown, Md., are the
underwriters.
R. J. Funkhouser, of Harrison, N. Y., is President.
Filed
March 31, 1937.
has filed a registration statement covering $1,550,000 of first mortgage 5H%
sinking fund bonds due April 1, 1949, with 1,550 detachable twenty share
common purchase warrants attached, and 294,724 shares (no par) common
stock of which 83,750 shares are outstanding, 31,000 shares are reserved for
exercise of the warrants, 35,000 shares are reserved for options to the under¬
writers, 9,000 shares are reserved for options to certain officers of the com¬
pany, 5,000 shares are reserved for options to the company's general counsel,
21,829 shares are reserved for issuance as a dividend on 7% preferred stock
and 109,145 shares are reserved for conversion of the $1.25 preferred stock.
The proceeds are to be used to redeem outstanding first mortgage 15-year
QH% gold bonds, to reduce indebtedness, and for working capital.
Van
Alstyne, Noel & Co., of N. Y. City, is the underwriter.
John T. Dillon,
Jr., of Titusville, Pa., is President.
Filed March 31, 1937.
Controller
Filed March 31,1937
has
and are to be offered for resale to the
company's employees.
The proceeds are to be used for working capital and
for possible acquisition or establishment of additional stores.
Wertheim
& Co., of N. Y. City, is the underwriter.
Robert W. Schiff, of Bexley, O.
is President.
(See offering in V. 144. p. 2844.)
Filed March 31, 1937^
Clark
President.
ing 500,000 shares of outstanding stock are not presently to be
proceeds to be received by the company are to be used for
equipment, and working capital.
L. N. Morrison, of Salt
President.
Filed March 31, 1937.
registra¬
tion statement covering 12,500 shares ($100 par) 5H % cumulative preferred
stock, warrants to subscribe for 30,000 shares of common stock to be issued
with the preferred, and 31,500 shares (no par) common stock of which 30,000
shares are unissued and reserved for exercise of the warrants and 1,500 shares
The
T. Claude Ryan, of San Diego, is
King David Mining Co. (2-3057, Form A-l) of Salt Lake City, Utah, has
a registration statement covering 595,964 shares of 50 cent par value
fully paid and non-assessable common stock, which are all outstanding. The
present offering is to consist of 56,464 treasury shares for the account of the
filed
The Schiff Co. (2-3039, Form A-2) of Columbus, O., has filed a
to
Aeronautical Co. (2-3056, Form A-2) Of San Diego, Calif.,
has filed a registration statement covering 91,930 shares ($1
stock, of which 81,930 shares are to be offered publicly through
and 10,000 shares are to be offered to officers and employees of
Idea, Inc. (2-3038, Form A-2) of Coldwater, O., has filed a regis¬
tration statement covering 68,000 shares (no par) common stock of which
21.000 shares are presently outstanding.
The proceeds to be received by
the company from the sale of 47,000 shares are to be used for machinery and
equipment and for working capital.
The underwriters are as follows:
McDonald-Coolidge & Co., Cleveland; First Cleveland Corp., Cleveland;
Mitchell, Herrick & Co., Cleveland; Stevenson, Vercoe, Fuller & Lorenz,
Columbus; Rawson Lizars & Co., Chicago; Whitaker & Co., St. Louis;
and Shields & Co., N. Y. City.
Henry Synck, of Coldwater, Ohio, is
President. (See offering in V 144, p. 2838.)
Filed March 31, 1937.
registration
Filed March 31, 1937.
Englander Spring Bed Co., Inc. (2-3055, Form A-l) of Brooklyn,
registration statement covering 1,000,000 shares ($1 par)
common stock and common stock purchase warrants.
Of the stock being
registered, 350,000 shares are to be offered at $3 a share, 400,000 shares are
reserved for exercise of warrants issued to stockholders of Esbeco, Inc., and
to be issued to the underwriter, 50,000 shares are reserved for sale to officers,
directors and employees, and 200,000 shares are outstanding.
The proceeds
are to be used to discharge indebtedness and for working capital, Eugene
J. Hynes & Co., Inc., of N. Y. City, is the underwriter.
Max Englander,
of N. Y. City, is President.
Filed March 31, 1937.
The
N. Y., has filed a
New
a
underwriter at market.
retire outstanding 8%
nc.,
is President.
Corp. (2-3037, Form A-2) of Bryan, O., has filed
General Reinsurance
(2-3054, Form A-2) of St. Louis,
?referredSt. Louis, isfor working capital.Jacob C. Berkson, of N. & Harris,
stock and the underwriter.
Peltason, Tenenbaum Y. City,
of
Co., both of Chicago, are the underwriters.
O., is President.
Filed March 31, 1937.
filed
Inc.
Any unsubscribed shares will be offered through the
The proceeds are to be used to pay dividends, to
registration statement covering 156,918 shares ($1 par) common stock
of which is outstanding.
The present offering is to consist of 50,000
shares for the account of stockholders.
None of the proceeds are to be re¬
Struthers Wells-Titusville
Retail Stores,
has filed a registration statement covering 65,594 shares ($1 par)
stock to be offered through warrants to stockholders at $9 a share
after reclassification reducing the par value from $5 a share to $1 a share.
common
all
held in the company's treasury
of stockholders.
Mo.,
a
are
(2-3053, Form A-l) of Portland, Ore., has
of the company
account
Co.
&
Frank Co., Inc.
such shares as are not taken
statement covering
ceived by the company.
&
Meier
a registration statement covering 183,928 shares
($10 par) capital
stock, all of which is outstanding.
The company stated that no t to exceed
60,000 shares of the stock being registered is to be offered first to employees
filed
be offered to stockholders at $7.50 a share in the ratio
The Aro Equipment
Poindexter
T.
H.
Kansas City, Mo.,
(2-3036, Form A-2) of N. Y. City, has filed a
150,000 shares ($1 par) capital stock to
of 1H shares for each
share held.
The company states that the underwriting agreement provides
that the underwriter has to take up and pay for 100,000 shares of the un¬
subscribed stock, but has the privilege to be released from selling 50,000
of the shares underwritten upon payment to the company of 10 cents a share.
In addition to its commissions, the underwriter is to receive an option to
purchase not in excess of 27,000 shares if available after exercise of the
warrants.
Of the remaining 23,000 shares, which may not be issued upon
exercise af the warrants, 5,000 are to be delivered to Napet Corp., of N. Y.
City, in consideration of services rendered, and 18,000 shares are to be held
available for exercise of options which may be granted to certain officers
and employees.
The proceeds are to be used for working capital and debt
payment.
John W. Doty, of New Canaan, Conn., is President.
Filed
March 31, 1937.
The
registration
F. W. Seymour, of N. Y. City, is Presi¬
Transcontinental Petroleum Corp. (2-3051, Form A-l) of Dallas*
Tex., has filed a registration statement covering $1,000,000 of 5% conver¬
tible sinking fund bonds due April 1, 1947, and 875,000 shares ($1 par)
common stock of which 700,000 shares are presntly outstanding and 175,000
shares are reserved for conversion of the bonds.
The stock is not presently
to be offered, it is stated.
The proceeds are to be used to discharge in¬
debtedness and for development of property.
Hammons & Co., Inc., of
N. Y. City, is the underwriter, S. C. Yingling, of Dallas, is President.
Filed March 31, 1937.
8
March 30, 1937,
American Colortype Co. (2-3034, Form
the underwriters.
Filed March 31, 1937.
dent.
The proceeds are to be
capital.
working
common
I. Marks & Co., used Y. City, and in subsidiary companies.
Sroceeds are to be of N. for investment Nichols, Terry and Dickinson, Inc.,
Laurence
15, 1937, and will entitle them to purchase the preferred stock at $101 a
share in the ratio of one and one-sixth shares for each 100 shares of com¬
mon
16-year 5% series B bonds due April
trust
Corp. (2-3033, Form A-l) of Amarillo, Tex.,
has filed a registration statement covering 15,000 shares ($100 par) 6%
cumulative convertible preferred stock, stock subscription warrants evidenc¬
ing rights to purchase the preferred stock, and 255,000 shares ($1 par)
warrants are transferable and will be issued to stockholders
& Electric Corp.
(2-3050, Form A-2) of N. Y. City,
$400,000 of first lien collateral
1, 1953, and 35,000 shares (no
stock to be represented by voting trust certificates.
The
National Gas
has filed a registration statement covering
The Shamrock Oil & Gas
common
2981
Chronicle
consist of 35,000 shares for the account
gether with $1 in cash are to be offered to holders of the company's Class A
preferred stock in satisfaction of $4.20 accumulated dividends.
The re¬
of common stock are to be offered publicly.
The
proceeds are to be used for modernization of plant, for machinery and equipment, for research and development, for dividends, and for working capital.
Alfred M. Sampter & Co., of N. Y. City, is the underwriter.
Henry H.
Harris, of Champaign, 111., is President.
Filed March 31, 1937.
maining 91,438 shares
*
Gandy Bridge Co. (2-3064, F'orm A-2) of St. Petersburg, Fla., has
a registration statement covering $1,500,000 of first closed mortgage
5}i% sinking fund bonds due April 1,1957.
The proceeds are to be applied
to the redemption of the company's first mortgage sinking fund 6% series A
gold bonds.
Alfred L. Gandy, of St. Petersburg, is President.
(See
offering in V. 144, p. 2827.)
Filed April 1, 1937.
filed
Standard
Fruit
&
Steamship Corp.
(2-3065, Form. A-2) of New
Orleans, La., has filed a registration statement covering $586,800 of
secured serial debenture notes, all of which are presently outstanding.
5%
The
t 2982
Financial
company states that $250,000 of the notes were issued for cash and $336,800
in exchange for 6,020 shares of the company's no par value $7 cumulative
preferred stock.
The cash proceeds received by the company have been
and are to be used for working capital, it is stated.
Salvador D'Antoni, of
New Orleans, is President.
Filed April
1, 1937.
writers at not more than $1.65 a share, 50,000 shares are reserved for exer¬
cise of options to the underwriters, 50,000 shares are reserved for options to
officers of the company, and 200,000 shares are presently outstanding.
The
proceeds are to be used to discharge indebtedness, for the purchase of ma¬
chinery and equipment, and for working capital.
Paul J. Marache & Co.,
and Searl-Merrick Co., both of Los Angeles, are the underwriters.
Dwane
L. Wallace, of Wichita, is President.
Filed April 2, 1937.
common
Co. (2-3067, Form A-2) of Maplewood, Mo., has filed a
100,000 shares ($1 par) capital stock, all
outstanding.
Of the stock being registered, 81,998 shares
are to be offered publicly and
3,000 shares are to be given by stockholders to
"William L. Gourley as a finder's fee.
The remaining 15,002 shares are not
presently to be offered.
None of the proceeds are to be received by the com¬
pany.
August Belmont & Co., of N. Y. City, is the underwriter.
John
L.
Shrode, of Richmond Heights, Mo., is President.
Filed April 3, 1937.
Credit Acceptance Corp. (2-3068, Form A-2) of Rochester, N. Y., has
filed a registration statement covering 15,000 shares ($20 par) $1.40 Series
cumulative convertible preferred stock and 75,000 snares of 25 cent par
value Class A
common stock to be reserved for conversion of the preferred.
The preferred stock is to be offered to stockholders at $21 a share and
any
shares not subscribed for are to be offered publicly through underwriters
at $23.50 a share.
The proceeds are to" be used for working capital.
Amott,
Baker
Co., Inc., of N. Y. City, is the underwriter.
Rochester, is President.
Filed April 5, 1937.
Laclede Packing Co.
A. D. Weller, of
common
cumulative convertible serial preferred stock and an undetermined number
of shares ($1 par) common stock, including scrip certificates for fractional
shares, to be reserved for conversion of the preferred.
The company states
that 24,005 shares of the preferred stock are to be offered in exchange to
holders of the 21,822 outstanding shares of its 7% cumulative convertible
preferred stock and any shares not required for the exchange are to be offered
publicly through underwriters.
The cash proceeds are to be applied to the
redemption of unexchanged 7% cumulative convertible preferred stock.
Lehman Brothers, Lazard Freres, and King, Crandall & Latham, Inc.,
all of N. Y. City, are expected to be the underwriters, it is stated.
Joseph
M. Neisner, of Rochester, is President.
Filed April 6, 1937.
filed for fourteen issues under Rule 202
registration certain classes of offerings
not exceeding $100,000.
The act of filing does not indicate
that the exemption is available or that the Commission has
made any finding to that effect.
A brief description of these
filings is given below:
;
>
Prospectuses
were
2-2695)—127,970 shares
stock.
April 28 the following suspensions
November, 1936:
Amount of
Consent Refusal Orders—
Gold Mines, Inc., Pittsburgh,
Pa. (File No. 2-2494)
Withdrawals
;
Gold, Ltd.
(File 3-3-1014), 326 Merchants Exchange Bldg.,
San Francisco, Calif.
Offering 800 shares of capital stock ($100 par) at par.
Winston S. Oowgill, 111 Sutter St., San Francisco, Calif., is President.
No underwriter is named.
United
East
at
$12.50
Laboratories, Inc. (File 3-3-1018), 619 TwentyDenver, Colo.
Offering 2,400 shares common stock (no par)
share.
Emmett Powers, 825 E. 10th Ave., Denver, Colo.,
No underwriter is named.
Western
Mines
Corp.
-
(File
3-3-1019),
Lewiston,
Mont.
Offering
B. E. Flynn, above
The
Creamery Supply Co. (File 3-3-1020), 211 Continental Bank Bldg.,
City, Utah.
Offering 20,000 shares Class A common stock
($5 par) at par.
A. E. Lloyd, Salt Lake City, Utah, is President.
No
Lake
underwriter is named.
Custer Gulch Mines (3-3-1021), 2720 "West Boone Ave., Spokane, Wash.
Offering 80,000 shares of 6% pref. stock ($1) par) and 20,000 shares of com¬
stock ($1 par) in units of 4 shares of preferred and 1 share of common
$5.00 per unit.
H. O. Ferring, 2720 West Boone Ave., Spokane, "Wash.,
at
No underwriter is
President.
Associates, Inc., New York (File
2-2467)
Corp., Long Beach, Calif. (File No.
2-2460)
Sterling Aluminum Products, Inc. (File No.
2-2516)
United Gold Fields of Nova Scotia, Ltd., New
York (File No. 2-1748)
Washington National Cemetery Corp., Wash¬
ington, D.C. (File No.2-2549)
General
Equities, Inc.,
Minneapolis, Minn.
(File No. 2-2088)
Medical Arts Building Corp., Baltimore (File
No. 2-2613)
,
common
Portland,
Ore.,
at
$5 per unit.
is President.
Leo Goetsch, 210 Northwest 17th St.,
No underwriter is named.
American Hot Water Corp. (File3-3-1025), Fiizabeth St.,
Hagerstown,
Offering 7,500 shares 7% cum. pref. stock ($10) and 7,500 shares
Ciass A common stock of 10c. par value in units of one share of preferred
and one share of common at $12.50 per unit.
Albert B. Trencavel, 328
West 51st St., N. Y., is President.
No underwriter is named.
Md.
Clark Products Co., Inc. (File 3-3-1026), Lompoc, County of Santa
Barbara, Calif.
Offering 50,000 shares of common stock ($1 par) at $1
share.
F. G. Clark, La Purisima Inn, Lompoc, Calif., is President.
per
No underwriter is named.
Mineral Mining Corp. (FUe
3-3-1027), Kershaw, S. C.
Offering 18,000
($1 par) at $3 per share.
W. S, Thomas, 4 Park
is President.
Newkirk & Co., Inc., 50 Broadway, N. Y.,
shares of capital stock
Ave., N. Y
named
as
,
underwriter*.
Crown
Gold, Inc. (File 3-3-1029), 900 Market St., Wilmington, Del.
Offering 80,000 shares of 7% cum. pref.
Class A stock ($1 par) and 20,000
shares of Class B stock ($1 par) in units of four shares Class A and one share
Class B at $5 per unit.
C. S. Sweetland, Fort Jones, Calif., is President.
No underwriter is named.
Ohio Air Conditioning Co. (File 3 3-1030). 3035 Michigan Ave., Ports¬
mouth, O.
Offering 6,000 shares of common stock ($10 par) at par.
L.N.
McCrimmon, above address, is President.
No underwriter is named.
Defiance Parts Corp. (File 3-3-1031), P. O. Box No.
2050, Birmingham,
Offering 17,500 shares of 7% cum. pref. stock ($5 par) and 17,500
shares common stock (no par) in units of 1 share preferred and 1 share com¬
Ala.
mon at
is
$5.50 per unit.
President.
C. M. King, 1102 40th St., W.„Birmingham, Ala.,
No underwriter is named.
.
The §EC announced April 15 that at the request of the
applicants it has consented to the withdrawal of the following
registration statements filed under the Securities Act of 1933:
j*" American Refrigerator Transit Co. (File No. 2-2385)—$2,800,000 of
equipment trust certificates, series I, due serially from Sept. 1, 1937, to
1951.
•
54,000
Nov. 11 1936
100,000
Nov. 11 1936
3,948,600 aNov. 13 1936
387,500
Nov. 19 1936
2 1936
165,000
—
Nov. 11 1936
575,000
——
-
Nov.
225,000
-
Nov. 30 1936
Re-filed Nov. 25, 1936; effective Dec. 15, 1936.
a
In
In
making available the above list, the Commission said:
does the act of filing with the Commission give to any security
no case
its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The last
in
previous list of registration statements
was
given
issue of April 10, p. 2461.
our
Aetna
Ball
Bearing Manufacturing Co.—Application
Approved—
The Chicago Stock Exchange has approved the application of the company
121,500 shares of common stock, $1 par, to be admitted to trading
notice of registration under the Securities Exchange Act of 1934.
to list
on
Current assets
Total assets
as
as
of Dec. 31, 1936
$334,732
564,304
86,824
1,052.138
881,982
of Dec. 31, 1936—
as of Dec. 31, 1936
Current liabilities
Net income, year ended Dec. 31,
Net income, year ended Dec. 31,
1936
1935
—V. 144, p. 2115.
Ahlberg Bearing Co.—Capital Changes Proposed—
The stockholders will vote May 3 on changing the present authorized
capital stock to consist of 50,000 shares of class A common (par $5) and
500,000 shares of common (par $1).
Present authorized capital consists
of 50,000 shares (par $5) class A 7% common and 250,000 shares (no par)
class B
common.
»
The 50,000 shares of class A common shall be exchanged, share for
share, for the 50,000 shares of class A common now outstanding.
The
500,000 common shall be disposed of as follows;
200.000 shares shall be
exchanged share for share for present 200,000 (no par) class B shares,
100,000 shall be reserved to take care of the conversion privilege granted
to class A common; 125,000 shall be retained as unissued stock for future
use and 75,000 shall be offered for sale, either private or public, as deter¬
mined by directors.
Earnings for Stated Periods
3 Mos.End.
Cat. Year
Mar. 31*37
Costs
1936
$270,977
Sales
and
Gross
expenses
■
$977,451
923,058
252,510
$18,467
profit.
$54,393
2,895
Other income..
Total income
$57,288
Provision for Federal taxes.
7,576
$49,712
Comparative Consolidated Balance Sheet
Mar. 31 37 Dec. 31
Assets—
Cash
$26,232
.
123.794
363,960
36
•
Liabilities—
Mar. 31-37
$53,703
109,726
31 -36
$108,561
$74,890
Current liabilities.
Prepayment
90
349,656
Class A stock
250,000
212,500
&c.
370,285
309,717
Class B
common..
8.350
Earned
surplus...
Deferred charges.
16,600
11,218
8,350
2,254
464,200
73,832
464.200
Life insurance..-
Inventory
Land, bldg.,
Other assets.....
Total
$920,440
Paid-in surplus...
$833,406
81,817
5,290
Profit and loss
18,467
Total.
$920,440
$833,406
—V. 144, p. 442.
Air Reduction
Co., Inc. (& Subs.)- -Earnings—
3 Mos. End. Mar. 31—
.
Operating expenses—-
1937
1936
1935
1934
Operating income-
$7,418,779
5,164,668
$5,990,796
4,051,148
$4,441,383
2,805,309
$3,942,702
2,495,776
$2,254,111
$1,939,648
81,909
$1,636,073
105,988
$1,446,927
107,310
$2,302,304
Gross sales
named.
Oregon Almaden Mining Co.
(File 3-3-1023), 900 Market St., Wil¬
Offering 80,000 shares of preferred stock ($1 par) and 20,000
mington Del.
shares of common stock ($1 par) in units of 4 shares of preferred and 1
hare of
'■
Side
mon
is
Nov. 6 1936
Nov. 24 1936
No.
Receivables
100,000 shares Class A common stock ($1 par) at par.
address, is President.
No underwriter is named.
Salt
Nov. 18 1936
918,000
2,152,500
Net profit.
per
is President.
$650,000
MacLou
Western
second St.,
Suspension
Dates
Offering
i
American Box Board Co. (File No. 2-2123)
Checker Cab Mfg. Corp. (File No. 2-2547)-
which exempts from
Caroni
($1 par)
Great Northern
common
Neisner Brothers, Inc. (2-3072, Form A-2) of Rochester, N. Y., has
fiied a registration statement covering 25,000 shares ($100 par) 4 %%
(File No.
and withdrawals during
8
ment of the company's
Solar Aircraft Co. (2-3071, Form A-l) of San Diego, Oalif., has filed a
registration statement covering 75,000 shares ($1 par) capital stock of which
67,500 shares are to be offered publicly at $3 a share, and 7.500 shares are
to be offered to officers, directors, and employees at not less than $2.50
or more than $3.00 a share.
The proceeds are to be used to discharge in¬
debtedness, for plant, machinery and raw materials, for advances to sub¬
sidiaries, and for working capital.
Edmund T. Price, of San Diego, is
President.
Filed April 5, 1937.
Inc.
De
SEC announced
The
(2-3069, Form A-2) of St. Louis, Mo., has fiied
Pennsylvania Glass Sand Corp. (2-3070, Form A-2) of Lewistown,
Pa., has filed a registration statement covering 133,535 shares (no par)
stock, all of which shares are reserved for issuance upon conversion
of the company's 26,707 outstanding shares (no par) $7 cumulative conver¬
tible preferred stock.
Any shares not taken under the conversion are to
be offered to stockholders at $24 a share and any remaining shares are to be
offered publicly through underwriters at the market.
The cash proceeds
to be received by the company are to be used to redeem any
outstanding
shares of $7 cumulative convertible preferred stock.
William J. Woods,
of Lewistown, is President.
Filed April 5, 1937.
L.
Zutter, Voting Trustee for Rotating Valve Corp*
(File No. 2-2787)—Voting trust certificates for 100,000 shares (no par)
a registration statement covering $250,000 of first
mortgage 43^% sinking
fund bonds due April 1, 1947.
The proceeds are to be used for the retire¬
outstanding preferred stock and for working capital.
Metropolitan St. Louis Co., of St. Louis, is the underwriter.
A. G. Ackermann, of St. Louis, is President.
Filed April 5, 1937.
Distillers,
stock.
Michel
Valve
are
& Milling Corp. (File No. 2-2975)—15,000
7 % cumulative preferred stock and 60,000 shares ($1 par)
stock.
Pacific
registration statement covering
of which
May 1, 1937
Gold Recovery Mining
shares ($10 par)
common
The Cessna Aircraft Co. (2-3066, Form A-l) of Wichita, Kan., has
filed a registration statement covering 450,000 shares ($1 par) common
stock, of which 150,000 shares are to be offered publicly through under¬
Alco
Chronicle
$2,021,557
323,254
$1,742,061
294,283
$1,554,237
392,449
$2,302,304
351,366
$1,698,303
268,072
$1,447,778
193.770
$1,161,788
167,504
$1,950,939
x$0.77
$1,430,231
$1.70
$1,254,008
$1.50
$994,284
48,193
Other income (net)
Total--
Reserves
Net profit before Fed¬
eral taxes
Estimated Federal taxes
Net profits earned on
outstanding stock-_
Earnings per share
Based
$1.21
three-for-one split-up.
Note—No accrual has been made for excess profits taxes or for surtax on
undistributed profits inasmuch as the amounts of such taxes, if any, are not
determinable until Dec. 31, 1937.—V. 144, p. 2115.
x
on
Akron Canton & Youngstown Ry.1937
March—
Gross from railway
Net from railway
$207,577
1936
-Earnings—
1935
1934
82,861
43,953
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
$175,241
61,204
35,136
$180,202
84,739
55,530
600,440
239,661
115,589
Net after rents
$179,011
67,178
34,442
547,741
210,999
123,283
525,866
206,074
131,291
458,363
194,550
115,839
—V. 144, p. 2813.
Alabama Great Southern
RR.—Report—
Traffic Statistics for Calendar Years
1936
1935
1934
1933
315
Average miles operated315
315
315
227,422
Passengers carried
398.147
352,512
333,366
23,096,536
Passengers carried 1 mile 37,441,518
32,956,665
30,272,382
1.85 cts.
Rate per pass, per mile-1.68 cts.
1.66 cts.
1.72 cts.
Revenue tons carried--4,006,646
2,816,211
2,675.261
2,937,030
Rev. tons carried 1 mile.584,770,961 446,797,535 412,745,199 386,896,793
0.96 cts.
Rate per ton per mile..0.93 cts. 0.96 cts.
0.96 cts.
573.31
A v. train load,rev. tonsi
631.13
582.74
670.65
Oper. revenue per mile--
$20,257
$16,694
$15,511
$14,271
•
Volume
Financial
144
Income Statement for Calendar
2983
Chronicle
Alleghany Corp.—Annual Report—
Years
933
C. L. Bradley, Vice-President, states
Operating Revenues—
Freight
Passenger
Mail, express. &c
Incid. & jt. facil. (net)..
1936
$5,413,968
628,735
1935
$4,288,052
1934
$3,954,780
546,384
514,305
Dr27,871
441,459
ZM5.025
521,212
421,037
Dr8,679
$3,707,765
426,505
381,366
1M7.974
Total oper. revenues...
$6,529,137
$5,260,872
$4,888,350
$4,497,665
966,177
1,436.610
140,770
2,031,208
43,764
196,096
871,435
1,088,273
569,816
1,018.176
129,884
119,515
1,618,400
29,547
169,763
19
1,485,642
75
977,798
1,222,241
134,225
1,773,368
35,907
183,502
207
Total oper. expenses..
$4,814,550
$4,326,836
$3,907,283
$3,387,463
Net rev. from operations
Taxes
$1,714,587
$934,036
333,391
$981,067
278,798
$1,110,202
418,456
1,277
397
877
Z)rl28,722
141,888
Dr28,188
141,633
92,642
132,606
101,411
130,743
$905,801
$429,547
$661,908
$661,538
16,527
173
1,033,856
16,560
17,645
JDr25
334,099
17,630
247,895
21,563
25,433
70,063
351
500
75
$1,974,638
$801,282
$1,039,560
$997,049
19,579
18,744
19,636
19,635
956
937
22,437
984
423,840
30,902
940
5.336
1,050
423,840
41,062
$303,436
$547,695
202,821
313,200
$484,467
202,821
$100,615
$31,674
$69,856
in part:
Corporation's proceedings for reorganization pending in the U.S. District
Court for the District of Maryland were terminated and a final order dis¬
charging this corporation as debtor therein was entered Sept. 11, 1936.
The readjustment plan for the 1950 bonds is now binding on all holders of
the 1950 bonds and all interast coupons on
Operating Expenses—
Mafnt. of way & struc—
Maintenance of equip
Traffic
Transportation
Misceil. operations
General-
Transp. for in v.—-Cr
Uncollectible
revenues.
-
538,176
_
Hire of equipment—Cr__
Joint facility rents
Operating income
22,815
171,604
104
Dividend income.
Income from funded and
unfunded securities
Miscellaneous income.
136
333,124
18,281
_.
Gross income-..
Drl51
1
i
Deductions—
Rent for leased road
Miscellaneous rents
Int.
unfunded debt..
18,971
Misceil. income chargesInt. on funded debt
423,840
Int.
on
795
21,375
equip, obligations
on
Net corporate incomePreferred
$1,489,122
dividends
338,035
Ordinary dividends
Bal.
carried
to
783,000
;
948
16,412
525
423,840
51,223
101,411
313,200
profit
and loss
$368,087
Balance Sheet Dec. 31
1936
A ssett—
1936
1935
1935
$
Ordinary stock
Investment in road
and
8
Liabilities—
$
equipment.32,250,612 32,459,363
5,829
5,829
7,830,000
Preferred stock—
3,380,350
7,830,000
3,380,350
Funded debt
9,518,000
9,518,000
Equip, trust oblig.
Misc. phys. prop..
Inv. in affii. cos.:
380,000
570,000
1,958
1,958
29,363
Stocks
1,608,783
1,573,557
Bonds
481
481
Govt, grants in aid
of construction.
294,673
441,422
298,923
Traffic & car-serv.
512,726
54,793
50
bal. payable
Audited accts. and
payable..
259,277
41,076
2,459,601
7,593
Misc. accts. pay..
80,273
Int. mat'd unpaid.
233,596
144,284
2,343
38,749
Notes
Advances
Other
investments
Cash
3,038,253
Special depositsTraffic <fc
_
-
car serv.
bal. receivable..
wages
tors'balances—
2,209
Other curr. assets.
1,172
Deferred assets...
72,574
2,059
298,204
300,329
5,784
1,478
75,024
211,429
419,943
Mat'ls A supplies.
Int. <fc divg. receiv.
239,610
13,627
237,346
34,403
1,958
unadjusted
debt*—.
486
486
75,838
18,901
387,554
318,091
Unmat'd int. accr.
Other current liab.
Deferred liabilities
Taxes
78,419
10,165
412,378
136,657
79,778
83,268
equipment.. 2,971,253
527,984
2,874,669
457,914
52,170
38,875,289 38,380.332
Earnings for March
Gross from railway
Net from railway
From Jan.
$412,583
55,017
1,862.255
548,103
1,448,269
325,935
1,144,897
110,909
1,179,632
247.996
340,117
165,469
12,427
176,046
Service
Co.
(& Subs).—Earnings—
1937
1936
$1,039,860
497,781
$511,105
$547,079
Net earnings before provision
17,055
Gross corporate income
on funded debt
$515,178
239,756
2,292
1,460
27,589
110,167
104,544
245,371
3,436
1,585
Interest
Miscellaneous interest
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements in lieu
of depreciation
Net income before pref. stock divs.
4,073
$169,464
Earned Surplus Account
Balance, Jan. 1, 1936, $2,261,546; net loss from income account,
balance, Dec. 31, 1936. $2,103,164.
Paid -in
on
$364,352
$139,537
5%
1936
Liabilities—
Funded
Plant, prop., rights,
Consolidated Balance Sheet Dec. 31
1936
Assets—
,
b Securities in escrow
c
Securities under contract of sale
U. S. Govt, securities
1936
Cash held by trustee
Special deposits
Deposit in closed bank (less reserve)
d Accrued dividends and interest receivable
Unmatured refunded int. coup, (bonds due 1950),
chargeable to int. exp. upon maturity of coupons
$4,905,500 $4,901,000
864,353
872,000
44,402
30,678
Accrued items
cl74,055
175,306
Def. liab. & income
82,427
88,520
Reserves
1,428,345
1,301,824
$6 cum. pref. stk-.
679,300
679,000
226,335
warrants receiv.
125,931
139,587
Accr. unbilled rev.
16,266
Capital surplus...
537,893
600,000
636,044
Mat'ls & supplies.
15,898
81,124
55,687
Earned surplus._.
288,621
326,498
Comm. oncap.stk.
14,201
14,236
b Common
stock.
600,000
exp.
in proc. of amort.
31,314
32,899
73,895
49,335
Deferred charges &
prepaid accts...
Total
$9,604,898 $9,610,8711
After reserve for uncollectible of
Total
$9,604,898 $9,610,871
$24,471 in 1937 and $23,036 in 1936.
b Represented by 6,000 no-par shares,
c Includes the company's estimate
of the Federal normal tax and Federal tax on undistributed earnings for
the period covered by this statement.—V. 144, p. 2463.
a
_
1,171,000
2,559,082
7,254
76
10,330
956,348
958,356
2,743,538
3,962,887
31,466,000
21,938,000
24,387,000
31,466,000
21,938,000
24,387.000
480,200
548,800
550,000
1,591,650
5,440
e4% note due Feb. 1, 1938
291,296
754,115
Payments made by C. & O. under
f Deferred liabilities
option contract.
766,651
4,515,475
3,440,700
329,225
475,546
528,660
1,120,630
66,753,900
1,171,896
1,048,860
66,753,900
Common stock
53,991,496
53,891,746
Paid-in surplus
Earned surplus
12,331,026
2,103,164
11,729,165
2,261,546
g
Prior pref. conv. stock
h Cumul. prior pref. conv.
stock
.221,254,331 221,762,758
—
Pledged under collateral trust bond indentures or to secure purchasedebt at cost.
b Under option to Chesapeake & Ohio Ry. Co. at $13.25 per share (the
money
aggregate option price
284,456
4,685
&
—
Accounts payable
Accrued interest payable
of
Cash In banks....
4,023
2,659,009
294,424
5,070
271
10,330
...221,254,331 221,762,758
Total.
15J4year 5% convertible bonds 1929
20-year 5% convertible bonds 1929
20-year 5% convertible bonds 1930
Purchase money debt (assumed)
debt
20,119
&
of Term. Shares, Inc., notes..
Conv. debentures-
19,387
disc.
—
indenture....
160,817,568 159,260,948
34,677,600
34,677,600
18,572,195
18,572,195
508,150
582,900
9,827
129
a
1937
special deposits.
Debt
(pledged)
1935
jg
j
•.
Securities held as investments, at cost..
Notes & accts. pay.
franchises, &c-.$8 954,005 $9,052,384
Misc. investm'ts &
notes
Surplus Account
of prior preferred conv. stock (2,533 shares) for accounts payable, $101,320;
profit from sale of securities, $3,494; balance, Dec. 31, 1936, $12,331,026.
Total
1937
$158,382
Balance, Jan. 1, 1936, $11,729,165; part of consideration received upon
issuance of prior preferred conv. stock (14,619 shares) for interest coupons
from bonds due 1950, $497,046; part of consideration received upon issuance
Consolidated Balance Sheet March 31
Accts.,
14,000
Net loss
% pref. stock (par $100)
and int. on
debentures, owned by Federal Water
Service Corp., is subordinated to the payment of preferred dividends.
a
35,919
13,979
Liabilities—
for Federal income
Other income.
—
62,854
29,450
16,455
$158,382
$184,254
$983,043
$1,336,806
x Exclusive of profit on sale of securities, amounting to $3,494 in 1936,
$1,008 in 1935, $689 in 1934 and $3,022 in 1933.
y After deducting
$613,360 reserve in respect of interset on $11,152,000 Missouri Pacific RR.
Co. 20-year 5H % conv. gold bonds, series A, and $781,172 reserve in respect
of interest on $14,203,133 balance of Missouri Pacific RR. contracts with
Terminal Shares, Inc.
z Including readjustment expenses of bonds due
$980,042
468,938
$542,078
5,001
Operating expenses and general taxes
Working funds
zl30,493
21,300
12,946
Cash deposited under coll. trust
Cash impounded by trustees
first page of this department.—V. 144, p. 2285, 760.
Year Ended March 31—
Assets—
zl61,966
32,751
11,676
Cash and cash items
Water
Note—Interest
141,297
Registrar
and
transfer
agent fees
Fiscal agent & trust, fees
Prov. for res. against de¬
posit in closed bank
56,570
Associates, Inc.—Registers with SEC—
Alabama
contract (as amended) with this corporation, dated Feb. 1, 1932, for the
purchase of 215,000 shares of common stock of the Erie RR. and 167,300
shares of the common stock of New York Chicago & St. Louis RR.
ps-M
In previous annual report it was stated that the trustee of the Missouri
Pacific RR. had instituted proceedings in the courts of Missouri to set
aside the contracts for the acquisition by the Missouri Pacific RR. of the
terminal properties at St. Joseph and North Kansas City, Mo., from
Terminal Shares, Inc. (a wholly-owned subsidiary of this corporation) and
to cover for the Missouri Pacific the $3,200,000 paid on account thereof
and that this corporation had retained counsel to resist these proceedings,
which it believes wholly unwarranted.
During the past year the trustee
instituted in different jurisdiction six suits in all to recover the same money
for the same reasons.
None of these suits has come to trail and in order to
reduce the expense occasioned by this multiplicity of suits this corporation
has entered its appearance in one of these suits pending in Kansas City
Federal courts and hopes thereby to concentrate in a single court a trial on
the merits of the question.
Meanwhile the trustee has served notice on this
corporation of the rejection of the Terminal Shares contracts and the court
has barred Terminal Shares, Inc. from instituting any claim for damages
on
account of such rejection.
The Missouri Pacific RR., debtor, as
distinguished from its trustee, has contested and is still contesting the re¬
jection of these contracts on the ground that it sacrifices rights belonging
to the railroad under these contracts which should be availed of in any plan
of reorganization.
1936
1935
1934
1933
v Total income$3,824,817
$3,882,587
$3,277,557
$2,827,444
Interest on funded debt.
3,769.599
3,775,075
3,929.962
3,933,387
Other interest
27,875
95,552
154,239
104,111
$413,174
84,554
10,186
144, p. 2814.
Air
further details).
On Jan. 29, 1937, Chesapeake & Ohio Ry. filed application with the
Interstate Commerce Commission for authority to exercise the option
a
See list given on
r
1934
1—
after rents
Net
1935
$532,439
140.023
82,713
145,429
Gross from railway
Net from railway
—V.
38,875,289 38,380.332
Year to Date
1936
$691,990
232,028
-
1936 was derived from
dividends on its ownership of capital stock of the Chesapeake Corp.
The
net income of the latter amounted to $5.69 per share in 1936 (see latter for
1950.
sur.
Total
and
1937
Net after rents
,
12,660,696
on
thru. inc. &
March—
#
there
52,147
Operating reserves
Accrued
deprec'n
Oth. unadj. credits
Add'ns to property
Total.
10 shares of common stock.
During 1936
were converted 9,975 shares of prior preferred convertible stock into
99,750 shares of common stock.
The appraised value of the securities and deposited cash pledged under
each of the corporation's two collateral.trust indentures dated Feb. 1, 1929
(securing the 1944 bonds) and June 1, 1929 (securing the 1949 bonds) is
in excess of 150% of the outstanding bonds under these issues.
The ap¬
praised value of securities and deposited cash pledged under the corporation's
collateral trust indenture dated April 1, 1930 (securing the 1950 bonds)
continues to be less than the required 150% ratio; therefore, provisions in
this indenture relative to impounding of income thereunder, restrictions on
voting rights of securities pledged thereunder and restrictions on creation of
other than current indebtedness continue in force.
•
is convertible at any time into
x
Profit & loss bal..12,897,491
Other
1. 1944.
10,153
mat'd
unpaid
235,043
Misc. accts.receiv.
debt
to Oct.
Heneral expenses
Divs. mat'd unpd.
Fund,
Agents' & conduc¬
and a new right to
stock at any time prior
Each share of prior preferred convertible stock is entitled
to annual cumulative dividends of $2.50 (at the rate of 5% per year) and
bond, five shares of prior preferred convertible stock
convert each such bond into 100 shares of common
Substantially ah of the corporation's income in
Non-Oper. Income—
Misceil. rent income
Misc. non-op. phys. prop.
these bonds maturing Oct. 1,
1934, to April 1, 1939, inclusive are thereby satisfied.
Holders of these
bonds have received or are entitled to receive, in respect of each $1,000
being $5,065,475, against which aggregate payments
$4,515,475 have been made), at cost; 215,000 shares common stock of
Erie RR.; 167,300 shs. common stock of New York
c Securitias
under contract of sale to Missouri
Chicago & St. Louis RR.
Pacific RR. (ownedtby
pledged under $14,245,000 Terminal Shares,
Inc., 5-year 5H% secured gold notes, which in turn are pledged under
Allegheny Corp. collateral trust bond indentures) at cost to Terminal Shares,
Inc., less amounts received on contracts; All capital stock of St. Joseph
Belt Ry.; all capital stock and certain open accounts of Union Terminal Ry.
and certain notes and 2-3 of capital stock of North Kansas City Bridge &
RR. and 2-3 of notes and capital stock of North Kansas City Development
Co., and 2-3 of capital stock of other companies owning property or rights in
Kansas City or North Kansas City.
d Does not include unpaid and accrued interest on $11,152,000 Missouri
Pacific RR. 20-year 5M % convertible gold bonds, series A, nor on $14,203,133 balance of Missouri Pacific RR. contracts with Terminal Shares, Inc.
j
e Secured
by corporation rights under option contract, as amended,
dated Feb. 1, 1932 with Chesapeake & Ohio Ry.
f Discount on refunded interest coupons (bonds due 1950) credited to
interest expense upon maturity of coupons.
Terminal
Shares,
Inc.
and
2984
Financial
12,015
g
(1935,
26,634)
shares,
be issued in
to
exchange
for
interest
coupons, 1950 bond issue.
h Authorized,
150,000 shares, no par; converted into common stock,
23,115 shares; outstanding, 112,063 shares (1935, 104,886 shares).
|» Note—Securities held as investments stated in the above balance sheet
at a cost of $159,260,948 at Dec. 31, 1935, and
$160,817,568 at Dec. 31,
1936, had an indicated market value of $114,816,041 based upon closing
bid prices at Dec. 31, 1936.—V. 142, p. 2285.
Alabama
Power
1937—Month—1936
$1,677,281
678,207
227,625
xOper.exp.& Taxes
Prov. for retire, reserve.
...
Gross income
$645,714
402,632
$8,719,536
4,829,224
$7,950,499
4,858,953
$243,083
195,178
$3,890,312
2,342,138
$3,091,546
2,342,138
$154,799
preferred stock
on
$1,400,516 $19,379,404 $17,089,346
614,301
8,751,493
7,655,391
140,500
1,908,375
1,483,456
$349,977
195,178
Net income
Div.
1937—12 Mas —1936
$771,448
421,471
$47,905
$1,548,174
$749,408
Int. & other fixed ch
.
Balance
No provision was made in
1936 for Federal surtax on undistributed
all taxable income for that year was distributed.
No provision
has been made for such tax in 1937.—V. 144, p. 2637.
v
x
profits
as
Alco Valve
See list given
first
page
directors
declared
a
dividend of 40 cents per share on the
value, payable June 16 to holders of record June 1.
A like payment was made on March 16, last, and compares with 25 cents
paid on Dec. 28, 1936; 50 cents paid on Dec. 10, 1936; 25 cents paid each
three months from March 15,1935, to and including Sept. 16, 1936, and 15
cents paid on Dec. 15, 1934, and on Aug. 15, 1934.
In addition an extra
dividend of 15 cents per share was paid on Sept. 16, 1936.
stock,
New
have
no par
April 27 elected W. Frank Detwiler, Executive Vice-Presi¬
dent, to be President of the company, succeeding the late Harry E. Sheldon.
At the stockholders' annual meeting, which preceded the meeting of the
board, directors of the company were re-elected, and William M. McKelvy
of Pittsburgh was added to the board.—V. 144, p. 2814.
on
Alliance Investment
Encaustic
at the Central Hanover Bank
p.
1.947.
American
The
Forging & Socket Co.—Registers with SEC—
Bank of New York &
231,400 shares of
common
1937
March—
1936
1935
$6,100,301
3,738,968
revenue
expenses..
Operating income
$1,124,669
$1,037,790
258,542
30,305
236,982
38,469
4,074,249
1,250,877
453,027
3,712,686
759,930
1 0,746
3,136,616
631,189
17,476
2,887,534
614,303
15,405
From Jan. 1—
Gross from railway
has
been
—V. 144, p. 2285.
appointed registrar for
12
Months-
Feb. 29 *36
Feb. 28 '37
$5,995,045 $70,635,216 $65,647,238
3,610,112
45,202,373
41,461,078
$2,361,332
33,618
Other income
Total income
Int. & other deductions.
Pref. stock dividends
2,384,933
22,313
$2,394,950
919,949
417,883
1,407,246 $25,880,363 $24,592,156
951,539
11,206,856
11,238,627
417,883
5,014,392
5,014,392
$1,057,118
$25,432,843 $24,186,160
447,520
405,996
$1,037,823
$9,659,116
$8,339,137
L ,037,823
19,659,116
3,397,257
1,910,050
240,168
$8,339,137
3,240,518
1,910,050
247,750
Amer. Gas & Elec. Co.—
Bal. of sub. cos.' earnings
appl. to Amer. Gas &
Elec.
Co., as shown
above
$.1,057,118
258,954
Total income
...
Expense
Balance
280,292
159,171
11,794
159,171
738
$1,475,982
47,188
$1,489,080 $15,206,591 $13,737,456
38,265
652,288
491,627
.,428,794
$1,450,815 $14,554,302 $13,245,829
213,567
2,475.950
2,562,802
177,811
2,133,738
2,133,738
170,853
177,811
1934
$1,217,561
231,880
def35,702
Net from railway
Net after rents
Co.
Month
Feb. 28 '37
Feb. 29 '36
Sub. Cos. Consolidated—
Pref. stk. divs. to public
$1,434,327
425,511
151,253
Net after rents
Trust
stock, of $1 par value.—V. 144, p. 2815.
American Gas & Electric Co. (& Subs.)—EarningSr±?:
Balance
Int. & other deductions.
.
Alton RR.—Earnings—
Gross from railway
Net from railway
Inc.—Rights to Sub¬
See list given on first page of this department.
& Trust Co., New York City.—V. 144,
;:
.
Tiling Co.,
Holders of common stock of record May 6 will be offered by Shawnee
Pottery Co. pursuant to various agreements entered into between the com¬
panies, the right to subscribe at $1.25 per share for capital stock ($1 par)
of Shawnee Pottery Co. to the extent of one share of such stock for each
share of American Encaustic Tiling Co., Inc., held.
The rights to subscribe
expire on May 27, 1937.—V. 144, p. 2116.
All of the outstanding 20 year 5% gold debentures, series A. due 1949 have
been called for redemption on July 1 at 102 and accrued interest. Payment
will be made at the First National Bank of Philadelphia, Philadelphia. Pa.,
Stock
scribe—
Int. from sub. cos
Pref. stk. divs. from subs
Other income
Corp.—Debentures Called—
or
Co., Inc.-
on
Stockholders at a special meeting on May 20 will vote on a proposed
in authorized common stock from 500,000 shares, without par
value, to 1,335,000 shares, without par value; each outstanding share to be
exchanged for three new shares.—v. 144, p. 2815.
Balance
President—
Directors
Vote
To
increase
Operating
Operating
Allegheny Steel Co.—40-Cent Dividend—
The
common
Cable
&
Split-Up—
x
of this department.
1937
May 1
Chain
Period Ended—
Co.—Registers with SEC—
on
American
American
Co,—Earnings—
Period End. Mar. 31—
Grossrevenue
Chronicle
$1,080,129
x Figures
for periods prior
purposes.—V. 144, p. 2638.
American
to
General
$1,059,437
Jan.
1,
$8,549,290
$9,944,615
1937, restated for comparative
Corp.—Consolidated
Baalnce
Sheet
March 31, 1937—
.*\>sscts
Aluminum
Order
Co.
Halting
of
America—Court
Issues
Anti-Trust
Suit—Company
Duplicates 25-Year-0ld Action—
Holds
Temporary
New Suit
Judge Robert M. Gibson of the U. S. District Court at Pittsburgh, on
April 29, issued upon petition of the company, a temporary order halting
Attorney General Homer S. Cummings from prosecuting the anti-trust suit
announced in Washington as instituted in the U. S. District Court for the
Southern District of New York.
fc, Judge Gibson's order was based upon the petition of counsel for the
company which cited a similar suit filed by the U. S. Government on May 16,
1912, which paralleled in detail the suit filed a few days ago, the terms of
which the company has been observing for the past 25 years and which is
still in force and effect, the company having been given a consent decree on
June 7,1912. The petition filed April 29 is based on the fact that these two
suits are identical.
Cash in banks
Accounts and dividends receivable
General market securities.
..$13,278,520
152,168
40,183,454
Participation in intermediate credits
43,858
Account receivable under contract, incl. int. to Mar.
31, 1937-303,750
Investment in Fifty Pine Street Corp., 100% owned
1
_
Total
$53,961,751
...
Liabilities—
Accounts payable for securities purchased—not received
$143,765
payable, accrued expenses and taxes
230,638
on debentures outstanding
213,550
Reserves for taxes, extraordinary legal, accounting and other
expenses and other contingencies
2,045,348
Unreal, apprec. (net) of gen. market securities owned (less prov.
for Federal income tax).
.;
5,198,270
5% debentures of International Securities Corp. of America— 13,005,195
Preferred stock ($1 par)
202,270
Common stock (10 cents par)
172,648
Surplus
32,750,067
Other accounts
Accrued interest
.....
___________
It alleges that if the Attorney General is permitted to prosecute the suit in
New York the company and its 100% subsidiaries and its officers and
directors will be subjected to the peril of two decrees upon the same subject
p
matter effective at the
same time in two wholly
independent courts which
with each other. The petition names the present officers and
being among those who would thus be placed in peril and also
mentions Andrew W. Mellon, who prior to 1921 was a director of the com¬
may conflict
directors
as
although no longer
holder—V. 144, p. 2814.
identified
pany
with
it
except
as
minority stock¬
a
Total
.$53,961,751
The income statement for the three months ended March 31 was
in Y.
144, p.
American Hot Water
Aluminium, Ltd.—Preferred Dividend—
The directors have declared
accumulations
the
on
6%
holders of record May 15.
share
1932, when 75 cents
distributed.
was
Bonds Called—
A total of $8,000,000 5% s. f. debenture gold bonds have been called
for redemption on July 1 at 105 and interest.
Payment will be made at
the Union Trust Co. of Pittsburgh, Pittsburgh, Pa.—V.
144, p. 1265.
American Colortype
trolled
District
Companies
exps.,
res.
(N. J.)
Con¬
1936
1935
1,154,028
_
1934
1,013,594
1933
$7,886,972
$7,896,743
taxes,
miscell. interest, &c._
Net oper. revenue
6,651,177
6,522,341
6,468,082
6,445,922
dividends
Common dividends
$1,491,253
14,447
$1,418,890
20,754
$1,450,821
29,133
$1,505,700
570,537
416,008
$1,439,644
553,047
$1,479,954
566,875
1,896,998
$577,916
Preferred
$1,502,851
2,760
$1,505,611
405,717
521,978
Inc. from divs. and int..
$519,155
Balance
399,368
$487,229 def$983,919
Consolidated Balance Sheet Dec. 31
1936
^^
1935
Inventories of
terials &suppl's.
Accts. rec. (Incl.
hands of
res.
1,105,561
1,051,425
b
5,753,450
Common
and
stock
controlled
cos._
Pur. money oblig.
56,976
1,680,897
Notes payable
Accounts payable.
Divs.
1,739,980
;
114,956
193,905
Reserves
a
After
12,079
46,459
1,000,000
180,714
173,104
100,676
237,180
5,165
10,014
451,332
inc. 1,621,566
4,105,669
448,898
1,595,590
3,642,936
.24,196,203
26,111,0011
Total
24,196,203 26,111,001
for doubtful accounts,
b Represented by 104,172.508shares in 1935 and 104,746 508-1000 in 1936.—V. 144, p. 1771.
reserve
no-par
12,079
43,959
and
and local taxes..
Def. credits to
Total
11,552,089
Prov. for Fed. inc.
prems., develop,
&c
unpaid
accrued-
Acer, facil. rents.-
Prepaid rents, ins.
1,000
&deprec.__
Other income
Other
expenses
Interest
1936
$948,216
919,160
$682,495
692,078
1934
$530,829
567,523
$135,665
29,317
$29,056
20,867
loss$9,583
24,562
loss$36,694
19,610
$49,923
11,318
35,685
$14,979
18,848
42,414
loss$17,084
20,748
43,473
x$2,920 loss$46,283
144, p. 1428.
loss$81,305
25,020
...
1935
18,000
Total profit for period
$100,897
x Before Federal income taxes.—V.
American
Power
The
Water
Works & Electric
Co.,
Inc.—March
of the
American Water
Output—
power
output of the electric subsidiaries
Works & Electric Co. for the month of March totaled 233,240,073 kilowatt
hours, against 182,789,527 kilowatt hours for the corresponding month of
1936, an increase of 28%.
For the three months ended March 31, 1937, power output totaled 659,486,790 kilowatt hours, as against 562,984,000 kilowatt hours for the
period last year, an increase of 17%.
Output for March, 1936 wasjjurtailed due to flood conditions.
Weekly Power Output—
A A
% A A * i
«
1
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended April 24,
11,921,593
505,014
1,376,047
$
7,392,652
of
51,565
for pref.
1935
stock
surplus
Capital
stock redemp'n.
expenses,
§
($100
446,286
secs..
Cash in banks
Cash
stock
par)
em¬
ployes, &c.)
Marketable
Pref.
ma-
cash work, funds
1
exps.
1937
$1,603,511
1,467,846
$164,982
21,066
revenue..
same
1936
Liabilities—
$
Property account.21,101,788 20,882,804
In
dividend of 25 cents per share on the com¬
Seating Co. (& Subs.)—Earnings—
Gross
Res. for Fed. inc. tax
incl. repairs,
a
for depr., rent for
lease of plants,
a
American
Quar. End. Mar. 31—
Operating profit._.
(and
Co., Ltd.—Resumes Common Dividends
stock, payable June 1 to holders of record May 21.
This will be the
first dividend paid since Dec. 1, 1930, when 25 cents per share was dis¬
tributed.—V. 144, p. 2815.
■Earnings—
Calendar Years—
Gross oper. revenue
Oper.
Telegraph Co.
Metal
American
The directors have declared
mon
Costs,
Co.—Registers with SEC—
See list given on first page of this department.—V. 144, p. 2638.
American
Corp.—Registers with SEC—
See list given on first page of this department.
dividend of $5.25 per share on account of
cumulative preferred stock, payable June 1 to
A dividend of $1.50 was paid on March 1, last,
a
this latter being the first dividend paid since June 1,
per
published
2815.
1937 totaled 50,000,000
kwh., an increase of 10.6% over the output of 45,251,000 kwh. for the
corresponding period of 1936.
Week End.
1937
1936
April 3... 48,157,000 *39,040,000
April 10... 49,946,000
45,072,000
April 17... 49,814,000
46,512,000
April 24... 50,000,000
45,251,000
*
Output was curtailed due to flood
1935
1934
1933
39,960,000
37,670,000
39,135,000
38,874,000
36,460,000
27,484,000
32,857,000
27,314,000
35,004,000
27,681,000
35,224,000
28,319,000
conditions.- -V. 144, p. 2816.
Anaconda Wire & Cable Co.—Dividend Doubled—
The directors have declared a dividend of $1
per share on the common
par value, payable June 21 to holders of record May 21.
This
with 50 cents paid on March 15 last. A special dividend of $2
paid on Dec. 22, 1936; a dividend of 50 cents in addition to a special div. of
$1 per shaie paid on Nov. 16, 1936, and a quarterly dividend of 50 cents
per share distributed on Sept. 14, 1936.
Prior to this latter date regular
quarterly dividends of 25 cents per share were distributed.—Y. 144, p. 2467.
stock,
no
compares
Volume
Financial
144
Ann Arbor
Accumulated 2d Pref.
RR.—Earnings—
r
March—
Gross from railway
Net from railway
From Jan. 1—■
Gross from railway
Net from railway
1,064,075
226,927
115,699
Net after rents
1934
$344,081
85,698
55,049
$278,271
74,086
984,693
170,209
$398,740
97,783
59,480
Net after rents
1935 "4
"1936
$356,624
78,680
45,793
1937
928,714
201,294
773,631
160,548
83,196
110,572
63,008
"
40,269
Operating Statistics for Calendar Years
Calendar Years
Freight
Passenger
Mail, express, &c
$3,777,655
Total oper. revenues._
39,574
128,959
Traffic expenses
expenses
General expenses
3,836
Cr359
Cr370
Cr571
208,744
$2,574,839
732,421
131,610
$2,381,685
604,211
165,275
$575,032
88,648
$727,319
46,054
$600,810
42,203
$438,936
48,318
$773,373
233,870
$643,014
200,274
$487,254
188,866
19,189
68,080
78,142
Operating income
Other oper. income
Total oper. income
Hire of freight cars
Other
deductions
fromL
$663,680
216,189
••
.
funded debt.
unfunded debt..
gross
$520,314
14,013
$374,659
18,649
$220,246
14,181
$534,327
410,032
26,641
$393,309
413,194
26,939
$234,427
420,136
36,047
from
39,102
x43,652
5,463
4,276
$25,493
income
Net deficit..
x
144,
Inc$54,002
$52,288
$226,032
Restated for comparative purposes.
Consolidated Statement
12 Months Ended March 31—
$
5,891,233
1,544,289
5,486,339
1,620,939
Water....
1,301,104
1,274.241
1,224,646
1,166,469
$7,067,304
135,888
404,894
y76,650
76,458
107,772
$119,326,053 $111,610,387
$7,715,666
maintenance.$60,031,741 $56,631,376
$3,400,365
11,765,993
1,843,436
Gas
Ice
13,609,429
Preliminary,
y
S
23 089,815 23.060,628
Cash
544,947
893
receiv.
rec.
2,669
2,284
133,686
137.034
1 ,025,946
53,526
968,463
Divs. mat'd unpd.
1,849
1,075,304
206,826
16,165
18,150
balances payable
Misc. accts. receiv
111,823
106,208
Mat'l A supplies..
Int. A divs. receiv.
261,832
266,139
183
200
Oth. curr. assets..
1,009
35,652
7,728
17,150
1, 665,528
1,674,477
Deferred assets
wages
payable-.
Misc. accts. pay..
Int.
mat'd
Funded
debt
1,864
838,603
ma¬
$5,243,801
8
6
y3
$2,752,594
8
Decrease.
non-recurring expenses in
both years.
No provision is included for Federal surtax on undistributed
profits, if any, of the company and (or) its subsidiaries, for the year 1937.
Note—The above statement excludes certain
Weekly Output—
For the week ended April 23, Associated Gas &
200
200
Unmat. int. accr'd
26,134
2,682
28,240
Other current liab.
Other def'd liabil.
12,449
15,694
3,718,748
151,098
6,540
Unadjusted credits 3 ,881,792
154,356
Profit A loss bal.. 1 ,460,228
Add'ns to property
11,516,678 units,
or
Telephone & Telegraph Co.—Earnings—
Associated
[Accounts of subsidiary and (or) associated cos. are not consolidated]
Income from sub.
or
26,043,983 25,980,849
428,044
26,043,983 25,980,849
Total
-V. 144. p. 2288.
Miscellaneous
Total gross earnings
first
cage
Net profit after charges
and taxes
52,271
80,832
69,939
27,948
,053,664
669,350
1,361
65,326
$896,217
628,633
65,727
58,651
$906,072
643,581
195,161
58,314
$143,206
$9,016
$143,206
$9,016
Taxes
Net earnings
on funded debt
165,889
$151,739
Net income
Appropriations to
34,400
reserves
$117,339
Balance, surplus
56,533
Preferred dividends
a
Including directors fees, legal and other expenses.
Balance Sheet Dec. 31
[The accounts of subsidiary and (or) associated cos. are not consolidated]
1935
1936
A. sscts
Liabilities—
23,729,957 23,562,656
Patents,
patent
1
1
1,217,376
655,817
1,140,868
458,783
rights, Ac
Unamort. debt dis¬
count A expense
Cash In banks
...
Class A
cum.
2,231,482
1,038,308
2,231,482
11,438,000
stock (no par)..
Com. stk.(par $1).
a34,732
3,750
39,381
176,936
591,795
sub.
or
companies
1,038,308
5H%
Due to
7,020
sub.and(or)
32,846
cos
155,128
7,473
36,159
Accrued interest-_
112,438
104.848
470,000
529,684
836,934
949,952
probable
loss..
Co.-—Earnings—
25,000
Surplus reserve--Capital surplus
Period Ended Mar. 31
1937—9 Mos.—1936
...
204,094
Surplus
$686,655
$412,204
$1,850,541
$1,220,816
.15
$0.65
$3.07
$1.92
Total.
a
25,814,819
25.804,144'
657,735
143,205
.25,814,819 25,804,144
Total.
Including notes.—V. 144, p. 2816.
Atchison Topeka
Corp.—Earnings-
& Santa Fe Ry. System—Earnings
(Includes Gulf, Colorado & Santa Fe Ry.—Pandhandle & Santa Fe Ry.)
$140,413
96,826
al936
$133,052
91,485
$43,587
1,088
$41,568
2,575
$44,675
21,057
$44,143
22,192
Miscellaneous interest..
360
310
Other
300
37
$22,958
22,958
$21,604
21,604
Nil
Nil
1937
Three Months Ended March 31—
expenses.
Operating income
Non-operating income..
Gross income
on
4,050.805
1,193,800
debentures. 12,266,000
Accounts payable.
20,253
6,909
from
3,296,700
pref.
Special deposits.
Due
$
cum.
Accrued taxes.
921.
Arizona Power
$
pref. stk. 3,296,700
$6 cum. pref. stk
(no par;
4,050,805
$4 pref. cum. pref.
stock (no par).. 1.193,800
7%
Working funds.
.
1935
1936
I
1
Reserves....
1937^-3 Mos.—1936
^
Earns, per sh. on 549,546
shs. com. stk. (no par)
Interest
$1,084,792
73.114
30,549
--
of this department.
Income Account for
Operating
$1,057,335
57,453
$1,249,533
al43,597
Salaries and wages
Other operating expenses
assoc.
Archer-Daniels-Midland
p.
595
116,994
Income from other companies, &c
Res've for
144,
$874,221
149,671
47,666
13,233
$621,658
318,086
$944,521
294,799
10,213
.....
Apex Gold Mines, Ltd.—Registers with SEC—
—V.
1934
cos.:
assoc.
on
1935
1936
,
assoc.
Dividends
Interest
Accounts receiv..
See list given
Electric System reports
units (kwh.).
This is an increase of
15.4% above the comparable week of last year.
Gross output, including sales to other utilities, amounted to 93,798,921
units.—V. 144, p. 2816.
output of 86,134,657
electric
net
Investments
tured unpaid...
Total..
6
16
Audited accts. and
cos...
Traffic A car-serv.
debits
7
$36,204,025 $33,451,431
1,057,194
unpaid
affiliated
206,026
from
agents A conduc
Unadjusted
7,250,000
Fund, debt unmat.10 ,670,000 10,670,000
Receivers' cert if..
400,000
600,000
9
$2,471,865
y2S0,729
.
Capital stock..... 7 ,250,000
Non-negot.debt to
car-serv.
balances
Net bal.
622,447
111,100
Special deposits
Traffic A
S
y?
&c—$73,641,170 $68,397,369
Operating income
x
1
7
$45,684,883 $43,213,018
9,480,858
9,761,587
Total oper. exps., taxes,
Net operating revenue
Provision for retirements
Expenditures in connection with in¬
vestment of subsidiary companies
1935
$
Liabilities—
Increase—
Amount
Transportation
Heating
Electric
Amortiz. of debt discount & expense-
1936
1935
Properties Irrespective
xl937
19j36
.$96,174,496 $89,107,192
13,140,690
13,004,802
Interest
Comparative Balance Sheet Dec. 31
1936
Investments
(&Subs.)—Earnings—
of Earnings and Expenses of
of Dates of Acquisition
General interest
Asseti—
$31.50 per share.
2288.
p.
Calendar Years—-
■
$ 444,238
409,900
20,729
Gross income
on
'
$428,221
16,017
Net oper. income
deductions
•'
1
;
19.270
income
Non-oper. income
on
125,717
1,279,090
115,810
1,529
!53,060,302
898,972
171,653
Taxes, Ac
Other
291,152
583,171
129,408
1,416,138
153,131
2,209
$3,178,959
783,776
_
Interest
$2,985,896
312,686
547,425
$3,307,260
Crl69
_.
Total oper. expenses.
Net operating revenue..
Int.
$3,959,274
328,456
839,578
139,132
1,595,897
154,813
2,784
$3,962,735
330,914
877,262
143,644
1,677,125
146,346
1933
3.154,556
36,054
116,650
$3,790,741
40,424
144,656
Maint. of way & struc..
Maint. of equipment
operating
Accumulations after the current dividend amount to
exps. &
Provision for taxes
$2,842,081
33,925
109,890
June 1
1, last,
preferred stock since
$1.75 per share was
distributed.
—V.
Operating
1934
1935
1936
share on account of
per
this latter being the first dividend paid on the second
June 1, 1932, when a regular quarterly dividend of
Total g~oss oper. revenues
[Combined corporate and receivers' accounts]
Miscell. operations
Trans, for investment
$1.75
the 7% second preferred stock, par $100, payable
to holders of record May/7.
A similar payment was made on March
on
_
Income Account for
Transportation
Dividend—
The directors have declared a dividend of
accumulations
Associated Gas & Electric Co.
1933
1934
19351
25,687
20,788
31,666
29,330
,261,798
1,901,875
2,307,839
1,895,963
.675 cts.
Rate per pass, per mile.. *.1.708 cts.
1.864 cts.
2.070 cts.
$0.45
$0.44
Pass, earns, per train m.
$0.47
$0.46
Tons carried (revenue)
.754,390
2,006,367
2,248,995
2,285,835
Tonscarr. 1 mile (rev.).378,859,018 367,534,729 315,763,5371282 ,114,195
Rate per ton per mile
$0.008113
").008212
$0.008031
$0.008384
$8,250
$9,083
Oper. rev. per mile
$10,762
$10,880
626
615
Aver, tons per train mile
604
607
1936
Rev. passengers carriedRev. pass, carried 1 mile
_
2985
Chronicle
funded debt.
deductions
Net income
blinking fund appropriation.
Period End. Mar. 31—
1937—3 Mos.—1936
1937—Month—1936
Ry. operating revenues_$13,712,266 $11,857,317 $38,864,623 $32,963,965
Ry. operating expenses. 10,859,691
9,964,443 31,176,799 28,487,515
Ry. tax accruals..
1,340,833
1,160,743
3,742,846
3,007,013
Other debits or credits._
Crl9,692
Dr50,793
-D/T06.448
Drll4,555
.
Net ry. operating inc.
Average miles operated.
$1,531,433
13,578
$681,338
13,235
$3,838,530
13,397
$1,354,883
13,23 5
Note—Railway tax accruals for month and period ended March 31, 1937
include $364,480 and $1,047,311 respectively, representing accruals under
companion act to Railroad Retirement Act 1935 and also under Special
Security acts, Federal and State; as compared with $268,141 and $383,362
for corresponding periods 1936.
New Director—
Balance for pref. & common stocks and surplus.
.
1936
figures restated for comparative purposes,
b Net income is
appropriated for sinking fund purposes to the full extent of the corporation's
sinking fund requirements, and is a prior charge to the declaration and
payment of any dividends.
Note—No provision has been made for surtax on undistributed profits.
■—V. 143, p. 2990.
a
Armstrong Cork Co.—50-Cent Dividend—
The directors have declared a dividend of 50 cents per
share on the com¬
value, payable June 1 to holders of record May 10.
A
similar payment was made on March 1, last, and previously regular quarterly
dividends of 37H cents per share were distributed.
In addition, an extra
dividend of $1 was paid on Dec. 19, 1936, and an extra dividend of 25 cents
was paid on Dec. 2, 1935.—V. 144, p. 1429.
mon
stock,
no
B.
L.
Hupp, President of the Loose-Wiles Biscuit
Atlanta
Calendar
Co., was elected a
He succeeded
held April 27.
director of this railway at the annual meeting
the late Edwin J. Berwind.—V. 144, p. 2467.
Birmingham & Coast RR.- —Earnings-
Years—
1936
Railway oper. revenue._ $3,42 2,307
Railway oper. expenses.
3,043,758
Railway tax accruals—
219,889
Uncoil, railway revenues
1935
1934
1933
$3,009,163
2,786,623
$2,818,836
2,855,871
160,277
1,149
$2,604,545
2,578,042
154,169
1,925
148,609
645
par
$73,286 def$198,461 def$129,593
151,116
129,758
111,584
5,464
8,054
9,669
$158,660
165,694
7,631
Net ry. oper. deficit-_
(The) Aro Equipment Co.—Registers with SEC—
Railway oper. income.
Equipment rents
Joint facility rents
$14,665
27,517
$83,294
32,858
$336,273
33,494
$250,846
44,718
prof$12,852
115
$50,436
$302,779
$206,128
18,156
3.546
21,893
3,313
14",550
235
14,311
2,885
$8,965
$75,692
$317,564
$223,374
Other income
See list given on first page of this department.
Total deficit
Associated Dry
Goods Corp.—Option Exercised—
has notified the New York Stock Exchange that 4,000
shares have been delivered under the option previously granted to Oswald
W. Knauth for the purchase of 12,000 shares of common stock, at $16 per
share, leaving 8,000 shares available under the option.
The
company
Rent for leased roads—
Total interest accrued-.
Other
deductions
Net deficit.
50
50
.
Financial
2986
Earnings for March
March—
m
railway
railway
Net from
and Year
From, Jan. 1—
Gross from railway1,010,267
Net from
railway
178,052
54,415
Net after rents
—V 144, p. 2288.
9,354
1934
$275,903
27,579
def3,950
845,608
95,076
def8,885
89,386
43,775
Net after rents
set no date for hearings in this
1935
$286,264
44,946
740,814
28,834
def57,096
752,315
35,198
def51,275
;
...
.
-
Atlanta Laundries, Inc.—To Vote on Reorganization—
The United States District Court at Atlanta, Ga., has set May 10 for a
hearing at which creditors and debtors of this company, will vote to accept
or reject
the company's proposed plan of reorganization under Section
77-B of the corporate bankruptcy Act.
'
Under terms of the amended plan of reorganization, holders of the com¬
pany's present 61^% first mortgage bonds will receive for each $1,000 bond
now held one $700 15-year first lien 4% bonds, six shares of new first pref.
$2.50 cumulative stoc.k and one share of new common stock for each
$100 of past due interest.
Holders of the present 7% 10-year notes will
receive 20 shares of new second preferred stock and also one share of new
common for each $100 of past due interest.
Present preferred stockholders
will get one share of new common for each share of preferred stock now
held.
The old common stock will be exchangeable for new common on a
basis of
one new share for each 100 shares now held.
It is expected that protective committees for the bondholders
will approve the amended plan of reorganization when
and note¬
holders
sidered
May 10.—V. 131,
on
p.
it is con¬
4219.
The commission has
unreasonable.
and Official Territory are unjust and
to Date
1936
$312,094
53,394
8,293-
1937
$386,101
wti
Gross from
May 1, 1937
Chronicle
investigation.
Considerable interest has been shown in the past year in the development
in the Southeast of the manufacture of pulp and paper of various kinds from
pine, and mills have been constructed or are being constructed for
producing Kraft paper, liner board, pulp and bags at points at or near
Franklin, "Va., Plymouth, N. O., Georgetown and Charleston, S. C.,
Savannah and Brunswick, Ga., and Panama City, Port St. Joe and Fernanslash
dina, Fla.
The mills at Plymouth, N. C., Charleston, S. C-, and Bruns¬
wick, Ga., will be served directly by company, and mills at Savannah, Ga.,
and Panama City and Port St. Joe, Fla., will be reached through connecting
lines.
Considerable expenditure of money has been made in the mills,
equipment and accessorial services, and the growth of this comparatively
new industry will create additional employment and traffic in the Southeast.
Passenger Traffic—During the year
1936 there were 2,320,923 revenue
carried and passenger revenues were $6,762,960, which compares
with 2,182,397 revenue passengers carried and $5,561,343 passenger revenues
in 1935.
The movement of winter visitors to Florida in the 1936-1937
passengers
season
exceeded those in the 1935-1936 season and from preliminary figures
it is indicated that in the 1936-1937 season company will have
hand ed a
greater number of visitors to Florida than in any winter since the peak
season of 1925-1926.
Motor Carrier Legislation—The ICC has been occupied with organization
administer its duties under the Motor Carrier
approved Aug. 9, 1935, by which Congress placed interstate
hire, with some exceptions,,under the jurisdiction of the
Commission.
As complete regulations have not been issued and those
which have been promulgated are of recent date, the provisions of the Act
have not been entirely placed in operation.
and preparation necessary to
Act,
1935,
motor carriers for
As motor vehicles used in carrying agricultural commodities are practically
of the Motor Carrier Act, no ap¬
preciable change by reason of administration of the Act is to be anticipated
in truck competition for hauling of citrus fruit and other agricultural
products.
excluded from the regulatory provisions
Atlanta & West Point RR.—Earnings—
March—
railway
1937
$165,562
29,951
def2,754
Net after rents
fi
1935
$125,121
15,776
def3,946
1936
$145,404
18,263
5,380
,
Gross from railway
Net from
'A
1934
$131,728
^19,269
.
From Jan. 1—
1,112
8s
Gross from railway
472,253
70,100
Net from railway
Net after rents.
—V 144,.p. 2289.
419,589
i
46,888
defl0,859
def737
358,154
39,357
Ldefl4,767
356,926
32,455
def24,588
Atlantic Coast Line RR.—Annual Report—
Lyman Delano, Chairman, and Geo. B. Elliott, President, state in part
General Remarks—The feeling, at the beginning of the year 1936, that
better
business
large extent
justified by actual developments during the year.
Revenue freight ton
miles on the nation's railways were greater in 1936 than in any of the
previous four years and revenue passenger miles exceeded those of the
conditions
in
were
prospect
was
to
a
very
previous five years.
Improved economic conditions prevailed during the year 1936 in the
Southeastern States and, while there was a necessary increase in operating
expenses together with a large increase in tax accruals, the heavier volume
of freight and passenger traffic moving over your company's lines resulted
in net
railway operating income for 1936 being greater by 71.24% than
in**35,
^
i+u
Railway operating revenues were $43,593,212 in 1936 as compared with
$39,032,882 in 1935, an increase of $4,560,330, or 11.68%.
Freight
revenues in 1936 increased $2,963,863, or 10.34%, and revenue freight ton
miles increased 21.50%.
Passenger revenues in 1936 increased $1,201,616,
or 21.61 %, and the number of revenue passengers carried one mile increased
21.17%, as compared with 1935.
The uptrend in passenger earnings of
company has been progressive for three years in succession.
Operating expenses for 1936 aggregated $33,771,789, an increase of $1,708,114. or 5.33% over 1935.
The operating payrolls for 1936 aggregated $21,082,173, an increase of
or 5.43% over the year 1935, which is attributable to necessary
additions to operating forces and to the higher wage rates paid in the
first quarter of 1936 as compared with the same quarter of 1935.
Labor
organization representatives of various classes of the employees of company
have filed demands for an increase in wage rates.
The demands on behalf
of the train, engine and yard service employees are for an increase of 20 %
in present scales.
The demands which have been received from other
classes of employees are for an increase of 20 cents per hour over the existing
wage rates, which is the equivalent of approximately 42% in payroll cost
$1,085,032,
for those classes.
The demands
are now
under discussion between officers
The accruals for 1936 include new taxes
as
or
23%
over
Federal and State Social Security taxes
Federal tax on undistributed profits
Total
1935.
Statistics
Commodities Carried—
149,208
Mines
Forests
5,295,537
2,492,081
3,725,926
508,870
-
Miscellaneous
The
products,
as
increase
an
well
as
in
the
movement
of
lumber
and
other
forest
cement, brick, lime, plaster, sand, gravel and crushed
result of the
continued
building activity in the Southern States
and in many other sections of the country.
The increase in selling prices
and activity in the naval stores industry has been encouraging.
account
%
Road & equip. .264,764,984
calendar
$
439,864
348,117
356.077
63,382,515
3,922,922
Notes...
1,664,695
Advances....
9,322,933
Other invest'ts.
4,359,116
Cash
10,537,646
Cash for divs.,
interest, &c._
1,540,458
63,348,875
3,922,922
1,711,358
9,542,287
4,408,486
6,921,267
21,919
Misc. phys. prop
Inv. in affll. cos.:
Stock
Bonds
and legislation, an application was filed with the ICC on Oct. 23, 1936,
and given Docket Number Ex Parte 115—Re-opened by class I carriers,
for modification of various rate orders and for otha* relief which, if approved,
will
result
in
simplification in freight
tariffs
and
a
more
equitable rate
and would produce greater revenues by retention to the rail
carriers of traffic which otherwise would move by competing transportation
structure
agencies and by increasing the rates for heavy bulk commodities in propor¬
Several hearings on the
above-mentioned application have been held, and additional hearings are
to be held.
The ICC, by order entered on'Feb. 16, 1937, has instituted an investiga¬
tion, Docket Number 27655, of Southern Territory class rates, in response
o a petition filed Sept. 25,1936, with the Commission by various
regulatory
tion to the increased costs of transporting same.
tuthorities
of Southern
States, commercial organizations and shippers
alleging that the p esent class ;ates in effect between Southern Territory
3
1936
Liabilities—
Common
$
stock.
1935
%
81,342,700
81,342,700
1,000,000
196,700
4,836,989
P. RR. Stock.
stock.
1,000,000
196,700
Prem.on cap.stk
4,836,989
138.207
Preferred
Equip, tr. oblig.
1,677,000
96,332,000
bonds 35,000,000
2,316*666
Mtge, bonds
96,332,000
Coll. trust
35,000,000
10-yr. coll. trust
notes
12,000,000
Miscellaneous..
4,579,930
804,083
Traffic, &c., bal.
12,000,000
4,579,930
658,783
2,894,839
230,738
2,401,088
Accts. & wages.
17,500
10,000
Misc. accts. pay.
Traffic, &c., bal.
1,590,326
1,079,075
Divs. matured..
312,390
11,170
321,366
303,967
Fd. debt mat'd.
8,000
1,507,000
1,376,335
2,981,979
96,388
8,742
29,638
1,157,937
2,864,256
89,261
10,081
28,551
993.078
519,985
235,572
Unmat. int., &c.
Oth. curr. liabil.
1,242,759
73,777
1,259,882
62,873
Bal. from agts.,
&c
Misc.
accts. rec.
Mat'ls & suppl's
Int. & divs. rec.
Oth.
curr.
assets
Work, fund adv.
Ins. & oth. funds
Int. matured
3,424,548
1,976,195
231,847
Liabil. for provi¬
dent funds
Deferred liabils.
2,794,045
Tax
2,658,442
liability...
Ins, &
cas.
Accrued
res..
1,019,812
295,408
1.123,978
2,559,397
1,645,617
977,497
deprec.,
32,750,201
Oth.unadJ. cred.
219,425
Corp. surplus:
equipment
34,173,696
130,205
Add's to prop
through inc.
& surplus..
trucks.
The emergency
from discontinuance of the emergency
in
Loans & bills rec.
248,015
above mentioned and the increasingly heavy additional taxes
and expenses of operation of the rail carriers due to economic conditions
9,885,24®
given
2817.
Govt, grants...
498,129
property
Sinking funds..
Unadjust. debits
increases
was
Class A Rich. &
Oth. def. assets.
increases in certain freight rates authorized, effective
April 18, 1935, by order of the Interstate Commerce Commission in Ex
Parte 115, as modified and extended from June 30, 1936, expired by limita¬
tion on Dec. 31, 1936, and applications to the Commission to again extend
the increases for an indefinite period beyond Dec. 31, 1936, were denied.
The emergency rates produced additional revenues to company averaging
approximately $50,000 per month during the effective period.
11,267,620
years
1935
267,883,742
Impts. on leased
an
revenue
1,685,473
123,153
3,551,187
1,379,296
2,270,599
875,541
General Balance Sheet Dec. 31
1936
/I
from Florida
Preliminary estimates indicate that the carload movement of citrus fruit
over company's lines during the 1936-1937 season will show
increase of approximately 50% over the 1935-1936 season and that,
provided favorable weather conditions continue, there will be an earlier
and larger movement of spring vegetables.
While there has been no
diminution in the competition from for-hire trucks, it is believed that
reduced rates and pickup and delivery service have influenced a partial
return to movement over company's lines of freight previously lost to the
for
"Chronicle" of April 24, page
1,035,393
241,766
In order to offset the loss of
1,568,340
202,405
1,254,880
1,569,799
3,2^5,543
446,653
11,706,197
13,741.247
income
to
was
1,418,295
132,456
4,528,437
1,942,131
3,230,160
454,718
1,569,625
Agricultural
Animals
$948,804
(credit) transferred to profit and loss at Dec. 31, 1936,
$1,881,537.
This figure is the net credit after charges for
company's one-half proportion, $26,359, of the loss from operation of the
Clinchfield RR. and payment by company of $257,095 under the guaranty
agreement of Jan. 1, 1927, for benefit of holders of preferred stock of
Atlanta, Birmingham & Coast RR.
The Clinchfield RR. would have shown
a credit balance after all charges for 1936 except for accruals for new taxes
and for additional Federal income taxes assessed for prior years by dis¬
allowance of depreciation accruals on leased equipment as a deductible
expense for tax purposes.
Freight Traffic—There was an increase in tonnage moved over company's
lines in 1936 in all classifications.
Increased movement of products of
Agriculture in 1936 is attributable principally to the increase in shipments
or citrus fruit, at the expense of the truck-boat and interstate truck routes
due to the effectiveness of the "shipping day" rates to Eastern port cities
as well as the reduction of rates and reduced minimum weight to South¬
eastern interior points effective in December, 1935, as referred to in the
report for 1935.
There was a decrease in the tonnage of fertilizer, vegetables,
leaf tobacco, peaches and watermelons handled in 1936, as compared with
1935, and an increase in the tonnage of cotton and peanuts.
There
for Calendar Years
1936
1935
1934
1933
Average miles operated5,126
5,147
5,146
5,145
Passengers carried, rev._
2,320,923
2,182,397
2,142,470
1,148,132
Pass, carried one mile—364.529,832 300,836,085 267,688,321 188,560,281
Frt carried (tons),r ev._ 13,741,247
11,706,197
11,267,620
9,885,249
Tons carried one mile—2225374,595 1831540,120 1832834,o30 1759396,395
Total tonnage
$618,781
215,023
115,000
Income balance
amounted
as
of
that the train
$237,000,000,
and the full crew bill by $83,000,000.
It is therefore, obvious that the
passage of these three bills alone would increase the operating cost of the
railroads of the country, on basis of 1930 business, by approximately
$917,000,000.
The net income of all of the railroads of the country in 1930.
the best in recent years, was approximately $524,000,000.
Thus, it will
be seen that even on the basis of 1930, the increased operating cost involved
in the passage of these three bills would have produced a deficit in the
operation of all the railroads of the country in the best year that they have
enjoyed in the recent past.
Passage of these bills is being contested, and
it is hoped and believed that our representatives in Congress will not permit
the imposition of such a burden upon the industry.
Florida Ship Canal—Work on the proposed construction of a sea level
ship canal across the Northern part of Florida, referred to in the report for
1935, has been suspended for lack of appropriation of additional funds.
This highly controversial proposal continues under discussion and a bill to
appropriate funds to complete the project is pending before Congress.
1930 passage of the six-hour day bill would increase the operating cost
follows:
Federal carrier tax in connection with the Railroad Retirement
Act (in litigation)
stone
The ICC estimated that on the basis of business done in
be intolerable.
the railroads of the country $597,000,000.
It is estimated
limit bill, if adopted, would increase the operating cost by
Manufactures
of company and the labor organization representatives.
Railway tax accruals in 1936 increased $835,000,
Proposed Legislation—There is again pending before Congress legislation
subject water carriers to regulation by the ICC; to repeal the long and
Fourth Section of the Interstate Commerce Act;
to require inspection of railroad tracks and structures and to give the
ICC authority to order such repair Work as in its opinion is required; to
limit the length of freight and passenger trains; to increase the number of
employees now required by law to operate trains; to reduce the limits of
hours of service and to provide a six-hour day.
If the four bills last mentioned are passed by Congress they will produce
an increase in operating expenses of the railroads of the country that will
to
short haul provision of the
Profit and loss..
Total
368,288,962 368,249.651
Earnings for March
Period End. Mar. 31—
Operating
Operating
Total
and
Year
1937—Month—1936
5,115,879
78,554,030
4,634,372
78,479.873
.368,288,962 368,249,651
to
Date
1937—3 Mos.—1936
$5,384,855
3,331,779
$4,703,690 $14,860,847 $12,563,925
3,071,531
9,830,993
9,134,613
$2,053,076
725,000
$1,632,159
625,000
$5,029,854
1,775,000
$3,429,312
1,475,000
Operating Income
$1,328,076
Equip. & joint facility
rents
134,851
$1,007,159
$3,254,854
$1,954,312
112,159
519,672
370,488
$895,000
$2,735,182
$1,583,824
revenues
expenses
Net operating revenues
Deduct taxes
Net ry. operating inc.
$1,193,225
Equipment Trust Certificates Authorized—
The
Interstate
Commerce Commission on
April 26 authorized the
to assume obligation and liability in respect of not exceeding
$3,900,000 equipment trust, series F, 2%% serial equipment trust; cer¬
tificates, to be issued by the United States Trust Co. of New York as
trustee, and sold at 97.02 and dividends in connection with the procurement
of certain equipment.
company
/•
Volume
2987
Financial Chronicle
144
F The report of the Commission states:
"The applicant invited 81 firms to bid for the purchase of the certificates.
In response thereto three bids were received.
The highest bid, 97.02%
of par and accrued dividends, was made by Brown Harriman & Co., Inc.,
of New York, N. Y., and has been accepted.
On this basis the average
annual cost of the proceeds to the applicant will be approximately 3.21%.
—V. 144, p. 2817.
Beaumont Sour Lake & Western
1936
1935
1934
$127,897
195,690
112,868
$203,071
69,048
12,833
9,782
def32,362
$160,414
42.395
defl0,900
975,512
546,234
324,551
619,737
237,240
75,708
454,712
124,013
defl4,483
defl 1,998
Bessemer & Lake Erie RR.—EarningsMarch—
1937
1936
\
1935
Gross from railway
$994,873
$545,728
$579,152
Net from railway
320,030
def60,453
47,425
Net after rents
282,603
def37,588
58,222
$455,356
def87,133
def63,245
railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Atlas Powder Co,
Cost of goods sold,
other expenses
(& Subs.)—Earnings—
1937—3 Mos.—1936
$4,312,110
$3,601,351
Per.End. Mar. 31—
Sales
Net after rents
1937—12 Mos.—1936
$16,606,059 $13,604,289
m
deli v.
15,038,144
12,302,307
$408,447
k7,044
$1,567,915
28,568
$1,301,982
4,286
11,866
1,758
4,871
17,861
1,793
12,723
63,365
6,579
10,572
31,443
52,694
68,219
6,066
$423,006
x61,925
$426,870
x71,734
$1,689,722
x253,696
$1,493,805
222,835
$361,082
4,565,385
$355,136
4,391,550
$1,436,026
4,456,327
$1,270,970
4,184,424
$4,926,467
$4,746,686
85,746
187,521
102,896
187,464
$5,892,353
365,851
873,303
$5,455,394
436,658
562,410
Surplus, end of period. $4,653,200
com. stk. outst'g
250,032
$4,456,327
$4,653,200
$4,456,327
Net operating
3,918,536
profit.
[$393,574
_
6,651
Inc. from market, sees..
Inc. from in v. in
Inc. from misc. investm't
on
sale of
sees.(net)
Miscell. other inc. (net).
Federal taxes.
Net income
Surplus, beginn. of per'd
Preferred
33,402
dividends
Com. dividends
685
1,040
249,966
250,032
249,966
$1.10
$1.01
$4.28 ....
$3.34
x No
provision has been made for surtax on undistributed profits for
three months ended March 31, 1937 and March 31, 1936; includes $9,774,
share
for 12 months ended March 31, 1937.
kC: ;
Consolidated Balance Sheet March 31
Liabilities—
$s
2,627.470
3,137,959
3,137,396
1,257,000
2,041,940
Federal
Dividends accrued
15,170
2,466,657
Res. for stk. bonus
275,000
secur.
Accts. & notes
2,743,015
14,663
3,014,294
rec.
Employ, notes rec.
Inventories
210,457
acct.
46,595
2,761
receivable, &c_.
from
2,267
750,935
6,721,959
*
Plant prop. &eq.
6,957,178
4,053,043
956,940
.
4,053,002
309,030
&c
Def'd Items (net).
Total
956,940
49,177
24,494,902'
25,001,214
operations of the corporation and its subsidiaries for the first quarter
of 1937.
In preparing the report the facts that by the merger effected on
Feb. 26, 1936, the existence of some corporations was terminated and that
after the merger the parent corporation was different from that prior to the
merger have been disregarded.
Mr. Grace says in part:
-.oo^
"In determining the results shown below for the first quarter of 1937
no provision has been made for payments to employees for vacations after
March 31, 1937, nor has any provision been made for any surtax that may
be payable for 1937 under the Federal Revenue Act of 1936 on undistributed
.
508,206
452,571
$78,469,055 on March 31, 1936.
_
"Steel production averaged approximately 87.1% of capacity during the
first quarter of 1937 as compared with 75% during the previous quarter
and 45.3% during the first quarter of 1936.
Current steel production is
approximately 98% of capacity."
„
9,860,900
8,714,625
9,860,900
8,717,125
xl,250
4,653,200
Common stock..
Capital surplus...
Surplus
4.456", 327
-...25,001,214 24,494,902
3,861,374
3,466,902
3,255.270
_y$8,293,833
$603,065
x$607,298
x$902,044
Nil
Nil
share on comstock outstanding
Loss,
To
y
$2.01
Before provision for surtax on
Pay SI Common Dividend—
April 29 declared a dividend of $1 per share on the
June 15 to holders of record May 28.
Dec. 24, last, this latter being the first
distribution made on the common stock since Feb. 15,1932 when a dividend
of 50 cents per share was distributed.—V. 144, p. 1774.
The
directors on
common
stock, no par value, payablo
A dividend of $1.50 was paid on
Binks Manufacturing Co.—Registers with SEC—
first page of this department.—V. 144, p. 2640.
See list given on
Ribbon
Blue
Ltd.—Accumulated Dividend—
Corp.,
dividend of 50 cents a share on account
pref. stock, par $50, payable May 1
April 27.
Similar distributions were made in each of
the 21 preceding quarters, prior to which regular quarterly disbursements
of 8% cents per share were made.—V. 144, p. 764.
The directors have declared a
cum.
Ry.—Receipts and Cost of Service—
l03?
1936
Total receipts from direct operation of the road
$2,409,201 $2,334,660
3,243
Interest on deposits, income from securities, &c
15,624
Month End. March 31—
of this department.—V. 144, p. 98.
RR.—Earnings—
$43,256,121 $37,273,405
31,693,886 29,466,019
$2,424,825
1,579,873
145,319
103,259
236,340
328,374
6,786
$2,337,904
1,524.536
132,377
103,363
234,911
316,528
7,839
$24,873
$18,350
Total operating expenses
Federal, State & municipal tax
Rent for leased roads
accruals..
Subway, tunnel & rapid transit line rentals
Net
rev.
from ry. oper.
Railway tax accruals
Equip. rents (net)
Joint facil Ity rents (net).
$4,680,347
1,114,973
155,900
167,942
$1,584,749 $11,562,235
900,182
3,365,615
188,434
660,402
146,803
474,264
$7,807,386
2,273,937
523,653
482,868
$349,330 $7,061,954
^
,
Total receipts
1937—3 Mos.—1936
1937—Month—1936
Nil
undistributed profits.
Boston Elevated
of this department.—V. 144, p. 2817.
Railway oper. revenues.$15,911,760 $11,870,650
Railway oper. expenses. 11,231,413
10,285,901
1,732,166
to holders of record
Inc.—Registers with SEC—
Baltimore & Ohio
$4,025,956
1,672,730
4,039,329
—
of accumulations on the 6H%
(B. F.) Avery & Sons Co.—Registers with SEC—
Per. End. Mar. 31—
1934
1935
$4,474,649
1,615,045
56,205,477
1,741,038
deprec.
Net profit for period.
x
Atlas Press Co.—Registers with SEC—
See list given on first page of this department.—V. 144, p. 2816.
See list given on first page
Total income of corp. &
its subsidiaries
$14,065,328
mon
47,218
Preferred stock...
Total
Ended March 31
1936
1937
Interest charges
,
_
Earns, per
Represents cash proceeds received from the sale of common stock
during 1937 in excess of its paid-in value,
y Represented by 261,513%
(261,438% in 1936) no par shares,
z After reserve for depreciation and
obsolescence of $7,350,387 in 1937 and $7,133,798 in 1936.—V. 144, p. 2816.
Aviation Capital,
orders on hand March 31, 1937, was $151,061,$123,690,462 at the end of the previous quarter and
"The estimated value of
818, as compared with
con¬
x
See list given on first page
Corp —Report for First Quarter—
April 29 made public the results of the business
E.G. Grace, President, on
and obsolescence
368,350
49,220
investments
LIQ?'??*
def359,970
def317,281
1,396,272
def87,474
def67,098
1,530,952
defll0,730
def2,462
'
2641.
Bethlehem Steel
Pro v. for deplet.,
subscr. by empls
but not yet iss'd
y
Goodwill, patents,
cos.
68,597
16,826
tingencies
650,699
Sees, of affll.
57,164
Instal.pald on stk.
securs..
Misc.
213,261
em pi.
for
Reserve
due
unconsol.
subsidiaries
Mktable.
—V. 144, p.
taxes
pref. stock..
awards to
MIsc.accts .& notes
Current
Net after rents
672,986
267,414
inc.
accrued
on
2,595,026
630,310
650,439
Net from railway
Consolidated Income Statement Quarter
927,546
& accrued liabs.
Powder Co
1934
...
Gross from railway
Accts. & notes pay.
Stock of the Atlas
U. S. Govt,
$
2,626,999
...
1936
1937
1936
1937
Assets—
Cash
2289.
—V. 144, p.
and
Sks. of
Earned per
453,109
127,339
From Jan. 1—
uncon-]
solidated sub
Prof,
3,192,904
Ry.—Earnings—
1937
$340,605
March—
Gross from
$4,526,928
Interest on bonds & notes
Miscellaneous items
of service
Excess of receipts over cost
—V. 144, p. 2119; 1949.
Net ry. oper. income..
—V. 144, p. 2817.
$3,241,532
Boston & Maine
The
have
directors
declared
a
dividend of 25
cents per share
on
the
capital stock, par $10, payable June 1 to holders of record May 14.
A like
dividend was paid on Dec. 22, last and compares with 50 cents paid on
Dec. 10, 1936, this latter being the first payment made since Dec. 17, 1935
when 25 cents per share was distributed.
Prior to this later payment no
dividend distributions were made since June 15, 1932 when 25 cents per
share was also paid.—Y. 144, p. 2289.
Earnings for 3 and 12 Months Ended March 31
1937—3 Mos—1936
Per. End. Mar. 31—
$1,437,402
292,490
190,307
Net oper. revenue
Taxes
Equip, rents
(Dr.)
913
$8,611
$691,732
loss$88,471
Volume of business for first quarter of 1937 was $3,021,955, compared
with $2,058,049 for same period of 1936.
Note—No deduction has been made from the eai nings to cover surtax on
undistributed profits of 1937.—V. 144, p.
4,484
Joint fac. rents (Dr.).._
198,074
$1,042,817 def$493,849
$2,392,010
def$10,855
638,115
1,896,307
1,899,225
631,884
&c.)
2,670
Income—Interest and dividends
Transfer fees, stamps and
413
bank services
V. 144, p. 2641.
Income Account-
sale of securities.
-
-
-
$89,882
31, 1937—
Federal
_
1936
$10,118
869,087
816,501
$12,195
Reserve for taxes.
Reserve for losses.
m.
'
'
Res.
Mkt. value of coll.
2,500
Joint account...
Furniture & equlp.
Notes receivable--
m.
''
for litigation
Notes
mm
,
6,697
157,531
6,890
6,927
Suspense account.
6,891
3,387
x
y
CI. A par tic.
stock
653,182
653,182
499,000
481,419
499,000
1,000
496,628
Deficit
$
Resources—
$860,933
$881,731
Cash
Notes receivable.
Cl.B partic. pref.
Common stock.
Balance Sheet
1936
Fixed capital
pref.
stock
z
Balance....
*
6,697
payable
Net income.
Dividends
1,000
.
x
$881,731
Total
y Represented by 25,000 no-par
Represented by 34,378 no-par shares,
z Represented by 25,000 no-par shares.—Y.
144, p. 1267.
shares.
Belmont
Radio'Corp.—Registers with SEC—
See list given on
first
page
of this department.
.
page
$
Deprec. reserve... 3,383,205
Res. for bad debts
52,178
3,182.409
48,949
24,904
Misc.unadj. credits
5,106
5.289
107,243
Surplus as adjust.
3,656,391
3,663,250
6,177
3665.
Interest
accrued..
3,571
225,671
775,843
.
287,035
808,219
20,430,093 20,259,018
p.
130,000
169,106
64,728
108,259
debt...
142,
130,000
140,958
88,309
Divs. declared
25,299
Prop, aband. acc't
-V.
$
6,485,000
10.287
132,113
59,487
supplies
Mat'ls & suppliesaccounts
1935
6.500,000
128,290
54,066
equip.
and
Unamort.
$
6,500,000
Long-term debt... 6,461,000
Accounts payable.
12.947
Taxes accrued
accrued
Prepaid
Liabilities—
Capital stock
257,415
Water rates rec'le,
Noa-oper.
1936
240,017
Water rates rec'le.
Total
first
of this department.—V. 144, p. 2640.
PBerghoff Brewing Corp.—Registers with SEC—
See list given on
$32,530
Dec. 31
1935
17 943,110 17,827,331
384,158
553,820
376,786
360,297
Sundry accts. rec.
$860,933
Total
$552,530
520,000
295,774
85,212
'
Accounts payable.
24
30,500
$6,250
40,879
160,000
expense
held in so-called
1936
1937
Liabilities—
1937
$13,839
Assets—
Securities at cost.
$933,516
$116,075
-
taxes
$1,043,548
264,523
142,950
$636,075
520,000
—
Interest and amortization
Comparative Balance Sheet March 31
Cash
$915,007
18.508
19,646
Other income (net)
Total income
Profit for three months ended March
$1,737,909
613,871
209,031
$1,023,902
Taxes
1935
$1,829,802
605.337
200,563
& adjustments)
Balance
$1,130
88,752
income
Realized profit on
1936
Oper. rev. (net after reserves
Operating expenses
1,127
General expenses
Net
$495,703 df$1910,080
$410,933 df$1131,964
Net income
COtlcTtdcLv Ygclts—~
Earnings for the 3 Months Ended March 31, 1937
587,260
24,714
Deductions (rentals, int.
2289.
Participations, Inc.—Earnings—
$1,048,833
746,434
$2,100,791 def$309,575
291,219
298,720
$953,692 def$594,307
89,125
100,459
Other income
Bridgeport Hydraulic Co.
Beacon
$3,609,247
895,925
570,075
42,456
loss$88,424
303,325
Gross income
$158,716
1937—3 Mos.—1936
$3,325,221 $12,076,569 $10,693,589
3,413,645
8,467,322
9,644,756
1937—Month—1936
$4,425,887
2,988,485
Operating revenues
Operating expenses
Net ry. oper. income.
1937—12 Mos.—1936
Net profit
after deprecia¬
tion, taxes, &c
RR.—Earnings—
Period End. Mar. 31—
(The) Barber Co., Inc.—26-Cent Dividend—
Total
20,430,093 20,259,018
2988
Financial
(Sidney) Blumenthal & Co., Inc. (& Subs.)- -Earnings
8 Mos.
End. Mar. 31
Loss from operations...
$25,959
Depreciation
100.045
1937
reserve
1936
Reserve for taxes, &c...
Net loss
-V. 144, p.
1935
1934
prof$22,124 prof$427,261
97,843
95.788
67,209
$126,004
$8,731
102,933
$75,719 prof$264,264
$111,664
1591.
Current assets
$874,166
of Dec. 31, 1934 amounted to
as
Dec. 31, 1936
at
$664,894
1937—3 Mos.—1936
$521,455
$389,199
21,165
14,936
1937—12 Mos .—1936
$1,460,120
80,856
$1,381,584
59,051
$1,322,532
$500,290
$374,263
$1,379,265
30,758
20,875
103,860
80,184
$531,049
$395,138
$1,483,124
$1,402,716
xfoT.878
73,288
145,166
x257,795
138,703
235.913
$429,171
$321,850
$1,080,164
$1,028,099
income, less misc.
charges
as
compared to
shown in the following tabulation:
as
$172,949
Investment (loan maturing March 31,1937)..
Accounts receivable
700,000
2,473
.'
...
Period End. Mar. 31—
Net profit from oper
3ion for deprec
1937
May 1,
Cash
Briggs & Stratton Corp.—Earnings-
Other
Chronicle
the company's cash reserves which were retained after
thelproperties wer •
shut down have substantially increased the net current assets after deduction
of all necessary corporate expenditures incurred in
liquidation.
Total
Less:
Accounts payable, taxes, &c
$875,422
1.25b
Net current assets—
1
$874,166
It has been impossible up to this time to effect
satisfactory disposition of
the ore reserves remaining in the properties when
operation of them was
discontinued, and until such time as a reasonable liquidation of these can be
realized a substantial cash balance must be continued in the treasury to
protect these assets which at high metal prices should be substantial, and
to
Net profit
Bonus
(10%)
paid
ployees
Prov. for income taxes..
_T
end of 1934, as previously shown.
Net profit
x
Includes surtax
undistributed
on
P. 1592.
profits
on
1936
income.—V.
Calumet & Hecla Consol. Copper
J
Period End. Mar. 31—
Sales of electric energy—
hours
Operating
1937—3 Mos.—1936
3 Months Ended March 31—
Revenue from copper sold
1937—12 Mos.—1936
346,774,415 314,803,505
The company is in the process of
1275093837
1174160554
revenues:
liqui¬
dation.—V. 144, p. 2470.
144,
Brooklyn Edison Co., Inc.—Earnings—
Kw.
provide funds for mining these ore reserves by company operation unless
they can be disposed of otherwise.
^
The directors authorized the distribution of $1 per share on the 290,196.3
shaies outstanding, payable April 15,1937 to holders of record
April 1,1937,
after wh,ch distribution the cash balance was some
13% below that at the
„
em¬
Cost of
Co.—Earnings—
1937
1935 ^
1936
$2,804,466
1,348,364
$630,235
452,834
$1,036,885
4,324
$177,401
$1,451,290
269,693
Other income (net).
$2,561,173
1,524,288
$1,456,102
Dr4,811
same
$1,041,209
$177,401
124,043
131,502
32,610
Sales of elec.
energy..$12,842,858 $12,198,083 $47,089,257 $44,856,276
Miscellaneous sources.
387,341
529,779
1,944,556
2,845,570
Total oper.
revs...$13,230,199 $12,727,862 $49,033,810 $47,701,846
Operating expenses
5,044,678
4,950,900
21,024,202
19,855,032
Retirement expense
1,259,249
1,272,704
4,875,034
4,560,865
Taxes
(incl.
prov.
for
Federal income tax)..
2.564.747
2,618,600
9,381,147
9,827.809
Depreciation..
Depletion
Other charges.
xl30,000
Net profit
x
Operating income
$4,361,525
Non-oper. revenues
150.689
Non-oper. rev. deduc'ns
Dr32.359
Gross corp. income
Int.
1,479.855
596,545
long-term debt..
on
Misc. int., amort, of dt.
$3,885,658 $13,753,427 $13,458,139
110,339
510,216
557,369
Dr25.718
Dr96,483
Drll2,001
$3,970,279 $14,167,160 $13,903,507
837,258
2,780,816
3,349,030
disc. & exp. & miscell.
deductions
Net
35,266
income
.....
.
$3,848,044
-V. 144, p. 1431.
Brooklyn-Manhattan
73.760
180,826
388,166
$3,059,261 $11,205,517 $10,166,311
Transit
$781,862
Does not include surtax
The Brooklyn Trust Co., as custodian trustee under the trust indenture
May 1, 1936, securing Brooklyn-Manhattan Transit Corp. rapid
trust bonds, has notified the New York Stock
Exchange
that it has received as additional collateral $53,000 face amount New York
-Earnings—
1937
1936
$139,492
$88,485
26,162
78,688
74,653
92,702
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$146,555 loss$ 110,755
undistributed profits.—V. 144, p. 2642.
on
Cambria & Indiana RR.—
March—
Gross from railway
Net from railway
Net after rents
383,718
183,196
109,522
$113,977
46,435
104,777
310,962
122,931
293,694
331,261
139,949
277,852
272,240
1934
1935
$114,945
51,364
304.252
114,809
285,959
—Y. 144, p. 2290.
Canada
Corp.—Change in Col¬
lateral—
361,025
533,629
269,735
Steamship Lines, Ltd.—New Treasurer—
Herbert A. Cresswell has been appointed Treasurer of the company,
General Manager T. R. Enderby announced.
Mr. Cresswell succeeds
J. Irvine Hobson, who is retiring due to ill health.—V. 1144, p. 2819.
dated
Canada Wire & Cable
transit collateral
Rapid Transit Corp. demand note No. R. T. D. N. 10, 5% dated April 19,
1937 payable to its own order on demand at Brooklyn Trust
Co., making a
total of demand notes held by it of $2,795,000, and that in order to accom¬
plish this it was necessary for the trutee to release $53,000 cash from the
deposited cash account, leaving a balance on hand of $66,250.—V. 144,
p.
2818.
Brown-McLaren Mfg.
See list given
on
first
Canadian International Paper Co.—New
Brunswick Terminal &
ment
of Condition
as
Railway Securities Co.—State¬
of Dec. 31, 1936—
Assets—
Unimproved real estate unsold as per appraised valuation,
$102,480; less trustee's estimate for loss in actual sale. $51,240; trustee's estimate of amount of cash expected to be rea¬
$51,240
Notes receivable representing deferred payments on land
pur¬
chase contracts: Current (considered good),
$2,351; past due
Calendar Years—
Gross income from all
Interest
(considered bad), $2,030; trustee's estimate realizable cash
face amount, $3,000; less loss in actual sale,
$2,000; trustee's estimate realizable cash, $1,000
on
1935
Net
1,000
3,770
hand
$6,703; sale of Little Crispen Island, $1,675; total
8,378
Total
$402,984
127,532
147,043
$121,698
80,000
$128,408
95,000
$41,344
33,248
bonds
revenue
Transferred to depreciation reserve.
$41,( 98
33.5 !48
$33,408
33,248
Balance Sheet Dec. 31
Assets—
$2,000
17,476
19,174
18,597
2,200
2,200
2,152
2,255
25,442
_
Ad valorem tax accruals 1937: State of
Georgia & Glynn County
City of Brunswick
Unsecured creditors. $31,802; less 20% paid.
$6,360; balance...
Expenses of ad minis., sales, commission, advertising, deeds, re¬
...
Properties
1936
&
8,000
Liabilities—
stores
Cash
on
Accts.
7,446
6,407
92,690
100,977
30,000
41,735
1st mtge. sink. fd.
5%
cos
bonds,
60,166
278,446
2,861,600
The trustee in bankruptcy, R. A. Gould, sold a
large block of unimproved
estate on Dec. 2, 1936 at a public sale.
The price received was ap¬
proximately 25% of the appraised values. This sale was confirmed because
of the fact that the trustee was
receiving no offers of sale on this particular
charges
and
estate
tax
accruals
in
another
year
would
have
Total
31,985
88,164
15,699
payable
88,264
14,900
Surplus
227,532
...$7,026,871 $6,962,621
Total.
$7,026,871 $6,962,621
Ltd.—Earnings—
3 Months Ended March 31—
1937
51,357
$250,981
3,580
26,469
$159,220
2,292
Administrative & gen. expense—Toronto office
$247,402
130,452
3,923
$156,928
107,984
4,094
Operating profit for period
Capital expenditure
$113,026
27,421
Tons ore milled
Metal production (gross)
.
Marketing charges
Bullock's,
Inc.—50-Cent Dividend—
The directors
have
declared
dividend
of 50 cents per share on the
common stock, payable June 1 to holders of record
May 11.
A similar
payment was made on Feb. 25 last and compares with an extra dividend of
$1.50 paid on Jan. 26 last; a regular dividend of 75 cents
paid on Dec. 1
and on Sept. 1, 1936, and quarterly dividends of 25 cents
a
viously distributed.
In addition, an
on Dec. 16, 1935—V.
144, p. 1101.
per share pre¬
extra dividend of 50 cents was paid
1937
Gross from railway
Net from railway
Net
after rents
From Jan. 1—
Gross from railway..
Net from railway..
after rents.
p.
_
1936
1935
1934
$124,951
26,626
def3,039
$70,408
def6,451
def23,801
$59,855
def23,559
def39,748
$63,353
def4,818
defl8,157
308.990
36.211
def33,626
201.272
192,971
dof41,737
def87,624
196,442
defl 1,279
def54,938
def28,599
def77,539
Superior
Liquidating Dividend—
Mining
Co.—Net
Current
or
Assets—
President D. C. Jackling in a recent letter to the stockholders stated in
substance:
1937
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
April 23, 1935, the activities In the mining industry have increased
sufficiently to enable the company to sell a iarge part of the equipment
and supplies on hand when the properties were closed down in 1931.
The
proceeds from these sales and the profits resulting from the investment of
in
New
1936
$44,849
17,856
for
taxes,
England—Earnings—
1936
1935
1934
$113,278
defl6,220
def59,941
$131,445
defl ,890
def39,134
$92,217
defl3,264
def51,735
$117,477
18,159
def28,015
346,681
defl7,719
defl52,349
331,475
def49,802
defl 63,150
282,658
def56,477
defl66,305
276,015
def48,628
defl90,113
—V. 144, p. 2291.
Canadian National
Ry.—Earnings—
Period End. Mar. 31—
1937—Month—1936
1937—3 Mos.—1936
Operating revenues..... $16,631,981 $14,470,710 $44,977,189 $40,279,771
Operating expenses
14,869,601
13,529,177
42,659,693
40,203,030
Net revenue
Since
above figures, no allowance has been made
deferred development.—V. 141, p. 3530.
Canadian National Lines
2290.
&
....
the
March—
Burlington-Rock Island RR.—Earnings
?
.
depreciation
See list given on first page of this department.—V.
144, p. 2819.
March—
Profit
Operating costs
Note—In
Burlington Mills Corp.—Registers with SEC—
Butte
37,536
Bond Int. and div.
Canadian Malartic Gold Mines,
wipecl out any
Liquidation of the estate will continue as rapidly as possible con¬
no sacrifice, it was announced.
E. Kontz Bennett is referee in
bankruptcy.—V. 137, p. 2106.
,
2,865,600
637,071
-V. 143, p. 421.
equity.
sistent with
144,
699,071
$99,496
real
Net
due
1949
Res. for deprec'n.
Accts. payable and
accrued
25,000
receivable-
1935
.$3,324,800 $3,324,800
par)
hand and
in banks
1936
Capital stock ($100
$2,336,711 $2,336,711
Plant and equip't. 4,112,257
4,112,257
Cash and invest'ts
101,666
101,663
Prepaid charges..
12,488
5,339
Movable plant and
Bonds of other
Total
1935
con¬
cessions
Call loans
cording, clerical, &c. (estimated)
_
Balance to surplus account
Dividends
$66,739
Liabilities—
Corporation tax. State of Georgia
Ad valorem—State and county through Dec.
31,1936
City of Brunswick through Dec. 31,1936
Paving assessm'ts, City Brunswick accrd. through Dec. 31 ,'36_.
Paving—1937
Paving—1938.
—V.
1934
$408,917
142,563
144,655
$103,344
62,000
expense.
2,351
Items in process of collection from public sale of Dec.
2, 1936,
real
1936
$410,999
164,490
143,165
sources
Operating and maintenance
Securities owned
on
Directors, &c.
George II. Montgomery and Chenier Picard have been elected directors
succeed the late Senator Smeaton "White and N. C. Head, resigned.
J. H. Hinman, Vice-President, has been named General
Manager; H. R.
Weaver, Treasurer, becomes a Vice-President, and E. L. Crooker has been
named a Vice-President.—V. 142, p. 3841.
to
Canadian Light & Power Co .-—Earnings—
lized
Cash
last; $2.75 paid on Dec. 23, 1936, and $3.25 per share paid on Oct. 1, 1936,
this latter being the first payment made on the stock since Dec.
15, 1932,
when a regular quarterly dividend of $1.62H Per share was distributed.—
V. 144, p. 925.
Co.—Registers with SEC—
of this department.
page
Co., Ltd.—Accumulated Div.—
The directors have declared a dividend of $2 per share on account of
accumulations on the 6}J% cum. pref. stock, par $100, payable June 18
to holders of record May 31.
This compares with $1.75 paid on March 20
$1,762,380
$941,533
$2,317,496
$76,741
Earnings of System for Week Ended April 21
1937
Gross earnings
—V.
144,
p.
2820.
1936
$3,878,043
$3,595,061
Increase
$282,982
Volume
March—
Balance
-Earnings—
1936
1934
1935
1937
$335,562
134,325
102,370
From Jan. 1—
Gross from railway
Net from railway
$272,570
70,569
36,457
$224,281
52,944
22,253
$293,136
111,397
900,100
328,123
231,436
Net after rents
—V.
Maine
1937
Gross from railway
Net from railway
Net after
in
780,677
160,893
649,505
135,057
46,552
752,926
217,866
126,099
Assets—
•
Sheet, March 81
1937
\ 1936
$
v
Liabilities—
$
Mlscell. investm'ts
78,616
..
rents
;
65,820
3
Special deposits—
;
4
14 ,228
00,898
1,183
203,105
1,622
71,765
1,679
178,759
4,537
Cash
Notes receivable..
Accounts recelv—
Due from affll. cos.
..
1,713
Period End. Mar. 31—
Gross earnings
Working
expenses.....
1937—Month—1936
1937—3 Mos .—1936
$11,748,389 $10,679,577 $31,667,081 $29,283,992
10,010,224
9,331.843
28,024.668
26,456,289
Net earnings
$1,738,164
$1,347,733
Due to parent co.. 4,003,950
Notes payable
5,138
■
Total.
$2,610,000
$2,355,000
$255,000
2827.
first
—
34,215
3,883
Depreciation
Federal income tax (estimated)
Net income
x$27,985
has been made for undistributed profits tax.—V.
-a.7
Central of
Georgia Ry.-
Gross from railway
144,
1936
153,503
3,807,394
493,657
123,733
$1,289,011
261,360
127,799
84,116
3,518,251
423,113
3,465,222
625,007
257,834
83,552
revenues.
Total gross earnings
...
Operation
Maintenance
Provision for retirement
General taxes
reserve
1934
$5,617,355
2,032,945
574,515
52,746
$5,033,317
1,911,876
$4,729,374
1,759,768
521,847
26,398
$7,507,783
2,562,317
470,367
750,000
525,606
313,200
$7,037,387
2,361,589
453,511
$2,886,292
757,418
4,823
36,635
$2,780,741
822,641
13,507
63,284
715,067
Federal income taxes
a253,000
Operation expenses
Depreciation
(incl. Federal income tax and
surtax on undistributed net income)
on
$2,914,116
676,646
funded debt.
75,667
73,057
Interest on unfunded debtAmortiz. of debt discount and expense
Amortiz. of pref. stock prem., disc.,
commission and expense
Interest charged to construction.
95,702
Crl8,934
Net income
a
Includes
$2,011,976
$600
for
undistributed
544,089
18,500
718,500
456,205
266,841
Crll,336
Crll,925
$1,892,644
$2,099,341
profits tax.
Balance Sheet Dec. 31
Fixed
1936
1935
1936
Assets—
Liabilities—
$
1935
$
$
(incl.
4H% pref.stock-.11,146,400
$2,422", 900
intangibles)
41 ,933,467 41,801,733 7% pref.stock...
Invest. In sec. of
8,723,500
6% pref. stock
various cos., &c.
33,870
34,870 y Common stock.. 10,833,987 10,833,987
Maintenance trust
Funded debt
16,554,800 16,554,800
fund dep.
Consumers'
170,357
'
dep.,
Debt
cap.
disc. & exp.
&c
in proc. of amort
Pref. stk.
prem.,
disc.,
exp.
comm.
in
681,440
489,922
Accrued
&
204,666
1 ,540,000
132,951
500,454
2,072,500
1 ,374,462
189,354
4.409,628
231,791
16,707
6,415
209,027
1,801,186
notes &
rec
Materials & suppl.
Total
x
162,431
10,755
4,887,758
Contrib. for exten.
245,847
Prem. on pref. stk.
Earned surplus... 2.380,792
1,043,483
Cash...
interest
273,034
791,616
Reserves-
paid accounts..
Accts.,
159,545
445,417
858,600
on
Misc.curr. liabll..
951,166
Def. charges & pre¬
x
int.
funded debt
process
U. S. Govt, secur.
154,298
Accounts payable.
Accrued taxes
of amortization.
After
582,628
47,681,086
reserve
338,449
46,414,363'
Total
$683,975
92,090
286,322
71,827
$126,971
22,152
53,956
11,542
$557,004
69,937
232,365
60,286
Taxes
Fixed interest
50,781
17,741
68,523
$143,634
....
$21,579
$165,213
8,744
on
$173,958
42,689
2,333
funded debt
Miscellaneous interest
Net income for the year
D ividends—preferred
$128,936
35,763
...
stock
-
-
Balance Sheet Dec. 31, 1936
«
Liabilities—
47,681,086 46,414,363
Total
$4,254,533
equipment
(par)..
1,133,291
Certifs. of dep. and accr. int..
59,376
100,489
200,026
Cash
United States Treasury bills..
Advances
to conductors,
patchers and agents
Accounts
of $153,991 in 1936 and $119,978 in 1935.
y
Represented
by 210,000 no par shares.—V. 144, p. 2291.
dis¬
3,924
receivable
1,407
cum.
pref.
partic.
stock
($100 par)
$611,200
750,000
Common stock (no par)
Funded debt
a
2,437,000
Unfunded debt
:...
7,153
Audited vouchers & accts. pay
14,690
Interest accrued but not due..
13,782
Unadjusted credits...
Capital surplus
Earned
Sink, funds, cash held by trus.
under pro v. of bond Indents
—.
surplus
_
1,875,710
25,690
125,496
3,718
3,707
.
Funds in hands of spec, receiver
17,091
Unadjusted debits...
a
6%
83,157
...
Total.
earnings
7,687,228
2,597,375
1,733,767
Bus
Railway
Inv. in co.'s own sees.
1935
$8,277,561
2,954,829
530,549
910,000
—
884,776
569,396
for the Year Ended Dec. 31, 1936
Operating revenues
Maintenance of road and equipment.
Investments...
1936
Gross earnings—Electric
Gas.
■
187,803
<
(W. Va.) Transit Co.—Earning
Assets—
—Earnings—
Calendar Years—
Interest
7,029,429
1,482,979
476,557
Income Account
Road and
Net
7,732,388
1,755,282
317,627
1934
$2,719,973
I
560,021
1934
1935
$1,314,130
207,958
4,471,310
900,285
475,133
Central Illinois Light Co
Heating
Non-operating
7,933,379
2,127,271
503,834
Operating income
Non-operating income
2643.
p.
1935
$2,308,960
•
$1,427,827
305,209
462,209
309,295
Net from railway
Net after rents
143,
Earnings—
1937
$1,754,693
Net from railway
Net after rents
From Jan. 1—
—V.
1936
$2,294,144
307,008
def225,516
3,738
611
Maich—
Charleston
15,412
-
Other interest
Gross from railway
Jersey—Earnings
—V. 144, p. 2292.
$85,845
Amortization of debt discount & expense
3309. .r:vv
11,304,793 11,175,768
Total.
1—
Net from railway
Net after rents
Foundry Co. (& Subs.)—Earnings—
No provision
113,109
shares.—V. 144, p. 2644.
$2,949,371
957,313
343,742
Gross from railway
of this department.
nage
2
1,106,262
1937
From Jan.
Earnings for Quarter Ended March 31, 1937
p.
Central RR. of New
Net after rents
Net inc. from oper. before int. charges, deprec. & Fed. inc. tax..
Interest on funded debt
x
no par
March—
Gold, Ltd.—Registers with SEC—
on
11,175,768
11,304,793
Represented by 50,000
x
Gross from railway
Net from railway
Gandy Bridge Co.—Registers with SEC—
Central
478
1,136,008
98,522
Earned deficit
'
1936
See list given on first page of this department.—V. 144, p.
Caroni
Service exts. deps.
Defd. credit items.
13,590
Reserves
—V. 144, p. 2820.
See list given
Accrued accounts.
Increase
1937
Gross earnings
164,187
130,423
157,897
5,265
Accounts payable.
81,858
3,796
135,762
982
10,325
Defd. debit items
$2,827,703
$3,642,413
Earnings of System for Week Ended April 21
4,018,969
1,281,000
Funded debt
Consumers' deps..
materials
supplies
Appls. on rental..
&
$
500,000
4,018,969
1,281,000
3,994,025
18,499
107,863
123.667
133,938
4,650
500,000
Common stock..
x
Mdse.,
Canadian Pacific Ry.—Earnings—
1936
*
$
cum.
pref.
stock ($100 par)
6)4%
Prop. ,plant&equp. 10 ,846,593 10,818,157
.
144, p. 2291.
2989
Chronicle
Financial
144
Canadian Pacific Lines
.
—
..$5,860,7211
$5,860,721
Total.
Represented by 15,000 shares.—V. 143, p. 423.
Charleston & Western Carolina Ry.-—Earnings—
1934
1935
1937
$207,394
74,518
54,137
$211,295
80,332
61,533
$204,378
86,437
66,131
651,813
225,804
547,526
172,446
140,128
Net after rents..
1936
$262,383
110,669
79,583
March—
Gross from railway
Net from railway
112,044
524,805
161,917
110,133
543,837
209,707
149,346
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 144. p. 2292.
Chesapeake Corp.—Annual Report—
C. L. Bradley, Vice-President, says in part:
During 1936 there were converted $20,566,000 20-year 5% convertible
collateral trust bonds dated May 15,1927 into 467,725 shares of the common
stock of Chesapeake & Ohio Ry.
On March 15,1937 the corporation called
for redemption on May 15, 1937 all the outstanding bonds of this issue.
Also, during the year 1936 there were converted $7,999,000 10-year 5%
convertible collateral trust bonds dated Dec. 1,1934 into 159,980 shares of
common stock of Chesapeake & Ohio! Ry.
On April 1, 1937 the corporation
called for redemption on June 1,1937 all the outstanding bonds of this issue.
The corporation during the year 1936 acquired $4,489,000 20-year 5%
convertible collateral trust bonds dated May 15, 1927 and $3,433,000
10-year 5% convertible collateral trust bonds dated Dec. 1, 1934.
These
bonds have been delivered to the respective sinking funds or cancelled. The
acquisition of these bonds results in leaving the corporation's holdings of
common stock of Chesapeake & Ohio Ry. larger by some 170,752 shares
than they would have been if these acquired bonds had been converted by
the public.
These acquisitions were made in part with treasury funds and
in part from the proceeds of a bank loan.
Of this loan $6,200,000 remained
unpaid at Dec. 31, 1936, which amount was reduced to $4,500,000 by a
cash payment on Jan. 2, 1937 and the loan matures May 11, 1937.
Substantially all of the corporation's income in 1936 was derived from
dividends
on
its
ownership of common stock of Chesapeake & Ohio Ry.,
5% collateral trust bonds, due 1937, will be paid on presentation of bonds
for stamping, but the principal due May 1, 1937 will not be paid on that
dividends during 1936 at the annual rate of $2.80 per share,
extra cash dividend of $1 per share.
The Chesapeake & Ohio Ry.
also paid on Jan I 11, 1937 an extra dividend of $2 per snare in preference
stock, series A, to common stockholders of record Dec. 15, 1936 and this
corporation received on account thereof 60,490.68 shares of this stock,
which dividend has not been included as income.
Each share of this
The company proposes to bondholders an extension of the maturity
of the bonds for a period of five years, pursuant to an extension agreement
preference stock (par
exceeding $4 per year.
which paid
Central Railroad & Banking Co. of Georgia—Interest—
The interest due May 1,1937, from Central RR. & Banking Co. of Georgia
date.
dated March 1,
plus
an
1937.—V. 144, p. 1777.
Central Steel & Wire
See list given on
Co,—Registers with SEC—
1936
(The) Cessna Aircraft Co,—Registers with SEC—
Total
this department.—V. 130, p. 293.
Bond interest
Other interest expense
General expense
Central Indiana Gas Co.—Earnings—
1937
1936
$1,834,435
1,438,339
$1,524,388
1,181,622
Non-operating income
$396,096
1,555
$342,766
2,351
Gross income before provision for retirements
Provision for retirements
$397,650
76,129
$345,117
67,374
Year Ended March 31—
Operating revenues
Operating expenses & taxes
...
6,127
Gross income
Consumers'
deposits
Other interest
Federal & State taxes
.
-
on
bond interest.
Net income
$277,743
64,050
236,100
6,999
181
551
17
466
$14,586
loss$29,889
$321,521
64,050
236,025
Indebtedness to parent company
..
Note—No provision was required for Federal surtax on undistributed
profits for 1936.
Federal surtax on undistributed profits for the calendar
year 1937, if any, is undeterminable at March 31, 1937 and no provision
therefor has been made.
non-cumulative dividends not
Calendar Years
1935
_
_
1934
1933
$10,313,239 $10,237,079
787
16,416
$12,527,786 $10,296,797 $10,314,026 $10,253,495
2,026,134
1,843,976
2,668,139 f 1,829,016
852,918
1
1,414,461
24,642
74,191
64,627
102,460
69,482
7,618
76,864
30,207
34,981
Capital stock tax.
Applic. portion of bond
discount and expense.
Prov.
Net operating revenues before provision for retire
Interest: Funded debt
is entitled to
Dividend accrued......$12.527,662 $10,296,742
Misc. other income
124
55
first page of this department.—V. 144, p. 2820,
See list given on first page of
$100)
Income Account for
for
est.
Fed. surtax
256,157
269,079
221,945
liao. for
undis¬
on
tributed profits
Prov. for reserve against
28,968
24,000
deposit in closed bank
Net profit
Dividends
_x$10,241,377
5,399,235
$7,250,408
5,399,235
$7,333,046
4,499,363
$6,647,407
3,833,457
Balance..
$4,842,142
$1,851,173
$2,833,683
$2,813,950
Shares capital stock out-
_
standing (nopar)....
1,999,745
1,799,745
1,799,745
1,799,745
Earnings per share
$5.69
$4.02
$4.07
$3.69
x Exclusive of $1,433,709
profit from conversion of bonds into common
stock of Chesapeake & Ohio Ry. (1936, $296,387).
Prior to Aug. 6, 1936,
it was the practice of the corporation to treat the stock of the Chesapeake
& Ohio sola or delivered upon conversion as the first stock acquired by the
corporation and available for delivery.
Since that date it has been the
practice to specifically designate such stock sold or delivered upon con-
2990
version
Financial
stock
purchased on specific dates.
Had the former basis been
followed throughout the entire year ended Dec. 31, last, the results would
have shown a profit of $5,332,842 from conversion of bonds into common
capital stock of the Chesapeake & Ohio instead of the $1,443,709 profit
as
shown.
Earned Surplus Account Dec. 31,1936—Balance Jan. 1,1936, $12,950,359;
net income for 1936 from income account, $10,241,377; profit from con¬
version of bonds into common stock of Chesapeake & Ohio Ry. Co. (less ex¬
incident
thereto), $1,443,709; total, $24,635,445; deduct: bond
discount and expense applicable to subsequent years on bonds retired
through conversion or otherwise cancelled in excess of sinking fund require¬
ments for 1936, $1,572,513; premium on bonds reacquired and tendered to
sinking funds or otherwise cancelled, $4,207,441; premium on bonds called
for redemption through sinking fund, $41,300; dividends on common
stock—$3 per share, $5,399,235; balance Dec. 31, 1936, $13",414,956.
penses
Balance Sheet Dec. 31
1936
1935
$
$
Assets—
Liabilities—
Cash...
$
Capital stock. 74,242,040
5%
conv.
coll.
trust bonds.. 14,934,000
Bank loand
6,200,000
Dlvs. declared—
1,349,809
Acer. int. on bds
98,935
Note &accts. pay
96,175
18,129
Paid'in
122,728,317 153,054.906
surplus.
Earned
Total
$
b
1,693,936
1,371,334
2,122,344
2,557,437
a Investments—118,463,785
145,588,648
Special deposits.
143,816
1,417,717
Dep. in closed bk
15,983
15,983
Deterred expense
270,323
2,103,786
Div. receivable.
Other assets
1935
1936
surplus.
Total
74,242,040
51,734,000
1,349"809
285,837
100,458
12,392,403
12,950,359
12,392,403
13,414,956
122,728,317 153.054,906
Consists of (1) 3,021,349 (3,648,745 in 1935) shares of common stock
Chesapeake & Ohio Ry., 27,500 shares of common stock Pere Marquette
Ry., and 69,000 shares common stock of Erie RR.
Indicated value of
investments at Dec. 31, 1936 (exclusive of the 60,490 shares of preference
stock, series A, ($100 par) 4%, of Chesapeake & Ohio Ry. declared by
directors of Railway Co. as an extra dividend of $2 on each share of the
Chesapeake & Ohio Ry. common stock to holders of record Dec. 15, 1936,
and which was received by the corporation on Jan. 11, 1937) was $198,393,490, based upon the effective conversion prices as to shares subject to
conversion of bonds, and closing bid prices at that date as to other shares.
As at that date the conversion prices were below the closing bid prices,
b Represented by 1,799,745 no par shares.—V. 144 p 2821.
a
of
Chicago Burlington & Quincy RR.- —EarningsMarch—
,
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway..—
N et from railway
Net after rents.
—V. 144, p.
1937
1936
$8,720,612
2,795,523
1,705,178
24,134,048
6,614,154
3,329,599
1934
1935
$7,702,639
2,244,644
-
! 16,677,859
2,185,703
1,196,207
$6,400,280
1,356,453
513,750
22,364,265
5,829,392
2,992,242
18,075,371
3,362,602
881,051
18,689,899
5,648,610
3,060,761
1,337,556
2472.
Chicago & Eastern Illinois Ry.March—
1935
1934
$1,350,010
317,896
108,115
$1,345,865
383,631
209,349
$1,186,596
325,905
128,007
4,408,394
1,326,428
620,790
Net after rents
—V.
144,
3,986,775
3,462,893
879,569
313,499
3,243,606
677,393
50,082
935,061
277,509
2293.
p.
Net
..
after rents
1936
1935
1934
$1,666,337
431,934
152,736
$1,450,355
347,551
90,876
$1,156,637
157,773
def51,467
$1,272,252
318,995
97,447
4,596,407
937,547
72,598
3,801,237
411,105
def315,581
3,396,649
388,318
def267,692
3,500,185
747,869
55,339
From Jan. 1—
Gross
from
railway...
Net from railway
Net after rents
—V. 144, p. 2645.
1937
1936
$274,279
87,979
68,324
$306,726
98,752
81,824
1,136,117
469,561
340,340
railway
Net from railway
Net after rents
879,836
281,819
233,346
890,050
269,492
237,153
.
5,857,779
5,596,032
5,162,145
Bonds
1,497,801
Notes
10,481,720
Advances.
5,377,284
Other invest
49,702
Cash
12,414,846
Special deposits.
1,532,323
5,464,844
1,497,801
10,644,857
6,599,438
154,253
property
Stocks
1936
1935
1934
bal. receivable
11,129
11,172
11,226
1,233
975
53,855
3,577
1,256
55,746
3,028
1,293
1,001
57,704
2,979
1,160
62,481
3,221
6
6
7
7
Equipment—
Passenger equipment—
Freight equipment
Company serv. equip..
Floating equipment-...
953
1,640
Operations—
carried
4,266,706
3,538,215
3,181,431
3,697,034
Pass, carried one mile. .435,744,792 349,938,768 341,742,308 308,540,537
Rate per pass, per mile.
1.845 cts.
1.722 cts.
1.729 cts.
1.641 cts.
Freight (tons) carried.. 41,064,432
34,358,187
31,970,081
29,181,842
Frt. (tons) carried 1 mile:11306111936 9509741617 8779972,372 8340187,534
Rate per ton per mile—
0.991 cts.
0.945 cts.
0.969 cts.
0.973 cts.
Earns, per frt. tr. mile._
$5.49
$5.28
$5.42
$5.13
Passengers
Income Account for Calendar Years
1936
Operating Revenues—
Freight
Passenger
Mail, express, &c_—-.
Incidentals, &c
xl935
$
$
19k
$
1933
$
91,560,382
7,496,998
8,278,590
1,806,115
77,321,758
6,045,426
7,642,446
1,437,067
73,382,543
5,616,950
7,508,299
1,352,000
71,571,456
5,699,841
6,998,529
1,225,394
Total, oper. revenues. 109,142,086
92,446,697
87,859,792
85,495,220
-
Expenses—
Maint. of way, &c
Maint. of equipment...
18,561,825
19,652,864
Traffic expenses
2,559,788
Transportation
40,501,964
General expenses
3,500,799
Miscell operations
815,655
Transp. for invest—Or.
348,542
17,023,868
17,849,146
2,546,099
36,184,971
2,592,933
Total oper. expenses.
Per cent. op. exp. to earn
76,416,517
(82.66)
16,030,180
Net oper. revenues
Uncollectible ry. rev
Taxes
85,244,354
(78.10)
23,897,732
629,469
409,970
—...
12,851,519
16,849,617
2,456,437
33,346,658
3,819,533
558,853
227,070
10,162,788
17,240,737
2,437,541
31,374,166
3,024,148
475,116
117,655
69,655,547
64,596,841
(75.56)
20,898,379
28,044
6,942,500
(79.28)
18,204,245
23,500
6,405,000
8,135,000
Gross income
5,992,000
15,762,732
1,999,676
10,038,180
1,954,388
11,775,745
1,966,389
13,927,835
1,698,527
17,762,408
6,841,470
Operating income
Non-operating income-.
11,992,568
5,870,233
13,742,134
5,801,071
15,626,362
5,764,092
69,608
22,057,086
1,145,241
86,620
22,371,304
543,390
1,129,768
88,928
22,638,273
329,302
1,132,180
98,543
22,935,574
104,712
1,135,581
13,196,108
18,008.748
16,247,621
14,412,141
from
income
Int. on fund debt
unfunded debt--
charges
Mat'ls & suppl's
Int. & divs. rec.
Oth.
assets
curr.
Unmat. rents
305.408
ac¬
crued
Other curr. liab.
462,367
bond int. accr.
52,119,002
—unmatured- 61,262,687
1,389,052 Deferred liabil—
3,546,447
2,865.167 Unadj. credits.. 57,813,769
Corp. surplus:
8,463,762
312,033 Add'ns to prop,
1,309,113
3,394,902
9,357,997
15,547
57,641
5,168,346
4,239,634
36,015
thru,
2,990,889
51,962,236
income
debts...
2,596,992
4,269,033
530,577
516,301
and surplus..
43,104
Deficit..
...111,125,051
Deferred assets.
UnaclJ.
93,253,613
and surplus.
Fund, debt ret'd
.
thru,
income
43,104
.
Total
.748,222,568 741,033,292
Earnings for March
1937
$9,156,833
2,128,386
1,049,098
March—
Gross from railway
Net from railway.--.-Net after rents
From Jan. 1—
25,485.503
5,359,690
1,999,254
Net after rents
—V. 144, p.
748,222,568 741,033.292
Total
and
Year
to
Date
1936
1935
1934
$8,712,026
2,184.051
941,593
$7,171,597
1,486.894
532,116
$7,316,059
1,839,483
24,458,742
4,785,738
1,420.655
20,180.978
3,165,786
862,867
;
b*
Gross from railway
Net from railway
302,919
20,335,849
4,552,800
1,550.669
2472.
Chicago Indianapolis & Louisville Ry.—Earnings—
1937
$968,585
234,595
80,383
$857,161
176,150
21,149
1935
$700,561
124,574
def 1,011
1934
$661,505
119,953
def35,056
2,758,640
601,165
132,147
2,534,254
545,518
138,975
1,903,423
2 64,588
def95,623
1,814,585
303,799
def98,652
March—
Gross from railway
Net from railway
from
railway
Net from railway
Net after rents
—V. 144,
1936
p/2821.
Chicago & North Western Ry.—Earnings
1937
1936
1935
1934
$7,296,706
1,053,168
188,512
$6,961,441
1,050,931
49,271
$5,790,465
1,019,042
289,006
$6,204,924
1,298,912
576,187
20,151,895
1,872,222
def771,322
19,465,284
1,731,923
def825,914
16,494,025
2,448,638
179,562
17,309,218
3,375,714
1,164,676
March—
Gross from railway
I—
Gross from railway
Net from railway
Net after rents
—V. 144, p. 2645.
Chicago Pneumatic Tool Co.—To Recapitalize—
The company has called a special meeting of
approve a
stockholders for May 25 to
recapitalization plan whereby the 181,135 shares of $3.50 pref¬
$842,000 short-term debt.
Holders of each share of the present $3.50 convertible preference
one share of new $3 preference stock, convertible into
will receive
common
shares, plus % of a
dividends.
accrued
stock
1 1-3
share of common stock, and would be asked to
Authorized
common
stock would be in¬
creased to 750,000 shares from 500,000 shares.
The 6,865 $3.50 preference
shares held in the treasury would be retired.
There would be 100,000
shares of
new
$2.50 prior preference stock authorized, each share convertible
845,111
The
bank loans.
After restating revenues
to
include
new
shares as soon as market
outstanding debentures
issue would be callable at $55 a share, on or
before Oct. 1, 1947, plus accrued dividends, and at $52.50 plus accrued divi¬
It would be subject to a sinking fund operation up to
$50,000 annually out of net earnings after dividends on both classes of
preferred.
Dividends on the $3 convertible preference stock will become cumulative
from April 1, 1937, and payable out of earnings accumulated since Jan. 1,
1937, after payment of the prior preference dividends.
The company
states it expects such earnings will be sufficient to begin payment on the
shares on July 1,1937.
The issue will be acllable at $55 a share.
Of the 750,000 authorized common shares, 199,469 are presently out¬
standing; 135,851 h shares would be issuable to holders of the $3 preference
stock and 116,666 2-3 shares would be reserved for conversion of the 70,000
prior preference shares.
If all conversions ultimately are made, their out¬
standing capitalization would consist solely of 693,500ii common shares
and there would be
no
charge for uncollectible railway
of $27,096, which, in accordance with Interstate Commerce Com*
funded debt.
The company points out that under the undistributed profits tax It is
subject to heavy tax on earnings not paid out in dividends, and that the
substitution of the prior preference stock for the debentures would substan¬
tially reduce such tax liability.
Another feature of the plan is the writing off of substantially all the
$5,568,814 item of goodwill now carried on the balance sheet.
This opera¬
tion will be made possible by fixing the stated value of the now $3 preference
stock at $13.33 1-3 per share as against $50 a share for the present $3.50
preferred.—V. 144, p. 2821.
Chicago Rock Island & Pacific Ry.March—
Gross from railway.
Net from railway
-.
-.
-Earnings—
1936
1935
1934
$6,047,513
697,430
def81,916
$5,209,090
590,172
def63,947
$5,306,253
870,187
209,917
18,063,745
16,688,076
14,491,515
2,591,596
1,056,667
957,725
215,603 def1.024,504 defl,012,213
15,004,911
2,397,515
363,696
1937
$6,555,724
1,171,524
392,320
—
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
144,
p.
..
—
2293.
Childs Co. (& Subs.)—Earnings—
1936
1935
1934
Cost of sales & gen. exps.
4,006,028
$4,007,484
3,731,568
$4,428,331
4,140,824
$4,746,095
4,459,594
Income from operation
Other income interest.
$357,476
4,764
$275,915
4,761
$287,507
6,639
$286,501
5,613
$292,115
117,628
3 Mos. End. Mar. 31—
1937
Sales and rentals
$4,363,503
._
~
Total income
$362,240
106,605
$280,676
108,566
153",288
152",422
$294,147
113,459
3.041
160,161
Cr. 1,854
978
1,899
6,945
x$104,202
Interest and discount
$18,710
$15,586
$3,630
Income taxes
Deprec. & amortization.
Unamort.
costs
x
163",501
of units
discontinued
Res. for Canadian exch.
and bad debts
Net profit
400,870
586,041
Due from agents
rec.
279,219
491,922
unpaid
Unmat. int. accr
Conv.adj. mtge.
Traf. & car. serv.
& conductors.
11,330,462
2,620,826
147,793
9,027,882
dends thereafter.
1933
11,126
Locomotives
x
117,156
38,119
38
Loans & bills rec
2,214,764
5,906,339
Fund, debt mat.
It is planned to sell 70,000 of these prior preferred
conditions permit, and with the proceeds to retire
•Annual
General Statistics for Calendar Years
Miles oper., average
revenues
9,134.683
Misc. accts. pay
Int. mat. unpd.
2,687,196
6,245,086
1,745,543
15,742,089
13,192,862
2,644,710
bals. payable-
Payrolls & vouch
Inv. in affll. cos.:
Misc. accts.
unmatured...463,404,855 463,718,438
4,982,645
6,249,491
Loans & bill pay
Traf. & car. serv.
Miscell. physical
and
Net deficit
43,495
into 1 2-3 common shares.
Chicago Milwaukee St. Paul & Pacific RR.-
Other fixed
Funded debt—
52,804
waive their
756,745
218,515
195,436
Report—
Rents payable
Misc.
deductions
408,895
sold
and
$237,936
59,432
56,410
—V. 144, p. 2645.
on
prop.
ceeds from sale of which will retire the $2,000,000 outstanding debentures
1934
1935
$406,115
186,873
130,962
Net after rents
From Jan. 1—
Int.
leased
Depos. in lieu of
mtgd. prop'ty
stock will be reclassified, the $17.50 per share dividend arrearage
removed and a new $2.50 prior preference stock issue authorized, the pro¬
Chicago & Illinois Midland Ry.—Earnings—
March—
from
on
railway
Common
erence
Gross from railway
Net from railway
Gross
ImDt.
From Jan.
1937
railway
Net from railway
Liabilities—
equip.681,258,007 681,100,991
Net from railway.
Net after rents
Chicago Great Western RR.—Earnings—
March—
Gross from
1936
1935
$
$
stock.105,133,461 105,158,622
Preferred stock.. 119,307,300 119,307,300
294,242
205,778
408,697 Govt, grants
1935
Road and
Gross
From Jan. 1—
Gross from railway
Net from railway
Comparative Balance Sheet Dec. 31
1936
From Jan. 1—
1936
$1,608,792
567,577
337,345
Net after rents—
193 7
May 1,
Classification, effective Jan. 1, 1936 is included in the revenue
accounts, instead of being stated as a separate account.
mission.
Net after rents
Earnings—
1937
Gross from railway
Net from railway
Chronicle
Before provision
410
for surtax on undistributed profits.
Note—The foregoing Is subject to adjustment at the end of the year
when accounts are finally audited.—V. 144, p. 1778.
Volume
144
Financial
Chronicle
As a result of successful exploratory drilling and development work, a sub¬
stantial amount of new acreage has been brought into production.
Chicago St. Paul Minneapolis & Omaha Ry.- -Earnings
March—
Gross
1937
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 144. p. 2645.
1935
1934
$1,407,538
108,430
defl28,215
$1,107,730
142,040
def 23,964
$1,212,124
3,932,342
177,379
def485,494
railway
Net from railway
1936
$1,386,947
167,465
def50,027
from
4,035,144
188,387
def402,013
3,294,512
325,626
def134,821
3,491,834
671,620
243,009
Crude oil transported by pipe-line subsidiaries and affiliated pipe-line
companies increased over the preceding year. Construction work was com¬
pleted on a partly owned line which began operating early in 1937 for the
transportation of crude oil from the newly developed fields in Central West
Kansas.
A gathering system was constructed in the Rodessa field.
The Texas-Empire Pipeline Co., in which a 50% interest is held by a
subsidiary, made extensions to its lines and other additions, increasing its
capacity by about 30%.
Richfield Oil Co. of California—Cities Service Co. in 1936 delivered its
holdings in Richfield Oil Co. of Calif., together with the other property
owned by its oil subsidiaries in California, to Rio Grande Oil Co., an op¬
erating oil company in California, in exchange for half the capital stock of
the latter company, the other half of which is owned by Consolidated Oil
Corp. A plan of reorganization of Richfield Oil Co. is being completed as a
result of which it will have outstanding $10,000,000 of 4% bonds and the
largest single interest in its capital stock will be owned by Rio Grande Oil
Co.
As one of the underwriters of the securities issued in reorganization,
Cities Service Co. will also acquire a minor direct interest in the stock of
the new Richfield Oil Corp.
251,585
97,510
Chrysler Corp.— To Pay Larger Dividend—
The directors
April 29 declared a dividend of $2 per share on the com¬
$5, payable June 11 to holders of record May 14.
This
13, last; $5.50 paid on Dec. 14, 1936;
$4 paid on Sept. 15, 1936; $1.50 paid on June 30, 1936; $1 on March 31,
1936; 75 cents paid on Dec. 31, 1935; 25 cents paid each quarter from March
31, 1934, to and incl. Sept. 30, 1935; 50 cents paid on Dec. 31 and Sept. 15,
1933; 25 cents paid each 3 months from Jan. 2, 1931 to Dec. 31, 1932, incl.,
and 75 cents paid per share quarterly from April 2, 1926 to and incl. Sept.
30, 1930.
In addition, extra dividends of 25 cents per share were dis¬
tributed on Sept. 30 and June 29, 1935, and on June 30, 1934.
stock,
mon
on
par
compares with
$1.50 paid on March
Natural Gas
1937
$
$
Sales
183,207,346
Cost of sales
156,430,596
Gross profit
Total income
engin.,
,
adver.,
expenses.
inc.
95,287,306
82,758,238
26,776,750
293,073
24,896,825
192,233
22,782,593
486,474
12,529,068
616,733
25,089,057
23,269,067
13,145,800
12,929,440
345
11,099,308
44,258
xl
10,301,296
,960,811
8,607,832
606,275
selling,
gen'l
Int. paid & accrued
Prov. for Fed., State &
foreign
148,463,736 149,949,991
123,566,911 127,167,398
&
serv.
&
excess
profs,
on
taxes & surtax
undistrib. profits._
3,225,735
2,492,051
1,843,777
627,843
10,914,303
6,528,498
11,453,439
4,314,391
9,163,182
1,083,081
3,303,850
1,086,447
to the main
Net
profit
Common dividends
Surplus
x
$4,385,805
$7,139,048
$8,080,101
$2,217,403
4,352,332
4,314,391
4,332,327
4,345,788
share
$2.51
$2.65
$2.12
$0.76
Includes premium of $1,507,525 on debentures called.—V. 144, p. 2122.
1935 and exceeded any previous year.
per
up
Co.—Dissolved—
on
Power sales in kilowatt hours were
15%, and commercial sales were up 14%.
15,000 electric refrigerators, 4,000 electric ranges, 35,000 portable
lamps, 5,0OO washers and ironers, 14,000 electric irons, 5,000 radio sets
and 3,000 electric clocks.
March 9 to dissolve the corporation and dis¬
its assets pro rata to its stockholders.
Columbia Gas <fc Electric
Corp. owned over 90% of the preferred stock and over 90% of the common
stock.
In a circular letter to stockholders dated Feb. 13, H. C. Blackwell,
President, said In part:
To effect simplification, it is proposed to dissolve corporation under a
plan which will give you your pro rata share of the assets of your corporation
and certain immediate extra cash
benefits
as
well
as
Simplification of Corporate Structures—Continuing the simplification of
the
corporate structure of company's subsidiaries, 19 corporations were
eliminated in 1936, bringing the total of such eliminations in the last three
years up to 91.
A more rapid simplification of corporate organizations of
the subsidiaries is seriously restricted by tax problems but will be con¬
tinued
continue Columbia's
rapidly
as
it can be advantageously accomplished.
Arkansas Louisiana Gas Co.,
fully integrated operating company engaged in production, transportation
and the retail marketing of natural gas in an extensive territory.
The accounts and properties of the former Louisiana Oil Refining Corp.
are included in the consolidated statements as a result of a reorganization
whereby all its properties and accounts were acquired by Arkansas Fuel
Oil Co., which is the oil operating subsidiary of Arkansas Natural Gas Corp.
Since the statements were prepared, the U. S. Circuit Court of Appeals
has reversed the decision of the lower court which confirmed the reorgani¬
zation, and there may be further litigation in regard to the confirmation.
The name of Crew Levick Co. was changed to Cities Service Oil Co.
(Pa.), and this company acquired the assets and liabilities of Cities Service
Refining Co. (Mass.) and of five other subsidiaries engaged in export
business and the operation of tank cars, tank ships, service stations and
similar properties and business in Eastern and New England States.
Taxation—Taxes continue to increase at an alarming rate. The total tax
burdens on the property and business of the company and subsidiaries have
increased 78% in the last five years.
In 1936, the direct tax expense had
grown to $15,810,000, an increase of about 64% since 1931, and sales taxes
collected from customers had become $21,402,000, an increase of 89%,
making a total of $37,212,000 of all such taxes, an increase of $16,245,000.
It will be noted that the increase in direct taxes alone in 1936 over 1931
a
Corporation is not itself an operating company, but is solely a holding
t At the present time its relationship to Columbia is as follows:
owns over 90% of the preferred and common stocks of corpora¬
tion, which owns all of the capital stock of Union Light, Heat & Power Co.
and all of the capital stock of Cincinnati Newport & Covington Ry. Co.,
which owns all of the capital stock of Licking Riv er Bridge Co.
In an agreement entered into in 1907, Columbia agreed, among other
things, until April 15, 1952, to pay as rental for the leased stocks (of cor¬
poration's subsidiaries) amounts equal to and further guaranteed that you
would receive quarterly dividends at the rate of $4.50 per share per annum
on the preferred stock and $6 per share per annum on the common stock
of your corporation.
The agreement of 1907 between corporation and Columbia has been
amended so that, effective upon the proposed dissolution of corporation:
(а) There will be terminated the provisions of the agreement of 1907 con¬
stituting it a "lease" of all the stocks of your corporation's subsidiary com¬
panies; but
(б) Columbia will continue obligated until April 15, 1952, to see that you
receive, either from dividends on the present subsidiary companies' stocks
to be distributed to you on dissolution or from supplementary payments to
be made by Columbia in respect of the certificates of stock of your corpora¬
tion continued to be held by you, the total present guaranteed annual
amounts, viz.: $4.50 per share of preferred stock and $6 per share of com¬
mon stock of your corporation; and
(c) The $250,000 guaranty fund, now on deposit as security for the guar¬
anty of your dividends, will be continued for the sole benefit of holders of
certificates of preferred and common stock of the corporation (not including
the more than 90% of the preferred and common stocks now held by Colum¬
Columbia
$6,174,000, which is almost equal to one year's dividends on company's
preferred stocks.
was
Consolidated Income Account Years Ended Dec. 31 (Co. and Subs.)
1936
Gross operating revenue (after deducting allowances):
Crude and refined oils.
Natural gas
your corporation each stockholder (whether
holding preferred or common stock) will receive:
(a) His pro rata amount of the stocks of your corporation'ss ubsidiaries,
namely, 5-94ths of a share of stock of the Union Company and 10-94ths of
-
-
Electricity-.
the dissolution of
—
—--_
Railway and bus..
-
--
Heating, ice and water
Real estate rentals
a share of stock of the Railway Company for each share of stock of your
corporation; and
(b) His pro rata share of the cash held by your corporation and dis¬
tributable upon its dissolution, estimated to be slightly more than $3.50
per share of your corporation.
Stockholders will receive this distribution upon surrender of their cer¬
2,280,894
1,455,221
1,387,810
1,612,615
1,453,079
192,797,937
80,147,197
Costs, operating and other expenses:
Cost of sales and operating expenses-..--.-—---.-
658,602
38,230,655
5,250,423
987,258
4,177,617
1,329,424
9,479.433
Depletion, depreciation and replacements.
cer¬
87,154,510
8,583,029
21.866,966
10,881,568
3,794,923
20,965,536
1,320,750
42,377,191
Maintenance and repairs..
23,647,606
Taxes
11,492,228
Rents and royalties
3,567,724
-
.
more
than 90% of the preferred stock and
common
Selling, general and administrative
stock)
has undertaken,
upon the dissolution of corporation, to pay
outstanding stock (other than that held by Columbia)
amount equal to $15 per share, which payment is in addition to the dis¬
tributive amount of cash to which you are entitled upon dissolution.
This
payment will be made to stockholders of the corporation on presentation
of their certificates for the stamping thereon of a notation of said payment.
Columbia has consented to make this payment in order to share with you
the estimated annual savings in taxes and other expenses imposed by the
lease which will be effected by the consummation of the proposed program.
These annual savings to Columbia have been estimated at something over
$1 per share of stock of the corporation.
Instead of offering you a portion
of these savings as they are realized year by year, Columbia has consented
to make you an immediate payment of $15 per share (being $1 per annum
for the remaining 15 year period of the lease).—V. 129, p. 1282.
Cities Service Co.—Annual
—
-
Net operating revenue
to the holders of the
Income from affi
22,223,930
pipe line cos. and divs. and int. on in¬
.
vestments in and advances to other companies
Interest on notes and accounts receivable, and misc. income
Excess of par over book value of debs, and bonds of Cities
Service Co. and sub. cos. retired through sinking funds..
Gross income-
1,072,043
1,650,201
49,686,915
-
45,387,896
205,056
203,454
386,188
2,803,331
14,049,352
1,457,633
Interest and other charges (exclusive of interest charges on
funded debt of Cities Service Co.):
Provision for net operating deficits of certain subsidiary
companies sold or otherwise disposed of—
Sundry chgs., incl. Fed. & State taxes on bond int. coup.
a Interest on notes and accounts payable
Interest on funded debt of sub. cos. in hands of public..
Report—
Henry L. Doherty, President, states in part:
Net income applicable to the stocks of Cities Service Co. for 1936 was
$6,965,000, compared with $5,856,000 in the previous year. In comparing
net income for 1936 with 1935, it is to be noted that current appropriations
for depletion, depreciation and replacements, and reserves for contingen¬
cies were increased in 1936 by the amount of $3,641,000.
Petroleum Operations—Gross production of crude oil, including royalty
oil, by the subsidiaries of Cities Service Co. amounted to 28,377,514 barrels,
but did not represent the producing capacity of the properties because pro¬
ration restrictions continued effective in all the important areas where oilproducing properties are held.
The average price received for crude oil by all the domestic subsidiaries
was $1.10 per barrel in 1936, compared with $1 per barrel in 1935.
Since
the beginning of 1937 further increases in crude oil prices have occurred
in all fields outside of California, so that the average price for crude oil
produced by these companies is now about $1.20 per barrel.
In 1936, 263 new oil wells were completed by subsidiaries.
These com¬
panies have an interest in 152 additional oil wells completed on partnership
arrangements.
Development work was carried out in the oil properties in
Central West Kansas, East Texas, Texas-Panhandle, West Texas, South¬
eastern New Mexico, and in the Rodessa field in Northwestern Louisiana.
expenses—
Provision for bad debts
will be canceled.
Columbia
2,161,407
1,439,103
1,282,293
-..193,593,912
-
Total gross operating revenue.
tificates immediately returned to them, stamped with notation of such dis¬
tribution
Columbia's certificates of stock of your corporation (representing
holdings of
-
.
t
Manufactured gas
1935
$
$
103,769,966 109,960,906
37,383,563
34,343,887
45,703,841
42,157,261
-
bia).
its
Arkansas
Natural Gas Corp. were merged last year into
company.
Stockholders other than Columbia will have their
as
The operating units of the natural gas properties controlled by
guaranty of your annual income at the present rate and for the same period
as heretofore provided (i. e., until April 15, 1952).
tificates of stock.
were up
cluded
The stockholders voted
(Jpon
20%, domestic sales
More than 23,000 electric customers were added in 1936, including 7,400
customers in rural territories.
Sales of electric appliances amounted to $5,650,000.
Major items in¬
^Cincinnati Newport & Covington Light & Traction
tribute
trunk line of the Arkansas Louisiana Gas Co.
Electric Light and Power Operations—Gross operating revenues of these
companies increased approximately 8.4% in 1936 over 1935. Net earnings
from operations prior to reserves, however, increased but 5% owing to
higher operating costs and heavier taxes.
Total kilowatt hours sold in 1936 by these companies were 18% above
Shs. cap. stock (par $5).
Earnings
by these companies.
to
1934
$
27,069,823
Int. & miscell. income._
Admin
1935
$
recorded
The increase in 1936 over 1935 amounted
20%, being favorably affected by increased industrial sales and increased
house-heating sales, as a result of vigorous sales-promotion activities, and
by favorable weather conditions.
Subsidiaries of Cities Service Co. continued active in the development of
additional natural gas reserves.
New gas reserves, estimated at 250 billion
cubic feet, were added in Driscoll, Simsboro, Sligo and the Rodessa fields.
Additional gas rights were acquired on 65,160 acres in the Hugoton field in
Oklahoma as well as an additional lease on 1,400 acres of the Burnett estate
in the Texas Panhandle.
New gas-purchase contracts were made effective
in various pools in Kansas and Oklahoma and in Canada.
Over 300 miles of pipe lines were added to the gas transportation systems
of subsidiaries.
The largest project was the completion of 131 miles of
pipe line connecting the Harrison Pool in northern Pennsylvania with
the gas-distributing subsidiaries in northwestern New York.
Arrange¬
ments were completed to acquire 82 miles of pipe line extending from
Richland-Monroe. Louisiana gas fields co Eldorado, Ark.
An extension
of the East Texas pipe line system was made to the Talco field in Titus
County, Texas. The Simsboro and Driscoll producing areas were connected
Ended March 31
1936
Operations—The total sales of natural gas by subsidiaries of
Cities Service Co. in 1936 exceeded 156 billion cubic feet, being the largest
ever
Consolidated Income Statement for 3 Months
2991
Amortiz. of debt discount and expense of sub. cos
Divs. paid and accrued undeclared cumulative divs. on
sub. cos.' preferred stocks in hands of public
Proportion of net income of sub. cos. applic. to min. int.
Interest charges on funded debt of Cities Service Co
Provision for contingencies
Provision
for
a
Less interest
13,983,110
1,418,239
6,664.262
2,190,295
22,645,989
9,678,066
2,000,000
Federal income tax
Net income.-..
402,980
2,176,984
b4,002,426
----
6,965,496
capitalized, $55,022 in 1936 and $24,882 in 1935.
6,903,923
1,171,970
18,412,045
9,822,170
139,538
2,594,072
5,856,265
b Including
surtax of $975,706.
1
Note—The figures for
During 1936
a
1935 have been recast to accord with 1936 presentation.
subsidiary company was in course of reorganization; accordingly
its crude and refined oil revenues, although included in the foregoing statement
for
included for the year 1936.
Ended Dec. 31, 1936—Surplus from all sources
(net) as at Dec 31, 1935, $96,507,782; net income for 1936, $6,965^496; discount
on preferred, preference and common stocks of Cities Service Co. reacquired during
1936 and held in treasury, $642,382; undeclared cumulative dividends to Dec. 31,
the year 1935, are not so
Consolidated Surplus Account Year
1935, on subsidiary companies' preferred stocks purchased during 1936, $468,977;
2992
Financial
Chronicle
other surplus credits and charges
(net), $534,285; total, $105,118,924.
Deduct:
Additional provision for depletion, depreciation and replacements applicable to
prior years, $10,889,291; loss on certain abandoned street railway and other proper¬
ties written off, $4,056,148; investment In and advances to Louisiana Oil Refining
Corp. written off, $3,285,189; less proportion charged against minority interests,
$4,914,132. Surplus from all sources (net) as at Dec. 31, 1936, $91,802,429.
Comparative Income Account Years Ended Dec. 31 (Cities Service Co.)
1936
Interest
on
investments in bonds of subsidiary companies—
$3,416,524
cos.
2,696,722
on
59,042
1936
1935
1934
$1,336,340
$1,082,151
$1,129,522
511,484
380,597
393,234
278,100
469,248
340,580
4,302,920
1,536,842
1,151,806
3,818,386
1,408,480
1,081,629
3.094,954
Net after rents—
and^engineerlng fees collected from sub.
7,466,250
—V.
966,561
144,
See list given on
Clark
825,030
925,227
Amort, of purch. disc, on bonds of sub.
473,228
Co.—Registers with SEC—
first page of this department.—V. 144,
615,835
...
cos.
held for invest.
Gross income
Administration,
on
$20,715,569 $21,664,448
1,767,825
1,725,158
1,186,847
1,136,870
management and engineering expenses
General, legal and other expenses
Depreciation of furniture and fixtures
Interest
-
59,869
indebtedness to subsidiary companies
1.
notes and accounts payable and other obligations
Interest on debentures and purchase money
obligations...
Amortization of debenture discount and expense
62,683
308,841
555,142
9,884,015
262,472
9,648,493
on
Franchise, capital stock, debenture
on securities of sub. affil. and other
Provision for Federal income tax..
sold
cos.
Consolidated
_______________
Note—The figures tot the
v..-
:
$134,680
46,395
$1,101,^28
$709,281
368,176
9,231
$579,720
329,416
5,691
$181,075
289,201
325,857
52,136
Total income
457,938
85,728
4,600
.
$513,318
81,071
377,979
profit
Deficit.
'
1936
■
•
1935
$
12,978,114
228,921
36,864,238
b Marketable securities
,
30,413,274
158,881
receivable, less
52,037
17,500,640
res
M dse. accts. rec., Incl. instal.
contracts..
Other notes & accts. receiv., less reserves—...
15,846,576
5,677,297
2,719,358
4,357,46 i
3,294,783
29,634,804
23,682,777
9,343,171
1,566,085
...
Crude and refined oil—at market
Merchandise, materials and supplies—at cost
Prepaid interest, insurance & other expenses
10,613,924
1,698,158
183,577
Balances in closed banks, less reserve—_
Notes & accounts receivable—not current
1,043,632
._.....
3 Mos. End. Mar. 31—
to cap. stks. &
268,844
1,085,311
621,109
710,716
185,320
245,300
debentures, lessreserve.
103,839
Unamortized debt discount and
expense
Other deferred changes & misc.
25,538,485
4,459,509
unadjustabie debits....
Nil
1937
1936
$653,364
18,097
$244,170
11,902
$299,701
17,633
$671,461
136,269
44,149
5,478
118,411
2,536
54,205
$331,528
128,146
25,859
$256,072
105.839
$317,335
99,714
17,540
105,811
4,761
12,616
89,522
17,123
$310,412
$54,254
$23,273
20,589
95,076
19,945
46,755
sur$194,747
Total income
$12,464
27,044,793
-
_.
Int. & exchange paid
Prov. for
—
depreciation
__
Develop. exp. incurred.
_
Federal income tax
Net prof it
Frost minority interestPreferred dividends
Deficit
stock
com.
61
-
81,454
919
$118,565
18
19~8U
46,755
19,819
46,755
$43,293
sur$51,986
out¬
standing (no par)
Earnings per share
237,641
233,776
$1.21
$0.14
made for Federal surtax
Note—No provision was
4,298,421
19,296
100
.
Common dividends
Shares
1934
1935
$319,374
12,154
Admin. & sealing exps—
Cash discount allowed
Employees' holdings, inc.-—advances & securities sold
under repurchase agreement, less reserve
Accounts receivable
(personnel)
233,966
Nil
Gross profit from oper..
78,150,827
hand
$245,852
233.776
$0.48
Miscellaneous income—
367,176
on
$73,844
233,776
...
13,962,017
....
$260,397
237,583
$1.82
Consolidated Earnings for 3 Months Ended March 31
1,036,650,349
68,447,300
assets
Special cash deposits—
sur$54,268
'
Sinking fund
Customers' accts
$192,477loss$108,025
79,300
79,335
187,021
58,492
$6,014
79,390
187,021
stock out¬
common
standing (no par)
Earnings per share
Inv. in and advs. to sub. cos. not consol. and miscell.
invest, and advances, at cost...
Current assets—Cash in banks &
1 934
CrlOl
39,643
Common dividends
Shs.
'■
Assets—
$
■
Pub. utility. petro. & other props., incl.
intang.—bk val. 1,045,652,102
Cash on deposit in escrow, withdrawable
only upon com¬
pletion of addition to property
2,461,138
233,776
233,79b
$0.01
$0.42
on undivided profits.
Consolidated Balance Sheet
—
— —
Liabilities—
—
—
'
.
1,267,788,666 1,250,330,604
Assets—
107,749,375
187,593,328
Preferred stocks of sub. companies in hands of
public...
Minority common stockholders interest in sub. cos.
Funded debt in hands of
public:
subsidiary companies, bonds and notes..
—
Cities Service .Co —debentures.
—
—
—
.....
Purchase money obligations
120,857,826
37,519,760
186.994,263
282,893
—
17,001,15$
—
2,895,845
2,197,191
26,611,271
Customers'and line extension deposits
Preferred stockholders of Louisiana Oil
Refining Corp..
Res.—Depletion, dep. & replace., as determined by cos
General reserves against certain
148,517
4,926,849
14,675,000
1,566,658
3,727,399
871,575
137,125,583
10,000,000
5,588,035
1,641,662
2,214,817
—
7,044,742
1,594,322
2,266,793
6,387,607
——————
.
—
..
Contributions for extensions, not refundable
—
Surplus in suspense—excess of
par over book
sources
91,802,429
3,639,515
1,094,508
96,507,782
...1,267,788,666 1,250,330,604
—
b Market value
730,698
(net)
Total
Inventories
for ac.
Employ's notes
pay
Dec.
31
(Cities
Service
1936
Company's prop, of undis. sur., less deficits of sub. cos
Discount and expense on original issue of
preferred and
221,491,773
155,013,651
150,290,831
6,684,694
.
34,225,682
3,933,180
358,378
13,195,674
476,445
997,099
726,731
..
cos—
3,631
Accts. rec.—person, (incl. officers & dir. of sub.
cos.) —
Employees'sub. to capital stocks auddeben., less res...
Unamortized debenture discount and expense
47,939
.
—
65.480
66.788
...
11,023,764
468,882
8,904
35,797
103,839
1,022,975
11,926,549
1,109,365
596,142,967
611,950,746
r_
7%
—
Liabilities—
Preferred and preference stocks
107,749,375
187,593,328
Commonstocks
110,463,710
187,614,313
Debentures of various maturities 1950 to 1969:
184,733,263
Indebtedness to subsidiary cos.—accts. payable.
Interest accrued.
4,104,021
2,383,958
1,140,841
659,787
—
5,073,501
Interest coupon deposit accounts of subs. com panies
Accounts payable
....
Purchase commitments
on sec.
—
of Richfield Oil
Corp
2,197,191
276,406
Accrued taxes and other charges
3,024
—......
3,078,469
—
against certain investments
186,994,263
7,550,250
282,892
7,316,116
2,438,945
1,173,640
272,618
banks
a
.....1
Total
144,
p. 1778.
.
1,214,900
4,996.760
608,421
847,245
652,498
Treasury stock.. Dr222,87t
7)r229,778
...
3,668
3,024
sec.
Land, buildings,
mach., &c, at est 4,627,564
4,609,033
Def. charges & pre¬
40,799
paid expenses...
Total.
76,420
$9,066,554 $8,675,168
—
Total.
—
..$9,066,554 $8,675,168
After
reserve for depreciation of $3,578,999 in 1937 and $3,548,866 in
b Represented by 249,838 no par shares,
c Represented by 375
See list given
on
first
Clear Springs
page
SEC—
of this department.
Water Service Co.— -Registers with SECthis department .- -V- 144,
p.
2823.
At the
directors meeting, H. C. Gillie, Sales Manager, was elected Vice-President.
—V. 144, p. 2823.
Colon
Development Co., Ltd.—Stock Called—
The company, has called £76,167 of its redeemable income stock, series A,
for redemption on June 1, pursuant to the Colon Oil Corp.'s plan of reorgan¬
ization and an order of the Southern New York District Federal Court
dated
The redemption price, amounting to $384,017, will be paid
May 5.
out of the
balance of the purchase fund held by the Equitable Trust Co.
It equals $5 for each £1 of stock, plus 5% interest accrued.—V. 143, p. 3994.
Colorado & Southern Ry.1937
Gross from
-Earnings—
1936
1935
75,984
$527,672
80,189
1,116
1,834,200
396,250
119,556
1,527,434
218,430
def6,622
1,270,715
75,497
def130,301
1934
$446,510
def2,545
def71,629
$660,747
railway.
Net from railway.
163,208
Net after rents
$397,177
58,905
defl6,108
From Jan. 1—
Net from
railway
railway
Net after rents.
—V. 144, p.
_
1,174,282
167,109
def50,220
2294.
Columbia American Distillers, Inc.Sec list given
on
first
page
-Registers with SEC
of this department.
Columbus & Greenville Ry. —Earnings—
March—
Gross from
879,644
Net from
1937
railway
railway
5,350,397
10,000,000
Net
91,802,429
96,507,782
596,142.967
611,950,746
Gross from railway
Net from railway
-
sources (net), incorporating companies
proportion of net undistributed surplus of sub. cos
,
1,214,900
4,996,760
.
608,601
c
3,668
Investment in
265,783
Surplus from all
V
pref. stk.
Cl'ms ag'nst closed
190,787
Prov. for Federal inc. tax. (Incl. prior years assessm'ts)
Reservefor contingencies..
reserve
cum.
Capital surplus...
Earned surplus
Misc. commonstk.
Gross from
Held by public—
Owned by Cities Service Securities Co. (a sub.)
Purchase money obligations—
—
18,318
pref. stk. subs
b Common stock
March—
Total
on
James D. Mortimer has been elected a director of this company.
35,795,701
1,492,712
296,150
Loans, notes and accts. receivable, lessreserve
Prepaid expenses
i
Other deferred charges
34,481
Cleveland Electric Illuminating Co.—New Director, &c.
22
on hand
Accrued int. on securities of sub. and other
4,600
———
Pays by employees
34,481
....
See list given on first page of
Sinking fund assets
Cash in banks and
profits.
sur¬
undist.
6,334,847
15,761,423
Office furniture and fixtures, less reserve
82,345
Fed.
on
167,740,289
common
stocks, organization, &c
Other invest. & adv., incl. securs. of & adv. to sub. cos.
not regarded as integral oper. units of Cities Service
Co., affiliated companies, &c
Development & exploration expend, on foreign prop'ties
for
Clark Products Co., Inc.—Registers with
203,462,796
165,063,986
......
—
700,000
inc.
shares
$
Investments in advances to sub. cos., regarded as in¬
tegral operating units of Cities Service Co.:
Securities of subsidiary companies
Indebtedness of subsidiary companies-
Fed.
(411 in 1936) shares preferred stock par $100 and 12,197 (12,417 in 1936)
common stock no par value—V.
144, p. 2122.
1935
s
36,331
val. life
Buchanan
owned.
Res.
tax
Invest, in & advan¬
1936.
Co.)
Assets—
35,243
In Instal....
ces to
for
taxes..;
23,516
ins. policies
700,000
serially '38~'41)_
rec.
Cash sur.
54,326
100,000
Notes payable (due
one
a
Sheet
2,006,334
1937)
Res.
within
recov.
$202,472 in 1936 and $65,556 in 1935.
Balance
2,470,505
—
198,195
100,000
Notes payable (due
570
of custo.
$472,777
$623,728
accrued
591,607
753
__
Land Co.
value of
Cities Serv. Co. debs, owned by Cities Serv. Sec. Co.
Surplus from all
153,895
Cost of special tools
3,471,723
156,221,916
3,253,252
—
732,761
1936
1937
payable
ace.
and payrolls—
$967,284
244,385 Tax., royalties, &c,
accounts
Accrued Interest
24,145,000
investments..5,350,397
&
year..
24,047,314
141,103
s
—
Cur.
U. S. Gov. securi—
Notes
Liabilities—
1936
$910,108
Dec. 31.
■Mar. 31,
31,
Dec
on
hand
16,591,210
4,076,978
3,178,441
Provision for Federal income tax
Notes payable to banks (secured)
non-current). —
Notes & accounts payable—not current
Cash in banks &
receivable (net).
269,565,584
Purchase commitments on sec. of Richfield Oil
Corp
Accounts payable, accrd. interest & other
charges
Dividends payable on preferred stock of certain subs..
Reservefor crude & oil price changes.
Reserve for injuries and damages—.
119,636,888
40,667,808
281,702,961
—
—
(secured)
(unsecured)
110,463,710
187,614,313
184,733,263
—
—
Current liabilities: Notes payable
Notes payable to others
Other reserves—
Mar. 31,
1937
.
Preferred and preference stock
Common stock...
—V.
$521,590
58,130
Depreciation.
v-■
Consolidated Balance Sheet Dec. 31
General
$447,924
261,355
Operating profit
1935
1935 have been recast to accord with 1936 pre-
year
entation.
Employees'sub.
1933
$547,640
412,960
Other income
Net
Years
$986,564
464,974
Surtax an undist. profs.
Minority interest
Expend. for development
$5,856,265
Calendar
for
$1,044,305
56,923
Expenses, &c
267,759
$6,965,496
Account
$917,224
469,300
Preferred dividends
—
2823.
$1,697,484
653,179
1936
(7r2,116,391 Dr1,074,009
2,000,000
139,538
...
Income
Gross earnings.
Federal taxes
58,976
p.
Equipment Co.—Earning,
395,190
200,000
Operations of subsidiary companies (net)
Provision for contingencies
Net income...
118,747
370,522
318,608
133,079
coupon and other taxes.
Net loss
Total.-
886,940
2822.
p.
Clark Controller
6,054,072
Excess of par over book value of debentures of Cities Service
Co. retired through sinking funds...
.Interest
3,121,611
1,217,232
1,003,705
721,930
5,359
indebtedness of subsidiary companies
Management
on
1937
$1,640,611
724,124
614,789
From Jan. 1—
Gross from railway
2,214,620
notes and accounts receivable & sundry receipts.
on common stocks of certain
subsidiary cos
Int. and divs. on investm'ts in and adv. to affil. & other
cos.
Interest
March—
Gross from railway
Net from railway
Net after rents.
Net from railway
1935
$2,580,062
4,448,367
1,609,491
8,023,627
Dividends
Interest
May 1,
Cincinnati New Orleans & Texas Pacific Ry —Earns.
after
rents
From Jar
...
Net
after
.
1936
$105,302
14,061
4,205
$95,802
14,430
7,868
329,763
67,056
39,244
252,900
15,983
1935
$72,604
def1,447®
def 1,203
1934
$77,579
6,684
3,130
1—
rents.
—V. 144, p. 2122.
2,217
199,188
def19,151
def21,288
215,593
15,604
6,198
Volume
Financial
144
Commonwealth & Southern Corp.
1937—Month—1936
Period End. Mar. 31—
Gross revenue
Consolidated Income Statement
(& Subs.)—Earns.
Per. End. March 31—
of elec. energy—
1937—12 Mos.—1936
$12,300,511 $10,836,867$139,312,384$124,946,759
x Oper. exps. & taxes—
6,503,364
5,669,635
72,688,789
63,283,611
Prov. for retirement res.
1,211,341
960,544
12,424,590
10,671,190
.
2993
Chronicle
(Incl. Affiliated Cos.)
1937—12 Mos.—1936
1937—3 Mos.—1936
Sales
1,000 kw. hours
Sales of gas—1,000 cubic
1,279,492
1,440,397
4,743,387
5,291,882
feet
Gross income—
$4,585,806
Int. & other fixed chges.
3,336,851
Net income
y
Divs.
on
$1,248,954
749,776
pref. stock
Balance
$4,206,688 $54,199,005 $50,991,958
3,306,916
39,605,228
40,996,308
$899,771 $14,593,776
749,755
8,997,192
$499,178
_
$150,016
$9,995,649
8,996,952
$998,697
$5,596,584
x Includes
provision for Federal surtax on undistributed profits for 1936.
No provision has been made for such tax in 1937.
y Reflects deduction for
full preferred stock dividend requirement at the rate of $6 per share per
Dividends were paid in full to Jan. 1, 1935, and at the rate of $3
share per annum since that date.—V. 144, p. 2294.
1
annum.
per
Community Power & Light Co. (& Subs.)—Earnings—
-Month-
Period Ended—
Operating
-12
Mos.-
10,561,254
11,020.535
37,556,853
37,832,534
Sales of steam, 1000 lbs.
4,400,703
5,440,670
10,403,498
11,538,328
Operating revenues:
Sales of elec. energy..$49,270,624 $47,165,372 $182553,848 $175113,788
Sales of gas
11,015,392
11,645,341
40,533,313
41,728,501
Sales of steam
4,158,412
5,142,645
9,777,108
10,852,117
Miscellaneous sources..
508,822
589,455
2,371,360
3,o74,855
Total oper. revenues.$64,953,250 $64,542,813 $235235,628 $231069,261
Operating expenses
27,640,662
28,197,064 111,979,392 110,373,568
Retirement expense
5,411,500
5,498,056
19,204,737
19,099,022
Taxes
(incl.
prov.
for
Federal income tax
13,061,041
12,379,449 x45,747,458
45,707,633
Operating income
$18,840,047 $18,468,245 $58,304,042 $55,889,038
Non-oper. revenues
95,278
91,207
393,014
246,860
Non-oper. rev. deducts. Drll3,945
Drll5,201
Dr472,180
Dr470,723
Feb.
28, '37 Feb. 29, *36 Feb. 28, '37 Feb. 29, *36
$319,908
$4,076,740
$3,784,970
$306,184
revenues
Operation
153,050
160,930
1,882,187
1,883,604
Taxes
18,295
a31,983
13,035
30,115
217,547
a373,475
199,157
345,927
$116,579
Dr2,942
$102,104
Drl,051
$1,603,531
7,207
$1,356,282
4,493
$113,637
19,139
$101,053
25,508
$1,610,738
288,849
$75,545
73,428
$1,321,889
$1,073,987
874,629
Gross corp. income
Int.
$1,360,775
286,788
Maintenance
Net oper. revenues..
_
Non-oper. inc. (net).
on
long-term debt-.
238,037
deductions
Divs, on pref.
affil.
stk.
$94,497 "
73,123
877.504
Com. stock of affil.
Bal.
Net income
$444,384
on
$2,117
preferred stocks—
b122,406
5,831
cos.
Balance applicable to parent company.....
profits,
Earnings from subs.
$71,121
$339,026
$339,026
$71,121
807,162
24,176
5.831
5,831
74,049
13,911
Interest not earned
Preferred dividends
...
Other
_____
278
"""249
$1,293,765
914,735
$999,092
936,513
Other income
_
Expenses, taxes and deductions from
gross
income
Amount available for dividends and surplus._
$62,578
$379,030
_
Note—The subsidiary companies on Jan.
1, 1937, adopted the Federal
of accounts, hence previous year's figures are
comparative.
a No
provision has been made for the Federal surtax on undistributed net
income ror the year 1937 since any liability for such tax cannot be deter¬
not exactly
mined until the end of the year.
b Includes $21,883 dividend on second pref. stock applicable to prior
period declared by Texas Utilities Co. in April, 1935.—V. 144, p. 2823.
y
Consumers
Power
Net income
Total
—
No
2,600,000
50,000
3,100,000
50,000
717
8,098,549
—
4,799,566
$10,749,266
—
$7,949,500
x Tentative statement*
y Approximate,
z Does not give effect to fees
of receiver and his counsel accrued to Dec. 31, 1936, nor certain claims for
legal fees of other persons amounting to approximately $166,000 which
were not recorded on the books and wnich are in dispute.
Securities at
No.
larket
as at
of
Shares
Dec. 31, 1936
Market
$745,222
350,672
$9,406,205
4,400,790
$8,247,799
$411,597
35
Cliffs Corporation, vot. trust ctfs
998
Goodyear Tire & Rubber Co
Republic Steel Corp
United Light & Power Co., "B"
Wheeling Steel Corp..
Youngstown Sheet & Tube Co
25,596
78,009
990
500
28
28
!_
$394,550
$5,005,416
$4,039,819
Federal surtax
39
78
_■
—V.
143,
1717.
p.
Continental Steel Corp.
(& Subs.)—Earnings—
3 Months
12 Months
$5,679,044 $20,110,675
4,834,153
17,098,964
385,087
1,438,886
130,335
497,231
Net sales
Cost of sales
(exclusive of depreciation)
Administrative, selling and general expense
Provision for depreciation
4,207,980
on
tax
Consumers Steel Products Corp.-
Total
54,270
-V. 143, p. 3463.
Loss of
Corp. of America— New Director—
J. V.
Spachner, President of Pioneer Paper Stock Corp., Chicago, has
been elected a director of this company, to succeed Early A. Wagonseller,
Secretary of Container, who has resogned.—V. 144, p. 2658.
Income Statement
Sales of electric energy—
Kw. hours.
851,671,459
__
Inc.—Earnings-—
—
Superior Allotment Co
sales
dismantlement of properties
Provision for Federal income tax.
Provision for surtax on undistributed profits
on
215
or
of
3,485
subsidiaries
Note—No
provision for surtax on undistributed profits of the parent
is required as the dividends paid during the taxable year ended
1936, exceeded the net income.
No provision has been made
for surtax on undistributed profits during the quarter ended March 31,1937.
Earnings per share on 200,579 shares common stock
(no par)
$1.17
$3.74
company
Company Only
1937—3 Mos.—1936
1937—12 Mos.—1936
758,150,502 3135997,796 2803366,149
Sales of gas. cubic feet-.9018658 500 9551497,6003247486270033014762200
Electric Operations—
Dec.
From misceL.
Initial and
ener .$27,017,468
$25,948,685 $100211,649
482,333
713,274
2,578,737
sources.
$96,837,498
3,297,830
Totai oper. revenues..$27,499,801
$26,661,959 $102790,386 $100135,328
12,366,086
12,118,840
51,380,545
49,280,336
2,148,249
2,392,315
8,390,660
7,892,675
Operating expenses-.--.
Retirement expense
Taxes
(incl.
prov.
for
Federal income tax)-.
5,242,543
31,
Consolidated Statement
Operating revenues:
From sales of el.
$928,395
2,709
1,547
Net profit
Period End. March 31-
$1,164,118
63,425
11,776
2,161
1,705
3,397
149,774
$279,447
funded debt
on
-Registers with SEC-
Consolidated Edison Co. of N. Y.,
$1,075,594
88,524
$353,063
14,875
income
Interest
Amortization of debt discount and expense
Interest on loans
Loss
Container
$329,469
23,595
Other income
undistributed
Erofits asmade for such
been
all taxable income for that year was 2648.
in 1937.—V. 144, p. distributed.
No provision
See list given on first page of this department.
8
:
—
Profit from operations
as
$1,818,168
5,254,375
34,930
716,688
2,184,000
7,920
19,500
608,400
Total.
1937—12 Mos.—1936
$1,105,019 $13,721,063 $13,150,500
359,798
4,314,858
4,902,701
provision was made in 1936 for
Value
88
35
Cleveland Cliffs Iron Co., preferred._
Cliffs Corporation
20,661
150,125
Market
Price
Security
7,800
$800,874
389,278
;
pref. stock
Balance
x
7,843,883
$7,949,500
Period Ended March 31, 1937—
$1,167,037
Int. & other fixed chgas.
366,163
on
10,643,981
(see list below)
Equity for 381,374 shares of preferred stock
$2,715,912 $33,939,411 $31,227,316
1,348,393
16,999,348
15,151,815
262,500
3,219,000
2,925,000
Gross income
Divs.
$65,668
39,617
Estimated sundry accounts payable reserve— — _
Reserve for minority interest lntern'l Share Corp.
Co.—Earnings—
revenue.$3,087,604
x Oper. expenses & taxes
1,635,067
Prov. for retire, reserve285,500
1, '36
y$66,000
39,617
xDec. 31, '36 xAug.
Notes payable to banks
Inc.—Registers with SEC—
1937—Month—1936
Gross
Shares,Inc.(& Subs.)—Financial Condition
Assets—
Cash in banks.
See list given on first page of this department.—V. 144, p. 2824.
Period End. Mar.'SI—
$28,492,306 $21,880,071
provision of $5,385 for Federal surtax on undistributed
Includes the interest of minority stockholders.—V. 144, p. 2823.
Power Commission system
Consolidated Retail Stores,
of Consol.
$10,749,266
37,862
6,310
73,117
;
Miscell. earnings from subsidiary companies
Common dividend from subs.—not consolidated.
Total
stk.
com.
Securities owned at market
-
...
on
187,469
96,801
held by min. stkhldrs
833,931
above:
Interest earned
642,724
Account receivable.
deducted in arriving at
cos.
618,231
a
Continental
Balance of earnings applicable to parent company,
as above
160,298
y$14,443,355 y$12756,872 $39,085,353 $32,563,785
10,496,245
10,496,245
pref. stock
for divs.
Includes
x
To public
To parent company
2,180,226
Edison Co. of New York, Inc
$199,358
99,527
5,831
$21,374
Dividends paid ana accrued
avail,
966,983
152,257
—-
Net income
Applicable to $5 cum.
Gross income
Deduc. from gross inc..
296,567
of
held by the
cos.
public
Balance
Retirement accruals
$18,821,379 $18,444,251 $58,224,876 $55,665,174
17,554,309
20,278,439
3,987,730
5,230,514
Misc. int., amort. of debt
disct. & exps. & misc.
4,538,005 xl7,295,288
17,347,135
of Surplus for Quarter Ended March 31,
1937
Capital Surplus—Balance as at Dec. 31, 1936, $1,850,093;
purchased for retirement, $1,321; balance, March 31,
discount on pref. stock
1937, $1,848,771.
JEarned Surplus—Balance as at Dec. 31, 1936, $1,781,236; balance from
profit and loss statement, $279,447; total, $2,060,684; dividends paid (cash)
April 1, 1937—preferred, $1.75 per share, $43,731; common, $0.25 per
share, $50,144; loss on major dismantlements of machinery and equipment,
net, $14,233; balance. March 31,1937, $1,952,574.
Consolidated Balance Sheet
Oper. income—electric $7,990,169
$7,365,554 $25,723,892 $25,615,182
Manuf. Gas Operations—
Operating revenues:
From sales of gas
$9,355,448 $10,021,303 $34,427,947 $35,601,182
From miscek. sources—
38,346
98,213
449,910
941,546
Mar. 31,*37 Dec. 31,'36
$
Assets—
Cash
—
Notes & accts.
rec.
Marketable secur.
Inventories
Total oper. revenues-
$9,393,794 $10,119,516 $34,877,857 $36,542,728
5,668,177
5,934,073
22,566,171
24,396,094
853,063
751,131
2,014,606
2,220,675
1,691,702
2,073,210
7,397,829
7,521,848
-
Operating expenses
Retirement
expense.---
Taxes
Oper.
income—Gas__
$1,180,852
Oper. inc. applic. to
corp. & leased props. $9,171,020
Non-oper. revenues
5,323,128
Non-oper. rev. deducts. Dr317,590
$1,361,103
$2,899,252
$2,404,il0
Gross corp. income—-$14,176,558 $12,993,989 $49,452,903
Int.
on
2,575,172
3,568,167
157,161
long-term debt—
int., amort, of
disc't & exp. &
179,328
$45,522,707
11,501,912
14,204,307
MisceL.
debt
miscell. deductions.
—
Net income
Dividends
on
$11,444,225
Includes
a
provision
of $5,384
1,240,382
—
Bal. avail, for divs. on com. stock.
x
669,599
>,246,494 $37,281,392 $30,078,018
10,496,245
10,496,245
$5 cum. pref. stock.—
profits.
Deb. sk. f d. depos.
Advances to empl.
Sundry receivables
Invest,
b
$8,726,656 $28,623,144 $28,019,292
4,647,687
22.240,640
18,959,161
380,355
1,410,880
1,455,746
-
for
Federal
$26,785,147 $19,581,773
surtax
on
undistributed
Liabilities—
Accounts payable.
1.964,811
Payrolls payable..
1,200
in
95,545
505
12,048
89,583
Deferred
95,545
505
11,362
103,284
outside
12,205
charges.
Total
..
1
111,436
118,610
15,293,520 14,957,122
Notes payable
Funded debt
Operating reserves
7% cum. pref. stk
298,555
281,999
Earned surplus.
d Treas. stock at
—
cost—
—
1,300,000
442,516
2,527,600
100,000
495,000
1,300,000
—
5,279,310
408,675
2,630,600
5,279,310
1,848,771
1,952,575
1,850,093
1,781,237
Dr26,667
Common stock..
Total.
378,891
100,000
495,000
Initial & cap. surp.
7,804,886
1
652,702
due
(current)
c
$
697,783
297,742
int., gen.
taxes, &c
debt
Funded
24,581
companies, &c—
Land, bldg., ma¬
chinery & equip. 7,762,018
Patent
Accrued
4,112,944
31,'37 Dec. 31'36
$
731,768
Land contr. rec. &
unsold land....
Mar
$
426,147
2,439,160
1,200
4,331,295
Dr 121,049
..-15,293,520 14,957,122
b After deducting reserve for depreciation of $6,393,997 in 1937 and
c Represented by 200,648 (200,579 in 1936) shares,
$6,353,368 in 1936.
no
par value,
d Represented by
286 (1,216 in 1936) shares preferred
stock at cost and 69 shares common stock at cost.—V. 144, p. 1435.
Cuba
RR.—Listing—
The New York Stock Exchange has authorized the listing of $4,000,000
1st lien & ref. mtge. gold bonds, series A, 7H%, extended to Dec. 1, 1946,
and $1,376,000 1st lien & ref. mtge. gold bonds, series B, 6%, extended
to Dec.
1, 1946, upon official notice of issuance.—V. 144, p. 2824.
2994
Financial
Consolidated Laundries
Calendar Years—
Corp. (& Subs.)—Earnings—
1936
1933
509.354
$6,880,448
6,266,562
523,230
$6,491,069
5,929,695
527,974
$164,341
45,499
$90,656
54,492
$33,400
63,769
$467,135
148,308
Depreciation
1934
$6,758,810
6,085,114
$423,779
43,356
Cost of sales
1935
$7,305,956
6,407.274
474,902
Net sales
$209,840
159,960
$145,148
171,087
1_
Interest
Other Income chgs
Federal income tax
Copper Range RR.—Earnings—
Income Account for Calendar Years
"
10.494
—
50,753
11,213
Federal surtax
May 1, 1937
by Copper Range Co. (see Note c), $199,267;
balance, 34,966.
Reduction in reserve to adjust securities to market value,
$2,703; consolidated net income for the year 1936 (after deducting portion
of earnings of C. G. Hussey & Co. credited to capital surplus as representing
interests of minority stockholders prior to merger, $99,760), $247,382;
balance, $285,051 as shown above.
f Authorized and issued, 565,000 shares, less 5,578 shares in treasury
of which 2,894 4-5 shares are reserved for exchange of Boston fc Lake
Superior Mineral Land Co. stock.—V. 144, p. 448.
$97,169
194,625
Profit from operations
Other income.
Gross income
Chronicle
to the acquisition of its stock
6,036
—
—
968
1936
Net profit
dividends
$246,366
Surplus
$148,322
$43,844
y392,168
$0.56
z392,168
$0.03
Preferred
$43,844
loss$26,907
loss$97,456
8,817
x98.044
Net
1935
1934
$290,208
257.386
$240,975
225,913
$228,501
228,402
$32,822
10,097
$15,062
4,496
$99
7.718
.$22,725
1,931
$10,565
5,809
loss$7,619
11,481
$24,656
105.000
17.121
$16,374
17,580
$3,861
105,000
18.722
$97,465
87,557
$106,206
310,810
$119,861
565,548
def$9,908
4,762
Operating expenses.
$204,603
117.046
$445,687
134,877
.V $87,557
$310,810
operating revenues.
Taxes
Shares
stock
com.
def$26.907 def$106,273
out¬
Operating income
standing
Earnings per share
z392,168
Nil
z392,168
Nil
x Including
$6,538 dividends payable on preferred stock Feb.
Shares of $5 par.
z Shares of no par.
y
Assets—
1936
$434,556
238,131
233,108
1,219,044
339,712
Inventories
b Long-term assets
Land,
c
*
1935
$389,566
1,208,740
Notes & accts—
a
352,213
buildings,
maohinery,
equip., <tc
Bond interest
Rents paid and other charges
Liabilities—
1936
Notes payable
143,506
4,480,861
92,738
4,671,905
98,159
55,359
74,000
75,000
165,310
_183,990
Accruals
Surplus beginning of year
Salesmen's & other
bonds of sub.
money
300,000
300.000
Conv. 6H% notes,
due 1936
surtax.—
218,000
6,536
1,477,937
1,8*89.097
74,724
64,166
Reser ves
pref.
stock
Capital surplus—
Earned surplus
a
After
for
reserve
doubtful
Total
accounts
and
1,154,401
1,138,347
87,786
91,016
3,102,123
3,147.883
9,865
11,991
985,446
debits
6,408
9,151
Disct.on cap'lstk.
1,160,539
1,160,539
30,278
$4,935,923
freight; fabricating costs; and depreciation of mine machinery
and structures, smelter plant, and
fabricating plant $98,432)
on
bonds
3,987,254
525,330
expenses
Profit from copper operations
Sales from company stores, and sundry income less costs and
$423,339
...
3,256
Dr2,918
$428,167
1,496
expenses
Net income, before income taxes
Provision for Pennsylvania and Federal taxes
$429,662
82,520
Net income for year.
$347,143
Dividend paid from capital
Earnings per share on capital stock
272,211
$0.62
The
companies consolidated are Copper Range Co., Copper Range
Motor Bus Co., Douglass Copper Co., St. Mary s Canal Mineral Land Co.
and Champion Copper Co., the last three being inactive.
The Copper
Range RR. is not consolidated as at Dec. 31, 1936 due to its having filed
a petition for reorganization under Section 77-13 of the
Federal Bankruptcy
first
on
are redeemable in whole or in part on 30 days' notice on
any
All of the esti¬
proceeds of $300,000 to be recieved by the company from the
sale of shares registered will be added to working capital for expansion of the
The shares
dividend date at $25 per share, plus all accrued dividends.
net
as
conducted.
now
The company
ness
secured
retail of
retention
that date with C. G. Hussey & Co.]
Liabilities—
Cash..
$432,593
11,240
Accts. & notes rec., less res—
659,238
Coppersold &
252,285
not delivered—
Inventories
822,618
Supplies.,.--
417,782
Investments
2,709,729
Bank loans
$600,000
Accounts payable
Accrued wages, taxes & other
expenses
f Capital stock—
Capital surplus
_
97,380
212,458
8,566,858
dl,457,942
Earned surplus—
_
e285,051
bMines & lands,timber tracts,
mineral rights and develop¬
ments
Buildings
machinery
by title retention
vehicles.
motor
Hussey
C. G.
Co. division
Total
or
the
on
instalment
or
time
sales
of that which it
excess
basis.
can
Business
now
available
A.
is
sub¬
handle through the use of its existing
funds, hence a continued growth necessitates additional corporate
to be raised through this financing.
capital
Net earnings have been reported in every year of the company's business.
D. Weller, Rochester, N. Y., is President.
See also list given on
first page of this department.
Crown Gold, Inc.—Registers with SEC—
first
on
page
Gas
of this department.
Corp.—-Interest Payment—•
Company has advised holders of its general lien 6% income bonds that it
will pay on coupon No. 7, out of net cash income, a sum equal to 1H%
of the principal amount of the bonds, upon presentation on and after May 1,
1937, at the office of the trustee, Charleston National Bank.
Holders of
certificates of deposit for first mortgage & collateral 6 H % bonds of Alle¬
gheny Gas Corp., for which Cumberland Gas Corp. 6% income bonds and
voting trust certificates representing common stock are issuable, are advised
to the Central Hanover Bank & Trust Co., New York,
depositary, in exchange for the Cumberland Gas Corp. securities, after
which the coupons may be presented for payment.—V. 142, p. 4336.
to surrender them
Curtis
Publishing Co.—Earnings—
Quar. End. Mar. 31—
Net earns, after deprec.
1937
1936
1935
$1,513,740 x$l,572,540
1,790,166
1,790,466
1934
$1,778,849
1,790,630
$1,449,425
1,800,000
Revised.—V. 144, p. 1437.
See list given
29,897
...$11,219,690 »
the sal
titl
mortgage,
Custer Gulch Mines—Registers with SEC—
953,819
Other assets
arising from
banking, indirectly provides money for the manufacturer, aids in mas#
production and in the distribution of the finished product to the consumer
x
961,869
lien instrument,
or
It also finances under chattel
otherwise, the purchase of motor vehicles for resale by dealers
distributors.
The company, through its specialized form of commercial
•Shs.com.stk. (nopar)—
at
mines, &c
It was organized in 1924 and pur¬
distributors notes and other evidences of indebted
and all taxes-..-.
3,968,618
and
Bine ter and
Plant and equipment of
or
or
Cumberland
Consolidated Balance Sheet Dec. 31, 1936
>
has no funded debt.
chases from dealers
See list given
standing timber.
of this department.
oage
by Amott, Baker & Co., Inc.
The shares, offering of which
subject to prior subscription rights to all classes of present
stockholders, are priced for this offering at $23.50 each.
Note—Mines and lands, timber tracts, mineral rights and developments
reduced by depletion charges, except for sales of timber in
1936, as the book value of the properties is believed to be less than the fair
Marketable bonds.
87.557
.$4,620,086 $4,690,347
is
Act.
have not been
merger on
—
Acceptance Corp., Rochester, N. Y.—Preferred
Stock Offered—Public offering: by means of a prospectus of an
issue of 15,000 shares of convertible cumulative preferred
stock, $1.40 dividend series (par $20) was made April 29
stantially in
a
Total
Credit
at
Total
[After giving effect to
174,678
Unappropriated
(The) Creamery Supply Co.—Registers with SEC—
4,520
Net profit from bus company operation
Excess of expenses over income from sales of timber, rentals, &c_
Assets—
2,000,000
—$4,620,086 $4,590,347
See list given
business
expenses
and
2,100,000
mtge.5% bonds
-V. 142, p. 3338.
mated
content
2,100,000
$100)-..2,000,000
Surplus—
Appropriated for
retire, of bds.
160,007
1st
Capital stock (par
32,653
Unadjusted
of $35,224
[Including C. G. Hussey & Co.]
ore
1935
$189,794
38,317
due Oct. 1, 1949
equipment-
Total.
Consolidated Income Statement for the Year Ended Dec. 31, 1936
value of
1936
$320,650
39,428
$7,060,055 $7,298,682
Sales of copper and copper products
Cost of sales (including mine operating expense; smelting; taxes
a
Liabilities—
Unamortized disct.
Copper Range Co. (& Subs.)—Earnings—
Non-operating income less
Accrued liabilities.
Other assets
471,900
348,600
d2,000.000 e3,154,401
in 1936 and $74,439
1935.
b Including 7,832 shares of common treasury stock at cost of
$77,762.
c After reserve for depreciation of $4,782,962 in 1936 and $4,639,905 in 1935. d Represented by shares of $5 par. e Represented by 400,000
no par shares.—V. 144, p. 2824.
Selling and administrative
Accounts payable.
30,746
Mat'ls & supplies-
in
a
1935
$106,366
55,637
Investment In road
Long-term indebt.
Common stock
1936
$167,"48
Cash
5,858
61,967
_
Pref. stk. dv. pay.
cum.
Balance Sheet Dec. 31
:
Accts. receivable—
Fed. income tax &
---$7,060,055 $7,298,682
i.
Assets
paym'ts (curr.).
1
$7.50
def$14,670
Surplus Dec. 31
mtge.
iSilii-l
services
Total
Net surplus
Adjustments affecting prior periods..
co.
(curr.)
Pur.
route
—
84,011
53,873
Loss for year
105,000
$110,568
1st mtge.6% serial
del.
Goodwill
1935
$200,000
160,853
Accounts payable-
deposits
Deferred charges—
Purchased
Total income
1937.
1,
Consolidated Balance Sheet Dec. 31
Cash
Rents received and other income
Total
$11,219,690
a
Copper District Power Co.: 9,000 shares $3 cumulative preferred, at
cost, $417,600: 17,400 shares common, at cost, $650,104.
Copper Range
RR. Co.: 20,000 shares, at value determined by directors as at
April 21,
1932, $600,000 and $1,092,000 1st mtge. 5% bonds due Oct. 1, 1949,
$1,604,949; sundry investments in other companies, at cost or nominal
values, $37,076.
b Mines and lands, timber tracts, mineral rights and
developments have
not been reduced by depletion charges, except for sales of timber in
1936,
as the book value of the
properties is believed to be less than the fair value
of ore content and standing timber.
c As of Dec.
31, 1936, Copper Range Co. was merged with C. G. Hussey
& Co,.
Copper Range Co. since 1931 has held a majority of the voting
stock of C. G. Hussey & Co.
Additional stock has been acquired from
time to time, and as at Dec. 31, 1936 the
remaining minority interest was
acquired by the exchange of 15,000 shares of Copper Range Co. stock, and
the
companies were legally merged.
There is added to earned surplus of
Copper Range Co. that portion of earned surplus of C. G. Hlussey & Co.
as
if the two companies had rendered consolidated financial
statements for each year from 1931 to 1936, reflecting the
ownership of
stock of C. G. Hussey & Co. held each year by Copper
Range Co.
The
earnings of the years 1931 to 1936 attributable to the interests of minority
stockholders of C. G. Hussey & Co. constitute the amount of earned surplus
of C. G. Hussey & Co. which has been transferred to capital
surplus of
on
first
page
Davidson Bros.,
of this department.
Inc.—Registers with SEC-—
See list given on first page of this department.—V. 144, p.
2824.
(The) Daviess County Distilling Co.—Registers with SEC
See list given
Deere
The
&
on
first
page
of this department.
Co.—Preferred Dividend—
directors
have
declared a dividend of $1.35 per share on account
the 7% cum. pref. stock, par $20, payable June 1 to
May 15.
A dividend of 70 cents was paid on March 1,
last; $1.35 was paid on Dec. 1, 1936; dividends of 35 cents per share were
paid on Sept. 1, June 1 and March 2, 1936; Dec. 2 and Sept. 3. 1935; 20
cents paid on June 1 and March 1,1935; 10 cents on Dec. 1 and Sept. 1, 1935;
5 cents per share distributed in each of the six preceding quarters; 10 cents
paid on Dec. 1, Sept. 1 and June 1, 1932 and regular quarterly dividends of
35 cents per share previously each three months.
Accruals on the pref.
stock after the payment of the current dividend will amount to $1 per share.
—V. 144, p. 1106.
of accumulations
on
holders of record
calculated
Copper Range Co.
d Capital surplus as
.
at Dec. 31,
1935, $1,009,579; add—net credit on
with C. G. Hussey & Co. (see Note c). $794,211; total,
$1,803,790.
Deduct—net charges on account of exchange of treasury stock
for stock of Douglass Copper Co. and assets of Boston & Lake
Superior
Mineral Land Co., $73,637; dividend paid from capital, $272,211.
e Earned
surplus—deficit as at Dec. 31, 1935, 164,300; add—portion of
earned surplus.of C. G. Hussey & Co. as at Dec. 31,1935, earned subsequent
account of merger
Defiance Parts
See list given
on
first
Corp.—Registers with SEC—
nage
of this department.
Delaware & Hudson RR.
March—
Gross from railway
Net from railway
Net after rents
1937
-Earnings—
1936
'
1935
1934
$2,429,759
659,187
492,873
$1,754,405
53,572
def45,907
$1,774,804
38,188
def33,006
$2,275,593
409,093
358,991
6,487,836
1,438,881
950,517
6,026,206
797,924
517,272
5,664,989
6,451.372
966,841
811,520
From Jan. 1—
Gross from railway
Net from
railway
Net after rents
—V. 144, p. 2295.
302,201
116,380
Volume
144
Financial
Delaware Lackawanna & Western RR.—Earnings—
March—
Gross from railway
1937
1936
$4,616,625
1,218,274
802,222
Net from railway
Net after rents
From Jan. 1—
Gross from railway
12,426,924
2,745,046
1,523,649
Net from railway
Net after rents
1935
$3,667,635
431,399
89,352
$3,684,866
637,673
309,239
11,933.184
1,948.360
928,497
—V. 144, p. 2295.
10.982,551
1,856,057
830,184
Chronicle
2995
and carried
directly to depreciation reserve in accordance with Interstate
Commerce Commission accounting regulations.
1934
$4,177,996
1,168,423
807,397
11,326,679
2,286.117
1,184,954
Balance Sheet Dec. 31
1936
March—
Gross from railway...
Net from railway
Net after rents
1937
Other
investments 2,223,284
5,068,011
15.550
2,150
2,885,699
2,023,884
74
3.478
21,812
Demand loans and
—Earnings—
deposits
1934
1935
1936
$2,133,379
Misc. accts.
rec_,
Int. & divs.
rec
$1,764,995
252,551
28,347
$1,500,583
$1,405,721
308,096
128,475
358.671
D.
def46,393
225,340
Co. rental unpd.
Deferred assets.
5,277,646
952,685
345,354
4,319,741
4.042.043
933.424
368,057
1,033.955
611,632
194,905
—
From Jan. 1—
Gross from railway...
M.
&
N.
34,433
Unadjusted
34 527
151.235
4,990,538
1,029
2,209.926
3,998
—V. 144, p. 2649.
1936
1935-
$217,273
$195,156
$96,642
49,044
Net
after
27.938
57,931
37.304
$126,992
47,117
75,727
842,634
331,292
357,293
rents
788.639
424,414
311.276
318,836
360,875
184,948
263,395
113.489
19.323
79,978
x
Operating
Taxes
Total
—V.
1936
$2,932,494
2,221.528
324,182
$483,567
34,976
$386,784
29,901
-
income
Interest
on
Interest
$518,543
81.595
258,031
2,000
underlying bonds
general & refunding bonds
Amortization of discount on funded debt
Balance, surplus
Including depreciation
$416,685
104,908
261.534
3,346
$176,916
on
x
$46,897
-V. 144, p. 1597.
1937
Gross from railway
Net from railway
Net
after
$73,051
20,983
13.007
rents
From Jan.
Net
after
—V.
1934
$46,901
$41,694
$49,457
1.956
209
def4,219
3.157
def4.967
9.945
189,587
41,663
125.642
def7.187
117.401
125.559
def4.651
def23,600
defl7,835
defl0,838
2649.
p.
Detroit Toledo & Ironton R R.—Earnings—
March—
1937
Gross from railway
Net from railway
-
....
Net after rents
From Jan. 1—
Gross from railway
Net from railway
-
-
Net after rents
—V.
1936
1935
1934
712.435
$843,005
483.209
330,584
$805,721
459.094
330,761
443,297
426,144
311,585
2,447,344
1.387,921
945,176
2,245.544
1,272.454
912,333
2.839,640
1,854.962
1.708.606
1,060,359
779,795
1,015,523
617,441
1,252,794
144, p. 2124.
first
on
page
Interstate
Commerce Commission
March—
Gross from railway
Net from railway
Net
after
From
1937
Net
after
1936
1935
1934
$355,344
$363,446
$384,279
307,666
201,195
102,059
216.446
244.106
120,944
146.473
1,168,858
1,070,661
710,053
644.358
395,756
367,830
1.022,574
636,207
359,871
182,414
1—
Gross from railway
Net from railway
1,225,489
773,642
436,413
rents
—V. 144, p.
-Earnings—
$474,441
rents..
Jan.
Dictograph Products Co., Inc.- -Removed from Unlisted
Trading—
The New York Curb
Exchange ha. removed the capital stock, $2
trading privileges.—V. 143, p. 3838.
Net after rents
From Jan. 1—
Gross from railway
Four Weeks Ended—
1935
1934
$1,226,611
1,352,553
$1,373,111
1,547,273
1.417.909
1.481.037
1.528.273
1,385,269
1,505,736
March—
1937
rev.
per m.
1.08 cts.
1.06 cts.
0.99 cts.
$22.91
$19.95
$18.06
$19.02
43,294
47,706
46,371
1,960,547
2,378,406
2,183,112
$0.7267
1.60 cts.
$0.8289
1.66 cts.
$0.8327
1.77 cts.
29,978
1,509,177
$0.9566
$0.32
$0.30
ton
Pass, carried one mile..
Aver. rev. per passenger
Aver .rev. per pass.per m
A v.pass, rev, per train m.
$0.32J.
_
Income Account for
Operating Revenues—
1936
Freight—iron ore
$15,462,014
Freight—miscellaneous.
1,124,244
Passenger
31,463
Mail, express, &c
368,311
Incidental & joint facility
2,105,004
Total oper.
1.06 cts.
1.90 cts.
$0.25
Calendar Years
~
1935
1934
1933
$9,169,632
843,665
39,542
176,777
1,290,194
$7,336,638
$7,936,685
817,834
38,612
162,287
1,131,222
621,292
28,676
98,582
1,014,964
revenues.$19,091,036 $11,519,810
$9,486,593
$9,700,200
1,465,148
2,468,872
38,199
2,219,868
526,268
1,130,258
2.012,020
36,149
2,067,371
472,337
Operating Expenses—
Maint. of way & structMaint. of equipment
1,845,060
2,648,786
46,443
3,336,238
521,179
318
1,494,378
2,186.850
41,294
2,467,841
452,474
297
943
285
$8,397,387
10.693,649
Railway tax accruals, &c
1,990,415
$6,642,543
4,877,268
1,121.654
56,717,413
2,769,180
810,644
$5,717,850
3,982.350
601,385
$3,380,965
Traffic.
Transport'n for invest Cr
Total oper. expenses
Net rev. fromry. oper..
Total oper. income—
$8,703,234
$3,755,614
$1,958,535
Equipment rents & joint
facility rents
Dr8,432
Cr9,972
Cr23,113
027,270
Net ry. oper. income.
Total non-oper. income.
$8,694,801
182,024
$3,765,586
344,913
$1,981,648
902,059
$3,408,235
3.034,751
$8,876,825
6,236
1,442,263
Int. on fund. & unf. debt
59,383
Miscell. income charges
472,151
$4,110,499
6,145
1,441,574
52,813
131,344
$2,883,707
$6,442,986
6.431
5,940
1,428,600
1,423,159
94,705
130,360
114,720 Cr5,697,578
Total deductions
Net income
$1,631,876
2,478,624
12,337,500
$1,644,456 Cr$4138.119
1.239.251
10.581,105
25,703,125
6.168,750
Gross income
Miscellaneous rents
Rent, leased roads
.
.
Dividends paid.
_
$1,980,034
6,896,791
6,374,375
$522,416df$9,858,876df$24463874
1935
$
$
$4,412,355
1936
Liabilities—
Road and
equipt._46 ,001.436 46.196.856
Misc. phys. prop..
451,685
459,837
1935
$
S
Capital stock
4 ,112,500
4,112,500
Funded debt
1,000
625.000
1935
1936
Accts. & pay. rolls
413,770
267.661
prop.
140,529
136.692
M iscell. accts. pay.
171,214
20.452
3 573,126
3,550,568
Traffic, &c., bals.
90.464
Improvements
leased ry.
of
on
bond
Interest
sinking fund...
1934
Inv. in affil. cos.
1,050
$166,907
32,564
22,164
11.986
18,775
5.394
def6,261
506,788
46,763
444,208
7,852
443,370
1,956
Special cash deps.
Traffic, &c., bal..
4,236
def45,939
def74,055
$164,087
Miscell. in vest.
335,951
41,248
.
$187,888
78,630
55,659
55,712
266,484
203.102
...
Cash
Demand loans and
Range RR.
1933
$1,216,887
$1,215,011
1,495
70,916
13
398
secur..
167,583
176,290
177,452
208,715
394,388
214,066
360,147
funded debt
4,037
Miscell. accts. rec.
67,621
101,375
24.534
24,803
38.730
38,167
934,330
928,749
204
78
380
4,007
4,007
4,007
4,007
$1,488,325
Deducts, from Gross Inc.
Railway tax accruals
57,764
Miscell. tax accruals
3,625
$1,582,567
$1,824,396
$1,793,890
Other def. assets..
5.199
174,284
3,303
173,357
3,192
22,502
3,364
funded debt out¬
unfunded debt--
organization
407,550
407,550
8,507
85,508
407,550
11,483
10.097
10,215
10.457
$913,886
715,000
$987,332
4,550,000
$1,230,081
10.400.000
$1,350,017
407,550
1
Total
liab...
173,748
Accrued tax liab..
2 ,081,139
129,744
869,219
Insur. fund reserve
820,657
803,690
curr.
unadjusted
71,626
22,258
13 ,591,604
accounts-
13,124,361
Equipm't & docks
depreciation
Amortization
fund 7 .535,748
Surplus invested In
sinking fund
2 ,208,032
Approp'd surplus. 9 ,297,066
Profit and loss
13 ,244,359
8,413,337
2,208,032
8,378,618
13,368,894
128,730
53,964,412 52,588,443
Duluth
650.000
Total...
53,964,412 52,588,443
Winnipeg & Pacific Ry.—Earnings—
Net
after
1934
1937
Gross from railway
Net from railway
rents
1936
1935
$149,817
48,249
18,881
$112,392
20,509
defl,603
$84,325
10.554
def4,512
$84,340
2,612
6,593
386,941
92,787
14,037
379,894
95.038
19,307
245.378
13.508
def20,638
220,192
def7,665
10,469
From Jan. 1—
Gross from railway
Net from railway..
Net after
rents
—V.144,
x In addition to the amount of rental,
the further sum of $301,898 in
1936 and $286,254 in 1935, measuring depreciation on equipment and docks
of this company, was collected from the D., M. & N. Ry. Co. in the year
Other
-Y.144,p. 2296.
p.
2297.
Duluth-Superior Traction Co.—Trust Agreement-—
The
Bal. of net inc. for yr.
Dividends paid
153,596
26,914
222,692
debits
March—
standing
15,850
151,235
380
Unadjusted
Gross income
Miscell. inc. charges
Maintenance of invest,
75,230
Accrued rents
659
phys.
Inc. from accts. & depos.
Release of premium on
16,079
4.134
Working fund adv.
1934
141,016
Mat'l and supplies
Other curr. assets.
Earnings-
301.781
Agents & condtrs.
1935
f Calendar Years—
1936
F Non-Oper. Income—
Inc. from lease of road..x$l,235,616 x$l,233,511
1 994,352
matured.
250
Other
Int. receivable
144, p. 2475.
on
1934
$85,151
def459.315
def469,086
per train mile
rev. per
deposits..
Duluth & Iron
Int.
1935
$82,214
def348.651
def369,894
Passenger—
Passengers carried
602,570
110,534
39,480
Net after rents
on
40,044,524 39,761,157
Statistics for Calendar Years
Trustee
From Jan. 1—
Int.
Total....
Freight—
1933
1936
1935
1934
ore (gross tons)
17,547.799
10,470,874
9,169,966
9,127.488
Miscell. freight (tons)..
563.133
1,233,037
854,696
750,497
AUfrt.l mile (net tons) .1539775,516 942,094.325 825,735.186 805,721.958
Aver, revenue per ton.
1.7941
$0.7958
$0.7431
$0.7900
52,569
Gross from railway
Net from railway
property
Inc. from funded
296,226
1,021,449
Iron
$246,001
75.492
..
Net after rents
Miscell. non-oper.
4,125,674
234,150
1,130,910
U. S. Govt, bonds.
144, p. 2296.
Gross from railway
Net frqm railway
—V.
9,280,338
defl ,989,615 defl
Assets—
Duluth South Shore & Atlantic Ry.- —Earnings—
►
273,504
9,949,074
1936
1936
1936
1.544.860
7,066.445
fund reserve
General Balance Sheet Dec. 31
$1,413,478
1,452,088
1,513,367
1,510,892
March 20
8,014
7,331,127
Oth. unadj credits
272.780
Cap. amort res... 4,794,410
Approp. surplus in- *
Equip. & rd. depr.
$105,929
def403,426
def444,116
Balance, surplus.....
1937
April 17-..
—V.
4,007
par,
$1,457,927
1,474,990
...
193,748
funded
433,011
306.438
232.017
261,455
defl ,313,154 defl,181,017 defl .078,788 defl ,239.508
,301,628 defl ,148,223 defl ,275,787
Net from railway
Dominion Stores, Ltd.—SalesJan. 23
Feb. 20
on
debt...
of this department.
_
2825.
from unlisted
Accrued tax liab._
1937
General expenses
April 19 issued a certificate
permitting abandonment by the company of part of its line of railroad
extending from a point 1,310 feet south of the south line of Virginia Avenue,
Battle Creek, in a southeasterly direction to Morgan Park, so called, ap¬
proximately 1.13 miles, all in Calhoun County, Mich., and abandonment
of operation thereof by the New York Central BR. and the Michigan
Central KB., lessees.—V. 134, p. 4486.
on
Detroit & Toledo Shore Line RR.-
101.887
int. acer'd
$155,980
def449,631
def675.338
Gross from railway
Net from railway
Transportation.
Detroit Toledo & Milwaukee RR.—Abandonment—
The
101,887
170,481
Unmat.
595
•
8.190
18,054
rent
144.
1935
1936
1—
Gross from railway
Net from railway
2,150
(The) Di-Noc Manufacturing Co.—Registers with SEC—
Aver.
Aver.
Detroit & Mackinac Ry .—Earning
March—
7
1,475
2676.
p.
Net after rents
Gross
8
Int. matured unpd
..40,044,524 39,761,157
143,
March—
1937
_•
Net operating income
Total miscellaneous income
568
Duluth Missabe & Northern Ry.—Earnings—
$3,283,661
2.341.402
458,693
expenses
2,071.382
8,161.000
8,151.000
Profit and loss
See, list given
-Earnings of System—
12 Months Ended March 31—
Total operating revenue
2,071.382
...
Funded debt
30.905
—V. 144, p. 2296.
Denver Tramways Corp.—
construction
of
income
From Jan. 1—
Gross from railway
Net from railway
$
6,500,000
Swamp land grant
1934
1937
Net after rents
aid
vested in prop..
Denver & Salt Lake Ry.— -Earnings—
March—
Gross from railway
Net from railway
1935
6,500,000
Audited accts. pay
Misc. accts pay'le
Prem.
debits
in
Grants
I
$
Capital stock
153,595
Ry.
__
Net from railway
Net after rents
1936
Liabilities—
1,475
Cash
6,201.239
807,527
103,455
--
$
Property invest't-27,523.278 27,909.008
Misc. phys. prop.. 2,211.665
2,337.027
Special deposits.__
Denver & Rio Grande Western RR.
1935
$
Assets
company,
having been
without income and wholly inactive since
the beginning of the receivership of Duluth Street Railway on May 1, 1930,
and without money or liquid assets to meet the necessary expense of main¬
taining a corporate existence, the directors have appointed Herbert Warren
and S. L. Reichert, Vice-President and Secretary & Treasurer, respectively,
of the corporation, trustees, to
hold the assets of the corporation for the
2996
Financial
benefit of the shareholders under
—V. 132, p. 2385.
a
agreement dated Oct.
trust
Chronicle
5, 1936.
May 1, 1937
Eason Oil
Co.—Earnings—
Earnings for 3 Months Ended March 31, 1937
(E. I.) du Pont de Nemours & Co. (& Subs.)—Earnings
3 Mos. End. Mar. 31—
1937
1936
Income from operations_$19,755,387 $14,688,281
Prov. for deprec. & obso¬
lescence of plants and
equipment
1
Net
from
1934
3,780,437
3,424,862
1,262,345
$8,813,143
2,499,362
670,402
2,499,362
1,491,660
invest,
3,974,969
in
General Motors
Inc. from misc. sec., &c.
2,443,918
933,198,
4,925,954
560,529
$116,435
deprec., deple., amort.,
Federal income and other taxes
Earnings per share on common stock
—V. 144, p. 2297.
3,296,601
—$15,780,418 $10,907,844
income
Income
1935
$12,687,207 $12,109,744
Gross profit
Net profit after
Ebasco Services, Inc.—
For the week ended April 22,
abandoned
leases,
39,323
$0.12
Weekly Input—
1937, the kilowatt-hour system input of
the operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co. as
compared with the corresponding week during 1936, was as follows:
Increase
Total income.—
$19,157,534 $16,394,327 $12,432,109 $12,804,165
3,130,000
1,666,357
1,320,779
1,161,823
funded debt14,188
14,188
14,188
14,188
Prov. for Federal taxes__
Interest
on
1937
Operating Subsidiaries of
National Power & Light Co..
Net
Divs.
income-deben. stock—
on
$16,013,346 $14,713,782 $11,097,142 $11,628,154
1,639,396
1,639,396
1,639,396
1,637,445
Bal.applic.to com.stk.$14,373,950 $13,074,386
Incl. co.'s equity in
$9,457,746
common
on
is.
The
declared a dividend of 60 cents per share on the
value, payable May 28 to holders of record May 10.
27, last; 20 cents paid on Dec. 20,
last; 30 cents paid on Nov. 30, Aug. 31 and May 30, 1936; 40 cents paid
on Feb. 29,
1936, and on Nov. 30, 1935, and 30 cents per share paid on
Aug. 31, 1935.—V. 144, p. 1277.
14,806,572
11,047,838
$1.34
13,391,299
11,053,462
9,372,733
11,048,507
9,982,994
11,062,168
$1.21
$0.85
$0.90
1937
$
■
1935
Electric
$
196,312,228 178,729,397 170,345,234
14,713,782
11,097,142
11,628,154
Adjust, resulting from
Motors Corp
8,500,000
5,000,000
14,000,000
paid for redemp.
debenture stock
The directors have declared
accumulations
2,500,000
Dr8,387
on
Divs.
250,749,941 225,026,010 194,826,539 184,465,001
1,639,396
1,639,396
1,639,396
1,637,445
stock.
8,293,939
9,954,563
7,184,410
5,531,046
on common
deb. stock
Surplus at March 31—240,816,606 213,432,051
186,002,733
1935
to $162,000,000 ($16.20 a share); in March 1936 to $176,000,000
($17.60 a share), and in March 1937 to $184,500,000 ($18.45 a share),
which closely corresponded to its net asset value as shown by the balance
sheets of General Motors Corp. at Dec. 31, 1933, 1934, 1935 and 1936,
respectively.—V. 144, p. 2825.
Durham Mfg. Co .—Registers with
Earl Fruit
See list given
East
first
on
first
page
page
SEC—
of this department.
(& Subs.)—Earnings—
1937
v
no
par
value
$132,474
104,283
$41,845
2,560
$28,190
1,470
$44,405
will show a
company
net
profit of approximately $76,500, after
to a preliminary statement
by Morgan J. Hammers,
This is equivalent to over 30 cents per share on the 260,000
of common stock outstanding.
Mr. Hammers states the balance
according
President.
shares
indebtedness other
$100,000.
ahead of the company s
earlier expectations, with March alone exceeding the budget estimate by
46%.
Approximately 6,000 units were sold by the company in these 10
months, while for the 12 months to the end of March, volume was 6,646
units.
This was a gain of 2,080 units, or 45% over the previous fiscal year,
and compares with a gain of 39.3% during the calendar year 1936 by the
industry as a whole.—V. 144, p. 2476.
sheet will show
a
comfortable current position, with no
than current payables, and cash of approximately
Mr. Hammers states that sales have been running
1934
1935
1936
$1,534,289
514,621
359,927
$1,289,317
435,031
295,175
$1,073,496
342,180
From Jan. 1—
Gross from railway
Net from railway
6,029,924
2,088,911
1,253,567
3,559,725
1,120,186
763,068
2,534,875
Net after rents-.
4,261,292
1,258,810
864,693
1
unfunded debt of subsidiaries
-Earnings—
1937
$2,394,219
1,005,168
652,119
Gross from railway
Net from railway
$29,661
22
Gross income
dividend will amount to
Electrol, Inc.—Earnings—
Net after rents
1936
$150,152
108,307
...
Income from operations,
on
pref. stock,
1277.
p.
Elgin Johet & Eastern Ry.
re venue
expenses
share.—V. 144,
March—
Non-operating revenue—(net)
Interest
conv.
cum.
1, 1933.
per
This
taxes,
of this department.
Coast Public Service Co.
3 Mos. End. March 31—
Operating
Operating
dividend of $1.50 per share on account of
a
optional
Accumulations after the payment of the current
$12.37
Co.—Registers with SEC—
on
$6
was paid on Dec. 1, 1936, and in each of the five preceding quarters,
prior to which the last previous dividends of $1.50 per share (or at the
holder's option 44-1,000 of a share of common stock) were made on Sept. 1
177,296,510
In accordance with past custom, the value of du Pont company's in¬
vestment in General Motors Corp. common stock was adjusted on the books
of the company in March 193Uto $157,000,000 ($15.70 a share): in March
a
See list given
the
on
share
and March
Total
Divs.
department.—V. 144, p. 1277.
Shareholdings Corp.—Accumulated Dividend—
a
Prem.
of
Inc.—Registers with SEC—
Sayable1, last;1 todividendof record May 5. paidsimilar payment was$1.50 per
larch
June
holders of $2.61^ was A on Dec. 17, 1936; made on
Gen.
in
have
no par
Educational Pictures,
1934
$
$
Surplus at begin, of year 226,236,595
Net income three months 16,013,346
of in v.
stock,
See list given on first page of this
'
1936
■
reval.
directors
This compares with 30 cents paid on Feb.
Surplus Account March 31
a
80,213,000
12.9
25.4
0.9*
13,164,000
10,156,000
703,000*
Decrease.—V. 144, p. 2825.
common
wholly owned, amount
earned
*
Pet.
Amount
102.332,000
40,070,000
80,916,000
Eddy Paper Corp .—Dividend, Doubled—
$9,990,709
un¬
divided profits or losses
of controlled cos. not
Av.shs.com.stk.outst'g.
Earnings per share
1936
American Power & Light Co. 115,496,000
Electric Power & Light Corp. 50,226,000
—V. 144, p.
206,039
504,261
134,286
2298.
Emporium Capwell Co.—New Director—
A. M. Benfield has been elected
a
director to fill the post left vacant
by
resignation of R. P. Connally.—V. 144, p. 2476.
Bal. before prov. for renewals & replacements.
Fed. inc. & undist. profits taxes & fixed charges
of East Coast Public Service Co
Fixed charges of East Coast Public Service Co_
Englander Spring Bed Co., Inc.—Registers with SEC—
$44,383
22,736
-
See list given on first page
$29,660
23,281
of this department.—V. 144, p. 2299.
Equity Fund, Inc.—Earnings—
Net income before prov. for renewals & replace¬
ments fed. inc. &
3 Months Ended March 31—
undistributed profits tax., &c.
$21,647
$6,379
Note—It is the company's policy to make an appropriation to the reserve
for renewals and replacements at the end of each calendar
year; therefore,
1936
1937
xl50
$5,778
1,988
1,050
$7,894
38,387
$2,739
40,329
$46,281
32,213
$43,069
11,631
$14,068
Total income
$31,438
$10,866
2,823
Expense
Provision for Federal taxes
the above statement for
before deducting such
the first quarter of 1937 and 1936 shows results
appropriations.—V. 144, p. 933.
Eastern Gas & Fuel
Net income
Earned surplus, Jan. 1.
Associates—Earnings—
12 Months Ended, March 31—
Total income-
1937
Total
1936
Dividend paid.
$10,720,860 $10,609,858
375,693
643,129
Federal income taxes (est.)
Earned surplus March 31—
x
Balance
:
_
Depreciation and depletion
Interest
Debt discount and expense
$10,345,167
3,842,312
3,141,156
570,705
Minority interest
263
$9,966,729
3,368,974
3,066,647
193,662
452,275
Additional
excess
Balance Sheet March 31
Assets—
on
>2,790,731
1,108,733
$2,885,211
1,108,200
$282,247
1,045,604
4,675
Dividends receiv__
Fed.
77,273
52,303
620,701
Total........ .$1,332,526
$715,643
Capita] stock...
1,991
Capital surplus.
Paid-in surplus.
,.
Earned surplus.
capital
$11,200
$1,660
1,236,027
3,498
14,068
$111,938
600,664
stock tax.
1936
1937
Accrued taxes..
hand
Def.
Liabilities—
1936
1937
Cash in banks and
Investments
Net income
Dividend requirements on 4)4% prior pref. stock-_
Div. requirements on 6% cum. pref.
-
profits tax for 1935.
3l"438
1,050
stock, excl. of stock owned by East¬
ern
Gas & Fuel Associates
State taxes
_
2,244,828
106,732
Deficit
Per share of
common
Note—There is
no
$0,149
stock—deficit
provision for surtax
on
undistributed profits.—V. 144,
2475.
p.
Eastern
Massachusetts
Period End. Mar. 31—
Ry.
Ry.
oper. revenues
oper. expenses
Street
41,916
$701,674
121,781
$731,324
108,471
$193,404
6,104
Taxes.
Equity Shares, Inc.—50-Cent Dividend—
Erie
$1,904,074
1,172,750
$246,294
35,791
$210,503
7,539
$579,893
19,380
$622,853
23,990
RR.—Earnings—
[Including
March—
Gross corporateinc
on fd. dt., rents, &c_
Deprec. & equalization-
Net
inc.
before
$199,508
54,289
105,039
$599,273
163,287
317,924
$218,042
64,078
111,183
$646,843
193,167
339,170
prov.
for retirement losses
$40,180
$42,781
$118,062
$114,506
Associates—Earnings—
12 Months Ended March 31—
Operating
■
1937
subsidiary companies
$8,589,846
Net earns, of su>. cos. applic. to Eastern Utilities
Associates
1,780,906
Other income of Eastern Utilities Associates
309,824
Bal. for Eastern Utilities Associates divs. & surplus
1,958,704
revenues,
Jan.
RR.]
1935
1934
$6,094,835
1,655,415
1,104,249
$7,123,687
2,499,847
1,892,932
21,369,510
6,673,217
4,194,868
19,341,430
5,104,238
3,381,225
17,736,882
4,613,408
2,888,883
18,861,068
5,718,177
3,879.691
1—
Gross from railway
Net from railway
—V. 144, p. 2299.
Fairbanks, Morse & Co.—Extra Dividend—
The directors have declared an extra dividend of 25 cents per share and
quarterly dividend of 25 cents per share on the common stock, no par
value, both payable June 1 to holders of record May 12/ Similar payments
were made on March 1, last.
An extra of 50 cents was paid on Dec. 21,
1936, and an extra of 25 cents in addition to a quarterly dividend of like
amount
1936
$8,358,603
1,611,586
309,792
1,818,519
Note—No provision has been made for the Federal surtax on undistributed
income for the year 1937, since any liability for such tax cannot be
net
determined until the end of the year.—V. 144, p. 2650.
Electric Boat Co.—New Directors—
George W. Covrington, Joseph H. Himes, John J. Hopkins, Thomas A.
Scott, Reeves Sohley and William H. Stanley were elected directors of
this company on April 21.—V. 143, p. 2677.
Erie
1936
$6,457,357
1,695,911
1,153,873
a
—V. 144, p. 2125.
Eastern Utilities
&
$7,857,075
2,684,572
1,893,545
Net after rents.
Net after rents.
Int.
Chicago
1937
Gross from railway
Net from railway
From
Other income-
$715,643
The directors have declared a dividend of 50 cents per share, payable
May 18 to holders of record May 5.
This compares with 20 cents paid on
Oct. 20, 1936, and on Dec. 20, 1935, this latter payment being the initial
distribution on the stock.—V. 143, p. 2207.
1937—3 Mos.—1936
$1,749,033
1,047,359
$1,332,526
-V. 144, p. 1278.
Ry. Co.—Earnings—
1937—Month—1936
$607,634
$638,134
372,314
391,840
$235,320
Total.
$296,239
$0,337
dividends
1,972,596
100,645
$699,562
on
was
paid
on
Sept. 21, 1936, these latter being the first disburse¬
30, 1931, when a divi¬
p. 772.
ments to be made on the common stock since June
dend of 40 cents
F.
E.
D.
was
paid.—V. 144,
Corp.'—Reinoved from Unlisted Trading—
The New York Curb Exchange has removed from
privileges the capital stock, no par.—V. 144, p. 450.
Fedders
unlisted
trading
Manufacturing Co., Inc.—Stock Offering—An
offering of not more than 80,000 shares of common stock was
made April 30 by a banking group headed by Burr & Co.,
Inc., Sidney S. Waleott & Co., Inc., and Stephenson,
Leydecker & Co.
The stock was offered at $15 per share.
Volume
Financial
144
The company is offering 40,000 shares to its stockholders, among whom
certain individuals have waived their rights to subscribe to
15,662 4-5 shares.
Said shares will be acquired from the
company by the underwriters who have
also underwritten the
remaining 24,337 1-5 shares to be offered to the stock¬
holders.
In addition, the underwriting group has the right to
purchase a
maximum of 40,000 additional shares from certain individual stockholders.
The exact number of shares
comprising the offering will therefore depend
Chronicle
2997
(Robert) Gair Co., Inc. (& Subs.)—Earnings—
3 Months Ended March 31—
Profit for period
Provision for depreciation
Interest
Div.
1937
1936
1935
$659,986
204,555
$2 73,666
$452,960
25,985
9,750
178,310
5,550
9,750
155,908
5,850
9,750
$419,695
$80,056
$281,451
on bonds of subsidiary co
pref. stock of subsidiary co__
on
upon the exercise
by the stockholders of the said rights to subscrioe.
The proceeds received by the company will oe applied to the repayment
of loans aggregating $500,000 made
by the company for the purpose of
constructing and equipping a power plant and for the purchase of raw
materials, and the balance will be applied to working capital.
The company is one of the leading makers of automobile radiators,
refrigeration and air-conditioning equipment, having specialized in the
manufacture of automobile radiators since 1907 and having entered the
refrigeration and air conditioning field in 1928.
The prospectus discloses a sharp increase both in net sales and in net
income.
Net sales increased from $3,461,301 in 1934 to
$4,995,549 in
1935 and to $5,716,602 in 1936.
Net income after Federal income taxes
increased from $88,502 in 1934 to $234,413 in 1935 and to $302,149 in 1936.
The radiator business accounted for 72.26% of the total in 1936,
refrigera¬
tion for 26.73% and miscellaneous for
1.01%.
Subject to prior effectiveness of a registration statement filed under the
Securities Act of 1933, holders of the common stock of record April 29,
will be offered the right to subscribe at $15
per share to one additional share
of common stock of the company for ecah five shares held.—V.
144, p. 2125.
Profit
to
Galveston Electric
144,
p.
New Stock—
a dividend of 15 cents per share on the
stock, payable June 1 to holders of record May 15.
new
From Jan. 1—
Gross from railway.
-
_
Net from rail way
Net after rents.
—V.
144,
p.
1935
1934
$1,184,853
508,719
360,475
$1,088,764
370,074
234,182
$1,172,26$
Balance
3,129,071
1,213,834
852,557
2,806,620
794,937
3,032,238
1,293,592
431,223
1937
expenses
excess
1936
$837
2,820
$34,748
$73,036
1937—12 Mos.—1936
a847
Payable
def$4,347
debenture interest
for
1937
$8,273
$3,107
183
Acer, int.
on
$710
$19,836
$21,474
356
on
b5,390
Net deficit
-
$5,156
$710
5,108
$25,227
61,300
$21,474
61,300
$4,398
$953
5,108
1st mtge. bonds.
$36,073
$39,825
No provision has been made for the Federal surtax on undistributed
for the year 1937, since any liability for such tax cannot be
determined until the end of the year,
b Includes $5,035 interest received
a
income
net
Galveston-Houston Co. secured 6% income bonds.
of the interurban electric railway service between
was discontinued at the close of business Oct. 31,
Galveston and Houston
1936.—V. 144, p. 2126.
Gar Wood
Industries, Inc. (& Subs.)—Earnings—
1936
Cost of sales-
Sell.,
1935
1934
1933
$9,425,968
6,301,894
Gross sales, less returns,
allowances & discounts
$
56,979,018
4,822,403
$4,662,343
3,596,830
$2,384,539
1,885,843
948,229
638,533
& adminis. £•:
gen.
branch office expenses
1,901,828
$917,690
33,758
$117,284 loss$139,836
27,795
20,343
$1,306,725
104,260
Other income.
1,238,924
$1,222,246
84,479
$951,448
113,041
$145,079 loss$119,493
86,681
78,920
253
Provs.
for Fed.
Minnesota
agent's fees.
¬
ties sold but not de-
$206,272
127,321
14,356
16,120
$597
Income deductions
rec
$148,209
88,629
25,102
al4,641
16
1936
secur.
purch. but not
$16,216
10,652
3,401
1,453
$3,143
1,683
Non-oper. income (net).
Accts. pay'le—Fiscal
550
5% de¬
4,060
1,589
bentures, series A.
Prov. for Fed. taxes.
\8,435
206
Accrued expenses...
550
255,810
1.443
725
5% debs., ser. A, due
Sept. 1, 1948
105
690
inc.
taxes-
x290,95O
Accrued int. receiv..
Deferred charges, <frc.
694
$684,307
ser.
A,
or sec.
stock
on
undistributed
profits.
Liabilities—
Cash in banks &
a
Accts. & notes
hand
on
b Property not used in oper_
3,123
c
_
Other assets
d Property, plant & equip
(par
SO.10).
Surplus
3,445
1,000
396,513
112,044
$421,072
e
Accounts payable
1,330,776
1,746,778
41,6 04
381,522
125,146
1,340,348
207,606
Prepaid expenses
prof,
Notes payable
$629,655
(trade).
rec.
Inventories
550
owned.....
Common
$88,950 surtax
aii sscts
166,750
ma¬
tured July 6, 1936.
Prov. for Fed. inc.
tax on unreal,
Including
$48,668 def$198,4l3
Consolidated Balance Sheet Dec. 31, 1936
Due to holders of 5%
debs.,
x
9,730
154,100
$911,515
440,000
1,095
341,503
State
Net profit
Dividends paid
8,822
375
accts.
Securities owned
Earning£
1937—Month—1936
revenues
Net oper. revenues
2,364
defx$4,043
Liabilities—
Cash on deposit with
receivable
Patents & licenses.—-——
S293.769
$421,072
Total
Goodwill...
No provision has been made for possible Federal surtax on undistributed
profits with respect to either the realized or the unrealized profit, but to
the extent that such profit is not distributed in the form of taxable divi¬
dends in the year when realized, such profit would be subject to Federal
profits.
Note—Under the agreement dated Oct. 6, 1933, with the fiscal
agent,
the company is obligated to pay to the fiscal agent an amount
equal to
5% of any dividend that may be declared, and upon termination of the
agreement, 5% of the earned surplus and undivided profits of the com¬
pany; no provision has been made in the above balance sheet for any such
payments which may be made subsequent to March 31, 1937.—V. 144,
p.
1783.
Notes payable, maturing from
Jan. 1. 1938 to 1940
Fort Howard Paper
on
first
page
15,000
Min. int. in sub. consolidated
Common stock (par $3)--
March—
Co.—Registers with SEC—
1937
Gross from railway
Net from railway.
after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
a
After
reserve
for
doubtful
24,700
2,400,000
1,174,371
1,006,076
-
of $105,609.
for depreciation of $769,346.
e After
—V. 144, p. 2827.
General Alloys
-
$6,148,895
Total
accounts
for depreciation
reserve
c
reserve
of $97,027.
b After
d After reserves
for amortization of $218,710.
and
After
notes
reserves,
Co.—Registers with SEC—
See list given on first page of this department.—Y. 144, p.
General Bronze
1784.
Corp.—New Directors—
I. L. Martin and F. R. V.
Lynch have been elected directors of this com¬
succeeding E. H. Geiger and Edouard Cournand, resigned.—V. 143,
4155.
General Carpet
1936
1935
$78,179
15,614
5,528
$59,402
5,735
def3,612
$48,555
def2,140
def8,684
225,757
50,817
20,613
202,182
43,186
17,359
11,627
def9,069
168,717
1934
$50,115
def918
def6,079
169,502
14,951
def2,841
General Motors
See list given on first page of this department.
losses
•Registers with SECV. 144, p.2126.
of sub.
Fort WortH & Denver City Ry.—Earnings
railway
Net from railway
Net after rents
1937
$534,362
166,851
89,673
1936
1935
1943
$470,426
148,254
81,852
$408,056
72,311
14,637
$418,494
136,103
75,086
1,381,375
1,144,570
183,183
13,950
1,253,765
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1,469,066
426,211
221,286
415,841
232,731
413,573
234,664
—V. 144, p. 2826.
Fruehauf Trailer Co.—Registers with SEC—
list given on first page of this department.
Fuller Manufacturing
Co.—Application Approved—
The Chicago Stock Exchange has approved the application of the
to list 325,000 shares of common stock,
com¬
$1 par, to be admitted to
trading on notice of registration under the Securities Exchange Act of 1934.
Current assets as of Dec. 31, 1936
$599,925
Total assets as of Dec. 31, 1936
1,300,305
Current liabilities as of Dec. 31, 1936
"240,927
Net income, year ended Dec. 31, 1936
195,407
Net income, six months ended Dec. 31, 1935
44,796
—V. 144, p. 105.
&
2827.
Corp.—Earnings—
1937
Quar. End. Mar. 31—
$
336,849,901
Net earns., incl. equities
in undivided profits or
1936
1935
1934
$
$
341,306,065 251,674,903
$
205,124,080
affil.
not consolidated.
44,814,166
52,464,174
31,510,371
29,319,523
sh. on com.
after pref. dividends._
$0.99
$1.17
$0.68
$0.63
cos.
per
♦
Excluding inter-divisional transactions.
Sloan Jr., President, on April 26 announced the following:
"Net earnings applicable to the common stock for the first quarter ended
March 31, 1937, were equivalent to $0.99 per share on the average common
shares outstanding during this quarter.
This compares with earnings of
$1.17 per share for the first quarter ended March 31, 1936.
"Net earnings applicable to the common stock for the 12 months ended
March 31, 1937, were equivalent to $5.17 per share on the average common
shares outstanding during this period.
"Net earnings available for dividends, including equities in the undivided
profits or losses of subsidiary companies not consolidated, for the first
quarter ended. March 31, 1937, amounted to $44,814,166, compared with
net earnings of $52,464,174 for the first quarter ended March 31, 1936.
After deducting dividends of $2,294,555 on the preferred stock, there
remains $42,519,611, being the amount earned on the common shares out¬
standing, which compares with earnings on the common stock of $50,169,619
for the first quarter ended March 31, 1936.
"Net earnings available for dividends for the 12 months ended March 31.
1937, amounted to $230,832,417. After deducting dividends of $9,178,220
on
the preferred stock, there remains $221,654,197, being the amount
earned on the common shares outstanding during this period.
,
"Earnings for the quarter ended March 31, 1937, are before deducting
provision for any surtax which may be imposed by the Revenue Act of 1936
on any undistributed profits accruing after Jan. 1, 1937.
"Cash, United States Government and other marketable securities at
March 31, 1937, amounted to $223,715,706, compared with $195,658,172
Alfred P.
March—
Corp.—Registers with SEC—
♦Net sales
Earns,
(The) Foundation Co. of N. Y. C.-
pany
$6,148,895
See list given on first page of this department.—V. 144, p.
-Earnings—
—V. 144, p. 2299.
iiee
—
Capital surplus
345,459
Total......
p.
of this department.
Fort Smith & Western Ry.
Gross from
112,500
—
Mortgage payable
pany,
See list given
Net
-
$293,769
x
surtax on undistributed
$410,000
456,997
549,249
—
Accrued liabilities-
Earned surplus
Total.....
$17,507
$44,601
$1,244
Note—Operation
Balance Sheet March 31
livered
$3,691
-
Calendar Years—
of operating expenses and
1937
Miscellaneous
Operating
Operation
on
1935
interest earned during the three months ended March 31, 1936, for this
period, there were no net earnings (as limited by the certificate of incorpora¬
tion) which would be required to be distributed at the end of the year.
As at March 31, 1936, the accrued interest since the last
payment date per
$100 debenture was $0,416.
y After provision for Fed. taxes of $7,345.
Receivable for securi
income
188
undistributed net income for the year 1937, since any liability for such
be determined until the end of the year,
c Interest received
Galveston-Houston Co. secured 6% income bonds.—V. 144, p. 2126.
on
Int.
$956
2,838
2,160
$49,354
....
$17,507
Taxes
over
trustee
$44,790
tax cannot
yCr49.213
Net profit...
Assets—
$1,244
73
These accruals
426,393
1936
$3,233
3,092
—
5% debentures, series A.
Profit realized from sales of sec. (net).
Cash in bank...
$3,764
_
Balance..-
on
an
equipment notes
equal depreciation to be claimed for Federal income
buses only.
Bus service was inaugurated to a minor extent
in December, 1936.
b No provision has been made for the Federal surtax
2651, 2126.
was
on
Maintenance
Foreign Bond Associates, Inc.-—Earnings—
As there
$17,507
915,193
3 Months Ended Mar. 31—
Interest earned
x
$42,992
1,797
•
-
555,001
On and after April 28, 1937, temporary first mortgage 4% bonds series
C,
due Dec. 1, 1966. may be exchanged for definitive bonds with coupons, at
the corporate trust department of the main office of Guaranty Trust Co.
of N. Y.—V. 144, p. 773.
Interest
17",316
$1,244
878
Galveston-Houston Electric Ry.
Florida Power Corp.—Definitive Bonds Ready—
Operating
b20,567
$3,765
Period End. Mar. 31—
1936
3,729,855
1,570,111
1,142,511
i.
"l"546
252
Non-oper. inc.—net.c__
Earnings—
$1,324,486
"578,470
433,435
Net after rents
b2,086
2,332
Net oper. revenues
on
1937
:
Gross from railway..
Net from railway
$226,082
159,444
31,814
$263,777
168,909
31,428
14,390
Retirement accruals.a.
2651.
Florida East Coast Ry.
March—
1937—12 Mos.—1936
$18,634
13,225
2,617
$22,826
Taxes
Net
The old no par common stock was recently split on a two-for-one basis.
See V. 144, p. 935 for detailed record of dividend payments on old stock.
—V.
Co.—Earnings—
Maintenance
Int.
1439.
p.
tax purposes on
The directors have declared
common
income notes and income taxes amounts
on
1937—Month—1936
Operating revenues
Operation
a
$1 par
before providing
inc. notes & inc. taxes*.
Period End. Mar. 31—
Federal-Mogul Corp.!—Registers with SEC—
on
period
on
The provision for interest
approximately $104,000.—V. 144,
See list given on first page of this department.—V. 144, p. 1278.
(M. H.) Fishman Co., Inc.—Dividend
for
for int.
*
2998
Financial
Dec. 31,1936, and $218,034,223 at March 31,1936. Net working capital
at March 31, 1937, amounted to $378,294,268, compared with $339,686,551
at Dec. 31, 1936, and $355,248,902 at March 31. 1936.
"Net sales of corporation, excluding inter-divisional transactions, for the
Chronicle
at
first quarter ended March 31, 1937, amounted to $336,849,901,
with $341,306,065 for the first quarter ended March 31, 1936.
of
manufacturing for nearly half the period.
That being the case, it is
was able to control expense and to
resume manufacturing when permitted to do so, with the result that the
decline in earnings was limited to a reduction of approximately 15%, as
compared with the corresponding quarter of the previous year. Dollar sales
were substantially equaled, and the output of motor cars—the corporation's
principal product—for the month of March established a new record for
interesting to observe the organization
Comparative Balance Sheet
$
Liabilities—
$
hand
659,475
295,272
3,372
3,372
Forms Diesel
Engine Unit—
Am. Mut. Liab.
Insur.Co
V'
25,000
;
a,
„
m m
2,265,352
243.939
27,668
27,673
800,000
800,000
.
47,123
142,210
45,044
At the annual meeting of the stockholders held April 27, the directors
re-elected for the ensuing year.
Marvin E. Coyle was elected a
Director in place of the late Alfred H. Swayne.
were
175,032
206,965
166,227
13,149
13,711
12,135
12,135
corresponding period of April, 1936, an increase of 23.5%,
according to W. F. Hufstader, sales manager. ''The principal factor controling retail volume during the period was the
physical delivery of new cars," Mr. Hufstader said.
"Unfilled retail orders
during the IC-day period increased approximately 500 to 21,457 as of
April 20.
This was an increase of 2,000 since March 31."
Unfilled retail orders amounting to 21,457 on April 20 compares with
3,951 orders a year ago.
Pontiac Sales Gain—
2828.
p.
General Printing Ink Corp.
Quar. End. Mar. 31—
Operating profit
^
Net profit
stock
On
$408,201
27,029
$373,853
20,409
$273,638
26,084
$196,285
21,134
$394,262
49,313
53,394
$299,722
46,344
37,281
$217,419
46,644
27,024
$291,555
$216,097
183,990
$0.88
183,990
$0.48
p.
2481.
Inc. (& Subs.)—Earnings—
35,886
45,063
442,125
538,640
Net oper. income
Non-oper. income
$113,974
5,540
$1,815,644
40,450
$1,705,084
34,464
Total
$119,514
$1,856,095
1937—12 Mos.—1936
$4,664,716
1,904,613
219,791
7,042
$117,846;
—
& amortization—
Federal income tax
Fed. undist. prof, tax.
Balance
82,432
4,004
59,209
$115,510
$1,773,663
$1,680,339
.31,062
5,270
31,220
3,260
373,557
63,075
11,055
375,067
49,532
$81,514
$1,325,976
$81,030
'
$1,255,739
Charges of Gen. Pub.
Utilities, Inc.:
on
funded debt—
Federal income
tax
71,353
1,040
$9,121
860,671
14,120
12,350
$438,834
$8,779
871,784
$383,954
72,251
Fed. undist. prof, tax.
a
Inc., $5 pref. stock
mach., equipm't,
min'l lands,
&C-11.936.251 11,943,038
JTotal
18,269,125 17,179,271
General Reinsurance
See list given
General
on
in 1937 and
Corp.—Registers with SEC—
first page of this department.—V. 144, p. 1958.
Telephone Corp.—New Director—Personnel—^
At the annual meeting of stockholders held April
21. all of the retiring
directors were re-elected, and Harold V. Bozell was added to the Board
to fill the vacancy created by a resolution adopted increasing the number
of directors of the corporation from 10 to 11.
The new board consists of
the
following:
Lawrence Bennett, Harold V. Bozell, Charles H. English, Robert O.
Farrell, Robert A. Gantt, George E. Jones, Morris F. LaCroix, Herbert L.
Nichols, Gardiner Syinonds, John Winn, and Pearson Winslow.
>*4
At a meeting of the board of directors held immediately following the
meeting of stockholders, officers of the corporation were re-elected as
follows: John Winn, President; Harold V. Bozell, Vice-President; Robert F.
Briggs, Secretary and Treasurer, and Thomas A. Boyd, ComtrOller.
—V. 144, p. 2828.
General Time Instruments
New
York
Corp.—Listing—
Stock
Exchange has authorized the listing of 12,000
official notice of issuance, in accordance
with the bonus plan of the company now and heretofore in effect, making
a total amount applied for of 339,789 shares.
On April 6, 1937, the stockholders adopted a resolution approving and
establishing a bonus or premium plan to be in effect during the year* 1937,
1938 and 1939, and at the same time authorized for issuance 12,000 shares
of common stock, and provided that so much thereof as shall be required
in fulfilling and effectuating the terms and provisions of the bonus plan
for 1937, 1938 and 1939, as well as an earlier bonus plan in operation in
1936, might be issued from time to time by the board of directors.
shares of
common
stock (no par) on
Consolidated Income Account
—Fiscal
Years Ended—
Dec. 28 '35
Jan. 2 '37
Gross sales, incl. service
Cost of sales..
charges, less returns, &c_.$11,735,622
7,231,239
'Selling, advertising, general & admin, expenses
2,538,666
Grossprofit
Total income.
38,910
3,242
38,910
$7,940,594
5,251.610
1.599,038
$1,965,716
46,824
...
$1,089,945
36,074
$2,012,540
,
$1,126,019
70,000
26,250
17,126
160,303
Approp. for employees' pension & benefit fund
Amortization of electric clock motor
26,250
14,064
276,083
43,355
Miscellaneous deductions
Provision for Federal and Canada income taxes
Surtax on undistributed profits
Minority interest
Decrease in pension fund .a
-
"""339
232,430
Net consolidated income
Preferred dividends
$1,420,357
per share
excess
541,744
327,784
327,780
$3.54
Common shares outstanding
Representing
$851,999
717,540
Common dividends
251,434
$2.24
of payments to or for employees for pensions and
other benefits under income for the year 1936.
Consolidated Earnings for 3 Months Ended March 31,
3,242
Bal. avail, for common
stock and surplus—
1937
$3,007,317
Net sales..
Oper. costs & exps., excl. pension fund loss & prov. for Federal
& Canadian income taxes
$5,878
$399,924
$5,537
$345,044
undistributed profits taxes other than reflecting the accrual for the calendar
year 1936 in the figures for the 12 months ended March 31,1937—V. 144,
Other expense, net of income
Pension fund loss
Prov. for Federal & Canadian income taxes
_
Consolidated net income
2653.
Refractories
Calendar Years—
_
_
$2,668,104
280,282
xl935
possible at this time to make any calculation of such tax.
Consolidated Balance Sheet
$1,459,589
134,967
Jan. 2 '37
Assets—
Total income
Corp. munic. & income tax
Interest on bond and floating debt.
Depreciation and depletion
Extraordinary items
Federal income tax (estimated)
—
$2,948,386
24,078
184,848
134,429
477,134
$1,594,556
27,990
123,758
179,560
177,429
374,213
219,647
126,589
Notes & accts. rec.,
officers & empl.
$444,605
227,141
$99,842
$3.47
$217,464
$0.98
Patents
2,187,339
75.000
854,067
100,000
201,733
588,311
receivable 1,182,810
923,888
Time ctfs. of depos
Marketable securs.
Trade
notes
accts;
Dividends..
Balance, surplus
per share.
Earnings
Revised
and
Earnings for 12 Months Ended March 31, 1937
Net sales, $12,883,888; cost of sales and expenses of operations, excl. of
deprec., deplet., int. & taxes, $9,801,165; gross profit before other inc.,
allowance for deprec., deplet., taxes, int., &c., $3,082,722; other inc. from
various sources, $330,700; profit before allows, for deprec., deplet., taxes,
int.,
&c., $3,413,423; deprec. & amort., $451,183; depletion,
$27,318;
balance. $478,501.
Profit before taxes, int., &c., $2,934,921; corporate &
prop, taxes, $194,100; profit before int., &c., $2,740,820; bond discount &
exp. amort., $23,752; int. other than on funded debt, $3,137; profit before
int. on funded debt, &c., $2,713,929; int. on funded debt, $128,250; profit
before extraord. losses & Fed. & Penna. inc. taxes, $2,585,679; extraord.
items, $50,639; profit before Fed. & Penn. inc. taxes, $2,535,040; Fed. &
Penna. inc. taxes, est., $488,469; net profit, $2,046,571; earnings per
share, $4.51.
r
$
231,956
510,885
64,216
328,938
317,250
157,559
liquidat'n
expenses.
for
Fed.
&
Can. inc. taxes.
5,885
1,889,313
Equity of minority
stockholders....
5,114,218
344,784
407,596
105.000
175
177
6% preferred stock 3.853,900
x Common stock..
3,277,890
Capital surplus... 2,603.628
4,817.400
2,514,530
1,406,244
Special surplus...
66,487
trade¬
(net)
Corp
Accrued
3,010
6,086
Dec. 28 '35
297,683
Hamilt -Sangamo
"
Prov.
2,312,224
&
$
Trade accts. pay..
Trade accts
account
15,642
Land, buildings &
equipment (net) 5,176,150
marks
Jan. 2'37
Liabilities—
$
Treasury stock
Sundry investm'ts
472,407
Cash
Inventories
Net income
Dec. 28*35
$
$1,576,255
1,476.413
Bond discount and expense
$497,942
Note—No provision has been made in this statement for Federal surtax
undistributed net income, under the Revenue Act of 1936, since it is im¬
1936
_
2,391,729
3,632
23,358
90,656
on
Co.—Earnings—
Net earnings from operations
Miscellaneous income.
x
18,269,125 17,179,271
Total
"a After reserve for depreciation and depletion $3,690,963
$3,591,167 in 1936 —V. 144, p. 2828.
Earnings
Note—No provision has been made in the above statement for Federal
General
in
Real est., bldgs.,
a
Net income
Divs. on Gen. Pub. Util.,
p.
banks
Other income
Charges of subsidiaries:
Int.
in
hands of receiv'r
$1,739,548
Exps. & taxes (other thanI
Fed. inc.) of Gen.Pub.
Util., Inc. (excl. oper¬
ating divisions)
Gross income-
accounts
Fed¬
Depreciation
Int.
Deferred
415,395
419,832
$124,888
Taxes (other than
eral income)
$5,113,563
2,054.601
262,551
$120,706
4,181
Maintenance
1937—Month—1936
$371,113
$394,991
156,339
169,827
19,851
21,669
38,796
43,992
expenses
1,779
Repair parts, &c_.
Pats., at cost, net
The
735,960 shares (par $1) after 4-for-l split-up.—V. 144,
Period End. Mar. 31—
Gross oper. revenues.—
sinking
Due fr. employees
& former officers
$143,751
183,990
$1.30
General Public Utilities,
Operating
1934
out¬
standing (no par)
Earnings per share....
a
1935
1936
735,960
a$0.37
-
com.
(& Subs.)—Earnings—
$327,235
Total income
Other deductions.
Federal taxes.
Shs.
1937
$435,229
47,570
60,424
_
Other income.
with
fund trustee
,
Retail sales of Pontiacs for the first 20 days of April were 15,506 units
against 14,836 for the corresponding period of March and 11,743 for the first
20 days in April, 1936.
Total sales for the month are expected to exceed
the record sales of March, according to C. P. Simpson, general sales
144,
Magnesite
Co
Cash
the
manager.—V.
North
in
west
Cash
Domestic retail deliveries of Buick cars totaled 7,214 units for the second
10 days of April, compared with 7,499 units for the first 10 days and 5,842
in
other,
at cost
Inv't't
of amort
Buick Retail Deliveries—
units
mkt'le
at cost
use.
•
611,313
1,097,208
74
mmmm'ymm
Investm'ts,
New Director—
11,638", 930
195
36
inv._
on
on April 26.
The new division will manufacture a line of Winton Diesel
engines, beginning with a 20 h p. single-cylinder unit up to a 160 h.p.
six-cylinder unit. Single-cylinder units are designed for stationary use only,
whereas multi-cylinder units are all adaptable to marine, stationary or com¬
The
2,700,000
*
1,161,867
2,282,166
71
Investm'ts
mercial vehicle
4J4%
7,749
9,538
rec., less res 2,120,779
The formation of a new division, to be known as Diesel Engine Division
of General Motors Corp., was announced by President Alfred P. Sloan, Jr.
Vv. T. Crowe has been appointed General Manager of this division.
appointment of other officials will be announced later.
mtge.
538,255
593,565
sink, fund bonds 2,700,000
146,983
Capital stock
11,638,930
Capital surplus...
611,313
Earned surplus... 1,798,108
with
Notes receivable—
Accts
854,280
Reserves
Inventories
.
519,511
Accrued accounts.
1st
Spec. dep. for un¬
paid taxes
Spec'l dep. under
agreement
$
$
Accounts payable.
Acer. int.
time."
Mar. 31/37 Dec. 31/36
Mar.31,'37 Dec.31,'36
Assets—
Cash m banks & on
Acer. int. receiv'le
all
published in the
'Chronicle" of April 24, page 2828.
compared
Net sales
for the 12 months ended March 31, 1937, amounted to $1,434,833,776.
It will be recognized by all that the operating results for the quarter
under review were importantly affected by the almost complete stoppage
May 1, 1937
The earnings for the three months ended March 31 was
1,368,885
626,236
1,136,455
874,885
131,250
Earned surplus
Unamort. cost (rts.
Sangamo)
Deferred accounts.
64,126
33,525
dps. in
foreign banks.
1.120
Deps. in closed bks
13,810
8,443
21,263
Restricted
in
Invest,
Grove
Addition Trust.
Assets
for
Total.
50,472
_
_
_
_
_
_
empl "s
pension fund
1,136,455
1,368.886
...12,872,753 11,516,1441
x327,789 shares (no par)
1935.—-V. 144, p. 2653.
Jan. 2,
Total
12,872,753 11,516.144
1937, and 251,453 shares Dec. 28,
Volume
Financial
144
2999
Chronicle
Comparative Balance Sheet Dec. 31
Georgia & Florida RR.—Earnings—
Railway oper. revenues.
Railway oper. expenses.
$347,480
287,646
$270,297
256,753
Net rev. from ry. oper.
accruals
$28,807
8,135
$19,585
7,150
$59,834
23,389
$13,544
17,763
Railway oper. income-
$20,671
Dr7,284
JM.922
$12,435
Cr335
Drl,922
$36,445
Drll,179
Dr5,864
def$4,219
Crl,469
Dr5,864
$11,464
1,006
$10,847
1,273
$19,401
3,873
$12,121
944
1,006
Surp. applic. to int.._
$11,526
$11,115
$20,467
Land, bldg., ma¬
y
Inventories
def$7,336
Tax
Equipment rents (net).
Joint facility rents (net).
_
Accounts payable
Net ry. oper. income.
Non-operating income..
Gross income
—Third
Week of
1937
Gross
1936
$21,525
earnings.....
$18,475
—V. 144, p. 2828.
Gross
revenue
1937—Month—1936
1937—12 Mos.—1936
$2,318,751
$2,064,635 $27,394,369 $24,258,821
1,225,543
No
provision
$322,953
$5,230,469
$4,598,081
245,870
2,949,796
2,950,448
$111,112
preferred stock.
Balance
x
1,496,250
$845,464 $11,565,604 $10,885,350
522,511
6,335,135
6,287,268
245,862
income
on
11,877,221
1,922,500
$356,974
Int. & other fixed chges.
Net
13,906,265
133,750
$893,207
536,233
Gross income.
Divs.
1,085,421
200,000
x Oper. exps. & taxes...
Prov. for retire't reserve
$77,083
$2,280,673
$1,647,633
distributed
made in 1936 for Federal surtax on u
was
been made for such tax in 1937.—V. 144, p. 2128.
Srofits, as all taxable income for that year was distributed. No provision
as
106,163
after rents
844,024
121,742
132,645
741,965
98,289
112,687
817,688
141,172
139,758
1—
From Jan.
Gross from railway
Net from railway
after rents
—V. 144, p.
1934
$296,467
52,342
50,312
959,097
218,616
190.940
Net from railway
Net
1935
$271,380
52,295
55,234
$384,827
120,708
Gross from railway
Net
1936
$316,531
61.851
63,558
1937
'
2302.
Gross from
1936
1937
March—
$257,106
77,109
railway
Net from railway
48,860
Net after rents
From Jan.
$213,134
36,013
12,158
1934
1935
$160,594
23,703
8.202
$190,294
39,408
33,398
1—
612,867
102,280
Net from rail way
Net after rents
438,845
29,793
42,997
722,939
212,969
144,432
Gross from railway
501,079
def5,591
74,299
55,742
—V. 144, p. 2828.
dividend of 50 cents per share on the
payable June 15 to holders of record May 15. A similar
payment was made on April 5, last, this latter being the first dividend paid
since Feb. 1.1932 when 25 cents per share was distributed.—V. 144, p. 2481.
After
x
for
reserve
April 1 last; dividends of 25 cents were paid on March 1 last
Sept. 1 and June 1, 1936, while dividends of 37M cents per
and on Dec. 1,
share had been
then regular
distributed in eadh of the five preceding quarters and prior to
quarterly dividends of 75 cents per share were paid.
Accumulations after the payment of the current dividend will amount to
S3.37H Per share.—V. 144, p. 2302.
$7,734,661 in
382,488 shares
capital stock
subscription receipts of $1,274,950 loss commission
depreciation of $7,879,320 in 1935 and
represented by part paid
and expenses of $150,409.—V. 144. p. 1601.^1
J.
Burton
Steamship Co., Inc.—New President, &c.—
been elected President and General Manager of
Ayers has
this company, to succeed Horace S. Wilkinson, deceased.
F. B. Hufnagel,
has been elected a Vice-President of the company.—V. 144, p. 2303.
Great Northern
Grand Trunk Western
RR.—Earnings—
Net
314,499
1934*
$1,894,299
516,290
322,247
5,695,693
.1,296,136
837,999
4,906,620
957,864
480,39S
4,645,804
945,079
363,111
6,387,978
1,770,526
912,984
Net after rents
$2,018,824
471,012
1935
Net from railway
Net after rents..
2302.
613,195
to
Net
579,815
—V.
144, p. 2482.
Granite City
value, payable May 15
1.—V. 144, p. 280.
of sales, sell., gen.
and admin, expenses.
1935
$8,083,072
1934
$5,188,790
1933
$6,278,663
Cost
paid
7,045,920
360,000
20,374
Depreciation
9,464,028
360,000
Operating income
Miscellaneous income
Total income
Prov. for Fed.income tax
Net prof, applic. to stk
Earned surp.
Res. prov. in
bal. Jan. 1
prior years
lfc.no longer req'd (net)
& Western RR.- -Earnings—<11 !!**■
Green Bay
Federal taxes prior years
22,269
$126,033
33,991
23,974
$93,488
10,534
3,664
382,599
91,705
50,068
343,623
68,424
44,126
269,840
24,330
3,032
$131,312
38,466
31,114
416,223
112,434
59,762
Net after rents
1934
1935
1936
1937
$155,585
49,930
Gross from railway
Net from railway
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 144. p. 2303.
Green Mountain Power
Corp.—Earnings
$2,110,662
$2,076,573
35,141
23,693
21,778
$2,017,541
21,630
$2,241,189
$2,098,351
530,204
$2,039,172
793,588
138,130
5,134,355
544.130
187,848
124,208
231,167
474,650
61,857
36,445
138,634
36,445
137,788
166,965
474,650
110,750
36,445
142,692
$368,673
134,158
$335,416
75,367
$298,126
44,557
$205,356
116,852
Other income
Total income
Operating expenses
546,982
Purchased elec. energy—
225,194
136,548
245,723
474,650
68,843
36,445
Int.
funded debt
on
Other int. expenses
Amort, of discount
Depreciation
Net earnings
Previous surplusPrior
year
1933
1934
1935
1936
$2,206,048
218,751
120,812
197,824
474,650
83.751
adjust.
tax
108",726
10,334
credited to surplus
'31
1,025
31. 1934
$502,831
277,650
$411,808
277,650
$353,017
277,650
$322,207
277,650
$225,181
sh__
Pref. divs. at $6 per
$134,158
$75,367
$44,557
Balance Sheet Dec. 31
1936
1935
1936
$
Liabilities—
$
$
Assets—
Notes
1,362,099
payable
1935
$
1,429,099
$149,374
268,154
131,409
Accts.pay.to sund.
51,195
23,579
17,645
Other accts. pay'Ie
73,632
Rest ricted deposits
11,426
4.259
7.244
Acer. int. on Id. dt.
171,875
35,000
36,714
54,992
171,875
59,581
$174,415
Prep<°
281,251
136,966
notes rec_
.
& supplies.
d charges..
affil.
e
cos
82.666
Accrued taxes..
7,742
Other accr. exp
Funded debt
9,493,000
C >nstr. work orders
Res.
2,834,168
4,585,273
360,000
5,379,833
360,000
4,934
owned
for deprec'n.
121,260
178,194
Susp.
422,157
458.601
credits
d Prov.
in prog
& exp
11,500
35,523
32,182
231,375
231,375
pf. stock 4,340,750
4,340,750
2,100,000
238,517
2,100,000
225,181
134,158
for
cum.
pref. divs
a
$6
cum.
b Common
stock.
Capital surplus
Surplus
$273,509
$665,652
$243,516
$538,830
419,178
27,706
28,650
27,822
$322,687
34,000
$693,358
75,000
$272,167
13,406
$566,652
60,000
$288,687
1,356,649
$618,358
993,283
$258,761
625,138
$506,652
378,552
$1,645,336
350,614
18,582
$1,611,641
254,992
$1,248,275
254,992
$880,205
255,067
Gross from railway
$1,276,141
$1,356,649
$993,283
$625,138
Gross from railway
2.292,996
2,292,996
2,292,996
2,341,866
364,376
21,247,723 21,224,848
Total
25,032
9,493,000
2,890,706
&
other res.
namort. dt. disc.
Total
238,516
21,247,723 21,224,848
Represented by 46,275 no par shares,
b Represented by 22,379 no
shares, c Including 11 preferred shares of the company in treasury, at
cost, $660.
d Including $208,237 for dividends in arrears,
e Including
$56,762 in 1936 and $39,000 in 1935 provision for Federal income taxes.—
V. 144, p. 1280.
a
par
Gulf Mobile & Northern
1937
$694,403
Net from railway
273.955
Net after rents
143,402
March—
Total surplus
Dividends paid
holders of record April 29.
$2 paid on Dec. 21 and Oct. 20, 1936; dividends of
$1 per share were paid on Aug. 15 and on May 15, 1936; $1.11 paid on
March 2, 1936; 50 cents paid on Jan. 6,1936; $1 per share paid on Nov. 1,
1935; 75 cents paid on Aug. 1, 1935, and 50 cents per share distributed on
May 1, 1935, this latter being the initial payment on the pref. stock.—
V. 144, p. 1786.
m
This compares with
sub.
receipts
of $1.50 per share on the $6 conv.
preferred stock, no par value, payable May 15 to
5,934
PI «nt & properties20,056,055 19,971,575
Steel Co.—Earnings—
1936
..$10,117,911
Calendar Years—
Net sales..
12,759,756
2,629,693
578,471
I*
Corp.—Preferred Dividend—
Greenfield Tap & Die
cSecurs.
part
439,868
13,823,440
2.250,205
125,839
after rents
Merch
semi-annual dividend of 90 cents
share on the $1.80 prior preferred stock, no par
on
410,693
15,025,122
2,146,306
$4,782,935
1,350,066
638,005
Deferred expenses.
Knight Co.—Initial Preferred Dividend—
holders of record May
Int.
744,884
16,151,402
2,430,011
after rents
Cash...
The directors have declared an initial
per
1935
$5,060,143
1,132,045
From Jan. 1—
Accts.
Graton &
1936
$5,858,964
1,553,505
Bal., surplus. Dec. 31-
From Jan. 1—
Gross from railway
1934 ^
1937
$5,925,551
1,271,346
Gross from railway
Net from railway
to Dec.
$1,788,759
432,818
279,585
1936
1937
$2,651,311
966,297
695,938
railway
Net from railway
—V. 144, p.
Ry.—Earnings—
March—
Gross from railway
Net from railway
Plant adjust. Dec. 1,
March—
1,356,649
1936.
y Represented by 254,992 shares (no par) in 1935 and
1936.
z In respect of subscriptions to
127,496 shares of
in
Taxes--
dividend of 50 cents per share on account
of accumulations on the $3 cum. conv. pref. stock, no par value, payable
June 1 to holders of record May 10.
A dividend of 75 cents was paid on
2,298,128
1,276,141
.14,356,420 11,747,400
Total
14,356,420 11,747,400
Maintenance
Grand Union Co.—Accumulated Dividend—
The directors have declared a
Gross from
115,251
34,473
254,804
Capital surplus-
Calendar Years—
The directors on April 26 declared a
stock,
896
Earned surplus
Operating revenues
Goodyear Tire & Rubber Co.—50-Cent Dividend—
common
174,388
Reserves
Total..
24,386
156,800
11,500
78,495
75,835
200,715
2,292,996
16,840
'
Accrued interest..
Federal inc taxes..
March—
Georgia Southern & Florida Ry.—Earnings-—
r
tion claims
Wages and comm.
The directors have declared a dividend
Georgia RR.—Earnings—
March—
560,000
Prop., &c., taxes..
Great Lakes
Georgia Power Co.—Earnings—
Period End. Mar. 31—
124,980
65,149
_
Notes payable
671,963
122,423
212.052
2,803
Jan. 1 to April 21
1937
1936,
$414,030
$327,748
April
867,266
Investments
_
336,663
Accrued compensa¬
Notes & accts. rec.
Deferred charges.
1,141*677
Common stock..
6,088,821
zl,124,540
Instalments receiv.
3,400,393
521,016
2,255,906
501,190
10,419
Cash
U. S. Treas. notes.
$
8,483,821
5,070,828
1,893,072
chinery <fc equip. 10,387,165
def$4,532
Deductions from income
$23,274
2,807
x
1935
$
Liabilities—
$
def$8,614
4,082
$12,470
Assets—
1936
1935
1936
1937—3 Mos—1936
1937—Month—1936
$135,866
$108,367
107,059
88,781
Period End. Mar. 31—
RR.—Earnings1936
1935
1934
$597,732
$479,279
144.575
67,130
$464,384
223,320
107,140
1,646,899
1,297.048
534,524
299.858
240,755
80,882
1,261.619
362,352
116,476
156,026
72,728
From Jan. 1—r
Balance, Dec. 31
Cap. surp., bal.
Adjustments
Jan. 1_.
Cr5,133
Dr48,870
Net from railway
Net
—V.
Balance
share on cap.
stock outstanding—
$2,298,128
$2,292,996
$2,292,996
$2.42
$1.01
$1.99
Earnings for Quarter Ended March 31
1937
1936
1935
Sales
$3,139,478
$2,211,883
$1,584,490
Costs, expenses, &c
2,883,234
2,053,917
1,347,323
Operating profit
Other income
Total income
Fed. taxes & spec. chgs..
Depreciation
Net profit....
Earnings per share
144, p.
2482.
Gulf & Ship
Earns, per
^
after rents
$2,292,996
$0.75
1,843.137
646,990
294,778
$256,243
$157,965
$237,167
Island RR.— -Earnings—
1937
$177,245
56,904
28,601
March—
Gross from railway
1934'
$868,203
798,251
$69,952
3,901
2,610
4,475
7,070
$258,853
21,079
$162,440
11,224
$244,237
19,655
$73,853
2,294
95,773
90,,000
90,000
90,000
$142,002
$0.37
$61,216
$0.24
$134,581
$0.52
loss$18,441
Nil
,
Net from railway
Net after rents
1936
1935
1934
$160,721
53,367
26,340
$130,251
19,977
def4,279
$131,815
34,833
9,369
399,700
69,730
defl3,474
358,643
59,489
defl2,339
307,816
28,325
def38,200
319,363
60,242
defl6.683
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
.
144, p. 2302.
Hackensack Water
Co.—Dividend Halved—
declared a dividend of 25 cents per share on the com¬
stock, payable June 1 to holders of record May 15.
This compares
with 50 cents paid on April 1 last and previously semi-annual dividends of
75 cents per share were distributed on June 1 and Dec. 1.
The directors have
mon
3000
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
1936
al935
1936
Assets—
Prop.,
Liabilities—
plant
equip,
&
(incl.
in¬
33
1,737,216 33,035,778
38,202
328,575
Cash
on April 9 declared a dividend of
50 cents per share on
stock, par $5, payable April 30 to holders of record April 20.
was made on Jan. 30, last, and previously regular
quarterly dividends of 25 cents per share were distributed.
In addition
extra dividends of 25 cents were
paid on Oct. 31, and on July 31, 1936.
—V. 143, p. 2371.
the
§
funds..-
2,175
b Accts. receivable
347,656
Materials & suppl.
Unamortized debt
Mortgages payable
A
154,922
15,000
Accounts payable.
60,420
Accrued liabilities.
7% cum. pref.cl.A
stock (S25 par)
Common stock($25
130,343
389,959
Res. for retirem'ts 4,069,496
Res. for insurance.
_
disc. & expense.
758,563
794,536
Prepaid insurance,
taxes, &c
12,462
Misc. del. charges
36,594
14,306
17,321
See list given
8,046
1,500,000
1,500,000
7,687,500
1,819,753
Earned surplus... 4,027,579
Gross profit on sales
Shipping
Operating profit
Total income
Cash discount, &c
Net
$43,121
14,400
Earnihgs
$25,756
14,550
1,317
Funded debt
Sundry deductions
Assets—
1937
plant and
equipment
Miscell. invest...
1936
Special deposits
$833,730
$826,296
1
2
stock
parts,...
,
prepd. ins., &c.
134,121
90.093
Notes receivable..
28,017
28,850
Salesmen's
12,916
21,694
1,399
8,032
12,837
10,890
11,757
2,664
264
Accts. receiv
30,759
46,759
7,429
Due from affil. cos.
6,274
Mdse.,
Materials
& supplies
Appl. on rental._.
31.30S
3,171
Cash in closed bks.
1,055
25,169
2,253
1,583
907
1,438
Def. debit items.
_
9,789
Consumers' depos.
Accrued accounts.
Service
extension
deposits
6,000
Def. credit Items..
$914,317
$921,319
Total.........
97
158,489
210,013
$914,317
first
page
10,700,084
After
for
reserve
Fed'l
&
State
1,261,057
preference
reserve
Common stock.
bad
debts
and
for
Total.....
stock
1937
1936
$101,664
Mar.3V37
187,447
2,452,638
investments
§227,610
Jan.\,'37
$236,799
bank loans)....
750,000
150,000
265,000
137,142
Accounts payable.
Notes payable (for
S66.766
1,240,691
261,185
1,981,832
15,835
15,835
Prov.
Plants & equipm't
(less
reserve
Mar. 31,'37
Accrued pay rolls,
taxes, &c
Jan. 1, *37
§126,496
1,432,929
for
Federal
Income taxes
for
57,222
same
Hercules Powder Co.,
1937
as
3,823,507
3,743,949
Patents & goodwill
1
1
Deferred charges..
118.540
bonds..
79,619
_
1,897,963
z422,373
$7,890,314
983,869
yl78,768
Net profit for period._
Surp. at begin, of year..
$1,475,590
10,623,674
$805,101
10,178,157
on com. stock
Proceeds from sale of com.
stk. in
excess
Series A 1st pref.
(par $100)
56,859,204
1,010,875
137,948
$797,060
10,229,141
out.
595,390
per
From all
share
583,879
$1.12
$2.29
583,533
$1.05
Operating
dents, depreciation, &c.
Net
1936
§
Plants & property. 17,140,294
Cash
Accts. receivable-_
2,182,805
4,636,347
15,960.440
3,621,925
3,172,454
Liabilities—
x
capital stock
Invest,
9,619,400
15,155,850
9,619,400
accounts.
1,673,929
642,650
Pref. div. payableDeferred credits..
131 232
153,104
60,966
35,750
Govt, securities...
Marketable
sec..
Materials & suppls
Finished products.
Deferred charges..
Goodwill
Total.
1,068,145
1,879,425
209,154
5,834,891
3.774,162
130,887
5,000,000
1,679,309
69,987
1,164,277
2,504,906
210,052
Fed. taxes (est.)..
Reserves
Profit andloss
3,508.847
3,302,737
107,707
x
Represented by 617,745
-V.144, p. 1440.
(606,234
Total
in
1936)
no
par
$85,077
21,638
11,796
37,077
35", 387
CY287
CY151-
Dr587
239
239
$10,929
Houston Electric
Per. End. March 31—
Interest on bonds
Other interest, &c
Amort, of debt disc.
$27,497
Co.—Earnings—
$235,543
110,503
30,284
23,630
a26,333
$197,034
92,280
26,125
24,579
18,888
$44,792
16,336
$35,161
19,316
1,169
Maintenance
Retirement accruals
Taxes
Cr33
$26,264
$12,126
1937—Month—1936
Operating revenues
Operation
650
~
&
expense
1937—12 Mos.—1936
$2,516,464
$2,185,027
1,237,237
1,092,457
341,509
315,632
282,463
336,237
a263,676
216,781
$391,578
213,129
9,013
$223,919
231,792
9,643
655
345
7,115
8,073
$26,632
Net income
$14,850
$162,320
def$25,589
No provision has been made for
the
net income for the
year 1937 since
a
Federal surtax
on
any liability for such
determined until the end of the year.—V.
144, p. 2130.
undistributed
tax
cannot
be
Texas—Earnings—
[Including Houston Pipe Line Co.]
Period End. Mar. 31—
Gross earnings...
Oper. &
gen. exp.
& taxes
Income from operat'ns
Other income credits
Total income
Int., amort. & Fed. taxes
Deprec. & depletion
Prop, ret'd & abandoned
43,571,167 40,302,641
shares of
$88,345
24,898
Cr21
Net income
Earns, per sh. on 1,098,618 shs.
com.
stock
5,000,000
43,571,167 40,302,641
1,166,617
628,551
3.980,301
3,657,954
11,495,098 10,392,245
$31,900
8,265
16
...
52,887
crued
1,679,309
securities.
Common stock.. 15,443,625
Preferred stock
Accts. pay. and ac¬
Hercules Powd.Co.
Other assets
$
$77,021
8,055
12,359
revenue
1936
$
.
$77,141
11,203
$31,927
8,421
Houston Oil Co. of
1937
$
$29,339
2,561
—V. 144, p. 2655.
Consolidated Balance Sheet March 31
1937
$241,693
164,672
Net rev. from oper...
Taxes assign, tory oper.
Interest
Replacements
1937—3 Mos.—1936
$260,912
183,770
$29,136
2,791
582,729
$1.18
y Includes other deductions of $6,736.
z
In¬
$37,821 and undistrubuted profits tax of $71,774.
1,725.128
.38,157,392 §7.389,878
1937—Month—1936
$93,890
$84,060
64,754
54,721
expenses
Net rev. from transp.
Rev. other than transp._
sources
cludes other deductions of
Total
1,500,000
1,239,660
Honolulu Rapid Transit Co., Ltd.-Earnings—
Period End. Mar. 31—
Gross rev. from
transp__
Net oper. revenues
(no
2,226,700
-
1,500,000
—V. 144, p. 1961.
$872,926
10,040,110
after deducting all expenses incident to
manufacturing
and sale, ordinary and
extraordinary repairs, maintenance of plants, acci¬
x
$8,157,4392 §7,389,878
of stated
par)
Earnings
Total
Profit & loss
1934
$7,204,411
937,708
140,648
0402,885
stk.
78,100
714,650
stock
(par §25)
Surplus.....
Depreciation
Surplus at March 31..-$11,495,098 $10,392,209 $10,403,861 $10,436,970
com.
22,700
3,487,000
(par §100)
charge
$12,099,264 $10,983,258 $11,026,201 $10,913,037
131,232
153,140
184,686
184,702
875,819
437,909
437,654
291,365
value
Shs.
552,800
Capital stock:
provided by law.
The Court has
before it on May 10 why the
Inc.- -Earnings—
1936
'
1935
$11,366,983
pref. stock....
68,559
608,200
5% 10-yr.reg.deb.
depreciation)
Series B 1st pref.
outstanding capital stock voted in favor of dissolving the corporation; and
for the further reasons that a new vehicular bridge was
completed across the
Mississippi Iiiver at the City of Hannibal, in a more advantageous position
than that of the bridge of the corporation; that the
bridge of the corporation
was old
and required immediate repairs which would have
necessitated
subtantial additional capital; that the lease heretofore
existing for the bridge
had been disaffirmed by the receivers of Wabash
Ry., lessee; that all of the
bridge properties of the corporation by legal vote of its stockholders were
sold to Wabash-Hannibal Bridge Co. on April
1, 1937; and that the only
assets are now cash and readily marketable securities
which it is estimated
are sufficient,
after payment of all liabilities to make a distribution to
stockholders of slightly more than $80 per share on each share of stock of
said corporation.—V. 144, p. 2654.
on
1934
loss$96,256 loss$115,100
Liabilities—
Assets—
petition and application should not be granted.
The dissolution and order were requested for the reason that at a
meeting
of the stockholders on Jan. 29, more than three-fourths in
amount of the
Total surplus
1937 and
1935
$57,675
Common
Divs.
Divs.
in
Consolidated Comparative Balance Sheet
stock
take
_
2,518.310
Heywood-Wakefield Co.—Earnings—
Quar. End. Mar. 31—
Net profit after charges.
show cause, returnable
Fed. income tax (est.)
16,644,828
depreciation of $10,217,904 in 1937 and $10,151,398 in 1936.
of its assets and administer the
3 Mos. End. Mar .31—
3,297,212
discounts of $242,882
Share-
Gross receipts.
x Net
earnings
728,649
3,297.212
25,312,964 21,967,458
stock (par §25).
2d
pref.
stock
to
780,155
271.351
728,649
_
On April 14, 1937, company duly filed in the Hannibal
(Mo.) Court of
Common Pleas its petition and application for
dissolution, together with
its prayer that the court direct the president and directors to
order
780,155
271,351
—V. 144, p. 1787.
Misc.
Hannibal Bridge Co.-—Dissolution—Stockholders to Real¬
an
1.432,768
divs., pay'ie
y Represented
by 271,351 no-par shares,
z Repre¬
no-par shares,
a Represented
by 17,507 shares conv.
and 26,900 shares of common stock
at cost,
b After
Notes receivable-.
Inventories
The company paid a dividend of 50 cents per share on its common
stock,
par $10, on April 26 to holders of record April 10.
Previously dividends of
25 cents per share were distributed each three months.—V.
143, p. 2052.
issued
1.330.S04
3,300,000
.
for
Surplus at organiz.
$322,317 in 1936.
by 728,649
Accts. receivable..
of this department.
Hammermill Paper Co.—Larger Dividend—
ize About $80 per
7.
$
1.476,153
May 15, 1937..
Conv. pref. stk.
.-25,312,964 21,967,4581
Cash
Hamburger Distillery, Inc.—Registers with SEC—
on
y
sented
$921,319
-V. 144, p. 2654.
See list given
Acer,
1936
$
taxes
&c. 11,343,926
Total...
6,000
175
170,905
209,713
Reserves
Earned surplus
Total
advs.,
buildings,
machinery
and
x
affiliated cos...
Notes payable
Accounts payable.
$2.Ob
& wages
income
b Land,
Due to parent and
107
$880,332
701,749
701,749
$1.79
payable
Notes & l'ns pay.
259,118
291,000
10,281
$726,415
Earned surplus
16,716,696
aTreas, stock—Dr 2.518,310
291,000
107
$1,660,488
253,844
526,312
526.312
$438,531
701,749
$1.37
Accrued
269,741
$200,000
1,103
5,899
__
rec.
1936
$200,000
Funded debt
•
1937
1,567,692
8,708,232
Ousts, accts.
equipment,
1937
par)
$1,506,570
253,844
253.844
526,312
Accounts
($100
Notes receiv
Cash
$1,218,687
167,883
240,850
Liabi ities—
1,477,011
Mdse. inv. at cost.11,380,524
Supply and repair
$12,640
18,000
Liabilities—
Com.
$2,081,017
155,813
264,716
■
613.387
Balance Sheet March 31
,
$1,915,302
$
679,623
x
Note—No provision was required for Federal surtax on
undistributed
profits the year ended Dec. 31, 1936.
Federal surtax on undistributed
profits for the calendar year 1937, if any, is undeterminable at March
31,
1937 and no provision therefor has been made.
Assets—
$1,627,795
194,046
215,063
1936
$
Cash..
210
$9,699
10,000
—
$2,007,952
73,064
Consolidated Balance Sheet March 31
$28,721
14,550
1,321
189
Net income.
Common stock dividends
Prop
per share
1937
Gross income
$1,825,503
89,798
861.745
$575,996
701,749
$1.56
Shs.com.stk.out.(nopar)
Other interest
$3,046,136
517,870
520,314
69,920
$1,356,152
253,844
526,312
_
Surplus
38
$40,156
14,400
income..
Conv. pref. dividends.
Common dividends
$43,083
19
—
Gross income before provision for retirements
Provision for retirements
Interest:
$1,938,377
220,301
361,924
.
Federal taxes
$174,556
131,472
$40,137
_
$1,557,875
1934
$2,954,321
554,383
574,434
1936
$163,995
123,859
Non-operating income (net)
$3,070,732
651,113
$1,828,654
109,723
.
Other income
Hagerstown Light & Heat Co. of Washington County
Net oper. revs, before provision for retirements.
of this department.
$3,132,347
682,444
621,249
expenses
Sell. & gen. adm. exps..
Total..
35.416,354 34,797,4611
Total
35,416,354 34,797,461
a 1935
figures adjusted for comparison,
b After reserve of $4,230 in
1936 and $3,201 in 1935 for uncollectible accounts.
Note—The income account for calendar years was given in "Chronicle"
of April 24, p. 2828.
Operating revenues
Operating expenses and taxes
page
Consolidated Earnings for 3 Months Ended March 31
1937
1936
1935
7,687,500
1,810,254
3,666,216
1937
first
on
Hershey Chocolate Corp.—Earnings—
*
par)..
Capital surplus
Year Ended March 31—
payment
(The) Hendey Machine Co.—Registers with SEC—-
3,913,462
7,470
common
similar
302,477
59,977
389,918
2,175
354,255
129,194
1937
The directors
1935
14,250,000 14,250,000
Deferred liabilities 1,534,255
1,584,085
investments
Working
a
$
Funded debt
tangibles)
Misc.
May 1,
Hawaiian Pineapple Co., Ltd.—50-Gent Dividend—
(par $25)
value.
x
p.
1937—3 Mos—1936 ~
$1,925,703
$1,608,945
968,068
899,917
$957,634
47,538
$1,005,173
xl44,732
325,828
65,246
$469,366
$709,029
65,013
.
$3,035,281
116,233
$2,994,604
134,108
$774,042
156,474
304,438
178,205
$3,151,514
x548,976
1,271,873
495,783
$3,128,712
$134,925
$834,882
$748,668
$0.30
No provision made for Federal
surtax
1961.
1937—12 Mos.—1936
$6,591,301
$6,464,476
3,556,020
3,469,872
Nil
on
$0.27
undistributed profits
695,418
1,184,655
499,971
$0.19
-V. 144,
Volume
Financial
144
Hooven & Allison Co.—Initial Div. on New Pref. Stock—
$1.25 per share on the
5% cumulative preferred stock, payable June 1 to holders or record May 15.
The company recently Issued new 5% preferred stock in exchange for the
old 7% preferred stock.—V. 144, p. 454.
The directors have declared an initial dividend of
Coal Co.—New Vice-President—
Hudson
Oadwallader Evans Jr., Gen. Manager, was on April 28
General Manager of the company, succeeding the
named Yice-Pres.
iaie Andrew M.
and
Fine.
G.
11. Fillmore. General Sales Manager was
dent in charge of sales.—V.
142.
p.
3001
Chronicle
advanced to Vice-Presi¬
3578.
noiaers on Dec.
1 approved a plan which cleared up
the old 8% cum. pref. stock.
on
$2.50 paid on Dec. 16. 1936, this latter payment being the first dividend
paid on the common stock since June 30, 1930, when 25 cents per share
was distributed.—V. 143,
p. 3468.
Hupp
Hummel-Ross Fibre Corp.—Offering—
Motor Car Corp.—Listing—
The New York Stock
Exchange has authorized the listing of 756,046
(par $1). on official notice of issuance in substitution
stock ($10 par): 988,971 shares upon official
notice of issue and payment in full, pursuant to the terms of an offering to
stockholders: and 254,983 shares upon official notice of issue and payment
in full, pursuant to the exercise of stock
purchase warrants, making the
total amount applied for 2,000,000 shares.
See also V. 144, p. 2829.
shares or common stock
for
In connection with the offering of 178.229 shares of common stock
($5 par) a prospectus dAted April 15 affords the following:
History—Company was incorp. on Aug. 12, 1920 in Virginia, by J. P.
Hummel, President, to supply a demand for sulphate pulp by a company
formerly controlled by him.
Sulphate pulp is the basic material for the
manufacture of Kraft board, corrugating materials and Kraft paper, which
are the products presently manufactured aad intended to be manufactured
by the company.
During the past several months the company's output
of Kraft paper has been relatively small in comparison with its output of
Kraft board and corrugating materials due to a greater demand for the
1,512,091 shares of
common
Consolidaled'.lncome Account for Calendar
the development of the company's
The following table shows
-1934-
-1936-
1934
1933
$6,868,052
8,586,549
$7,196,373
9.656,288
$6,118,929
7,253,021
$776,214
47,369
$1,718,497
53,514
$2,459,915
159,599
$1,134,092
$728,845
36,597
$1,664,983
$2,300,316
$1,016,044
542',997
635,153
126,391
1936
Cost of sales
v
Other income.
Kraft board
43.797
Kraft paper
1,931
5,638
$1,229,262
3,568
261,715
2,918
159,521
167
6,072
51.366
$2,616,323
1~408
70.170
28,449 $1,656,570 18,030
180,765
60,252 90,197
$840,737
27,001
Miscellaneous
Interest paid
II-1
Discounts allowed
Res. for deprec. & amort.
Tons Net Sales
9,850 $353,130
6,772
417.437
21.796
5,185,312
136,370
294,641
Corrugating matls
business:
-1932-
Net Sales
Tons
Net Sales
Tons
Products—
Idle plant expense
Losses of subs
,
62,353
Turpentine (gals.) 194,317
x
Company
14,562 acres of timber land within a
which 2,020 acres are subject to pur¬
approximately
owns
miles from Hopewell, of
of the purchase price
before purchase and
company's employees to contain 139,000 cords of pine
chase money mortgages securing the unpaid balance
thereof aggregating $35,333.
This land was cruised
is estimated
by the
$2,010,576
11,093
Losses
$2,021,670
1,806,504
$1,725,840
1,531,291
36,480
xll8.344
40,219
32,408
43.013
21,698
$436,665
$142,538
$129,836
Total gross earnings
Cost of operations
Income deductions
Federal taxes
Net profit
x Includes $27,552. for Federal undistributed profits tax.
The annual dividend requirement on the company's 6% cumulative
preferred stock (of which the total authorized amount is presently issued
and outstanding) is $41,520.
Capitalization—Capitalization as of Dec. 31, 1936, adjusted to reflect
(1) the sale by the company of 51,000 shares of its presently authorized
but unissued common stock and 6,500 shares of its common stock presently
held in its treasury which are included among the shares offered and (2) the
application of the net proceeds follows:
Authorized Outstanding
6% cumulative preferred stock ($100
Common stock ($5 par)
a
par)
$692,000
$692,000
...
1,993,625
Exclusive of $28,000 common stock
sales of
on
Loss
on
Loss
"Cr450
al,965,625
owned by the company as treasury
sec
Red.
sale of cap. assets
i
receivable.
of
amt.
productive
inv.
books
on
Amount of Company's
Shares Underwritten
E.
H.
Rollins
Sons,
&
40,243 shs.
40,243 shs.
40,243 shs.
Employees—Company contemplates offering 3,500
18,000 shs.
New York
18,000 shs.
18,000 shs.
Tobey & Kirk, New York
Refinance Corp., New York..
Proposed
Amount of Stockholders'
Shares Underwritten
Inc.,
Offering to
shares of common
certain of its em¬
stock presently held in treasury, to
ployees at $7.50 a share when the stock is listed on the New York Curb
Exchange.
Such shares are not to be offered through underwriters, and,
there is no commitment by any person to purchase any of the shares.
40,235
Hydro-Electric Securities Corp.—Earnings—
Calendar
$577,255
15,519
$618,170
$839,743
1933
$681,782
41,840
1934
1935
1936
Years—
Divs. & int. rec. in cash.
received in stock,
whereof sold for cash.
Divs.
30,769
Other income.:
$870,512
66,583
accrued.
Admin, k gdn. exps. and
differences of exch., &c
$618,170
63,994
$592,773
$723,622
60,347
Total income
Interest paid or
34,242
33,413
39,388
Included in depreciation and
y
$1,777,588
amortization.
$4,398,445
$2,607,115
$1,079,143
Included in cost of sales,
x
Comparable Consolidated Balance Sheet
x
,
chinery, &c.
ylnv. In sub.
Capital stock
not
payable.
Taxes payable
3,966,430
4,964,526
1
In
Inv.
1
Owing to a former
officer on settle,
Cash U. S.ctfs.,&c.
132,188
54,203
63,616
164,542
13,063
26,135
of
under
claim
...
Owing to sub. not
Prov.
thereon
in 1936.
for
loss
on
cancel.of comm.,
657,194
179,000
837,560
120,640
119,390
Dealers' dep., &c.
115,167
Accrued
Total
78,700
5,022,421
After
x
reserve
''
&c...._.
85,000
120,533
Accruals
against cl.
banks
1,537
1,537
consolidated
rec. at amt.
Claims
12,500
employ, contract
Adv.pay.,on mat'ls
realized
191,621
25,500
1
Accts. receivable..
Mtge.
214,138
service parts
Rental payable
V
1
■
ordered
279,139
Amt. owing on re-
1
^
181,351
purch. of invent.
corp
&c_
77,104
Accounts
another
G'dwill, tr. names,
.
$
13,186,280 13.186.280
ma¬
consolidated
1935
$
Liabilities—
$
$
Land, bldgs
1936
1935
1936
Assets—
191579
46,411
10,635
57,174
wages
20,552
Deferred credits..
76,125
Capital surplus..
Deficit...
8,805,568
76,125
7,571,189
5,022,421
6,469,940
6,469,940
for depreciation of
...
Total....
-
,963,387 in 1936 and
$6,820,317 in
1935.
Investment in subsidiary not consolidated, represents the ownership
outstanding capital stock of Commonwealth Alcorn Co.
Except
small bank balance and a small amount owning by the parent company,
the only asset of this company is land and a building thereon subject to
a mortgage in the principal amount of $210,000, which matured on Jan. 30,
1935, and in respect of which this company is in default.
Corporation is
informed that the property was purchased by the mortgagee at foreclosure
sale on Feb. 6, 1937, and that property has since been advertised for sale
for non-payment of taxes.
Hupp Motor Car Corp. and its other subsidiaries
disclaim liability on the mortgage.
Hupp Motor Car Corp. was lessee
of the property under a 20-year lease dated Aug. 1, 1930, the rental payable
being $32,000 per annum plus property taxes.
As of Jan. 28, 1935, the
lease was canceled by mutual agreement between Hupp Motor Car Corp.
and the Commonwealth Alcorn Co.
The mortgagee, however, has com¬
menced an action seeking to enforce performance by Hupp Motor Car
Corp. of the original terms of the lease and the mortgage note.
y
of entire
for
a
To Start
dividend of 20 cents per share on the com¬
stock, payable May 15 to holders of record May 1.
An extra dividend
of $1 in addition to a quarterly dividend of 25 cents was paid on Dec. 1 last.
An extra dividend of 75 cents per share was paid on Sept. 1,1936.—V
144,
p. 2655, 2483.
44,537
I'".
are
Net Joss.
20-Cent Dividend—
The directors have declared a
mon
Cr7.522
which
at
Deferred charges..
Purpose—The estimated net proceeds to be received by the company from
the sale of 57,500 shares of the common stock offered hereby of $404,638
after deduction for the expenses to be incurred by the company in connection
with the issue are to be devoted to the following purposes:
(1) To retirement of first mortgage 6H% serial gold bonds
$323,597
(2) To retirement of unsecured non-interest bearing notes
46.029
(3) For working capital and other corporate purposes
35,012
The remaining 120,729 shares being offered are being sold by or for the
account of certain stockholders and the company will not receive any of
t)bio proceeds from t/tic Sttlc
Underwriters—The names of the principal underwriters and the respective
amounts of common stock underwritten are as follows:
16". 059
on notes
$1,716,822
9,017
$2,691,516
2,100,025
Other income (net)
305,058
63,385
1,265
16,199
sales of aband't
on
surplus equip., <fcc_
Foreign exchange losses.
1934
$2,678,675
12,840
Net sales
891,288
12,808
of
carried
1935
271,827
y
of loans & commitm'ts
Earnings for Calendar Years
1936
177,953
120,236
85,000
tools, jigs & patents.
Pro v. for loss in respect
';.
wood.
118,047
Red .of carry. val. of dies,
Losses
$867,738
$1,716,822
$2,678,676
Total net sales.
15,116
2,938
438.610
119,985
196,438
—
Total
Years
1935
$416,403
1,192,617
Sales
products.
last-mentioned
radius of 37
dividend accumulations
The company also paid a dividend of 75 cents per share on the common
stock on March 31 to holders of record March 20.
Tnis compares with
An
early
Operations Soon—
start
on
manufacturing operations for
the 1938 Hupmobile
models is expected, according to a recent announcement by the company.
Thomas Bradley, President, stated the company had been notified by the
Securities and Exchange Commission that the registration statement for
new finance program had become effective on April 19 for the plan
approved by stockholders at a meeting held on April 17.
The new stock
has been listed on the New York and Chicago Stock Exchanges and rights
Hupp's
shortly be issued to present stockholders.
"The plans provide for more
ample capital to insure Hupp a strong position ij the industry,"
"New 1938 models, sixes and eights, will be announced
upon the completion of tooling which is already in progress, as the designs
for the new cars are now tentatively approved.
These 1938 models will
be the 30th Hupmobiles since the company started in 1908," Mr. Bradley
will
than
stated Mr. Bradley.
concluded.
Exchange Agent—
$743,580
2,015,499
$519,934
1,897,083
$559,360
1,976,493
$684,234
1,764,060
$2,759,080
$2,417,017
$2,535,853
Co. of New York has been appointed exchange agent
of old $10 -par value common stock of this
The Guaranty Trust
in connection with the exchange
corporation, for new $1 par value common stock on the basis of one share of
old stock for one-half share of new stock.
Half shares of new $1 par value
$2,448,294
common
stock will be issued where necessary.
See also list given on
first page of this department
V. 144, p. 2829.
Amt. allocated to writing
223,683
off investments
Remuneration, directors
& advisory committee
397,611
401,517
415,087
15,653
456,146
$2,361,468
$2,015,500
$1,897,083
$1,976,495
preferred shares
Divs.
on
Divs.
on common
shares
Surplus Dec. 31
Balance Sheet Dec. 31
1936
at
call
$
$
Liabilities—
Purch. consider'n.
with
909,438
249,000
1,128,934
854,760
11,092
bankers & on dep
Loan
1936
1935
$
Assets—
Cash
5,120
Sundry debtors...
Sundry creditors.
1,956,010
10,704
.
1935
$
2,000,124
3,961
5% class B cum.
partic. pref. stk.
7,381,965
7,995,730
7,'381,965
3,779,705
Syndicate partic..
688,732
646,019
2,015",500
x
6,745,610
Common stock..
Capital reserve
Investment reserve
Special
Total
x
24,632,451 20,062,880
there will be subjected to the
new standard-gauge rolling stock
estimated to cost not less than
$9,410,487, including steel hopper cars, box cars, refrigerator cars and
passenger-train box cars.
trust
Earnings of System
24,632,451 20,062,880
and Pref. Dividends—
paid a dividend of $1.50 per share on the new 6% cum.
pref. stock, par $100, on March 31 to holders of record March 20.
Stock-
the certificates are unconditionally
the company.
The agreement
19,579
par.—V. 144, p. 2483.
Humphryes Mfg. Co.—Common
The company
Issued under the Philadelphia plan,
reserve...
Total....
Represented by 1,476,393 shares, no
composed of the First Boston Corp., F. S. Moseley
Co., Kean, Taylor & Co. and R. W. Pressprich & Co.
was successful bidder April 28 for $7,050,000 equipment trust,
series R, 3% certificates (non-callable).
The certificates,
which are due $235,000 semi-annually from Sept. 1, 1937
to March 1, 1952,.were re-offered April 29 to yield 0.75%
to 3.45% according to maturity.
&
as to principal and dividends by
under which they are issued provides that
($10 each)
23,462,921 14,294,360
group
guaranteed
5,487,961
Earned surplus... 2,361,468
Investments
RR.—Equip. Trusts Offered—A banking
Illinois Central
1936
1935
1934
.$10,954,348
3,351,790
2,227,120
$9,149,043
2,242,810
1,174,989
$8,307,218
1,948,385
1,166,611
$7,888,889
2,294,621
1.446,442
28,757.346
6,469,666
3,068,251
26,905,272
6,053,915
3,259,892
23,304,672
4,719,160
2,654,560
21,824,083
5.922,114
3,481,248
1937
March—
Gross from railway
Net from railway
Net
after rents
.
.
From Jan. 1—
Gross from railway—
Net
from railway
Net after rents
.
.
.
3002
Financial
Chronicle
May 1, 1937
The net resources after
deduction of above liabilities of $180,661 were
equivalent to $27.33 for each of the 3,000,600 shares
per statement.of
capital and surplus, which includes 25 cents per share
subsequently to be
distributed as a special cash dividend.
INLAND GAS CORP.
1st
S.
F.
"A"
Feb.
x These
investments are carried at their cost of $50,779,041 on the
books of the company,
y Other than special
cash distribution of 25
share declared March 23,1937, payable April 30,1937, to holders
of record April 1, 1937—V.
144, p. 2131.
1, 1938
cents per
Independence Fund of North America, Inc.—Registers
TRADING DEPARTMENT
with SEC—
Eastman, Dillon 8 Co.
MEMBERS NEW
See list given on first page of this
Period End
15 Broad Street
New York
Earnings of
--
Net after rents
From Jan. 1—
Gross from railway...
after
—V.
.-
rents
144,
--
1935
$7,302 331
1.713.167
1,100.435
314
$104,939
$314,973
58,694
$97,872
53,926
169.081
$291,005
155,977
Net oper. revenues
$46,245
$43,946
$145,892
$135,028
C/l
2,060,322
20.611.477
4.264.219
19,067.791
3,350,533
Stockholders
were to
1937
Taxes—Property
$17,321,225 $15,977,304
512,893
571,676
& natural gas)__
4,380,773
4,525,340
Railroad
5,999,153
5,363,077
Street railway and bus
1,429,460
1,497,659
Ice, water, bridge, & miscellaneous
845,538
735,963
Total operating revenues
Operating expenses
$30,489,045 $28,671,021
13,074,108
12,396,853
2,934,124
2,418,005
2,276,544
2,121,538
605,697
427,535
Maintenance
Taibs, other than income taxes
Provisions for income taxes-x
132,187
Gross income
_
—
Net interest charges
pref stocks of subs
291,964
__$l 1,730.759 $11,599,053
6,524.919
6,757.360
419,986
419,900
Balance
reserves
..
....
Netincome
$4,785,853
2,437,453
54,421,791
2.564.344
$2,348,39 9
Appropriations for retirement
$1,857,446
x No allowance has
been made for the three months ended March
31, 1937,
for Federal surtax based
upon undistributed income, since it is impracticable
to estimate it at this time.—Y.
144,
2304.
p.
Illinois Terminal
Co,—Earningsarch—
1937
1936
$588,539
$479,899
235.612
177.932
rents
144,
164,525
1,450,471
Incorporated Investors
3 Mas. End. Mar. 31—
Dividends received
Interest received
529.614
375,349
1,246,183
376,442
248,782
1934
$442,612
133 314
90,042
1,218,617
365,393
212,037
1936
1935
1934
$394,818
1,974
$307,338
40,667
$299,205
12,032
15,550
18,143
$442,151
$408,824
76,972
17,500
5,475
4,474
$363,555
45,031
7,440
3,615
2,400
$317,349
89
""486
"""816
82
$307,575
302,644
$303,91 7
990,356
$304,252
850,333
$248,123
663,547
$610,218
$1,294,273
919,467
$1,154,586
768,065
$911,671
stk.
constit. payment
for partic. in undivided
earnings
Taxes
_
_
102,461
22,500
5,921
_
Transf. agts. fees & exps.
Printing stock certifs
Int.
on
Legal
notes
726
.
Undiv. earnings Jan. 1__
Undivided
earns,
x
earns.
'
y
Mar. 31
$610,218
Representing amount included
$374,806
532,884
$386,521
for participation
quarter to date and in
before expenses for the
earnings accounts.
yA special cash dividend
of 25c. per share
representing a distribution from net gains realized since
Jan. 1, 1937, on sales of investment
securities, was declared March
payable April 30, to holders of record April 1.
In accordance with
policy of the company the amount of the dividend payable on the
of record
April 1, 1937, entitled to the dividend
charged to paid'in surplus account on that date.
23,
the
2,996,336
($749,084) was
Unrealized
appreciation of investment securities at March 31,
1937,
$27,148,978, as compared with unrealized appreciation of
$24,224,645 at
Dec. 31, 1936, indicated a total unrealized
appreciation attributable to the
three months of $2,924,332 not included in income
and surplus accounts.
The
above
unrealized
appreciation
at
each
date
is
without
for any taxes thereon.
deduction
On
ivittrcn
Prepay meats
Special deposits..
15,805
1,103
12,200
1,290,116
1,306,163
271,915
22,323
3,488
Unamort. debt dis¬
count & expense
Undistrib.
debits.
in
$
271,616
Consumers
depos.
88,940
Other current liab.
Main extension de¬
58,309
43.445
posits
Accrued taxes
38,282
38,282
543,655
27,862
416.200
14,225
31,731
Reserves....
1,680,643
Corporate surplus. 2,230,065
1,656,524
2,109,510
Accrued interest..
Other accr. liabil..
135,560
88,426
Total.
..24.935,219 24,530,242
The income statement for the 12 months ended
March 31 was published
V. 144, p. 2830.
Ingersoll-Rand Co.—Dividend Doubled—
The directors have declared
a dividend of $1
per share on the common
no par value, payable June 1 to holders of
record May 10.
Pre¬
viously regular quarterly dividends of 50 cents per share were
distributed.
In addition, an extra dividend of
$4 was paid on Dec. 24, 1936. an extra
of $3 was paid on Dec. 28,1935 and an extra of
$2 was paid on Dec. 28,1934.
—V. 143, p. 3844.
stock,
Interborough Rapid Transit Co.—March Earningt—
Thomas E. Murray Jr., receiver, in his
monthly report, states:
Traffic—The Subway Division during the month of March carried
73,674,025 passengers, a decrease of 927,859, or
approximately 1.24%,
as compared with
March, 1936.
The only line on this division which
showed
increased traffic over the corresponding month of last
year was the Broadway-SeAenth Avenue Line, whore a gain of
0.72% was reported.
The
losses on the other lines ranged from
0.76% on the Lexington Avenue Line
to
5.24% on the Brooklyn lane.
There was one less
working day in
March, 1936, and therefore, to get a true picture of the
rate of traffic
compared with March of last year an adjustment of
2% must be made.
Actually, instead of 1.24% loss, the rate of traffic was off
approximately
3.25% on the division.
The Manhattan Division during March
carried 18,376,245
passengers,
decrease of 231,257, or approximately
1.24%, as compared with March,
The only line on this division which carried
more
in
passengers
the
Railroad bonds
Common and preferred stocks
Interest and dividends receivable
The
number
92,050,270,
of passengers
a loss
1936.
carried
the entire system
during March
of 1,159,116, or 1.24%, as compared with
March,
Total liabilities
resources
on
Subway Division Operations
1937—Month—1936
1937—9 Mos.—1936
$4,095,296
$4,117,012 $32,809,416 $33,458,428
2,207,705
2,152,337
18,967,085
19,427,190
Period End. Mar. 31—
Gross operating revenue-
Operating
expenses
Net operating revenue $1,887,590
Taxes
202,785
Income from operation
Current rent deductions-
Balance—City &
Payable
to
city
Contract No. 3
co__
$1,684,805
218,707
$1,791,157 $12,343,206 $12,676 957
218,707
1,968,368
1,968,368
$1,572,450 $10,374,837 $10,708,588
14,453
charges
Net income from oper.
Non-operating income-.
Cr9,879
150,680
Cr9,568
$1,451,643
.,582,329 $10,224,157 $10,718,157
$1,451,643
876,554
.,582,329 $10,224,157 $10,718,157
866,950
7,855,370
7,805,493
under
Gross inc. from oper--
Fixed
.,964,674 $13,842,330 $14,031,237
173,516
1,499,124
1.354.280
$1,466,097
Balance
Used for purch. of assets
of enterprise
$575,088
$715,378
$2,368,786
780
726
14.906
$2,912,663
18,768
$575,869
Balance
$716,105
$2,383,693
$2,931,431
Manhattan Division Operations
Period End. Alar. 31—
Gross operating revenueexpenses
1937—Month—1936
$988,932
$1,016,219
1937—9 Mos.—1936
revenue
Queensboro Line
3,646,250
Lexington Ave. Line_.
"White Plains Rd. Line
Other refit items
71,432,875
911.167
868,893
$8,425,988
7,678,390
$8,960,487
7,918,756
$77,764
$147,326
$747,598
$1,041,731
$5,043
3,949
3,589
6,772
$5,025
3,868
3,451
6,626
$44,619
34,781
31,442
58,646
$44,149
34,936
31,272
58,966
$18,972
$169,489
$169,325
$58,409
$128,354
$578,108
$872,406
Rent of jointly oper. lines
2,848,895
223,561
-
Making total resources of
Against which the company had liabilities of:
Management fee payable April 1, 1937
Estimated State and Federal taxes
Accrued expenses
than
corresponding month of last year was the Ninth Avenue
Line,
showed an increase of 3.89%.
Tne other Wast Side line, namely
the Sixth Avenue, while
recording a loss, showed greater improvement
than the Second Avenue and the Third
Avenue Lines.
The Division
showed a decline of
approximately 3.25% in rate of traffic, compared
with March, 1936, allowing for the variation in
working days.
which
Net operating
$3,998,235
Investments, at market quotations:x
United States Government
securities.,
Net
31/36
$19,354
31, 1937, the company had:
Cash
y
283,024
110,720
143,453
22,096
Operating
Condensed Statement of Net Resources March 31, 1937
-
272.020
gen'l.
Investm'ts,
$378,787
in price of new shares
accrued gross earnings
the balance in undivided
in
shares
Accts
recelvable.
Mat'ls & supplies.
prior
to dividends
Dividends paid
Undiv.
18,002
4,974
3,604
expenses
$
45,442
payable
services
Miscellaneous
Mar. 31,'37 Dec.
Liabilities—
20.225,754 20,200.594 Preferred stock
1,054,900
1,054,900
2,692,993
2,319,554 Common stock... 5,250,000
5.250.000
Notes recelvable.
261
261 Funded indebted. 13,827,000
13,827,000
was
Management fee
Mar. 31, '37 Dec. 31,'36
$
$
Fixed capital
Cash
1936.
$428,188
13,962
Total income
$36,609
Indianapolis Water Co.—-Balance Sheet
a
-Earnings—
1937
Part of proceeds of cap.
x
1935
$446,810
153,506
109,982
,
119,797
1,618,486
618,604
413,306
2130
p
1,027
1,256
20,581
;
Net income before Federal income taxes.
-V. 143, p. 4004.
$11,598.571 $11,307,088
revenues
after rents
;
Total.........24,935,219 24,530,243
Net operating revenues
Net
$375,585
311,590
2,049
2,474
:
Depreciation
ssets
1936
Operating revenues: Electric
Heating
Gas (incl. manufactured, mixed
—V.
Subs)—Earnings—
Taxes—Indiana gross sales
Taxes—State and Federal payroll
April 22 by the corporation
by J. D.
vote April 30 on approving the
Earnings for 12 Months Ended March 31 (Incl. Subs.)
From Jan. 1—
Gross from railway
Net from railway
$97,446
Cost of sales, incl. maint., administrative &
selling expenses._
Insurance
interest-reducing debt-refunding
program.
after
$100,327
Production sales
The plan is designed for the
purpose of providing for preferred dividend
arrearages and to pave the way for an
Net
$31,471
Earnings from Jan. 1, 1937, to March 31, 1937
plan.
Gross from railway
Net from railway.
37,275
Indiana Gas & Chemical
Corp.—(&
in support of the
proposed recapitalization plan, it was announced
on
Dr307
45,466
5.194 660
2,726,729
Proxies representing 223,000 shares of
$6 cum. pref. stock and 23,500
shares of 6% cum. pref. stock—more than a
majority of the outstanding
shares of both issues—had been received as
of
Dividends
x>r99
12,425
$31,082
Net operating income.
—V. 144, p. 2131.
Corp.—Majority of Shareholders
Approve Recapitalization Plan—Prompt Action by Stockholders
Expected—
Non-operating
DrbO
15,164
Operating taxes.
Illinois Power & Light
Mortimer, President.
$291,319
307
1,396,378
2830.
p.
$315,280
97
$6,961,565
23.634,020
5,220.569
3,029,649
1937—3 Mos.—1936
103
1934
$7,936 647
1,864.293
1,008.821
24,879,367
5.263.736
2,499,122
..
Net from railway....
Net
1936
1,856,183
--
Corp.—Earnings—
1937—Month—1936
$105,042
$97,969
Operating revenues
Operating expenses
Company Only
1937
$9,475,391
2,771.381
..
Mar. 31—
Operating revenues
Uncollectible oper. rev__
A. T. & T. Teletype N. Y. 1-752
March—
Gross from railway.
Net from railway
department.—V. 144, p. 1602.
Indiana Associated Telephone
YORK STOCK EXCHANGE
$82,149,816
$102,461
74,200
4,000
:
...
$180,661
$81,969,155
Bal. of net oper. rev
—V. 144, p. 2306.
Inland Steel Co.—Extra Dividend—
The directors have declared an extra dividend of
50 cents per share in
addition to a quarterly dividend of $1
per share on the common stock, no
par value, both payable June 1 to holders of record May 14.
A dividend
of $1 was paid on March 1, last, and
previously regular
quarterly dividends
Volume
Financial
144
of 75 cents per
share
In addition,
distributed.
were
a
Interchemical
Kansas
special dividend of
$1.50 was paid on Dec. 17, 1936, and an extra dividend of 25 cents was
paid on Dec. 2, and on Sept. 3, 1935.—V. 144, p. 2657.
Corp.—Listing—
3003
Chronicle
City Public Service Co.—Earnings—
Total oper. revenues
Total oper. expenses
[Change of name from the International Printing Ink Corp.]
$1,371,343
309,814
$148,945
32,511
$1,535,331
337,329
$126,837
$1,198,002* $1,061,528
113
15
$116,547
x41,333
6,166
71,877
Taxes
$155,054
28,217
$116,434
Net oper. revenue
Exchange has authorized the listing of (1) certifi¬
representing 291,420 comiron shares (no par) bearing the name
Interchemical Corp., in substitution for certificates issued and authorized
to be issued representing shares, bearing the nan e International Printing
The New York Stock
1937—12 Mos.—1936
$6,734,522
$6,438,731
5,199,191
5,067,388
1937—Month—1936
$608,258
$582,445
459,313
427,391
Period End. Mar. 31—
$126,853
V
cates
Corp., and (2) certificates representing 66,917 6% cumulative preferred
(par $100) bearing the name Interchemical Corp. in substitution
outstanding certificates representing shares, bearing the name Inter¬
Ink
Oper. inc. (before de¬
preciation)
Non-operating income.
_
9,284
*
,
7,230
shares
for
income
Gross
depreciation)
national Printing Ink Corp.
Interest
International Business Machines Corp. (&
1937
Quar. End. Mar. 31—
xNet inc. after int., res.,
'
Subs.)—
1934
1935
1936
$1,688,849
717,412
$2.35
but before Federal taxes was $2,572,311
(including $210,844 earnings of foreign subs, in countries where
Net after reserves, deprec., &c.,
1937
exchange is at present blocked by governmental restrictions), $2,232,621 in
1936, $2,024,414 in 1935 and $1,946,424 in 1934.
i_oQ
Note—No provision for surtax on undistributed profits.—V. 144, p. 1788,
^
International Great Northern RR.- -Earningi
Cross from railway
Net from railway
Net after rents
1934
1935
1936
$984,106
155,403
def8,122
$931,772
131,695
5,530
$1,183,558
2,820,744
393,300
def21,481
1937
$1,215,141
283,220
79,067
March—
2,847,010
492,670
93,656
3,093,477
From Jan. 1—
3,305.752
Gross from railway
594,045
Net from railway
46,718
after rents
Net
144, p. 2306.
—V.
Interstate
>
201,123
Total depreciation
144,
p.
2830.
Stores,
Department
Net deficit.
Interest
$1,207,286*. $1,068,758
407,925
385,895
76,241
89,862
854,982
877,176
32,005
5,539
71,359
$131,862
$2,829 prof$17,950
on
Deposits Under Reorganization Plan—
The present status of the securities dealt with in the plan of reorganiza¬
tion
(V. 143,
3845) is shown in the following tabulation:
p.
April 26.1937)
Amount
Amount
Percentage
Outstanding Subject to Plan Subject to Plan
1st mtge. bds. publicly held
$12,400,000
$10,108,900
81H %
1st mtge. bonds pledged
2,100,600
2,100,600
100%
Pref. stock (vtc's) publicly held
82,682 shs.
a48,434 shs.
58$i%
Com. stock(vtc's) publicly held_181,728.4 shs.
all0,732shs.
61%
a Includes stocks deposited and assented.—V. 144, p. 2831.
Status of Securities Dealt with in Plan (at
Kansas
Pipe Line & Gas Co.—Earnings—
Period Ended March 31, 1937—
Total revenue
Net
3 Months
$123,150
81,786
46,219
$0.29
from opera, avail, for int.(before deprec)
earns,
Earn, surpl. after deprec. avail, for com. stock
Inc.—Stock
Increase
April 26 approved an increase in
240,000 to 320,000 shares in connection with
proposal to offer 80,000 additional shares for subscription to present
stockholders.—V. 144, p. 2658.
$284,176
bonds based upon
4% rate as it is expected the reorganiza¬
tion plan now before t he security holders will be adopted^ancLbecome
effective as of Jan. 1, 1937.
x
879.443
380,679
Corp.—Name Changed—
Ink
Printing
Interchemical Corp. above.—V.
See
~
379,165
i
International
Other deductions
_
_
$1,771,914
717,412
$2.47
$1,889,921
738,934
$2.56
$2,169,311
775,880
$2.80
Earnings per snare
x
fund, debt-.
on
*
_
oeprec. & Fed. taxes._
Shs. com. stock (no par)
in
A
(beforei
Earnings per share
—V. 144. p. 1789, V. 143, p. 275.
12 Months
$269,689
153,886
114,243
$0.72
Stockholders at their annual meeting on
authorized common stock from
Kansas Power Co.
a
Intertype Corp.—Earnings—
xl937
$523,463
Quar. End. Mar. 31—
Gross prof. bef. deprec._
Head and branch office
,
$303,138
$350,023
'
313,358
38,502
223,144
31,335
38,000
46,000
Reserve for taxes
surplus
$126,599
$111,492
Subject to adjustment at end of fiscal year.
Net to
212,891,
$57,544
273,580
40,146
45,004
selling expenses
Depreciation
x
xl934
xl935
xl936
$471,217
$40,889
36,357
13,000
(& Subs.)—Earnings—
1936
1935
1934
1933
$1,539,714
852.497
$1,442,531
818,221
$1,371,136
732,246
132,278
Calendar Years—
al74,028
Operating income
Non-operating income.
directors
The
declared
have
a
Gross income.
Interest on funded debt.
Miscell. int. deduc. (net)
Amort, of debt disct. &
cents per share on the
holders of record May 15.
with 25 cents paid on Dec. 15, Sept. 15, and on June 15,
1936, and 20 cents paid on Dec. 16 and on July 1. 1935, tnis latter payment
being the first made since Aug. 15, 1931, when a quarterly dividend of
25 cents per share was paid.—V. 144, p. 1604.
Investment Corp.
Balance, surplus
Plant,
$1,414,727
Net earnings
809,031
6,145
38,810
funded debt-Interest on unfunded debt
Amort, of bond discount & expense
Interest charged to construction
Interest
on
6,068
39,058
Crl ,983
■
$561,851
334,943
$564,507
334,902
stocks
undistributed
ended Dec. 31, 1936 it is believed that all taxable net
have been subject thereto has been distributed.—V.
Note—No provision
profits.
$1,420,996
816,002
Cr3,767
Net income
Dividends accrued on preferred
For the year
would
income which
1936
has been made for Federal surtax on
144, p. 2132.
Jones &
Laughlin Steel Corp. (& Subs.)—Earnings—
1
1937
$4,015,450
Pref.
Profit after taxes.
_
1,656,742
Deprec'n & deple'm
376,314
Interest
z$l ,982,394
1,027,493
Net
profit.
Preferred dividends
$499,389 loss$669,882
1,213,215
1,158,953
80,963
95,689
x$933,279
x$794,789 x$1,924.524
$954,901
Surplus
x
Loss,
y
Deficit,
y$933,279
y$794,789 y$l,924,524
Nil
Nil
Nil
Before provision for surtax on undistributed
$1.65
z
from
Due
Debt
in
See list given on
with SEC—
first page of this department.—V. 144, p.
Kane-America Corp.—Registers
See list given on first page
See list given on first page
Period End. Mar. 31—
Gross earnings
Operating expenses
. -
Interest charges
Amort, of disct. & premsI
Depreciation
Amort, of limited
—
& Light Co.- -Earnings—
684,934
635,965
8,174.526
7.652,998
$743,201
117,143
8,497
187,216
$692,924
134,554
9,115
183,873
$8,780,877
1,508,700
$8,346,566
1,642,692
113,013
2,215,308
105,672
2,222,986
term
72,000
~~6~, 633
6.085
265,697
$356,302
$358,749
$4,671,737
2,043
investments
Fed. & State inc. taxes.Net income
447,952
$3,927,601
$0.14
after income tax
Note—No deduction is
$0.65
$8.42
$7.02
made in the foregoing statements for the surtax,
imposed on undistributed profits under
the Revenue Act of 1936.
144, p. 2306.
Kansas Oklahoma & Gulf
1937
Gross from railway
$196,169
Net from railway.---.94,660
Net after rents
53,390
Gross^froaTraiiway
536,352
263.776
160,109
railway.
from
Net
after rents..
144, p. 2132.
5.832
691,435
264,982
277,691
190,763
32,238
Total
10,358,185
10,192,621
33,500
156,733
138,723
Matls. A supplies-
91,457
103,938
After
a
10,192,621'
10,358,185
reserve
for uncollectible accounts of $19,866 in 1936 and $20,169
b Represented by 160,0-0
in 1935.
no par
shares.—V. 143, p. 3150.
Kelsey-Hayes Wheel Co. (& Subs.)—Earnings—■
1937
1936
,
.
Ry.—Earnings—
52,931
62,098
33,260
1934
$165,592
83,253
52.931
576.095
297,945
200,229
465.279
210,493
128,043
461,355
240.609
153,236
1936
$191,416
94,405
1935
$155,860
1935
1934
profit after deprec.
and
but
int.
before
Federal taxes
In
x
was
y$177,677
$325,860
x$430.848
$127,303
from operations a non-recurring profit of
the purchase of debentures,
y Before provision
undistributed profits.—V. 144, p. 2133.
addition
$502,486
*
to
the results
realized
on
Terminal RR.—Earnings—
1936
1935
1934
$1,167,966
1,068.031
179,789
$1,077,357
1,045.234
174,534
$952,155
869,439
168,276
$154,620
527,143
$79,854
447,678
$142,411
521,837
$85,560
458,738
$372,523
359,053
13,469
Deduct—Interest
Other deductions
$367,824
$379,426
366,832
12,593
$373,178
362,624
10,554
354,818
13,006
1933
—V. 141, p. 3539.
Keystone Steel & Wire Co.- Earnings—
Per. End. Mar. 31—
Net
inc.
after
incl. pro v. for
1937—3 Mos.-
-1936
1937- -9 Mos.—1936
all chgs.
Fed. inc.
$378,154
$332,646
$756,959
$0.50
$0.44
$1.00
$1,049,783
Earns, per sh. on 757,632
shs. capital
stock
$1.30
Sales for the nine months period reached a total of $8,827,272, the highest
similar period in the company's history and 20.8%
sales of $7,301,647 in the same period of the preceding year.
ations of the company continue at capacity.—V. 144, p. 2133.
any
larger than
Plant oper¬
King David Mining Co.—Registers with SEC—
See list given on first page of this department.
March—
Net
5,747
Reserves
of pref. stk.
divs., &c
for
Earnings per share com.,
30.226
on
liablis-
curr.
Customers'accts.
taxes
,
91,308
30,226
payable
Surplus
97,798
59,279
Gross income
1937—12 Mos.—1936
1937—Month—1936
$1,328,890 $16,955,403 $15,999,565
$1,428,136
96.420
88,692
preferred stock.
for
Operating deficit
Non-operating income..
of this department.
Kansas City Power
68,100
39,464
Dlvs.
Calendar Years—
of this department.
40,000
71,818
Misc.
Operating revenues
$1,294,721
Operating expenses
1,208,088
Railway tax accruals-.241,252
with SEC—
116,389
107,917
8,468
Kentucky & Indiana
2831.
Kane's, Inc.—Registers with SEC—
—V.
7,358
&
funds)
pay.
1,800,000
5,259.000
118,595
Accrued interest..
331,905
deferred charges
a
1,800,000
5,197,000
Fed. inc. taxes.
298,702
depos.
1.553.200
Accrued taxes
Cash (incl .working
Special
pref. stock 1,553,200
Accounts payable-
60,000
60,000
of
accts.
cum.
Bank loan
amortization
Prepaid
376.400
Deferred liabilities
85,722
exp.
process
376,400
b Common stock..
80,722
Corp.
disc. &
$
pref. stock
Funded debt
&
Inland
Pr. & Lt.
for surtax on
Joslyn Mfg. & Supply Co.—Registers
if any,
disc.
1935
2
cum.
86
9,345,046
3 Mos. End. Mar. 31—
profits.—V. 144, p. 2484.
—V.
stk.
amortization
Net
Earns, per sh. on 576,320
shs. common stock—
1936
Liabilities—
$7
exp.In process of
Total
$405,224
1,272,903
65,600
$58,010
$39,255
$
1 QQ4.
1 QQ K
Q'ifi
$54,370
93,192/
prop.,
A noterec--._.
3 Mos. End. Mar. 31—
31.239
$178,899
120,889
1935
$
rts.,
franchises, Ac-- 9,559,214
$4,219,843
2,798,847
35.423
$173,903
119,533
Consolidated Balance Sheet Dec. 31
1936
1937
34,820
$158,795
26,3481
$91,242
Assets—
$4,505,243
3,090,516
Operating expenses.
$508,675
272,259
26,278
Including $35 of undistributed profits tax of subsidiary company.
a
(Subsidiary Company Not Consolidated Herein)
Year Ended March 31—
$493,192
270.324
13,543
3
1604.
Co.—Earnings—
Gross earnings
$467,114
263,834
9,665
$210,782
26,348
93.192
$7 pref. stock dividends.
$6 pref. stock dividends-
of Philadelphia—Registers with SEC—
first page of this department.—V. 144, p.
Iowa Public Service
$506,612
2,063
34,688
This compares
See list given on
100
expense
dividend of 30
stock, no par value, payable June 1 to
$493,092
50
_
30-Cent Dividend—
common
$467,063
$514,639
262.630
6,539
.
1 57,247
$513,188
Taxes
$1,412,069
753,166
165,810
1.451
Operating revenues
Operating expenses
•
1
Kings County Lighting Co.—Earnings—
1937—3 Mos.—1936
Per. End. March 31—
Gross
revs,
Total exps.
1937—12 Mos.—1936
$831,761
$3,067,479
$3,146,854
613,744
634,675
96,033
102,732
2,406.976
394.664
2,371.447
417.029
$72,008
$94,354
$781,785.
(all sources).
(incl,1 retire.
*«
.
exp.) & all taxes
Total fixed charges
,
'
Net income-
-Y. 144, p. 1964.
$265,839~
$358,377
3004
Financial
Chronicle
Laclede Packing Co.—Registers with SEC—
See list given
on
first page of this department.
Lake-of-the-Woods
Calendar Years—
Co.,
Milling
Ltd.-y—Accumulated
Dividend—
The directors have declared a dividend of $1.75 per share on account of
on the 7%
cum. pref. stock, par $100, payable June1 3 to
holders of record May 15.
Dividend arrearage after the current payment will total $14 per share.
For detailed record of dividend payments see V. 143, p. 2683.
accumulations
Lake Superior & Ishpeming RR.—Earning
March—
1936
1937
Gross from railway
Net from railway
From Jan. 1—
Gross from railway
Net from railway
Net after rents
_
_
_
.
„,
1934
$39,728
def39,041
def56,690
$34,680
def35,575
def50,344
$34,606
def27,657
def43,442
138,035
defl03,202
defl59,483
.
Sales, net
Mfg. cost, sell., &c.,
exp.
1936
1935
1934
yl933
$18,516,087 $14,085,302 $13,648,881 $10,852,081
11,458.890
8.900,361
8,672.776
6,996,483
Operating profit-
$7,057,198
Other income
113,284
defl23,763
defl74,038
101,726
defll2,934
defl57,889
93,705
def95,885
defl42,319
—V. 144, p. 2133.
$5,184,941
155,047
153,508
Total income
$4,976,105
169,388
$3,855,598
126,192
$5,145,492
2,814,335
979.434
684.993
$3,981,791
2,764,106
Deprec. and depletion._
$7,210,706
2,819,219
Int. and amortization..
380.689
$5,339,988
2,748.103
977.794
xl, 118,081
565,648
$2,892,717
1,947,456
$1,048,443
626,278
Federal taxes, &c
1935
$51,030
def37,596
def56,866
_
Net after rents
May 1, 1937
Lone Star Cement Corp. (& Subs.)—Earnings—
Net profit
Common dividends
„
Surplus.
No.
$945,261
956,535
$2.99
shs. (no par)..
com.
Earnings
$666,730 loss$102,266
156,570
16
Subsidiary dividends.
shj
per share
39
$422,149
$510,122 def$102.266
626,278
,
626.278
$1.06
Nil
626.278
$1.64
Includes $95,000 provision for estimated surtax on undistributed profits,
y Certain items have been reclassified for comparison.
x
Lawyers Title & Guaranty Co.—Reorganization—
A plan for the reorganization of the company has been prepared for sub¬
to the Supreme Court by a group of holders of the company's
Earnings for 3 Months Ended March 31
1937
$3,636,823
2,125.344
563.756
1,830.651
475,950
$1,593,739
40,831
$1,330,222
35,644
$1,634,570
$1,365,867
1,582
174,054
575,096
131,112
146,059
501,224
Sales
guarantees.
The guaranty holders are represented by Abraham N. Geller (attorney),
N. Y. C.. who has procured from Supreme Court Justice Alfred Franken-
1936
$4,282,839
mission
Manufacturing and shipping costs (excluding de¬
preciation and depletion)
Selling and administrative expenses
thaler
order to show
why he should not take jursidiction over the
plan and designate a referee to hold hearings to determine its fairness and
feasibility.
The show cause order is returnable before Justice Frankenthaler on May 20.
Company is said to be the third largest of the mortgage insurers in this
State in point of the principal amount of its outstanding guarantees.
At
the time of its takeover by the insurance department in August, 1933 the
company had outstanding guarantees of approximately $184,000,000 in
The Superintendent of Insurance has recently instituted
principal amount.
proceedings for the liquidation of the company for the benefit of its
an
Operating profit
Miscellaneous income
Total income.
Interest
funded debt (incl. taxes on interest pay¬
on
ments) & amortiz. of debenture discount & exps.
Income taxes, capital stock & franchise taxes, &c_
Provision for depreciation and depletion
Miscellaneous charges
(including provision
for
doubtful accounts and contingencies)
stated in the
petition submitted to the Court flhat by a reorganiza¬
tion of the type proposed, the prospects of creditors obtaining full payment
or substantially full
payment of their claims against the company wpuld be
materially enhanced as contrasted with the dividends that they might be
expected to realize under the statutory constraints imposed by the present
liquidation proceedings.
The proposed plan is of the same general nature as the plan recently
approved by Justice Frankenthaler for Union Guarantee & Mortgage Co.
and the plan shortly to be submitted to him for Lawyers Mortgage Co., as
recommended by lieferee James A. Martin.
Justice Frankenthaler has
also recently taken jurisdiction over a plan of fundamentally the same type
for the reorganization of New York Title & Mortgage Co.
The proposed plan for Lawyers Title & Guaranty Co. calls for the appoint¬
ment by the Supreme Court of three reorganization managers who will
purchase the general assets of the company for the benefit of assenting
was
_
cause
croditors
It
991.701
328.250
148,134
-
119,167
$735,704
967,070
$0.76
Net profit
Shares common stock outstanding (no par)
Earnings per share
$468,304
656,740
$0.71
Note—No deduction has been made for the Federal corporate surtax
undistributed profits under the Revenue Act of 1936.
on
Consolidated Balance Sheet Dec. 31
1936
Assets—
1935
1936
S
Cash
Liabilities—
2,247,229
Accounts & notes
a
receiva'e
1935
$
?
1,442,309
Accounts payable.
1,020,218
838,209
Acer. int. <fc exps..
5,622,819
119,060
165.723
683.413
292,120
297,500
4,751,887
1,066,497
4,841.116
Prov
Inventories.
Inv. In securities..
1,390,682
1,260.368
Res
for taxes...
Insurance
reserves
"realization corpora¬
b Plant sites, min¬
for contlng..
Funded debt
tion," which, through the process of gradual and unforced liquidation, will
to realize the maximum value of these assets for the benefit of the
assenting creditors.
Assenting creditors will also receive voting trust certificates representing
common stock of Lawyers Title Corp.
This corporation which has suc¬
ceeded to the valuable title insurance business formerly conducted by
Lawyers Title & Guaranty Co., will be managed by five trustees.
It is
eral lands,rights,
bldgs., mach'y &
Surplus of sub.
238.724
Consoi. adj. acct..
equipment. ....32,807,144 34,675,911
creditors.
These assets will then be turned
over
to
a
seek
Bond discount pre¬
paid exps
,
in
174,077
&c._
,
.
.
Lehigh & Hudson River Ry.—EarningsMarch—
Gross from railway
Net from
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1,492
$121,874
34,851
11,173
$147,511
51,540
27,676
___
268,201
98,236
26,582
378,093
116,445
44,330
392,266
122,052
52,274
$112,064
24,952
392,794
122,273
45,656
railway
Net after rents
1934
1935
1936
1936
$145,463
49,719
20,489
—V. 144, p. 2307.
March—
Net after rents
From Jan. 1—
ross from railway
Net from railway
def20,176
defl6,890
884,770
168,172
140,502
Net after rents
$239,912
25,815
28,497
$202,771
$341,610
113,040
102,062
1934
$333,020
104,714
1935
1936
1937
Gross from railway
Net from railway
176,080
143,296
—V. 144, p. 2307.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
1934
1935
1937
$3,564,715
522,758
163,193
53,046,248
459,225
111,028
$3,857,532
1,227,261
894,173
12,639,204
3,275,025
1,729,508
—
1936
$4,642,805
1,437,873
944,244
11,524,173
2,259,862
1,136,275
9,983,036
2,164,283
1,147,702
Total....
46,188,918 44,695,139
—
3,150,750
2,159,300
Lehigh Valley Transit Co. (& Subs.)—Earnings—
1936
1935
1934
no
shares.—Y. 144, p. 1285.
par
Lone Star Gas Corp. (&
Calendar Years—
Gross earnings
Oper.
exps., gas
and taxes.
Subs.)—Earnings—
1936
purch.
$2,504,364
1,781,900
$2,463,987
1,701,244
from oper.
Other income (net)
Total net earnings
Depreciation allowance.
Interest on funded debt.
Amortiz. of disc. & exp..
$871,296
334,795
479,042
29,940
1933
10,413,083
9,306,852
9,131,466
8,864,079
$8,247,198
2,362,300
$7,131,620
1,773,838
$6,934,507
1,742,304
$7,153,759
832,241
$5,884,898
792,814
$5,357,782
397,450
$5,192,203
236,212
$7,986,000
1,793,368
56,677,712
1,489.239
$5,755,232
1,501,801
$5,428,415
1,646,388
for the year
pref. stock
$6,192,632
Common divs., cash.___
Common divs., stock
Pref. divs. of subs
Common divs. of subs__
$5,188,473
902,580
1,613,143
$4,253,430
881,790
3,254,949
$3,782,027
719,210
7,553
133,370
861,081
199,089
3,443,803
224,998
Net
earns,
from oper.
Non-oper. income
Gross income
Int.
on curr.
Net
& fund. dt_
earns,
on
Balance, surplus
__
Previous surplus
Surplus credit
__
Total surplus
807,283
231
280
J2,122,567
14,648,679
41,171
$2,539,380
12,137,294
$2,311,470 def$606,214
9,836,129
10,656,565
258.801
>.812,417 $14,676,674 $12,406,400
$10,050,351
472,771
27,995
269,106
214,221
Profit & loss surplus..$16,339,646
Shs. stk. outst.(no par)
Earned per share...
_
5,537,717
$14,648,679 $12,137,294
5,368,548
5,376,623
$0.99
$0.77
Note—The provisions for 1936 surtax
1936
on
$0.59
undistributed profits
1935
$9,836,130
5,380 723
$0.53
was
$722,464
119,878
$762,743
142,704
$704,308
137,438
Net income
$27,519
$842,342
285,870
518,772
19,576
$905,446
345,318
521,239
19,589
$841,748
276,394
521,971
19,589
$18,123
1
,
$19,300
Includes Federal surtax of $1,000 on undistributed profits of
$23,794
a
subsidiary.
Consolidated Balance Sheet Dec. 31,1936
Assets—
Liabilities—
Liabilities—
in
connection
$9,133.
with supersed.
bonds..
181,267
179,949
scrip....
153,193
franchises, &c..$23,367,486
585,828
Cash in banks (on demand)
Cash in banks (time deposits)
_
.
Common (59,947 shs.)
47,900
Subsidiary (11 shs. com)
275
199,697
Long-term debt
648,037
Accounts payable
Accrued accounts
Materials and supplies
Miscellaneous current assets.
Special deposits.
Deferred charges
77,108
3,114,347
9,392
7,816
1,175,130
1,139,587
202,823
382,944
298,577
100,463
Due from officers
and employees
properties
Deferred charges
7,998,500
stock..
7,998,500
6,415,954
64,348,116
6%
conv. pf.stk.
Common stock 66,492,742
Unred. pref. shs.
& scrip called.
153,193
18,858,000
3,547,000
729,111
Customers' deps.
1,883,965
Acer, taxes & int
2,451,617
19,693,500
2,249,250
737,540
1.767,996
2,004,328
406,100
96,334
1,085,216
em¬
ploy's for exps.
Mat'l & supplies
111,336
1,042,995
Acer, for divs.
on
pref. stock
Mlscell. reserves
88,542
1,358,319
4,734,958
88,542
1,324,398
4,570,696
and depletion
25,894,301
Capital surplus.
8,562,383
Earned surplus. 16,339,646
24,195,916
8,386,420
14,648,679
Deferred llabll..
Res. for deprec.
2,997,350
Short-term notes
Prepayments
69,409
2,876,655
receivable
Accts. receivable
Advances to
Prepaid acc'ts..
(5%) ($50 par).. $4,979,687
335,802
United States Gov. securities
Accounts receivable
2,383,255
Notes & warr'ts
gas
Lehigh Valley Transit Co.:
Preferred
2,703,619
S
111,336
cum. pref.
Funded debt...
Notes payable..
Accts. payable..
pref. shs. and
1935
$
Stock of subs...
634%
x
Ad vs. for dev. of
.
1936
Assets
Property acct.. 144,266,211 143,427,591
Securities owned
6,108,360
6,240,231
Sink, fund, cash
692
15,520
Indemnity dep.
Cash.
prop.,
1934
Operating income
$9,673,164
Deprec. and depletion._
2,519,405
$2,273,604
1,569,295
al ,958,101
$728,662
142,634
Investments
1935
$20,086,247 $17,554,050 $16,263,086 $15,798,586
Cash for red. of
Plant,
46,188,918 44.695,139
After reserve for doubtful accounts of $336,047 in 1936 and
$347,652
1935.
b After reserve for depreciation and depletion of
$33,317,279 in
1936 and $31,008,522 in 1935.
c Represented by 956,535
(626,278 in 1935)
1933
$2,686,763
Total gross earnings
Total op. exp., incl. tax.
a
Total....
,
244,718
a
10,781,820
Years End. Dec. 31—
earns,
9,364.552
Dr366.352
Consolidated Balance Sheet Dec. 31
—
144, p. 2660.
Net
264,695
10,596,969
in
Adjustments
March—
Gross from railway
sec
Earned surplus
Lehigh Valley RR. —Earnings—
Net from railway
Net after rents
co.
Treasury stock... Dr366,352
88,720
996,671
337,074
287,877
790,847
151,435
150,400
901,427
12.000" 000
accord,
with Argen. law.
Divs.
Lehigh & New England RR.—Earnings—
In
427,500
stock..32,925,287 21,776.628
71,010
135,436
Argentina
aside
604,017
believed that this corporation, restored to private control and divorced from
its parent company in liquidation, would be able to assume a more prominent
place among the leading metropolitan title insurance companies and thus
substantially increase its earnings.
The financial condition and the reputation of the company among the
guaranteed mortgage insurers in the custody of the State Insurance Depart¬
ment is said to be a superior one, and it is claimed by the proponents of the
plan that an excellent basis for reorganization exists.
The plan permits
of the participation of present stockholders of the company in the reorganiza¬
tion upon such terms as
may be determined in the light of the evidence con¬
cerning the affairs of the company.
•
The reorganization above referred to has no relation whatsoever to the
reorganization of Lawyers Mortgage Co.
The two companies are entirely
separate and distinct and have no connection whatsoever. —V. 142, p. 628.
Common
c
155 000
63,791
191,252
22,874
5,268
59,446
85,746
9,125,250
72,001
137,995
Miscell. cur. liabilities
Accrued
int.
on
debt, & redemption acct-.Deferred credits to income
Reserves
Earned surplus
l ,700
long-term
Total
x
no
Represented by 5,368,548 shares
1936.—V. 144, p. 2660.
Total
no
par
par in
Lehn & Fink Products Co.—To
The
44,970
15,792
3.626,501
4,611,605
159,203,614 158,541,173 '
...159,203,614
158,541,173
in 1935 and 5,537,717 shares
Pay 62 %-Cent Dividend
directors have declared a semi-annual dividend of 62
H cents per
the common stock, par $5, payable June 14 to holders of
record
May 28. This compares with 8734 cents paid on Dec. 1, last;
6234 cents
paid on June 1,1936, and 50 cents paid on Dec. 1, 1935. Prior to this latter
date the company was on a
regular quarterly dividend basis.
share
on
Dividends
Total
—V. 142, p. 4344.
$25,613,128
Total
$25,613,128
of 37 34 cents per share had been distributed each three
months from
1934, to and including June 1, 1935. From June 1, 1932, to and
Sept. 1,
including
June 1, 1934, divs. of 50 cents per share had been disbursed each
quarter.
Volume
Financial
144
The company stated
that the board of directors has
decided that con¬
sideration of payment of dividends in the future will be given at meetings
to be held on the third Fridays in May and November instead of in April
and October as heretofore.—V. 143, p. 2846.
Long Island Lighting Co.—Earnings—
Period End. Mar. 31—
1937—3 Mos.—1936
Gross revs, (all sources). $2,673,202
$2,581,592
1937—12 Mos.~~ 1936
$10,940,054 $11,294,731
Total exps.
(incl. retire.
exp.) and all taxes___
Total fixed charges
1,811,077
444,575
1,699,554
516,496
6,811,3S1
1,863,933
6,767,412
2,135,877
$417,551
$365,543
$2,264,741
$2,391,442
Net income
-V. 144, p. 2660.
Long-Beli Lumber Corp.—Earnings-
Interest
1936
1937
3 Months Ended March 31—
Loss before deduction for interest.
$1,528
206
106
-
$1,634
$1,086
The corporation, as of March 31, 1936, was the owner of certificates of
beneficial interest for 100,780.1 sharas of the common stock of The LongBell Lumber Co., which at the time had outstanding 197,683 shares of
common stock (par $50) and 170,651 shares of preferred stock (par $100).
The Long-Bell Lumber Corp. owns practically no other assets.
There¬
fore, in addition to giving its own income account, the corporation gives
also the income account for the period of The Long-Bell Lumber Co.
Loss for 3 months.
Earnings of Long-Bell Lumber Co. for Quarter
Ended March 31
1936
1937
Gain before deductions for deplet., deprec. &
Depletion
Depreciation
—
—
Interest
——
Gain for 3 months ended March
Note—No provision
p.
int—
$802,644
180,768
204,692
51,298
$513,517
260,041
202,121
51,542
loss$189
profits.—V. 143,
$365,887
31
made for surtax on undistributed
2648.
Long Island RR. —Earnings—
1937
1936
1935
1934
$2,005,206
281,552
def63,487
$1,896,199
368.423
19,953
$1,801,974
$1,992,013
225.944
def92,694
456,589
170,410
5,681,580
539,651
def457,006
5,679,197
5,381,004
891,802
def28,433
557,810
def341,903
5,634,288
1,154,977
339.872
March—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Net
after rents
1934
$344,016
114,096
78,877
1,406,600
436,374
262,560
-
-
1,319,098
484,164
309,797
1,034,680
305,930
183,412
1,038,982
356,034
236,816
2308.
Louisville Gas & Electric Co. (Del.)
Operating revenues
Operating expenses, maintenance
Net oper. rev.
income
(& Subs.)—Earns.
1937
Years Ended Jan. 31—
Other
Black Mountain RR.—On May 5, 1923, the ICC authorized company to
acquire control of the Black Mountain RR. by purchase of its securities,
and since June 1, 1923, it has been operated under lease as part of the
System.
By order dated July 6, 1936, the Commission approved application of
this company for authority to take title to the property, and on July 11,
1936, the properties, rights and franchises were conveyed to this company,
and its corporate existence terminated.
Dissolution
and all taxes
^
1936
-.-$10,837,749 $10,485,060
5.247,262
5,341,858
(before approp. for retirement res).
i
due 1971.
Oct.
1936, at 102, $12,753,000 1st & ref. mtge. 5Ks, series A,
1,
$5,590,487
1936, at 103, $10,000,000 10-year sec. 5s, due 1941.
By order dated July 1, 1936, the Commission approved the application,
and $26,000,000 of series E bonds were sold on July 7, 1936, realizing
$24,960,000.
This refinancing effected a reduction of $253,000 in the principal amount
of funded debt, and will result in an annual saving of approximately 408,000
By an indenture, dated July 1, 1936, supplemental to the 1st & ref.
mtge., provision is made for the creation of a sinking fund requiring the
payment to the trustee on April 1 and Oct. 1 of each year, beginning
Oct. 1, 1936, the sum of $49,500 plus an amount equal to interest at 3%%
upon all series E bonds previously acquired for the sinking fund, which
bonds will be canceled and cremated, and no bonds issued in place thereof
so
long as
any
into the fund will be increased
383,672
$5,953,234
1,200.000
$5,526,873
1,025,000
37,000
37.000
$4,716,234
$4,464,873
and other income (before
appropriation for retirement reserve)-Appropriation for retirement reserve
Amortization of contractual capital expenditures..
income
1936
Aver, miles of road oper.
1,242,041
1,471,785
on
$1,970,687
$1,490,217
- —
and expense
..
Net income.
-V.
25,453,831
29,907,450
29,801,624
5,939.686
Maintenance
Transportation
Allother
144,
p.
134,059
13,891
1606.
Louisville & Nashville
1933
22,941,818
24,649,911
5,739,059
26,660,846
5,681,193
RR.—Annual Report—
Lyman Delano, Chairman, and J. B. Hill, President, state in part:
Revenues—Business conditions improved materially in 1936 as compared
with 1935, producing an increase of $15,360,832, or 20.3%, in gross revenues.
Freight revenues increased $14,325,851, or 22.4%, due principally to
the handling of a greater volume of traffic.
The revenues from the emer¬
gency rates under Ex Parte 115 which, by order of the Interstate Commerce
Commission expired Dec. 31, amounted to $3,343,597.
Revenue tonnage
increased 214,511 carloads, or 23.9%, made up of 112,185 cars of coal,
55,704 cars of other freight originating on this line, and 46,622 cars re¬
ceived from connections.
Lake cargo coal, which increased approximately
28,000 cars, or 31%, established a new record.
The heavier coal loading
was attributable to the general upturn in business, principally steel and
automotive, and to an increase in coal consumption by utilities.
The
originating on line and that received from connections
conditions and greater demand, particularly for agri¬
and for coke, ore, gravel, sand and stone.
Passenger revenues increased $821,960, or 14.2%.
These were heavier
than any previous period since 1931.
The number of passengers carried
increased 6.9%, and the number of passengers carried one mile increased
12.7%.
As compared with these, passenger train, locomotive, and car
miles were approximately the same as last year.
The continued improvement in revenues from passengers for the third
consecutive year reflects the effect of reduction in rates in 1933, improved
service, including the adoption on certain schedules of air-conditioned cars,
and a general increase in travel.
Express revenues were greater by $136,834, or 8.4%, brought about
principally by the continued upward trend of traffic.
Mail revenues
increased $50,215, or 2.5%, due to increased volume, principally parcel post.
Industrial and development work continued to show improved results
increased tonnage
21,763,583
23,013,826
5,471,162
$57,795,870 $53,330,788 $50,248,571
17,883,449
16,631,880
15,408,387
6,626,087
4,311,108
3,822,906
4,010,052
Totai oper. expenses-_$65,648,761
Net ry. oper. revenues-- 25,391,390
1,354,920
(net)--
Other income deductions.
f
1934
1935
4,986
5,044
5,063
5,136
$91,040,151 $75,679,318 $69,962,668 $65,656,958
Railway oper. expenses:
135,884
—12,701
pref. stock of Louisv. Gas & El. Co. (Ky.)
1,354,920
Interest charges
Amortization of debt discount
Divs.
proportionately.
Comparative Income Account for Calendar Years
$5,143,201
362,747
In the event any
of the series E bonds are outstanding.
series E bonds are issued in excess of $26,000,000, the semi-annual payments
Total oper. revenues
Net operating revenue
Gross
following sub¬
of Subsidiary Companies—Dissolution of the
sidiary companies was effected during the year, all of the properties having
been conveyed to this company:
Owensboro & Nashville RR., Swan Creek
Ry., Lewisburg & Northern RR., South East & St. Louis Ry.
Funded Debt—On Aug. 1, 1936, bonds issued under the South & North
Alabama RR. consol. 5% mortgage matured.
To provide funds to pay
the outstanding bonds of that issue, $9,292,000, application was made to
the ICO for authority, to issue $30,000,000 1st & ref. mtge. 4% bonds,
series D, in exchange for a like amount of 1st & ref. mtge. 4^% bonds,
series C, held in the treasury, and to sell not exceeding $9,292,000 of the
series D bonds at 98 and int. from April 1, 1936.
By order dated March 23,
1936, the Commission approved the application, and $9,292,000 bonds were
sold on April 1, 1936, realizing $9,106,160, the remainder of the issue,
$20,708,000, being placed in the treasury of the company.
On April 1, 1936, a supplemental indenture was executed providing for
a sinking fund for series D
bonds, which requires annual payments into
the fund commencing April 15,1937, of a sum equal to either (a) one-half of 1 %
of the aggregate principal amount of all series D bonds issued prior to each
sinking fund date, or (b) the net income of the company, as defined in the
supplemental indenture, for the year ending Dec. 31 next preceding such
sinking fund payment date, whichever is less.
As it was believed that bonds secured by the 1st & ref. mtge. bearing
interest rate of 32£% could be sold advantageously, application was made
to the ICC on June 19, 1936, for authority to issue $30,000,000 1st & ref.
mtge. 3%% bonds, series E, in exchange for a like amount of series C
4Yi% bonds held in the treasury, and to sell $26,000,000 of the series E
bonds at 96 and int., the proceeds, together with funds to be supplied from
the treasury, to be applied to the redemption, prior to maturity, of the
following outstanding bonds at the prices indicated:
On Sept. 1, 1936, at 107, $3,500,000 St. Louis Division 1st mtge. 6s
On Oct. 1,
From Jan. 1—•
Net from railway
—Y. 144, p.
6Xist6I^C6 fi n'ifpf)
due 2003.
Louisiana & Arkansas Ryv —Earnings—
1936
1935
March—
1937
$474,116
$370,550
Gross from railway
$512,128
176,609
109,281
Net from railway
164,389
110,454
67,155
Net after rents
98,045
Gross from railway
Cumberland & Manchester 11R.—The acquisition of control of the Cum¬
of the entire capital stock, and the
acquisition of control of that company's property by lease, were approved
by the ICC in the latter part of 1926, and operation under lease of the line
from Heidrick to Manchester, with branch to Sibert, Ky., as part of the
System, was commenced on Jan. 1, 1927.
There being no outstanding funded debt or other obligations, application
was made to the Commission for authority to take title to the property,
and by order of July 6, 1936, was approved.
On July 11, 1936, the property
rights and franchises were conveyed to this company, and its corporate
berland & Manchester RR. by purchase
On
2833.
—V. 144, p.
3005
Chronicle
Railway tax accruals--Uncoil. railway revenues
15,5l8
_.
17,742
Railway oper. income_$lo,765,303 $13,572,341 $12,793,456 $11,380,593
Hire of equipment (net).Crl,834,487 Crl,428,206 Crl,199,023 Crl,211,089
Joint facil. rents (net)— Drl,342,426 £>rl,038,588 Drl,025,182
Dr733,994
Net ry. oper.
income_$19,257,364 $13,961,959 $12,967,297 $11,857,688
Non-operating income:
53,859
Dividend income-
633,515
Other income
223,759
52,690
533,585
227,668
52,677
544,778
227,671
Inc. from lease of road
247,233
93,244
646,543
$20,172,409 $14,787,082 $13,777,331 $12,844,708
Gross income
Deduct'ns from gross inc.:
10,098,079
10,007,950
10,137,964
10,275,669
26,360
256,619
393,570
269,838
402,144
372,061
419,498
1,628,472
$4,128,943
$2,967,385
$1,795,716
30,873
18,539
13,878
$9,597,599
7,020,000
Interest
$4,110,404
2,925,000
$2,953,507
3,510,000
Separately oper. props.
(loss)-.Other deductions
Net income
Miscell.
401,262
appropriations
of income
reflected improved
cultural and forest products
as
compared with recent years.
Expenses—Operating expenses increased $7,852,891, or 13.6%.
The
major portion of the increase resulted from the greater volume of freight
traffic handled, which, measured by the gross ton mile movement, was
22.6%.
However, higher prices paid for many items of material, including
fuel, heavier repair charges in reducing deferred maintenance, and the
restoration of certain wage reductions, further augmented the normal
expenditures of operation.
Notwithstanding these influences, the ratio of
expenses to revenues—72.1%—was materially less than in 1935 and was
lower than any year since 1917.
Abandonment of Branch Lines—Traffic volume did not warrant continued
operation of the Clarksville Mineral Branch, extending from Hematite
through Van Leer to Pond, 30.71 miles, and the spur extending from
Van Leer to Cumberland Furnace, 6.13 miles, all in Montgomery and
Dickson counties, Tenn.
Application was made to the ICC to abandon
the mileage referred to.
By order dated April 17, 1936, the Commission
authorized abandonment, effective as to that part of the branch from
Van Leer to Pond, 10.59 miles, on and after Oct. 1, 1936, and as to the
remainder of the branch, including the spur, 26.25 miles, on and after
Nov. 1,1936.
The branch has been abandoned and appropriate accounting
for the salvage recovered will be made to the trustee of the company's
unified 50-year 4% mortgage, the senior mortgage resting on the property.
Following application by this company, owner, and Nashville Chatta¬
nooga & St. Louis Ry., lessee, the ICO authorized the abandonment of
the Perryville Branch of the Paducah & Memphis Division, extending
from Lexington to Perryville, 24.14 miles, in Henderson and Decatur
counties, Tenn., and operation ceased on Oct. 31, 1936.
The branch has
been abandoned, and the value of the salvage recovered will be accounted
for to the trustee of the Paducah & Memphis Division first mortgage.
Income balance transf.
to
profit and loss
Dividends
$1,795,716
General Balance Sheet Dec. 31
1936
A cw/
Inv. in rd. &
1936
1935
©
o
$
Impts. on leased
ry. property..
Sinking funds._
2,424,638
2,121.355
2,341,645
2,123,482
in lieu of
Deps.
76,259
76,259
Inv. in affil. cos.
2,591,788
27,882,666
Other
2,518,237
26,178,384
invest'ts. 15,374,402
17,608,645
13,911,742
mtg. prop, sold
Misc. phys. prop
Cash
13,621,017
3,121,735
1,192,403
4,118,954
163,832
Loans & bills rec.
8,115
11,927
Net bal.
agts
rec.
3,596,777
2,563,320
630,327
558,354
1,532,406
8,355.857
223,905
74,855
16,058
44,252
rec.
1,990,461
Mat'l & supplies
8,427,788
Int. & divs. rec.
230,100
68,835
60,207
47,076
Rents receivable
Oth.
curr. assets
Wkg. fund ad vs.
this company.
to affil.
Ins. & oth. funds
5
5
Oth. def'd assets
7,517,127
7,658,430
2,526,247
41,000,000
1,495,674
UnadJ. debits._
Conting assets. 41,000,000
5,913,500
5,913,500
92,663
92,775
438,523
327,756
5,160,311
2,202,457
1,702,733
89,919
5,548,364
728,435
1,706,151
90,591
cos...
car wrr.
bals. payable.
Aud.
accts.
wages
and
payable
Int. mat'd unpd.
Divs. mat
fr.
&conduc
Misc. accts.
with
Jointly
Non-negot. debt
Misc. accts. pay.
Traf. & car-serv.
rec..
for bds. issued
'
deposits
Special deposits.
balances
$
Capital stock...117,000,000 117,000.000
Prem. oncap.stk
12,117
12,117
Govt, grants...
40,350
69,064
Fd. dt. (unmat.)221,642,530 223,631.530
Liab. of Sou. Ry.
Traf. &
Time drafts and
1935
$
Liabilities—
eq.437,954,373 439,090,127
unpd
Funded debt
ma¬
631,000
14,000
1,464,201
1,716,485
47,285
50.791
tured unpaid.
Unmat. int.
accr
Unmat. rents
acc
139,492
84.886
5,232,106
3,479,253
Accrued depreci 81,030,898
Oth. unadJ. cred
4,915,593
5,285,223
1,492,253
Oth.
curr.
llabils
Deferred liablis.
Tax
liability...
Add'ns
to
,
77,169,373
4,649,126
prop.
39,004
3,216,415
39,004
balance.
299,370
77,729,143
80,571.530
Conting. liabils.
41,000,000
41,000.000
thr. Inc. & sur.
Sink.
fund. res..
Approp. sur. not
specif, invest.
P. & L
Total....
573,562,059 570,5o7,997
Total
3,230,894
287,340
573,562,059 570.567 997
3006
Financial
Earnings for March
March—
1937
$8,987,980
2,938.665
Gross from railway
Net from railway
Net
after
to
1936
1935
21,432,704
18,114.646
5.024,646
4,011,544
3,889,543
3,110,393
or
1937
1936
$114,781
28,384
5,495
Gross from railway
1935
$101,799
21,664
$93,458
26,003
5,354
Sink,
220,287
28,605
6,057
defl3,353
7,658
60,333
45,984,083 46,248,768
funds
and
134,352
demand deposits
169,030
309,202
38,732
26,578
3,245
3,391
-.
Accts. & notes
xl937
$3,480,903
2,857,902
104,190
29,429
accounts
Profit
Other income
xl936
$2,093,414
1,800,694
74,614
22,272
yl935
$1,614,531
1,341,085
55,169
11,844
$195,834
14,367
'
30,857
Total income
$520,239
18,653
$210,201
4,100
rec.
Acer. int. and rents
147
145
Mat'ls & supplies.
Insurance prems-.
47 9,043
26,753
313,211
7,231
Other def.
236,340
215,097
charges
Minority interest
$501,586
73,675
34,795
$206,101
30,150
Net profit
Shs. com. stock outstdg. (par
$1)
$393,116
496,437
$163,012
12,939
$198,511
202,155
$0.62
401,815
$0.36
per share
Other
x
$273,868
15,257
Depreciation
—
$258,611
3,271
Other income
Net
$217,610
share
$1,612
Note—No provision has been made for surtaxes
Comparative Balance
Assets—
Mar. 31,'37 Dec. 31,'36
Cash in banks and
in
&
lnsur.
$88,058
x200,509
132,688
178,935
470,936
54,385
54,385
cost
8,726
12,000
Surp.
and
provided
2,770
119,000
674,885
674,885
256,850
256,850
162,917
313,060
y315,920
1
1
22,599
charges.
for
reserve
for
doubtful
notes
and
$1,430,295 $1,327,331
accounts
of
$5,000.
y
After
on
first
page
$716,212
10,930
62,498
109,000
104,500
CY39.634
Cr20,994
$590,594
$568,778
$0.21
State income tax—es¬
timated prov. current period
Profit on securities sold
Net profit
Earns,
sh.
per
shares
1,617,922
stock.....
on
common
no
$0.18
$0.16
directors
have
par
Note—Net income is stated before provision for Federal surtax on
un¬
distributed net income, the amount of which, if
any, will depend upon net
income and dividends paid for the full calendar
year 1937.
The surtax
which would be payable upon the above net
income, based on dividends
paid for the first quarter, would be approximately $54,000.—V. 144,
p. 2309.
(& Subs.)—Earnings—
declared
a
dividend of 10
McKenzie Red Lake Gold
Mines, Ltd.—Extra Dividend
15, last.—V. 143,
Garden
The directors have declared
p.
3152.
a
dividend of 75 cents per share
on
the
In-
expenses
1937—Month—1936
$1,250,094
$963,671
814,057
895,025
Net oper. revenues
$436,037
73,197
20,549
43,020
Taxes
Equipment rents—Dr..
Joint facility rents—Dr.
Net ry. oper. incomeOther income
;
Deductions
terest,
1937—3 Mos.—1936
$3,374,646
$3,061,963
2.313,456
2,588,260
$1,061,190
211,449
122.631
97,346
$473,703
182,065
136,357
84,497
$629,764
102,682
$70,784
112,644
$336,676
x$38,i68
$732,446
$183,428
144
179,716
.
168,710
519,839
505,762
$156,960
Deficit.—V.
x$207,478
$212,607
x$322,334
extra dividend of 10 cents
per share in
addition to the regular
quarterly dividend of 40 cents per share on the
capi¬
tal stock, par $10, both
payable May 15 to holders of record
May 1.
Simian
on Feb. 15 last and on Nov. 15 and Aug. 15, 1936.
Marshall Field & Co. (&
Quar.End.Mar. 31—
sales
Net loss after all
a dividend of 10 cents per share on
the com¬
value, payable May 20 to holders of record May 5. Th's
30 cents paid on Dec. 29, last; 20 cents
paid on May 11,
1936, and 10 cents paid on Feb. 15, 1935, and on May 24,
1934; this latter
payment was the first made since April 15, 1932, when a
regular quarterly
dividend of 15 cents per share was distributed.—V.
143, p. 2849.
1937
tax.
stock,
no par
w th
Mengel Co.—Earnings—
Consolidated Income Account for Calendar Years
1936
Net sales
a5 ),141,882
8,141,406
Depreciation & deplet...
432,712
Interest (net)
170,928
cap.
stk. in affil.
1936
1935
26,080
1,795
1935
1934
32,463
Mengel Mahogany
Logging Co
Prov. for loss
sub.
in
Reduct. in
on
196,058
171,010
21,97*-
28,583
prof667
6,638
assets of
liquidation
res.
1 Q33
$4,997,404
4,853,283
y250,343
cos..
expenses
1934
x$6,566,482 z$5,854.043
6,139,156
5,283,371
378,051
340,134
191,626
192,219
46,778
16,676
45,862
Notes & accts. writtenoff
deductions
Reduct. in book value of
Miscell.
50,950
for work.
compensation
insur..
030,000
Proport. of loss applic. to
minority interest
Prov. for Federal & State
income taxes
Subs.)—Earnings—
.....$24,035,111 $23,811,415 $23,151,856 $22,058,300
chgs.xprof.613,012
94,532
442,734i
762,000
After normal income
Memphis Natural Gas Co.—10-Cent Dividend—
The directors have declared
Loss
Manufacturers Casualty Insurance Co.—Extra
Div.—
lar^payrnents \^ere made
•
Co., Inc.—Registers with SEC—
Amort, of bond extension
2660.
The directors have declared
undistributed profits.
Preferred Dividend—
Cost of sales
x$81,986
43,218
(rentals, in¬
&c.)
on
Collins, Inc.»
the corresponding period of 1936.
See list given on first page of this department.—V.
144, p. 2661.
compares
$299,271
37,405
Gross income
Does not include surtax
Meier & Frank
4
$68,646
72.738
47.176
30,718
1937 figures include the operations of Dill &
not consolidated in
were
The directors have declared an initial dividend of $1.37
M per share on the
$5.50 cumulative preferred stock, series B, payable June 1 to
holders of
com¬
RR.—Earnings—
revenues
$0.19
stock (no par)
share
Note—The
which
mon
Period End. Mar. 31—
per
record May 15.—V. 144, p. 2835.
value, payable May 20 to holders of record
May 10
A
dividend of 20 cents was paid on Feb.
26, last, and previously
quarterly
dividends of 15 cents per share were
distributed.
In addition, an extra
dividend of 10 cents was paid on
May 29, 1936.—V. 144, p. 2309.
Operating
Operating
common
Initial
Corp.— ■Dividend Again
no par
Maine Central
$155,201
588,450
$0.82
Net income—.
Shares
Earnings
department.- -V. 100, p. 1596.
creased—
stock,
$698,193
302,137
110.523
76,275
37,815
16,242
$550,716
619,374
Federal and State income taxes
Minority interest
x
Square
$663,493
34,700
$1,239,570
336,058
105,435
118,704
xll3,226
15,431
...
Interest and taxes on funded debt
Other deductions
Co.—-Registers with SEC—
See list given on first page of this
Madison
$4,010,579
3,347,086
$1,186,823
52,747
income
Total income
The directors have declared an extra
dividend of one cent
per share in
addition to a dividend of three cents
per share on the common
stock, par
$1, both payable June 15 to holders of record June
1.
Similar payments
made
Dec.
Macon Gas
$6,527,601
5,340,778
Cost and expenses
Depreciation
cents
per share on the
stock, payable June 15 to holders of record
May 15.
Previously
dividends of 20 cents per share were
distributed each three monthsl—
Y. 143, p. 432.
on
Mar. 20 '37 Mar. 21 '36
Net sales.
Other
common
were
95.000
of this department.
McColl Frontenac Oil
Co., Ltd.—Dividend Halved—
x
$739,505
17,120
66,925
and
Operating profit
McClelland-Kennard Co.—Registers with SEC—
Net
Federal
Mead Corp.
Total....
depreciation of $218,381.—V. 144, p. 2486.
See list given
x
$630,600
26,285
51,242
8,082
$616,205
Sundry deductions
Depreciation
6,796
$1,430,295 $1,327,331'
After
mon
$687,482
14,350
30,452
7,221
$811,380
19,001
67,174
Sundry income
1935
$4,007,404
3,376.803
$756,833
14,738
31,036
8,773
Operating profit
1936
$3,609,414
2,921,932
12 Weeks Ended—
Total
The
1937
$4,276,861
3,520,027
Interest and dividends received
Discounts and royalties
70,000
at
paid in since
Earned surplus._.
11,791
302,322
Patents..
reserve
144,506
salaries
Res. for Fed. taxes
Res. for conting..
Cap. stock (par $5)
sundry securities
x
$32,183
organization and
Properties
Deferred
Dec. 31'36
wages
Mortgages rec.and
—at
Maytag Co.—Earnings—
Total income
Mar. 31/37
$28,994
Ac^r.
adv.
.
...47,071,727 47,258,224
Includes $17,285 maturing in
undistributed profits.
Accts. pay., trade.
Accrued taxes
of life
policies.
on
Customers deposits
to affiliated cos.
207,519
4,766,378
Tydings, United States Senator from Maryland, has
member of the Board of Directors of this
company.—V. 144,
a
3 Months Ended March 31—
Net sales
Sheet
Liabilities—
Notes and accounts
Inventories
2,740,989
249,480
4,477,279
Millard E.
2487.
p.
$261,882
44,272
Reserve for income taxes
263,520
403,942
44
45,048
had cumulative dividends in arrears on
prior preference stock from April 1, 1920, to Dec. 31, 1921, and from Jan. 1,
1924, to date, amounting to $88.50 per share, aggregating $10,282,372, and
on first preferred stock from
April 1, 1921 to date, amounting to $94.50 per
share, aggregating $4,712,573.
The income account was given on March
6, page 1606.—Y. 144, p. 2660.
Cost of sales and expenses
profit
$250,837
4,921
42,375
reserves
y
114,104
103,623
2,543,066
reserve
Total
par.
113,616
Mar-Tex Oil Co.—New Director—
—
value
47,071,727 47,258,224
Represented by shares of $100
867,350
81,194
175,000
502,126
251
Earned surplus
been elected
Gross earnings
.
78,935
111,849
148,571
4,692
Deferred liabilities
Total
5,857,000
Accrued salaries &
Indebt. to affil
Hon.
Earnings for 3 Months Ended March 31, 1937
hand..*
62,370
175,000
679,421
wages
Lynch Corp.—Earnings—
Operating profit
867,350
y Equipment notes
Notes payable
Accts. payable—
1936 and $16,573 in 1937.
Note—Market Street Railway
$0.79
x Includes
subsidiaries,
y Excluding subsidiaries.
Note—No provision was made for Federal surtax on
undistributed profits.
-V. 144, p. 1606.
Invest,
current)
Accrued taxes.—
Other accrued liab.
$230,157
31,646
Profit before Federal taxes
Estimated Federal taxes
Surr.
gold bonds
5,457,500
Indebt to affil. (not
Accrued interest..
$234,544
4,387
on
6% cum. pf. stk. 4,986,850
6% 2nd pf. stock 4,673,700
Deprec.
Sundry deductions
receivable
11,618,500 11 618,500
4 986,850
4 673,700
Common stock--10,647,400 10 647,400
1st mtge. 7% s. f.
x
x
$206,433
28,111
$489,382
;
134,601
Indebt.of affil-...
Co.—Earnings—
stock
x
other deposits
Cash on hand and
241,565
61,103
franchise
1935
$
x6% cum. prln. pf.
receivable
Cost, expenses and doubtful
Depreciation
Ordinary taxes
1936
Liabilities—
Railroad prop, and
276,274
3 Months Ended March 31—
Net sales
1935
$
1934
$75,823
10,534
def3,282
343
2308.
profit
Earnings per
1936,
Market Street Ry. Co. (& Subs.)—Balance Sheet—1936
63,658
def610
<
Ludlum Steel
Total
$24,035,111;
1791.
p.
Marion-Reserve Power Co.—Registers with SEC—
Assets—
310,686
Net from railway
Net after rents
Earnings
1937,
18.7%.—V. 144,
See list given on first page of this department.—V.
144, p. 2833.
•Earnings—
1—
p.
$20,242,487; increase, $3,792,624,
Consolidated Balance Sheet Dec. 31
Net after rents
144,
May 1,
If the sales of discontinued lines and the sales of The Davis Store are
eliminated from the sales of the first quarter of 1936, the
comparison with
the first quarter of 1937 becomes as follows:
4,405,305
March—
Gross from railway
Net from railway
—V.
Chronicle
18,307.665
5,309.864
3,867,620
4
Louisiana Arkansas & Texas Ry.-
From Jan.
1934
22,143,683
5,488.627
2,202,249
2308.
p.
Date
$6,183,523
$6,504,572
1,427,852
1,896.561
1,111,162 ■" 1,625,941
Net after rents
144,
Year
$7,063,749
1,541.058
1,199,596
rents
From Jan 1—
Gross from railway
Net from railway
—V.
and
Net profit
Earn, per share on
Cr90
02,464
b40.000
_
com.
$279,805
$0.15
loss$84,815
Nil
loss$98,825 loss$471,237
Nil
Nil
Includes profit on sale of investments of
$31,815, profit on joint ventures
of $7,199, and interest income of $9,048.
y Depreciation only,
z Includes
x
Volume
Financial
144
rent received of
$13,735, profit on joint ventures of $3,692
$2,807.
of account receivable applicable
$29,808, profit on joint venture $23,403 and other income
not include provision for Federal surtax on undistributed
Includes receovery
_
—
_
$288,105
—
_
5,272
—
$293,378
Total income
Interest charges, &c
47,097
127,173
Flood loss, incl. shut down loss due to floods
Provision for Federal and State income taxes..
12,081
$107,027
Net profit..
Note—The provision for Federal and State income taxes
a
provision for Federal surtax
on
does not include
undistributed profits.
Notes pay.,
on
a
hand
and
2,899,345
within one year-
356,533
Accounts payable.
Accrued expenses.
assets
373,062
In
250.000
25,000
340,343
244,626
25,000
361.778
275,721
31,270
40,000
4,992,420
7%
182,400
3,360,300
7,680,472
320,041
114,610
11,559,875 11,158,625
Total.
11,559,875 11,158,625
df 4012,141
Dr27,361
Treasury stock...
for doubtful accounts and notes &c. of $47,439 in 1937
1936.
b After reserves for depreciation accumulations
since 1921 of $4,574,098 in 1937 and $4,478,888 in 1936.
c Arising from
reduction in capital amount of common stock less charges thereto (subject
to write-off of a portion of recapitalization and refinancing expenses).—
V. 144, p. 2835.
reserve
in
Merchants & Miners Transportation
revenues
1937
1936
1935
1934
$2,068,070
$1,843,022
$2,056,154
Net income (after deduc.
of oper. exps., rents,
_
.
,
undistributed profits
Provision for losses of sub. cos.—(consolidated).
_
Mexican Light & Power
14,484
$563,228
Total
Co., Ltd.—Earnings
Balance Sheet Dec. 31, 1936
Liabilities—
Assets—
501,416
Feb. 29 '36
$661,063
444,533
$205,222
$216,530
Feb. 28 '37
$706,638
Oper. exps. & deprec
Net earnings
.
$16 ,642,565
42 ,010,361
advances..$72,941,856
1,938,153
Special cash deposits..'
12,631
Temporary cash investments.
56,400
Capital stock ($5 par)
Paid-in surplus
Note & accts. receiv
Accrued taxes
289,324
374,328
12,083
560,899
Earned surplus
Accounts
14,480
payable
157,442
Est. reorgan. fees <fe expenses.
Prepaid accts. & def. chgs—
6,141
Miscell. current liabilities._.
Res.
valuation
against
assets
Feb. 28 '37
Feb. 29 '36
$1,456,894
998,464
$1,354,426
898,496
$458,430
$455,930
2488.
Reserve for contingencies
D. C. Green, President, says in part;
On Nov. 27, 1935 the reorganization
$75,124,7061
200,000
94,846
....$75,124,706
Total
Consolidated Income Account Year Ended Dec. 31, 1936 (Incl. Subs.)
[Exclusive of Central Illinois Public Service Co. and Lake Superior District
Power Co.]
/■ '•
$44,370,828
4,485,252
3,652,558
2,771,297
Ice
Gas—
—
Other—
Total operating revenues
$55,279,934
2,940,180
16,454,612
3,313,404
6,452,758
Power and gas purchased for resale
Operation
Maintenance
Provision for retirement reserve.
5,465,674
State, local and miscellaneous Federal taxes
and State income taxes, incl. $190,311 surtax
distributed profits
Federal
on
un¬
967,540
I
$19,685,766
532,925
Net operating income
Other income (net)
Interest
on
$20,218,691
9,716,186
.-
funded debt
191,758
General interest (net)
s,
Amortization of bond discount and expense
Amortization of
1,088,537
preferred-stock selling commissions & expenses.
for earned portion of divs.
Prov.
14,187
$9,208,023
Net income
on pref. stocks of sub.
and minority interest:
held by the public
cos.
$4,339,034
Dividends paid or declared
Dividends earned or reserved for but not declared
2,740,873
67,206
Minority common stock interest in net income of sub. cos.
$2,060,910
Sub. oper. cos. (after deducting
common stock interest)
$12,163 applic. to minority
45,265
382,294
Subsidiary holding company
Bal. of net inc. after deducting full year's cum. div. require¬
ments on pref. stocks of sub. cos. held by the public
$1,633,352
Surplus balance, Dec. 31,1935
—
21,345
$1,654,696
100,000
66,378
021,937
Provision for 1937 flood damage
sale of properties and liquidation of sub. cos..
Miscellaneous (net)
Net loss
plan of Middle West Utilities Co.
were transferred to
incorp. in Delaware and qualified to do business in
Illinois.
Effective Dec. 1, 1935, Middle West Corp. registered with the
Securities and Exchange Commission as a public utility holding company
in accordance with the Public Utility Holding Company Act of 1935.
The assets acquired on Nov. 27, 1935, in reorganization of Middle West
Utilities Co. were recorded at values, approved by the directors, and
which, with minor exceptions, were based upon valuations made by Walter
A. Shaw, a consulting engineer and a director of this corporation by Court
appointment, who in the reorganization proceedings had acted as special
adviser to the Court with respect to the value of the assets involved and was
was
14 ,890,165
Z
Total
Corp.—Annual Report 1936—
Middle West
47,736
of
acquired in reorg....
Unearned div. requirements on pref. stocks of direct sub. cos.
held by the public:
2 Months Ended
Month Ended
Gross earns, from opers.
2,329
$560,899
Balance of net income
(Canadian Currency)
-V. 144, p.
$548,744
Net income
Balance, Dec. 31, 1935—
.
Period—
on
Gross income
50,255
171,591
107,219
depreciation)
113,111
Earns, per sh. on 236,902
$0.21
$0.72
$0.47
shs. cap. stk. (no par)
$0.45
Statement for 12-Month Period April 1, 1936 to March 31, 1937, Incl.
Total revenues, $8,603,307; net income (after deduction of operating
expenses, rents, taxes and depreciation), $691,483; amount earned per
share, $2,918.
Note—No provision has been made for Federal surtax, imposed by Fed¬
eral Act of 1936 on any undistributed profits accruing after Jan. 1, 1937.
Effective Jan. 1, 1937, additional depreciation set up on wharf property,
general office buildings, and equipment.—V. 144, p. 943.
taxes &
Surtax
Co.—Earnings—
$2,296,303
3 Mos. End. Mar. 31—
Total
33,789
53,248
156,149
59,943
Federal normal tax
Operating revenues—Electric
since
March 1, 1937—
$35,869
129,602
State, local & miscell. Federal taxes
Reserve for deficits of subs
Earned surplus ac¬
After
General and administrative expense..
66,875
($1 par)
413,493
Capital surplus. 3,555,246
cumulated
$981,475
-
Total
Com. stk.
a
14,783
Total income.
380,041
pref. stk.
cum.
($100 par).....
260.568
c
Total
—_
50% of the com. stk. is held.—
Other income
5% conv. cum. 1st
pf. stk. (par $50) 3,112,400
652,283
b
and
;>
2,437,900
672,759
2,697,000
376,590
Deferred Income._
66,897
Reserves
Land, buildings,
mach. & equip. 4,982,432
Prepaid exps. and
deferred charges
395,196
On notes—
Cos. in which from 10% to
Other companies
Accrued interest receivable..
Funded debt
and
116,363
130,525
172,122
20,735
consolidated)—On bonds
cos.,
Cash
due
State inc. taxes-
620,422
582,999
operations.._
timber, at cost
less depletion
Other companies
Interest—(Sub.
Investm't sees. &
Prov. for Fed. and
Properties not used
Timberlands
obligations
864,955
other
400,000
Purchase-money
491,621
2,851,789
Inventories
Invest,
banks
669,761
1,052,353
Receivables
293,055
37,849
-
Mar. 31/37 Dec. 31/36
$
$
Liabilities—
$
$196,042
consol.)—On preferred stocks
cos.,
On common stocks
Balance, Dec. 31
Mar. 31/37 Dec. 31/36
Assets—
1936
Dividends—(Subs,
Write-down of reacquired stock to par value, &c
Consolidated Balance Sheet
Cash in banks and
(Company Only)
Income:
to prior years of
$20,136.
b Does
profits.
Earnings for the Three Months Ended March 31, 1937
Net sales
$2,594,403
Cost of sales, selling, shipping and administrative
2,208,140
Depreciation
76,267
Depletion
21,891
Net operating profit
Other income
Income Account Year Ended Dec. 31
and miscellaneous
income of
a
3007
Chronicle
on
confirmed and ali of the assets of that company
Middle West Corp.,
employed by the directors to make these valuations. Mr. Shaw's valuations
also included intangible values of $4,471,059 that were not recorded.
During the period from Nov. 27, 1935 through Dec. 31, 1936, there were
sold
"s small lot.« of <^m»*;ties, principally bonds and preferred stocks,
and the hoiui^t,® m the common and preferred stocks and bonds of New
Hampshire Power Co. The sale of the securities of this small eastern utility
company is consistent with the endeavor to confine investments to the more
concentrated service areas of the Middle West system.
The proceeds of security sales combined with other capital receipts
enabled corporation to add to its holdings of securities of more important
subsidiary companies and during the period from the inception of the com¬
pany to Dec. 31, 1936, $2,072,000 was expended in the acquisition in the
open market of the following preference stocks:
Dec.
Bal.
31,
1936,
represented by $777,371
(Exclusive of Central Illinois Public Service Co. and Lake Superior District
Power Co.)
Liabilities—
Assets—
Property, plant & equipm't-$367,556,347
Invest, in & advs. to other
Pref.
stock
commissions
247,541
expenses—
287,661
16,701,554
1,206,272
14,729,044
of amortization
Cash
on
546,625
Notes, accts. & warrantsrec.
3,125,315
7,220,857
Materials and supplies
3,094,353
Marketable securities
$26,503,513 $23,571,143
Net operating revenues
Provision for retirement reserve
6,450,358
$20,053,155 $17,455,327
o01,365
492,306
Net operating income
Other income (net)
—
—$20,354,520 $17,947,633
11,265,873
11,910,285
Gross income
Interest and other deductions
Combined net income of consol.
6,115,816
subs
—
$9,088,647
$6,037,348
106,475,959
com.
stock
1,859,129
cos
Funded debt of sub.
201,909,000
cos
Deferred liabilities
in
Jan., 1937)
3,727,142
(paid
220,000
—
Current mats, of
ser.
debs. &
underlying bonds, &c
Accounts payable-—
2^348,433
Accrued State, local & misc.
Federal taxes.
2,822,716
1,085,500
Federal income taxes
1,490,461
Accrued interest
3,107,700
Pref. stock divs. pay. or ac¬
crued by sub. cos.:
799,148
Miscell.
814,858
curr.
liabilities
Reserves:
Res. against valuation of
assets acq.
in reorganiz.
Retirement
Bal. of
Subsidiary Operations—As the corporation has completed only one calen¬
there is not available a consolidated income statement
5,766,698
42,010,361
1,510,255
held
by public
Minority int. in
Bank loans of sub. co.
dep. for pay. of bond
int., divs., &c.—
stks.
—
cum.
clared
dar year of operation,
6,190,027
cos.
& surplus or deficit of sub.
pro¬
Prepaid accts. & def. chgs—
Cash
$16,642,565
earned surplus
Pref. stks. of subs.
&
Sinking funds & special deps.
Bond disc't & exps. in
cess
Capital stock
Paid-in surplus
29,471,150 Consolidated
cos., &c_.
for the calendar year 1935 for
Taxes
$1,510,255
Consolidated Balance Sheet Dec. 31, 1936
4,091 shares American Public Service 7% preferred
1,520 shares Central Illinois Public Service $6 preferred
745 shares Central Power & Light 7% preferred
603 shares Central Power & Light 6% preferred
12,230 shares Central & South West Utilities $7 prior lien preferred
14,080 shares Central & South West Utilities $7 preferred
1,960 shares Kentucky Utilities 7% junior preferred
300 shares Lexington Utilities $6.50 preferred
710 shares North West Utilities 7% prior lien
870 shares North West Utilities $6 preferred
comparison with the 1936 consolidated income
account.
In order that comparative results of operations may be observed,
the combined (not the consolidated) income account of subsidiaries (exclusive
of the parent company) for the calendar years 1935 and 1936 follows:
Calendar Years—
1936
1935
Operating revenues
$55,279,934 $50,267,278
Operating expenses
19,272,990 17,862,989
Maintenance
3,313,404
3,066,448
of restricted
surplus and $732,883 of unrestricted surplus.
or
of
paid on pref.
sub.
cos.
held
by the public
Contributions for extens.
Res. for contingencies
Miscellaneous
$444,186,721
Total
Total
14,890,165
20,611,943
divs. not de¬
17,243,522
1,191,708
2,253,718
1,172,437
$444,186,721
-V. 144, p. 2835.
Mickelberry
s
The Chicago Stock
Food Products Co.—Additional Listing—
Exchange has approved the application of the
com¬
to list 55,230 shares of common stock, $1 par, to be admitted to
trading on official notice of issuance and registration under the Securities
Exchange Act of 1934.
These additional shares are to be listed to effect
a change in capital structure authorized by the stockholders at a meeting
held March 11. 1937.—V. 144, p. 1444.
pany
Michigan Associated Telephone Co.—Accumulated Div.
The company
paid
a
dividend of $1 per share on account of accumula¬
stock, par $100, on April 1 to holders of record
tions on the 6% cum. pref.
3008
March
Financial
15.
This compares with $4 paid on Feb.
15 and
Chronicle
Dec. 19 last;
Nov. 15, 1935,
on
144, p. 1791.
1937
Gross from railway
Net from railway
1936
$109,838
42,365
1935
$98,295
1934
22,683
From Jan. 1—
Gross from railway
Net from railway
Net after rents
34,972
18,908
$86,979
18,881
2,736
$99,227
35,289
22,801
353,115
172,387
115,023
Net after rents
377,996
198,379
146,837
305,940
124,778
72,796
308,127
126,217
80,746
—Y. 144, p. 2136.
Mineral Mining Corp., Kershaw, S. C.—Stock
Offered—
Public offering was announced April 29 of
18,000 shares ($1
par) capital stock, by means of a prospectus, through Newkirk & Co., Inc., of New York
City at $3 per share.
Stock
offered as a speculation.
Proceeds from this financing are to be used by the
company for additions
and enlargements to its mill, for additional
machinery and for working
capital.
Corporation was organized under Delaware laws on April 1, 1937, and
qualified to do business in South Carolina for the general purpose of acquir¬
ing and operating mineral mines, and specifically to operate a proven mine
in Plat Creek Township in Lancaster
County, S. C.
This mine has been
operated intermittently as a gold mine since 1742, but the chief revenue to
the new company will be from the mining of mica, silica and other minerals.
Company's authorized capitalization upon completion of this financing
wdl consist of 300,000 shares ($1 par) capital
stock, of which 115,000 will
be outstanding.
Current liabilities include only about $5,500 of accounts
payable and a
contingent liability of $20,000 representing a mineral rights lease and option
assigned to the company.
Minneapolis-Honeywell Regulator Co. (& Subs.)—
3 Mos. End. Mar. 31—
1937
Net sales
$2,878,214
Cost of sales & expenses2,262,502
Total income
1935
$1,934,090
1,621,388
65,445
$1,257,431
1,146,062
65,580
$655,166
625,178
55,242
$523,751
2,422
Operating profit
Other income
1936
91,960
Depreciation
$247,257
4,482
$45,789
8,086
loss$25,254
14,917
$526,174
xl05,757
13,950
Net profit—_
Earns.persh.oncom.stk.
$251,739
46,467
$406,468
Federal taxes.
Other deductions
$195,277
$0.27
9,999
$0.60
1934
$53,875
7,471
12,546
$33,858
loss$10,337
11,088
loss$21,425
Nil
Nil
Includes provision for normal Federal income taxes; no
provision has
been made for the liability of the
company, if any, for surtaxes on un¬
distributed net income imposed by the Federal Revenue Act of 1936 as
the amount of any such liability is not determinable until the end of the
x
year.—V. 144, p. 1288.
St. Louis
Minneapolis &
March-
1936
$706,514
122,576
34,929
_
1934
$574,478
31,779
def4,767
$634,776
88,961
34,385
1,885,775
152,165
.
Net after rents
—V. 144, p. 2836.
defl 10,139
.
1,903,888
174,109
def63,602
1,606,270
def5,618
defl 41,807
1,764,341
172,736
12,772
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.—[Excluding Wisconsin Central Ry.]
Period End. Mar. 31—
Total
revenues
1937—Month—1936
$1,116,512
1,007,968
.
Total expenses...
Net ry. revenues
Net after taxes
$2,898,204
3,011,401
$3,038 def$343,200 def$366,843
Dr44,586
Drl6,511
45,990
42,202
14,920
_
funded debt.
Net deficit
$8,429
38,217
469,891
$433,776
84,269
1,431,236
$425,556
107,395
1,380,179
$538,087
Net def'd after rents.
Other income (net)
Cr2,429
13,896
$12,429
31,226
494,432
Rental of terminals. (Dr)
on
$3,008,740
3,140,125
$102,569 def$131,385 def$113,197
99,531
211,816
253,645
$9,518
Dr7,028
Hire of equipment
Interest
$1,107,942
1,005,374
$108,545
99,026
Taxes
1937—3 Mos.—1936
$516,537
$1,949,281
$1,913,131
Earnings of System
March—
1937
1936
1935
1934
2,195,264
433,684
229.211
$2,059,076
347,039
59,934
$1,669,852
61,685
def204,466
$1,694,933
165,754
deflll,918
5,797,262
496,449
def225,726
5,460,973
349,952
def449,785
4,532,614
def211,550
def864,935
4,777,302
314,567
def458,815
Gross from railway
Net from railway._
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 144, p. 2309.
Mississippi Central RR.— Earnings-
larch—
Gross from railway
Net from railway
Net after rents
1937
Net from railway
Net after rents
—V.
144,
p.
1935
1934
$58,990
8,304
7,177
$76,921
20,920
12,617
$62,557
13,080
6,550
223,569
35,829
6,556
...
From Jan. 1—
Gross from railway
1936*
$82,356
17,809
204,235
41,294
21,156
155,426
6,552
def 11,999
def 10
160,755
20,490
3,063
2309.
Mississippi River Power Co.—Balance Sheet
Dec. 31-
[Including Missouri Transmission Co.]
1936
1935
$
1ssctc
$
Cash
on
deposit
with s. f. trustee
Investments
Cash
on
167,414
5,606,322
5,499,450
181,117
74,323
rec
cos. on curr. acct
$
33,688
94,806
Deposits for pay't
5%,
due Jan.
Debens
of matured int.,
.
—
1
.16,368,200 16,525,700
due
May 1, 1947... 2,817,000
Accounts payable.
2,942
Payrolls payable..
9,207
Due
542,68S
545,158
Mat'l and supplies
on
to
affil.
current
&
Interest accrued..
maintenance
71,576
' 83,315
492,098
533,939
Unamortized bond
Dividends payable
Other current
Prepaid ins., taxes,
&c
6,391
6,979
reserve...
reserve
Surplus
Total
x
After
54,691,428
reserve
54,530.0491
125,604
437,929
432,680
123,517
123,517
18,990
16,148
4,309,839
4,080,516
36,707
48,891
5,715,737
33,563
33,515
5,715,410
Total
54,691,428 54,530,049
par.
The consolidated income account for the year ended Dec. 31,
on page
436,617
for doubtful accounts of $125 in 1936 and $1,125 in 1935.
Represented by shares of $100
given
4,970
486,801
Casualties & insur.
Other reserves....
y
3,324
10,319
8,172
and
accrued liubil...
Deprec.
9,710
2,817,000
cos.
acct.
Taxes accrued
disct. & expense
$
5%
,
Matured int. unpd.
&c
1935
cum. pref. stk.
1951
119,812
221,249
Due from affiliated
for construct.
6%
8,234,475
8,234,475
y Common stock..16,000,000
16,000,000
165,432 1st mtge. bonds,
hand and
in bank
xAccts. & notes
1936
Liabilities—
Property & piant-47,389,554 47,386,164
1792.
1936
was
Ry.—Earnings-
1937
Gross from railway
Net from railway
1936
,
1935
1934
$94,707
16,677
3,191
Gross from railway
Net from railway
Net after rents.
$94,631
29,043
15,326
$77,143
5,186
def8,433
$84,736^
11,880
266,659
23,453
Net after rents
From Jan. 1—
234,261
42,829
11,548
208,193
18,397
defl5,147
241,88031,327
def4,109-
16,385
—V. 144, p. 2309.
def8 65
Missouri Illinois R R.—Earnings—
March—
Gross from railway
Net from
1937
1936
$142,727
54,784
31,509
1935
1934
Gross from railway
Net from railway.
$89,746
22,572
6,279
$83,736
25,246
14,952
227,496
37,562
245,600
60.662
—
$76,298
6,115
def8,030
356,354
123,233
railway
Net after rents
From Jan. 1—
def,3.327
221,311
56,464
27.444.
Net after rents
56,395
14.843
—V. 144, p. 2310.
Missouri-Kansas-Texas Lines—Earnings—
Per. End. March 31—
Operating
Operating
1937—Month—1936
$2,728,787
$2,454,599
1,966,629
1,921,388
revenues
expenses..
Inc.
avail, for
charges...
1937—3 Mos.—1936
$7,300,798
5,574,448
$7,017,416
5,662,712
fixed
$434,583
351,450
Fixed charges
$165,043
357,791
$853,963
1,051,586
$353,893
1,069,682
$83,133
x$192,747
x$197.622
x$715,788
Inc. after fixed chgs__
x Loss —V.
144, p. -2310.
Missouri Pacific RR.—-Interest—
The interest due May 1, 1937, on Missouri Pacific
Ry. extended 3d mtge.
4% gold bonds, due 1938, is now being paid.
Interest of 2% will be paid on May 1, 1937, on St. Louis Iron
Mountain
& Southern Ry. River and Gulf Divisions first
mortgage 4% 30-year gold
bonds, due May 1, 1933, upon presentation of bonds for endorsement of
payment.
Holders of record on April 30, 1937, of certificates of
deposit
for the bonds will be entitled to receive the
interest payable May 1, 1937.
Earnings for March and
March—
Year
to
Date
1937
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V. 144, p. 2836.
Mobile & Ohio
March—
1936
1935
1934
$8,444,939
2,228,722
1,153,625
$6,976,394
1,446,331
$5,904,878
742.733
504,730
104,269
$6,436,808
1,607.357
854,590
23,588,602
5.944,579
2,814,285
Gross from railway
Net from railway—....
20,845,150
4,739,788
2,079,980
17,084.107
17,648.071
4,199,668
1,970,873
2,409.368
378,268
RR.—Earnings—
"
1937
1936
188,517
1935
$687,751
57.706
75,459
def33,526
2,327,444
385,407
97,855
defl61,513
$1,167,200
366,725
241,664
after rents..
From Jan. 1—
Gross from railway.....
Net from railway
Net after rents.
—V.
Gross from railway
Net from railway
first page of this department.
Net
1935
$731,174
159,972
63,797
on
Missouri & Arkansas
Gross from railway
Net from railway
RR.—Earnings—
1937
Gross from railway
Net from railway
Net after rents
From Jan. 1—
See list given
March—
Midland Valley RR.—Earnings—
March—
1937'
Mineral Mining Corp .—Registers with SEC-
$2 paid on Nov. 14, Aug. 15, May 15, Feb. 15, 1936, and on
a dividend of $1
paid on Sept. 15 and on July 15, 1935, this latter being
the first dividend paid since Feb. 15, 1933, when a
regular quarterly divi¬
dend of $1.50 per share was distributed.—V.
and
May 1,
$891,181
2,873,636
642,909
292,289
144, p. 2836.
1934
$778,615
126.327
22,315
1,932,568
2,155,791
343.971
27,986'
104,562
Monarch Machine Tool Co.-—Registers with SEC—
See list given on first page of this
department.—V. 144, p. 2836.
Monongahela Ry. —Earnings—
March—
'
1937
Net after rents._
From Jan. 1—
Gross from railway—
Net from railway
Net after rents
1936
$336,893
189,988
78,340
$432,658
281,166
171,274
1,321,948
798,307
437,788
1,216,644
741,535
384,506
1,094,162
670,451
359,780
—V. 144, p. 2836.
Monogram
Pictures
Corp.—Stock
entered the market April 27 with
($1
par)
-.>A
$485,395
296,496
175,509
-
Gross from railway
Net from railway
stock
an
1935
1934
$483,922'
326,845
215,23a
1,204,584
769,939
462,212
Offered—Corporation
issue of 350,000 shares
to
provide additional capital for
expanding its operations.
Public offering of the shares
by
means of a
prospectus, priced at $3.75 per share, was made
by J. A. Sisto & Co.
common
The company was recently organized to continue on
a larger scale
the
business of its predecessor corporation of the same
name which is
widely
for its productions of lower-priced box
office attractions
having
world-wide distribution.
The management of the present
company, which
includes several well-known leaders in the motion
picture
known
industry, is headed
by AV. Ray Johnston as President.
The company proposes to establish its own
distributing offices in New
York City, Philadelphia and Washington and
distribution will be effected
in other parts of the
country through franchise exchange
corporations,
most of which have substantial stock interests in
the company.
Distribu¬
tion in the United Kingdom is handled
by contract with Pathe
Pictures, Ltd.
London, who have already acquired the 1937-38
output of the company.
plans for the 1937-38 season include a series of
26 feature
productions and 16 Western productions, two of which have been
Production
completed,
two are in
production and four are in prparation for early
production.
Authorized capitalization of the new
company consists of 1,000,000
common stock ($1 par), of which
83,333 1-3 shares are outstanding.
In addition to the 350,000 shares
being presently offered the company has
granted options on 500,000 shares on terms
ranging from $4 per share if
exercised on or before Dec. 28, 1938 to $8 per share in
1942.
The remaining
66,666 2-3 shares are reserved for issuance under certain
conditions in
liquidation of a 5-year unsecured promissory note to Pathe
International
Corp. due in 1942 for $200,000.
The company has the right to
satisfy and
discharge this indebtedness, in whole or in part, by the
delivery to Pathe of
common stock of the
company at $3 per share at any time after the
company
shares of
shall have received from the sale of its common stock
$800,000 in cash.
Pro forma consolidated balance sheet of the
company and its subsidiary
at Jan. 31, 1937, after giving effect to the
present financing, to the issuance
of 83,333 1-3 shares of stock for cash and other
assets and to the
proposed
issuance of 66,666 2-3 shares of stock in
liquidation of its $200,000 note,
shows total current assets of $1,394,530 and current
liabilities of $15,845.
The company has agreed to make immedite
application to have its stock
listed on the New York Curb Exchange.—-V.
144, p. 2489.
Monsanto Chemical Co.
Statement
Gross profit
(& Subs.)—Earnings—
of Consolidated Income for the 3 Months Ended March 31, 1937
$2,831,583
776,898
270,720
Selling & administrative expenses
Research expenses
Net profit
$1,783,965
108,335
Other income
Gross income
Income charges
Provision
Surtax
for
on
$1,892,300
126,649
325,043
72,000
income
taxes—Normal
undistributed earnings
Net income
Portion of net inc. applic. to min. int. in American
subsidiary—
Provision for divs. on pref. shares of British
subsidiary
Net income
-Y. 144, p. 2137.
$1,368,608
14,414
20,340
$1,333,854
Volume
Financial
144
Monroe Loan
Nassau & Suffolk
Society—Admitted to Listing & Registration
and registration
A stock, $1 par, issued share-for-share in exchange for
par.—V. 144, p. 2837.
The New York Curb Exchange has admitted to listing
the
common
new
old common A, no
Moran
first
on
Mullin8 Mfg.
Stockholders at
crease
their adjourned meeting on April 27. approved an in¬
B common stock to 560.000 shares of $1 par
Stockholders also approved the transfer of 200.000 shares of class B com¬
to Sharon Steel Corp. In return for the plant, property and assets of
Pressed Steel Co., its wholly owned subsidiary.
1
Stockholders also authorized directors to declare a 100% stock dividend
to holders of class H common stock at a datp to be fixed by directors.
C. H. Butts. J. H
Hillman Jr., B. E. Kibbee. II. A. Koemer and George
Whitlock. all of Sharon Steel Corp., and 11. N
Preston of H. N. Preston
MacLeod
Chirago. were elected directors and G. 11. Gibson, Andrew
White were re-elected.—V. 144, p. 2837.
and Richard
Paper Co.—Registers with
Gummed & Coated
SEC-
Nashville Chattanooga & St.
Period End. Mar. 31—
1,150
1.174
v
1,203
1.203
705,042
643,001
565.326
367.305
62,579,396
53,936,824 50,917.374 41,447,105
Average rev. per pass..,
$1.59
$1.48
$i.56
$2,08
Aver. rev. per pass, mile
1.78 cts.
1.77 cts.
1.74 cts.
1.84 cts.
Tons of rev. frt. carried.
5,145.727
4,234,381
4.493.650
4.325.272
Tons rev. frt.carr.l mile 936,923.172 794,319,010 848,010.679 850,543.204
carried,
$2.25
1.256 cts.
1.239 cts.
Years
1935
1934
1933
$9,976,900 $10,507,806 $10,391,187
951,446
884,604
763.816
603.881
600.984
591.308
346.210
321.982
238.491
425,054
418,325
396,286
1936
.'..—$11,555,569
1,116,144
»prOperating Revenues—
620.315
Express
383.973
—
469,655
Miscellaneous
$2.40
1.222 cts.
$2.34
$2.36
1.233 cts.
Income Account for Calendar
Mail
$138,845
$62,187
Gross income after
Operating Expenses—
Traffic
Transportation
Miscellaneous
Operating expenses
from ry. oper..
Tax accruals
Net
rev.
692.499
08,774
Transportation for inv__
$1,724,819
3,041,455
656,190
5,113.814
78,958
675.603
Cr7,478
688,162
-
$1,664,934
2,958,770
5,030,588
68,763
674.526
Cr5,066
644,117
4,683.974
$1,639,944
2,927.650
$1,784,806
3,377,899
731.807
5,423,199
88,260
of equipment:
General
60.589
642,472
04,195
$12,085,360 $11,120,990 $11,048,705 $10,793,231
2,060.296
1,182,501
1,684,997
1,587,857
455,152
2,031
541,497
Uncollectible
$725,318
$1,245,086
$1,223,410
Dr$435,893
184,640
5,005
55,071
Dr$428,495
236,819
5,012
70,356
1,779
78,579
34,482
8,680
1,233
78,746
54,624
8,680
68,276
89,109
12,984
69
44
49
44
Miscellaneous income—
362.612
1,835
437.291
2,620
Z)r$369,210
212,490
5,002
58,116
$1,518,799
Operating income
Non-Oper. Income—
Hire of equipment
Z)r$310,032
221,754
Joint facility rents, &c_
5,026
Inc. from lease of road..
66,455
Misc. physical property.
Separately operated prop¬
441
erty, profits
78,027
Inc. from funded securs.
21,101
Inc. from unfund. securs.
8,680
Dividend income
depr.
$1,197,237
$755,305
$1,610,295
:$1,277,521
1,969
806,506
Deductions—
20
10
10
817,481
806,506
806,506
rents
192
216
151
202
Miscell. tax accruals
50,255
Int. on unfunded debt..
2,203
687,066
2,712
38,593
697,656
6,260
$1,558,297
prof51,999
$1,546,765
791,460
$1,549,176
351,939
on
Registers with SEC—
first page of this department.—V. 144, p. 2837.
National Oil Products Co —Earnings—
more
$
708,246
9,469
April meeting of the directors.
In a statement, Mr. Gulick said: "Not only have sales been well above
any
previous first quarter, but subject to confirmation by auditors, in¬
are that net earnings after proper reserves, will be well above
dications
last year."
all classes
announced by John H. Barton, Vice-President.
according to the service record of the employee,
with one week as the minimum.
The new policy gives vacations to "com¬
mon labor working on an hourly basis," Mr. Barton explained.
Previously
only the so-called "white collar'* workers received vacations.
90 cents per share as against 57 cents per share in the same period
Extension of the vacation policy of the company to include
of employees has been
Vacations will vary
Registers with SEC—
Seelist given on
first page of this department.—V. 144, p. 1794.
National Steel Corp.
(& Subs.)—Earnings—
Prem. on cap. stk.
902,330
817,769
Interest
*699,343
1,086,599
516,301
394,191
490,220
547,999
-$5,695,819
2,163,277
$2.63
$2,377,145
2,156,977
$1.10
$3,367,633
2,155,777
$1.56
Federal income taxes
Net profit..
Shares capital
stock (par $25)
Earnings per share
x Includes income from interest and dividends.
Note—No provision has been made for Federal
earnings.—V. 144, p. 2138.
259,045
Misc. accts. pay..
Int. matured unp'd
4,899
10,060
tured
204,630
148,112
487,474
Mat'l A supplies..
1,589,573
19,453
1,557
12,599
52,188
627,683
UnadJ.
debits
Accrued
liabilities
March—
Net from railway
Net after rents
From Jan. 1—
•""*Gross from railway—
Net from rail way—
Net after rents
—V. 144, p.
27,702
207,227
298,545
deprecia¬
tion—Equip
10,623,764 10,895,316
24,139
26,130
1,372,195 Accrd. dep.—Misc.
1,789,244
25,282 Oth. unadJ. credits 1,806,954
.
1937
$1,437,900
339,874
229,784
„
3,852,537
710,370
432,604
_
.
Additions to prop.
1,838
through Income.
12,704
69,112
1,381,673
Profit A loss bal.
1936
$1,208,607
j
2,288,537
169,499
_
_
414,401
8,742,096
418,239
8,702,827
66,595,676 66,356,418
Total
Earnings for March and Year
Gross from railway
282,700
281,350
28,320
205,649
384,255
Tax liability
..66,595,676 66,356,418
Total
4,000
unpaid
Deferred
139,716
142,338
581,845
11,290
2,020
ma¬
Unmat. int. accr_.
due from
Other def. assets..
debt
Funded
Other current Hab.
agents A condrs.
Miscell. accts. rec.
Working fund adv.
2,000
_
balances payable
Traffic A car serv.
Other curr. assets.
240,723
wages
6,020
Int. and dlvs. rec.
757,438
307,894
279,270
937,661
1,060,000
balance rec
9,097
17,040,000
980,754
payable.
1,260,000
Time drafts A dep.
Net bal.
17,789
16,920,000
Traffic A car serv.
Cash
ceivable
to
Date
1934
1935
$1,077,098. $1,232,797
115,666
255,658
58,985
177,306
National Union Radio Corp .—Recapitalization
Approved
they are held by Radio Corp. or any of its subsidiaries and will be entitled
to 37% of the dividend disbursement upon both common and preferred
stocks.—V. 144, p. 2490.
Neisner Brothers,
The
New
York
Inc.—Listing—
Stock Exchange has authorised the listing of
206,234
official notice of issuance in substitution,
for a like number of common stock (no par) previously
authorized to be listed and now outstanding and 35,324 shares of common
stock on official notice of issuance on conversion of 7 % cumulative con¬
share for share,
vertible
preferred stock, making
the total amount applied for, 241,558
shares of common stock.
Registers with SEC—
Seelist given on
first page of this department.—V. 144, p. 2663.
New Amsterdam
Seelist given on
Casualty Co.—Registers with SEC—
first page of this department.—V. 144, p. 1116.
England Power Association—Earnings Increase—
annual meeting of the shareholders held in Boston April 27,
Frank D. Comerford made the following statement:
encouraging to report that earnings for the first three months
of 1937 show a continuance of the trend towards better business conditions
generally throughout our territory.
As a result of the first quarter's opera¬
tions, there was a balance for the common shares of the association on a
consolidated basis, of 71 cents a share, as compared with 26 cents for the
corresponding quarter of 1936.
For the 12 months ended March 31, 1937,
there was a balance for common shares, on a consolidated basis, of $2.30
a
share, as compared with 54 cents a share for the 12 months ended
March 31, 1936.
"Gross electric revenues for the quarter were $11,552,636, an increase
the
Chairman
"It
is
$612,101.
There were decreases, however, in gas, transportation and
operating revenues as well as in other income, so that gross earnings of
$14,132,561 represented an increase of only $362,616 as compared with the
first quarter of 1936.
"Operating expenses were $8,126,059, an increase of $110,170.
There
would have been an actual decrease in operating expenses, however, but
for the setting aside of a special reserve of $219,000 in order that abnormally
good water conditions of the first quarter might not be absorbed at once,
but spread over the remainder of the year.
Total taxes increased approxi¬
mately $250,000 and the accruals for Federal taxes increased 27% over 1936.
No accrual has been made on account of the Federal tax on undistributed
net income as this amount cannot be determined until the end of the year.
"The refinancing activities conducted during the last year have also
had a part in the improvement of the company's operations.
Interest
payments on funded debt dining the quarter showed a decrease of $295,297,
or 15% under the corresponding
quarter of 1936.
Changes in the bond
market
made it advisable not
to proceed at this time with further
refinancing.
"After setting aside $1,305,390 for depreciation, an increase of $54,100,
the consolidated net earnings before dividends were $1,659,830, an increase
of $417,348.
"Preferred dividends were paid in full during the quarter, amounting
of
other
$994,379, and leaving consolidated net earnings applicable to common
$665,451, equal to 71 cents on the 932,604 common shares out¬
Accumulated arrears of about $2,000,000 on preferred shares
remained unpaid on March 31.
"While stockholders have reason to derive encouragement from this
to
shares of
standing.
3,300,774
406,238
229,289
3,043,011
264,095
68,976
3,416.046
668,372
459.107
2311.
National Bellas Hess Inc.—Registers with SEC—
See list given on first page of this department.—V. 144, p. 2836.
"
25,600,000 25,600,000
10,480
10,480
544,261
1,126,415
1,697,301
1,872,402
1,694,255
1,518,795
Special deposits...
Loans and bills re¬
$
tax on undistributed
The proposed recapitalization plan was approved at a special stockholders'
meeting held April 20.
The plan calls for issuance of 250,000 shares of new $1 par convertible
preferred stock to the Radio Corp. of America and cancellation of present
outstanding $1,000,000 notes and interest, 10,000 shares of non-cumulative
$5 dividend preferred stock and common stock purchase options now held
by Radio Corp.
Preferred shares to be issued under the plan will be non-voting as long as
At
1935
'*
of
Funded debt
Investments
Other
1935
$5,223,621
1936
$4,189,967
1,214,965
Profit after costs and expenses
292,326
Audited accts. and
40,893
571,468
Misc. phys. prop..
Inv. in affll. co„.
aid
In
construction
5,764,375
of
lieu
In
mtge. prop, sold
1937
$8,596,725
x
:$1,569,847
$
Capital stock
Grant
Impt.
on
leased
railway property 5,796,841
DepB.
Liabilities—
32,991,002 33,027,594
17,554,208 18,344,625
Equipment
.
the company for
period last year was in¬
in a statement after the
than 33 cents per share in the earnings of
the first quarter of 1937 as compared to the san e
dicated April 24 by Charles P. Gulick, President,
New
1936
1935
$
Invest.—Road
$896,028
169,538
be determined until the end of the year.
General Balance Sheet Dec. 31
1936
Assets—
1937—12 Mos— 1936
$1,091,818
250,636
176.321
92,168
Note—No provision has been made for the Federal surtax on undis¬
tributed net income for the year 1937, since any liability for such tax cannot
43,455
funded debt.
56,950
681,450
Separately oper. prop—
Rent for leased roads—
Interest
$78,301
16,052
Net income
shares of common stock (par $1) on
Miscellaneous
registration requirements of the
Depreciation and depletion
Maint. of way & strue...
Maint.
Corp.—Registration
Corp. (& Subs.)—Earnings—
$86,473
16,653
3 Months Ended March 31—
$14,145,656 $12,303,491 $12,733,701 $12,381,088
Ry. oper. revenues
Mines
1937—Month—1936
Operating revenues
A rise of
1933
1934
1935
No.ofrev.pass.carr. 1 m.
...
loss$2,981
represents a serious attempt to trifle with
Securities Act."—V. 143, p. 1238.
Louis Ry.—Ann. Report—
Average miles operated,
Freight.
1,450,155
327,088
National Gas & Electric
Traffic Statistics—Years Ended Dec. 31
1936
Passenger
1,458,749
313,193
Montana
Boston
Seelist given on
Average rev. per ton
Aver. rev. per ton mile,_
381,135
79,971
The Securities and Exchange Commission made public on April 29 a
31-page opinion finding untrue statements and omission of material facts
in the registration statement of the corporation, filed under the Securities
Act of July 27, 1933.
The opinion was accompanied by an order suspend¬
ing the effectiveness of the registration statement.
The registration statement covered an issue of $650,000 6% 10-year
income notes and 2,800,000 shares of $1 par common stock.
The Com¬
mission explained the great length of the opinion and the detailed investi¬
gation which it made by stating that "while the amount of securities in¬
volved is small and the amount sold is negligible, the situation presented
—V. 144, p. 2489.
No. of rev. pass,
$1,839,430
376,875
78,563
$23,673
National
of this department.—V. 144, p. 2837.
Nashua Manufacturing Co.—Special Meeting—
A special meeting of stockholders has been called for May 12, to act
upon the proposed plan of recapitalization, under which the holder of one
share of present preferred, carrying a dividend accumulation of $45.50 per
share would receive one share of class A $5 convertible preferred at least
$3 in cash and 425-1 OOOths shares of class B $5 preferred, convertible into
1 }4 shares of common.
More cash than $3 per share might be paid, in
which case the amount of class B preferred would correspondingly diminish.
■
$1,910,787
Suspended—
mon
See list given on first page
$458,125
Net income
in the authorized class
Nashua
1937—12 Mos —1936
$479,111
—V. 144, p. 1968.
Corp.—Recapitalization Approved—
Youngs town
Co. of
Lighting Co.—Earnings—
1937—3 Mos.—1936
Gross revs, (all sources).
Total exps. (incl. retire.
of this department.
page
172.550 shares of $1 par.
from
Per. End. Mar. 31—
exp.) & all taxes
Total fixed charges
Transportation Corp.—Registers with SEC—
See list given
3009
Chronicle
„
showing, there are some disturbing factors in the existing business situation.
Operating expenses are increasing due to higher costs of materials and further
advances to labor.
Taxes are also increasing.
Rate reductions that have
been announced since Jan. 1 will result in annual savings of over $600,000
to
consumers."
3010
Financial
Chronicle
Consolidated Income Account (Incl. Sub. Co.) for Calendar Years
1936
Gross
oper.
1935
1934
1933
Other
425.498
charges
Min.int.in earns.of subs.
974,544
3,851,148
Pref. &cl. A div.ofsubs.
1,119,951
3,835,149
$23,700
1,987
160,368
72,351
51,117
135,061
56,569
42,095
88,138
13,170
4,913
72,819
6,935
—V. 144, p. 2311.
New England Fire Insurance
land Power Assn
3,314,619
2,651,783
3,977.642
699,457
New
$2,113,553
$485,769
$91,835
$1.85
$0.84
$1.27
Jersey & New York RR.—Earnings—
March—
1937
$2.09
1935
1934
$63,140
def8,602
def27,599
$63,216
defl6,315
def36,962
$79,053
defl3,053
def34.350
187,916
def21,022
def84,388
Net from railway
Net after rents
—V. 144, p. 2139.
Note—Certain of the subsidiaries will be liable for total surtaxes
of $2,605
undistributed profits and provision for this amount has been
made in
No provision has been made for surtaxes
on undistributed
profits of the other subsidiaries or of the Association.
1936
$68,442
def3,310
def24,345
Net after rents
From Jan. 1—
Gross from railway
aver,
number outstanding..
Co.—Registers with SEC—
Idea, Inc.—Registers with SEC—
Cross from railway
Net from railway
3.977,934
1,865,218
$2,389,603
Balance, surplus
Earns, per sh. on
194
See list given on first page of this department.—V. 144, p. 2838.
$5,934,987
Common dividends
def487
See list given on first page of this department.—V.
144, p. 2311.
1,269.479
3,783.343
$5,162,868
$4,765,336
1934
$35,265
9,810
6,803
New
Net consol. earns
$5,704,222
Pref. divs. of New Eng¬
1935
$42,861
17,390
12,273
$18,512,911 $19,572,069
8,394,944
8,584,261
8,140.909
87,372
909,823
3,851,726
1936
$56,351
27,318
19,535
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$54,171,677 $51,893,567 $51,154,107 $50,176,338
17.008,935
16.172,629
15,186,284
16,394,625
Purchased electric energy
2,034,968
2,053,472
1,817,107
Maintenance
3,818,670
3,413,895
3,263,672
2,866,687
Depreciation
4.680,722
4,369,346
4.436,854
4,336,832
Taxes.
7,949,774
8,129,058
7,937,278
7,006,125
expenses
Net before int. & divs. $18,678,607
$17,755,167
Int. pd. & amort, of disc.
7,723.195
1937
Gross from railway
Net from railway
Net after rents
$49,972,829 $49,176,049 $48,134,125
1,920,739
1,978,058
2,042,213
Total income
Operating
Ry.—Earnings—
March—
(after
rev.
ellm.of inter-co. sales) $52,576,578
Other income
1,595.099
May 1, 1937
Nevada Northern
197,516
defl6,946
def75,484
195,531
def52,336
defll3,238
230,595
def40,132
defl02,697
on
the consolidated income account.
Consolidated Balance Sheet
1936
$
Assets—
Work
orders
7,102,346
(less res.)
Dividends
and
'6,687,847
int. accrued..
Mat'ls <fc suppl's
11,085
3,349,431
571,254
1,819,598
64,016,405
622,304
March—
50,614,617
Gross from
Securs. owned..
stock & surp.
of subsidiaries
Pref.
30,830
14,977,696
currently due)
Def'd expenses.
pref.
N.
80,087
52,188
117,155
60,249
8,047,067
6,774,793
shs.
51,097,206
99,976,000
51,086,579
24.058,000
24,522,500
99,064.100
2,750,000
5,694,085
5,316,133
Power
._
775,365
deposits..
payable..
Res. for deprec.
1,623,950
47,652,896
731,566
364,922
46,443,772
Other reserves-.
Association
1,485,948
1,855,679
Divs.
364,915
Unamort. prem.
bonds
on
Suspense credits
134,180
1,500,000
407,283,698 402,804,732
Total
14,471,277
174,036
1,500,000
11,615,891
407,283,698 402,804,732
Represented by 932.604 shares (no par) in 1936 and
932,609 shares in
1935.
Statement of Income and Surplus Years Ended
Dec. 31
(Not incl. the Association's share of undistributed
earnings of its subs.)
1936
1935
1934
Income from cash dividends:
$7,051,397 x$6,370,134
subsidiaries
On other shares
950.154
1,369.305
86,322
247.183
88,909
305,723
381,646
$8,335,802
236,636
$7,714,921
81,026
58,302,017
110.257
116,343
expenses
Taxes refunded to security holders or
paid at source
Other taxes
Interest on funded debt
Amort, of discounts on funded debt..
Int. on adv. from lnternat'l
HydroElectric System
915
Other interest
Other charges against income
Net income
Less divs. incl. in the
rec.
as
82,242
2.031
102.406
19,458
92,750
18,092
134,850
8.370
11,262
$4,571,064
$5,062,967
$5,178,587
3,291,295
44,756
$41571.064
2,633.040
35,888
$4,699,969
3,949,560
53,800
$1,842,536
$2,668,928
$4,003,360
foregoing net inc.
accr.
Less divs.
on pref. shs. of this Assn.
by a sub. co. and excl. from
dividend income above
New York Central
March—
$155,957
46,165
54,561
586,464
194,218
157,249
469,261
140,223
166,210
447,142
132,379
164,310
21,432
17,145
25,718
$2,651,783
RR.—Earnings1936
1935
From Jan. 1—
Gross from railway
94,024,618
24,164,609
13,183,938
Net from railway
Net after rents
85,286,164
19,312,358
8,775,989
After portions of dividends
paid from surplus of subsidiaries at dates
acquisition by this Association, credited to investment
accounts, of
$30,320
*
Note—No provision has been made for surtax
Sheet
Dec.
&
undistributed profits.
a
fully-owned subsidiary)
1935
1936
Assets—
Notes
on
31
(Incl. New England Power Securities Co.,
Liabilities—
279,250
1,632,295
banks
906,379
1,495,578
Divs.
receivable
204,167
205,940
Other
cur. assets
3,948
2,656
Investments ...169,271,565
Unamort. dt.dis.
168,226,953
& expenses
Accts.
to
2,250,000
$
.
21,096
in
assum.
Disc.on 6%cum.
of
30,388
581,159
and
New York
75.532.888
19,279,563
8.211,194
Chicago & St. Louis RR.—Earnings—
March—
Gross from railway
Net from railway..
1937
From Jan. 1—
Gross from railway.:
Net from railway
Net
—V.
after rents
1935
1934
$3,364,471
1,183,643
739,552
$3,048,897
1,089.785
6L4.0 i5
$3,216,068
11,453,766
4,201,056
2,462,530
Net after rents
1936
$4,103,433
1,561,360
957,689
9,678,754
3,308,502
2,015,584
8,517,284
2,866,703
1,696,955
8,689,735
1,212,026
750,891
3,169.051
1,875,812
144, p. 2838.
New York
Connecting RR.—Earnings—
March—
1937
Gross from railway
Net from railway
1936
$279,403
Net after rents..From Jan. 1—
751,369
Net after rents
—V. 144, p. 2491.
1934
433,262
614,366
$257,308
717,302
570,290
368,603
160,893
Gross from railway
Net from railway
1935
$234,297
179,299
109,663
227,897
New York Dock
726.061
563,143
620.951
364,956
410,293
$284,278
231,435
158,531
196.807
123,549
757,735
Co.—Earnings—
Quar. End. Mar. 31—
Revenues
Expenses.
Taxes, interest, &c
—V.
—
1937
$732,218
385,145
366.654
$684,509
373,214
371,638
$725,641
365,254
372,396
$ 677,121
347,609
$19,581
$60,344
$12,009
$14,034
1936
1935
& Hartford
27,589
sec.
notes
70,152
debs,
on
due
24,058,000
1, 1954. 24,522,500
Reserves116,327
6% cum. pf.stk. 65,645,700
was
paid
on
April 29, 1937.—V. 144,
1937
24,522,500
From Jan. 1—
598,551
64,196,605
p.
2838.
Ry.—Earnings—
1936
$540,777
56,580
def24,576
Net from railway.
Net after rents
1935
1934
$676,257
116.406
22,778
$496,861
4,751
def63,414
$870,043
234,569
136,693
2,281,433
446,512
2,109,284
443,294
186,776
2,596,606
676,209
397,141
^
Gross from railway
5M% debs, due
Dec.
1,146,790
1937—3 Mos.—1936
$20,254,713 $18,537,323
a2,219,698
756,792
b659,285
2,512,582
Housatonic RR. Bonds—
Gross from railway
1,499,000
Apr. 1,1948.. 24,058,000
bill,353
RR.—Earnings—
Thb interest due Nov. 1, 1936 on Housatonic RR. consolidated mortgage
March—
or
Feb. 15 1936
343,545
a The
leases of the following companies were rejected on dates stated
below, but net railway operating income includes the results of operations
of these properties: Old Colony iiR., June 2, 1936; Hartford & Connecticut
Western RR.. July 31
1936; Providence, Warren & Bristol RR., Feb. 11,
1937.
b Effective as of those dates no charges for the stated leased rentals
are included covering the Old
Colony RR • Hartford & Connecticut Western
RR., and Providence, Warren & Bristol RR. leases,
c Before guarantees
on
separately operated properties.
New York Ontario & Western
called for red.
5%
Net def. after charges,
Interest
serial
due
Period End. Mar. 31—
1937—Month—1936
Totax oper revenue
$7,233,328
$6,030,411
Net ry. oper. income
a926,055
def375,934
c
1934
144, p. 2491.
New York New Haven
5% gold bonds, due 1937,
liq.
subs
5}4%
3,500,000
569,249
pay.
accruals
2,281,071
1,623,950
73,758
1935
payable
sub
a
Accts.
Prov. for liabils.
2,144,449
pref. shares..
Other assets
S
Notes payable to
accts.
rec. from sub.
75,271.457
17,639,335
7,604,326
—V. 144, p. 2664.
x
1936
1934
$34,832,708 $29,093,943 $25,738,390 $27,965,563
10,233,302
7,033,842
6,166,305
8,119,118
6,284,476
3,398,320
3,092,486
4,391,084
Net after rents
!,977,642
699,456
of
Cash in banks._
1937—3 Mos.—1936 #
$5,275,063
$*,517,251
1,671,279
624,322
(Including New York Dock Trade Facilities Corp.)
$1,821,104
shares
Balance
1934
$127,137
21,867
28,882
1937
Gross from railway
Net from railway
Net loss.
,,
common
1935
58,882
38,712
of System
1937—Month—1936
$1,869,463
$1,178,320
564,574
182,317
revenues
Net ry. oper. income...
held
on
Ry.—Earnings—
1936
$193,428
Earnings
Period End. Mar. 31—
Operating
362.998
$2 dividend preferred shares
Dividend
111,593
def2,628
1,069
inc.
1933
Net income to surplus
Divs. (in cash)—6% pref. shares
™
545.134
901,813
487,075
438,037
Net from railway
Net after rents..
2,210
2,750.381
139,375
.
$5,178,587
early in Jan. 1934 &
in
92.321
2,674,581
136,748
2,561,943
136,622
529.167
102,833
$308,900
161,934
136,955
Net after rents
From Jan. 1—
121,620
cos
Total
Corporate and legal
56,458,745
950.900
Int. & other income from sub.
17.601
623,217
163,124
32,627
1937
On
common shs.
of subs. incl. in
consol. financial statements..
On pref. and class A shares of such
14.574
New Orleans Texas & Mexico
March—
749,507
Surplus paid in.
Surplus earned.
*
50.025
28,195
1935
—V. 144, p. 2663.
of
subs.(less exp.)
Total
44.123
813,204
315.804
167,748
railway
Gross from railway
Consumers', &c.,
1934
$197,136
75.802
1—
Gross from railway
Net from railway
496,272
$195,627
118.522
61.437
—V. 144, p. 2838.
1,499,000
989,785
RR.—Earnings—
1936
$230,725
$298,436
Net from railway
Net after rents
4,006,000
24,058,000
24.522,500
accrued
of
Jan.
Gross from
and
pay.
From
14,816,954
A
Util. Assoc. &
its subs.
Accts.
1937
railway
Net from railway.
Net after rents
14,181,570
to Mass.
pay.
bond
E.
class
Notes payable..
Notes & accts.
receivable (not
disc. A exps._
Disc.on 6% cum.
&
stocks of subs.
15,829
3,211,836 20-yr, 5% debs.
555,811 53^% gold debs.
260,435 Fund.dt.ofsubs.
14,613,599 5M% ser.notes
Accts. and notes
Unamort.
pref. stock..
x
notes
Prepaid charges.
Restricted dep..
'
New Orleans & Northeastern
65,645.700
620,416
6,035,202
&
roc.
$
Common stock 50,614,346
Min. int. in com.
$2
2,022,993
5,823,632
Accts.
$
an initial dividend of 20 cents
per share on the
stock, payable May 15 to holders of record May 5.—V. 144, p.
1292.
1935
Liabilities—
Pref. stock
in
progress
Cash
common
1936
Capital assets..364,005,636 362,237,877
New Mexico Gas Co.>—Initial Dividend—
The directors have declared
Dec. 31
1935
$
as at
1,668,777
243,323
def37,798
Net from railway
Net after rents
210,168
—V. 144, P. 2311.
$2 cum.div. pfd.
stock
x
620,416
860,800
Common stock 50,614,346
50,614,617
Paid-in surplus.
Earned surplus.
Total
174,507.466
173,872,083'
Represented by 932,604
1935.—V. 144, p. 1794.
x
n
no par
Total
1,500,000
4,519,680
New York & Richmond Gas
Period End. Mar .31—
1,500,000
Operating
1,910,461
Gross income after depr.
Net income.
174,507.466 173,872,083
shares in 1936 and 932,609 no par share
revenues
Note—No
provision
has
Co.—Earnings—
1937—Month—1936
$94,421
19.042;
been
made
$94,592
19,637
for
the
1937—12 Mosv—1936
$1,162,241
$1,218,899
281,377
351,572
132,446
198,378
Federal
surtax
on
undis¬
tributed net income for the year 1937, since any liability for such tax cannot
be determined until the end of the year.—V. 144, p. 2838.
Volume
York
New
Financial
144
&
1937—12 Mos—1936
1937—3 Mos.—1936
Sales of electric energy—
Kw.
163,560,945 136,385,658 570.894,437 504,898,830
hours
Operating
revenues:
Sales of elec energy..
Miscellaneous
Total
sources
oper.
revs...
Operating expenses.....
Retirement
Taxes
expense
(incl.
$5,931,714
132,292
$5,515,252 $21,765,982 $20,181,939
164,799
590,891
1,040,903
$6,064,006
2,778,980
550,094
$5,680,051 $22,356,873 $21,222,842
2,905.325
11,758,878
11,914,671
465.550
1,955,081
1,942,915
Gross corp.
income... $1,394,612
Int. on long-term debt..
218,750
Misc. int., amort, of dt.,
disc. & exp. & miscell.
deductions..
32,319
income
$1,143,543
3,968,784
907,957
1,340.036
Operating income
$1,394,896
Non-oper. revenues
3,025
Non-oper. rev. deduc'ns
Dr3,308
Divs. decl.
Bal. avail, for divs.
$4,676,131
11,769
13,546
$4,139,806
5.496
16,715
$1,400,817
218,750
$4,674,353
875,000
$4,128,587
693,253
11,530
66,146
$3,733,207
60,810
The directors
61,670
$311,779
2,640
General expenses.
$368,323
29,160
$314,419
32,431
$339,163
178,119
$281,988
170,961
$161,044
1,243,845
$111,027
1,196,022
$1,404,889
$1,307,048
Interest, taxes,
reserves,
Tax adjustment applicable to prior years
on class A preferred stock, &c
$3,672,397
have declared
a
1937
Cash
Sales of steam—M lbs..
Operating
$4,158,412
$9,777,108 $10,852,117
55,768
50,628
$5,142,645
3,291
Sales of steam
2.968
sources
Liabilities—
744,843
698,518
xAccts. & notes rec
331,043
S.
1936
$
Treasury bonds.
U.
S
71,005
253,305
Reserves for taxes
Res. for contlng's.
810,314
20-yr. 5M% con v.
notes
242,833
264,563
140,796
141,269
(bonds,
& stocks) .46,491,367 40,613,187
Int. & divs. rec.
Unamort.bond dis¬
count & expense
revenues:
Miscell.
$
Accounts payable.
Int. & divs. pay..
and
ylnvest'ts
1937—12 Mos —1936
10,403,498
11,538,328
5.440,670
4,400,703
1937
1936
$
Assets—
x
Corp.—Earnings—
1937—3 Mos.—1936
$1,261,288
Consolidated Balance Sheet March 31
dividend of $2 per share on the common
value, payable June 14 to holders of record May 25. A similar
March 13, last, and compares with $4.50 paid on
Dec. 14, 1936; dividends of $1.50 per share paid in each of the three pre¬
ceding quarters; $1 paid on Dec. 14, 1935, and $2 per share paid each three
months from June, 1933, to and including Sept. 14, 1935.—V. 144, p. 1446.
no par
31—
45.760
$1,358,060
Earned surplus March 31
payment was made on
Period End. Mar.
1.273
45,557
$3,044,834
v
New Ycrk Steam
&c.
Dividends
on
1936
$337,751
30,572
$3,106,504
$2 Dividend—
stock,
1937
Other income.
328,830
$1,170,537
stock
common
Niagara Share Corp. of Md. (& Subs.)—Earnings—
3 Months Ended March 31—
3,225.450
$1,401,21-9
2,810
3,211
pref. stk.
on
The trusteeship of the road will be terminated in Federal Court, June 28,
Judge Carroll C. Hincks said on April 29.
At that time the Court will approve final accounts and reports of trustee
Clinton L. Bardo, order a termination of the reorganization proceedings
and make provisions for payment of trustee fees, allowed claims and the
deposit of the balance of cash, property or other remaining assets.
All claims against the road must be filed not later than 5:15 p. m. May 15,
the Court ordered. A hearing will be held June 1 to prove their validity and
amount.—V. 144, p. 2839.
for
pro v.
Fed'l income tax)
Net
Trusteeship to End June 28—
Queens Electric Light & Power Co.—
Period End. Mar. 31—
3011
Chronicle
384,516
413,906
19,604
23,000
Miscell asset
debs., due 1950.11,500,000 11,500,000
60,172
38,445
1,500,000
3,037,100
Gl. A pref. stock..
CI. B com. stock
1,500,000
3,037,100
(par $5).
7,532,696
7,380,000
Capital surplus.-.22,941,270 16,720,509
1,261.288
1,358,060
Earned surplus.-_
$4,161,702
2,192,064
151,613
431,096
$5,145,613
2,341,314
222,064
508.583
$9,832,875
6,200,081
560,027
1.340.527
10.902.744
6,383,098
Operating income
$1,386,929
Non-oper. revenues.
19,288
Non-oper. rev. deduc'ns
Dr7,827
$2,073,652
19,590
Drl0,376
$1,732,239
110,409
Dr36,628
$2,602,785
74,148
Z)r36,365
Total oper. revs
Operating
expenses
Retirement
expense
Taxes
Gross corp. income...
Int.
long-term debt..
on
$1,806,020
1,418,007
$2,082,867
355,532
$1,398,390
353,989
465,9t0
1,450,890
$2,640,568
1,424,057
Misc. int., amort, of dt.,
disc. & exp. & miscell.
deductions
Net
Divs.
on
59,398
230.271
261,984
$1,667,936
$157,742
627.517
$951,527
628,354
def$469,775
$326,173
61,641
income
„
$982,761
pref. stocks
Balance
......
Total
48,112,170 42,143,186
hands of the public, $1,130.42 for each share of class A preferred stock, and
$21.20 for each share of class B common stock.
x
After
reserves,
y
Indicated present value.—V. 144,
Susquehanna & Western RR.—Earninas—•
Gross from railway
Net from railway..
905,333
319.347
117,862
Net after rents
1934
$381,950
139,842
94,651
953,332
258,264
75,103
976,125
303,070
164,960
1,017,637
316.228
192,386
Norfolk & Southern RR.-
Westchester
&
Boston
RR.—Termination
of Rearaan 'zat'on Ordered—•
Federal
Judge Hincks on April 26 took the first step toward terminating
reorganization proceedings of the road.
have been made to reorganize the road since it came under the
jurisdiction of the court 18 months ago and a bondholders plan had been
rejected as not sufficiently supported.
Judere Hincks found there is "no
definite indication that this road can be reorganized."
He ordered Ralph Buell, counsel for trustee, to file an order setting forth
that reorganization is impossible and set May 15 as the limit for filing claims
against the trustee.
Judge Hincks informed Emmet McCaffrey, counsel for the Guaranty
Trust Co., trustee of the first mortgage bonds, that, if, in anticipation of
the termination, he desired to file a petition asking that the injunction
against litigation be lifted he would entertain the motion.
This would
enable the trustee of the bonds to bring foreclosure proceedings in behalf
the
Efforts
Lifting of the injunction would also enable
either
in
New
York
State
a
bondholder to ask an equity
courts
or
in
Federal
Court.
A
reorganiza¬
tion plan.
The claimed that operation of the road is a public necessity
and that they would co-operate by reducing taxes.
Clinton L. Bardo,
trustee, had said that reorganization was possible only if taxes now amount¬
ing to over $200,000 a year, were wholly abated and operating agreement
rentals of about $377,000 a year paid the New York New Ha\en & Hartford
dozeti Westchester towns had asked extension of time for filing a
were
reduced to
The
first
$50,000.
bondholders protective committee (Irving A. Sarin a letter to bondholders dated April 23 outlining the
have occurred since its last letter to bondholders and the
mortgage
torius, Chairman)
events
which
present status of the bonds states in part:
Counsel for the. committee has conferred with Commissioner Halley of
the Board of Transportation of the City of New York on a plan to extend
the present city-owned subway to the tracks of the "Westchester and thence
along a portion of two AVestchester tracks on an annual rental basis under
which the city would pay its share of maintenance, make certain station
improvements costing approximately $500,000 and reduce or pay the pro¬
rata share of tax., s accruing on that leased line in addition to a fair and
reasonable rent.
$500,000 has already been appropriated to begin the
extension of the city subway.
This plan has also been approved by a num¬
ber of civic and taxpayers' organizations in the Bronx.
It is possible under
this plan to effect sufficient savings in maintenance, taxes and franchise
obligations and to receive sufficient rent to reorganize the Westchester.
We have also discussed with the Commissioner the plant to bring West¬
chester trains down to City Hall and the Commissioner has shown sufficient
interest
to
request
us
to furnish him
with
a
study and outline of these
proposals.
operating revenue of the Westchester for Januarv and
was nearly $47,000 less than the same period in 1936
March, 1937, than March, 1936, the plan of reorganiza¬
tion formulated by this committee is not feasible.
"When that plan was
Because
February,
1935
Net after rents....
From Jan. 1—
55,902
Net after rents...
26,787
1,082,592
184,502
33,873
Gross from railway
Net from railway
1,000,252
135.526
19,377
$399,169
96,863
40,406
1,087,568
168,603
18,008
72.418
1934
$413,854
94,014
37,838
1936
$369,908
1,069,697
204,642
53,355
—V. 144, p. 2141.
Norfolk & Western
Ry.—Earnings-
1937—Months—1936
$7,224,710 $24,253,124 $21,074,542
3,886,041
13,132,186
11,604,338
$4,640,037
1,159,483
Net ry. oper. revs
Railway tax accruals.__
$3,338,669 $11,120,937
Railway oper. income $3,480,553
Equip, rents (net)
291,941
Joint facility rents (net)
Drl7,161
3,453.385
$2,445,712
$7,667,552
$9,470,204
2,496,465
Net income
862.935
Dr38,0S0
$6,973,738
846,158
Dr41,368
$2,806,005
56.002
$8,492,406
246.978
$7,778,528
202,498
$2,862,008
178,805
$8,739,384
536.450
$7,981,027
536,439
$3,681,508
funded debt
374,255
Z)rl3.962
$3,860,325
178,816
Gross income
on
892.956
$3,755,332
104,992
Net ry. oper. income-
Other inc. items (bal.)..
Int.
1937—3 Mos.—1936
$9,100,586
4,460.549
Railway oper. revs
Railway oper. expenses.
$2,683,202
$8,202,934
$7,444,588
$2.50 Dividend—
of the bondholders.
receivership
-Earnings—
1937
$429,218
112,621
railway
Net from railway
Period End. Mar. 31—
2191.
York
New
$295,161
77,209
14,400
1—
From Jan.
—V. 144, p.
$275,232
65.428
19,037
$333,290
133.691
62,916
railway
Net from railway
Net after rents
1935
1936
1937
March—
Gross from
2492.
The directors have declared a dividend of $1 per share on the capital
stock, payable May 14 to holders of record April 27. A similar dividend was
paid on Dec. 24, last, and compares with 50 cents paid on Nov. 15, 1936,
and dividend of $1 per share paid on Aug. 15, 1936, this latter being the
first payment made since 1930, when a $5 partial liquidating dividend was
paid. A $10 partial liquidating dividend was paid in 1929, prior to which
no disbursements were made since 1924.—V.
144, p. 114.
Gross from
New York
p.
Nonquitt Mills—To Pay $1 Dividend—
March—
—V. 144, p. 2312.
48.112,170 42,143.186
Total
Note—Based upon the above balance sheet, the corporation's net assets
equivalent to $3,985.38 for each $1,000 debenture outstanding in the
were
total
1937,
and $6,168.36 less in
prepared in October and November, 1936, it was based on actual and esti¬
mated earnings which have proved valueless.
We have decided, therefore,
not to press the original plan, but to investigate and, if possible, to propose
a new plan.
The New Haven trustees, after conferences with this com¬
mittee, have stated that they would not consider rentals and power charges
lower than those recommended in the report.
We maintain that the most important asset Westchester bondholders
have is the guarantee of the New Haven.
In the statement of the New
Haven for the year 1936 published on March 30, 1937, by the New Haven
trustees, the following appears: "The New Haven by endorsement on the
4bj% first mortgage gold bonds of the Westchester to the amount of $19,200,000, in case of any default in the punctual payment of the principal
or interest of such bonds, is liable for payment thereof on demand."
We therefore urge all Westchester bondholders to continue their support
of this committee, the only committee which has been permitted to inter¬
vene in the reorganization proceedings, and not to weaken their position
by disunited, disorganized or unskilled efforts.
The hardest fight—to
collect in full on the New Haven guaranty—still lies ahead.—V. 141, p. 2839.
The directors have declared a dividend of $2.50 per share on the common
stock, par $100, payable June 19 to holders of record May 29. A similar
payment was made on March 19, last, and previously, regular quarterly
dividends of $2 per share were distributed.
In addition, an extra dividend
of $5 was paid on Dec. 19, 1936, and extra dividends of $2 per share were
distributed
1931, and
on
on
March 19,
Dec.
19.
1936, March 19, 1935, March 19, 1934, Dec. 19,
1930—V. 144, p. 2313.
North American
Aviation, Inc. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
1937
1936
1935
1934
Net
profit after taxes,
depreciation, &c
a
After
d$70,319
depreciation of $180,046.
a$33,869bloss$36,798
During
1936
C$974,971
company
changed
its
of depreciation on flying equipment.
If present rates had been in
effect during first three months of 1936, depreciation charges would have
been $151,214 and profit would be $62,701.
b After charging depreciation
rates
of $149,802.
c The above net profit would be reduced to $903,152 for the
March quarter if there were included therein North American Aviation's
proportion of the net loss of subsidiary not consolidat ed, in which a majority
stock interest is held.
It also includes $1,199,942 profit realized from sale
of secutities.
d After depreciation of $167,306 but including an accounted
profit of $1,268 realized on the sale of securities.—V. 144, p. 1794.
North American Gas & Electric Co.—Plan
The amended
District
Court
Confirmed—
plan of reorganization has been confirmed
for
the
Southern
District
of
New
York
by the U. S.
permission
and
received by the company from the Securities and Exchange Commission to
issue the new securities called for by this plan so that it has now become
effective.
The new securities are in course of preparation and the company plans
in the near future to communicate with the creditors, giving the necessary
instructions with respect to the exchange of their present securities for the
new
securities to be issued under the amended plan.
principal changes and modifications to the original plan are sum¬
The
marized below:
(1) The secured indebtedness of Chase National Bank, New York, will
be left undisturbed but the bank is to agree not to enforce any deficiency
against the company in the event that the proceeds of the sale of the col¬
lateral are insufficient to pay the loan in full.
The market value of such
collateral,
taken at current market quotations at the present time, is in
of the principal and interest due on thelloan.
(2) The holder of each $1,137.20 of indebtedness evidenced by gold
debentures, unpaid coupons thereon, notes and interest thereon, will
excess
receive
(a) New income debentures in the principal amount of $400, such income
1, 1937, and to mature Jan. 1, 1949, and
(b) 40 shares of common stock of the com i ny.
60% of the net income of the company is to be applied to the payment
of the interest upon such income debentures, and the remaining 40%
applied to the purchase of income debentures upon tenders thereof to the
debentures to be dated Jan.
3012
Financial
in which event the lowest tenders
company,
to be
are
accepted first.
Chronicle
May
Comparative Consolidated Balance
Erovisions paid however, todebentures, and (2) the accumulated interest
been
are, on income apply only until (1) all principal amount of
1936
as
;'vAssets^ '
income
debentures shall have been reduced to not over
$450,000, after
which all net income of the company will be
applied to the payment of
interest up to the full rate of 6% per annum.
(3) The claims of Colonial Trust Co. have been reduced by about $4,800
and latter company will receive new Income debentures at the
rate of $400
each $1,137.20 of indebtedness represented
by such reduced claims,
together with 40 shares of common stock for each $400 of such debentures.
receive from them
Co. stock, and
common stock.
The
class A stock
the
holders
of
to terminate and
are
all
outstanding
tonon-utll
outstanding
stock
common
stock
stock.
1st lien coll. & ref.
subs.
282,347
—
75,801
606,456
655,323
80,000
80.000
own
,
21,000
536,005
1,789,414
1,655,021
for
contrib.
extensions
9,261
reserves-_.
Misc.
on
inv.
In subs.
Capital surplus
and
100,725
3,669.118
4,936.658
3,521.756
Earned surplus...
stock
Total.........25,200.384 25,021.641
502,754
109.496
Min. int.
189,025
32,883
unadjusted
credits,
192,236
8,314
32,883
522,164
& purifica¬
tion
securities
at cost.
,
reserves...
Res. for loss
exp. on cap. stk.
5,287,000
75,000
630.768
Malnt.
Discount & selling
Co.'s
170,485
3,939,000
5,514.000
100,000
Ilabll..
curr.
Retire,
Res.
Deferred charges..
170,485
obligations. _L_
462,625
76.479
3,958.614
3.915,500
..
6%conv.goId notes
Prop, purch. contr.
205,892
462,790
$
3,958,614
b Common
5^8..
1935
$
pref.
(conv.)._.
*
terminate and be canceled as such.
Of this stock not more than 92,000 are to be transferred and delivered to the creditors of the
company as
forth above.
19,042
Miscell. assets
94,022
4,947,169
13,911
Total..
...25,200,384 25,021,640
a Represented
by 45,726 shares (no par) of declared value as shown,
b Represented by 170,428shares
(no par).—V. 142, p. 3863.
are to
set
Non-cum.
Total
Refrigerating Co
against con¬
option to
the
preferred
18,438
a
Fund, debt of subs
582,368
539,776
be canceled.
The rights of the present holders of all
(6)
561,476
Inv. in Capital Ice
lasser number of shares of Southeastern Gas & WTater
to deliver to them a reduced number of shares of its own
of
639,766
rents. &c
a
rights
Liabilities—
Invest, in and adv.
These claimants are thus subordinating their interest to
the other creditors, and in lieu of receiving income debentures
and common
stock are to receive a larger number of shares of common stock.
(5)
1936
$
Prepaid Insurance,
claimants of $70,200 are not to receive any income debentures for such claims
as provided
in the original plan, but will receive instead approximately
15,600 shares of common stock of the company and will deliver to the
company the
105,625 shares of common stock of Southeastern Gas &
Water Co. which they hold.
However, to protect itself
reserve
U
(net)
Inventories
(4) A. C. Allyn & Co., Inc., one of the officers of which is a director of
the company, and Leo Loeb, the President and a director of
the company,
the company will
1937
Sheet Dec. 31
1935
.$■■;.!';;;
■■■
Plant, prop.,rights,franchises, &c._21,537,178 21,472,045
Organization exps.
17,329
18,066
Cash..
725,889
721,675
Accts.& notes rec.
for
tingencies and price fluctuations,
1,
\
These
p-
The outstanding capitalization
of the company upon consummation of
proposed amended plan will be as follows:
6% cumulative income debentures, due Jan. 1, 1949
$764,000
Common stock
92,000 shs.
Should the company exercise its option to receive a reduced number of
shares of Southeastern Gas & Water Co. common
stock, the number of
shares of its own common stock to be
outstanding would be accordingly
reduced.—V. 144, p. 1447.
the
Northern Pacific Ry.—Annual
RcporlPassenger and Freight Statistics for Calendar Years
1936
1935
1934
No. of pass. carr.
No. pass, carried
1,132,732
983,205
967,336
748,810
1 mile.......
260,183,172
213,390,695
201,141.324
165,142,886
.
North American Co.
12 Mas.End.Mar. Zl—
Electric
Gas
Transportation..
85,655,803
3,384,411
4,166,179
10,626,885
5,039,068
1,169,074
4,869,688
-
Miscellaneous
1,357,053
—
Total oper.revs
Operating
1936
$
92,738,553
3,086,302
4,173,101
10,854,997
Heating
Coal
(& Subs.)—Earnings—*
1937
$
Operating revenues—
Average rate
pass, per
1935
1934
$
$
80,204.502
2.930,327
3,882,615
9,977,097
4,038,996
1,142,265
76,537,256
3,024,054
3.785,495
12,557,571
3,720,473
1,550,208
Prov. for income taxes._
Net oper. revenues.-_
Interest
0.985 cts.
road (av.
1.033 cts.
1.097 cts.
1.127 cts.
$8,932
Rev. por mile of
$7,783
$7,421
$6,901
"
mile)
Income Account for Calendar Ykars
6,480,009
1936
1935
1934
1933
$51,993,325 $45,262,826 $43,205,825 $40,224,392
4,201,068
3,525,510
3,362,558
3,208,871
Other transports rev.._
4,025,306
3,554.732
3,340,653
3,081,856
Incidental & joint facil'y
1,686.608
1,502,585
1,498,739
1,063,558
47,715,529
775,765
44,092,727
882,016
4,441,777
4,331,027
45,029,055
806,448
4,558,813
Operating Expenses
Way and structures
Equipment
3,425,917
291,890
Gross income
....
Int. on funded debt
Amortization of bond dis¬
count and expense—
10,480
53,648
70,381
241,955
155,928
56,881,666
14,460,927
53,174,188
14,906,538
49,623,118
15,488,672
50,543,883
16,180,835
641,833
188,889
687,956
195,696
681,188
105,330
64,493
657,183
246,833
_
Int. during construction,
charged of property &
plant
Pref. divs. of subs
Cr55,409
7,888,105
'
CV225.752
8,305,407
21,742
def76,744
Cr279,613
8,199,579
Cr273,960
8,278,562
Minority interests in net
income of subs
1,390,887
1,251,428
983,482
951,466
14,231,927
13,827,806
13,291,018
13,121,594
Bal. for divs. & surp—
on
North Amer.
18,061,213
14,278,040
11,056,325
11,498,865
1,819,077
1,819,555
1,820,034
1,820.034
dividends & surplus 16,242,136
12,458,485
9,236,291
9,678,831
Divs.
preferred stock
Note—Above figures do not include the results of operations of North
American Light & Power Co. or Capital Transit Co.—V.
144, p. 1970.
North American Oil
on
first
page
1936
$52,179
48,603
29,969
19,663
Net after rents..30,364
From Jan. 1—
Gross from railway
216,586
13,567
2,587
$45,777
14,410
def953
$9,752,054
5,301,686
$9,856,962
5,329,167
$8,585,185
5,907,098
Ry oper. income..... $7,188,918
Equipment rents, not
1,116,417
Joint facility rents, net2,482,852
$4,450,368
767,600
2,508,373
$4,527,795
842.055
2,545,359
$2,678,086
729,898
$7,726,342
7,233,302
$7,915,209
7,537,548
$5,975,973
8,892,909
Net ry. oper.
income.$10,788,187
Non-operating income-_
5,597,110
2,567,989
Gross income--Int. on funded debt
$16,385,297 $14,959,644 $15,452,756 $14,868,882
14,256,640
14,231,311
14,230,453
14,241,028
Other deduc. from inc.311,874
296,551
322,897
323,875
147,696
147,754
84,275
53,216
58,965
54,208
35,878
4,432
18,375
Northern Pipe Line
Co.—-Larger Dividend—
North Continent Utilities
Operating revenues
Operation and maintenance
Corp. (& Subs.)—Report-—
included in
1934
Net operating income
Non-operating income
Gross income
22,843
201,588
$3,385,713
2,338,052
208,718
31,115
172,316
$649,491
105,041
$635,513
106,201
$941,251
Taxes, general.
$3,476,598
2,389,416
$805,852
135,399
Uncollectible bills
$754,532
$741,714
283,38 9
1,659
34,482
28,245
43,693
10,715
293,596
6,394
30,544
6,851
20,662
298,963
6,437
30,954
4,063
36,603
Cr2,146
12,077
12,591
10,073
32,366
197,271
200,760
Miscell. deductions from gross income
Prov. for Federal income tax
undistrib. profits.
date
$899,406
2,480,000
$0.36
$303,979
2,480,000
$0.12
charge of $460,425 account of Railroad
credit of $460,425, to offset charge in
a
ofmtged.prop
87,006
11,934,824
52,884
11,926,246
Other investm't:
9,189
2,050,687
Bonds
9,189
2,051,285
798,186
sale
grant
lands
serv. bals. pay
Vouch. & wages.
398,395
3,952,008
3 02,416
3,235,382
payable
1,369,108
373,832
5,286,230
5,281,286
291,366
294,451
1,414
8,106
59,568
52,252
4,174,603
Interest matured
unpaid
Unmatured
Int.
Unmatur'd rents
accrued
Other curr.liabil.
113,289
Other def. laibils
772,986
for
land
car
accrued
Stock...
Contr.
and
Miscell .accounts
146,330,680 146,246,380
33.594,798
33,684,798
2,495.367
2,486,867
4,375,170
5,151,606
Advances
757,258
666,071
312,465,500 309,788,500
Funded debt
Traffic
Notes
$
Grants in aid of
construction..
90,200
prop.
Deposits in lieu
Bonds
1935
$
Capital stock ...248,000,000 248,000,000
equipment--.601,332,952 600,301,591
railway
1936
Liabilities—
$
Inv. in road and
65,555
Taxliabiliti
5,962,685
1,868,303
13,106,040
10,537,312
95,000
95,000
Special deposits.
7,294,563
Loans & bills rec.
51,438
5,284,122
54,349
1,222,499
978,031
through inc.&
557,960
4,636,129
487,730
3,845,446
Funded debt re¬
Material&suppl
Interest, divs. &
6,984,306
6,088,304
receiv..
56,691
37,232
57,281
26,480
Cash
2,153,419
Time drafts and
Traf
from
agts.
& conductors.
Other
curr
31,344
...
deprec.
of equipment.
Other unadjust¬
61,157,769
60,949,675
x2,686,197
663,470
1,510,012
1,463,531
income & surp
17,707,059
17,707,059
630
630
180,047,540
182,029,802
ed credits--..
Add'ns to
Misc. accts. rec.
rents
debt
Misc. fund res've
& carserv.
bals.receiv
Rec.
Prem. on funded
Accrued
deposits
prop,
surplus
.assets
Wkg. fund advs.
30,307
395,500
2 393,529
tired
Profit
through
and
loss
balance
30,254
Other def. assets
Oth.unadJ. debts
of
acquisition, of sub. cos. not consol.
Divs. declared and paid during year
on cum. pref. stock of subs
a
1935
$431,782
2,480,000
$0.17
1935
$
178,538
213,259
Subsidiary utility companies—
Interest on funded debt
Miscell. interest deductions (net)
Amort, of debt discount & expense—
1934
In
1936
Assets—
of
$3,896,305
2,610,053
231,513
20,969
227,919
expense
in
Pensions
Notes
Income Account Years Ended Dec. 31
1936
1935
since
x
Stocks
The directors have declared a dividend of 40 cents
per share on the
capital stock, par $10, payable June 1 to holders of record May 14. This
compares with 35 cents paid on Jan. 2, last; 15 cents paid on July
1, 1936,
and semi-annual dividends of 25 cents per share distributed from
July 1,
1932, to and including Jan. 2, 1936.
The July 1, 1932, dividend was the
initial payment on this class of stock.—V. 144, p. 1292.
losses,
$1,816,783
2,480,000
$0.73
-
Misc. phys. prop
Inv. In affil.coa.:
—V. 144, p. 2141.
on
Net income.,...
Shs. outst'dg (par $100)
Earned per share
Impts on leased
185,595
104,676
Net from railway.
Net after rents
414,954
2,189,820
-
Total
841,803,361 834,950,636
Total------.841,803,361 834,950,636
x
lncludesl$2,110,565 estimated value of property retired on which the
accounting has not been completed.
accrued
pref. stocks
arrears,
cum.
of subs
Portion of year's losses (net) of subs,
applicable to min. com. stkhldrs—
North Continent Utilties Corp.—
Earnings for March
March—
v
Cr2,610
Cr7,831
Cr6,808
Gross from railway.-.—
Net from railway.
Interest on bonds & conv. gold notes.
Miscell. interest deductions
Amort, of debt discount & expense
208,001
3,774
210,433
2,965
Net after rents
37,258
35,473
Miscell. deductions from gross income
2,486
2,120
215,130
6,533
36,173
1,955
Net profit for year
$82,443
loss$69,586
loss$99,191
,
1937
and
Year
1936
to
Date
1935
'
1934
$5,522,566
1,263,486
1.072,244
$4,586,590
804,063
568,807
$4,012,623
401,637
281,169
$4,048,719
14,588,642
2,123,321
1,535,881
12,173,431
817,978
295,054
10,883,165
194,144
def196,032
10,717,127
929,826
774,711
From Jan. 1—
Gross from railway
Net from railway
Net after rents
47,610
Net oper. revenues
$13,587,902
Taxes & uncollec. revs-_
6,398,984
1934
$65,433
on
$5,180,413
10,877,086
1,731,035
17,630,188
647,090
2,975,290
General Balance Sheet Dec. 31
1935
$85,655
divs.
$5,494,005
10,686,932
1,731,882
19,386.074
740,606
x3,538,951
27,637
$48,318,405 $44,093,600 $41,550,813 $38,993,492
Ry.—Earnings—
1937
net
987,917
3,314,883
84,235
General
Transp. for invest.—Cr_
Retirement Act, 1934.
1934, was included.
Co.—Registers with SEC—
of this department.
Northern Alabama
March—
Gross from railway
Net from railway
Prov. for surtax
Transportation
Miscell. operations
$6,181,163
11,991,446
1,841,788
20,532,072
867,403
x2,731,472
51,745
stock
common
See list given
$6,783,523
12,498,522
1,916,669
22,901,125
_
res.
Approp. for deprec.
Totaloper. revenues..$61,906,306 $53,845,654 $51,407,775 $47,578,677
Traffic
166,144
Other interest charges._
Operating Revenue—Freight re venue
Passenger revenue
....
246,632
14.495
241,044
Other income..—......
for
5,277,964,003 4,382,753,092 3,939,247,066 3,568,371,982
per ton per m.
revenue freight
10,634,539
2,910,759
sales
during year
revenue
receipts per
6,446,115
Net income from rentals
Prov.
1.943 cts.
12,464,110
10,957.216
2,858,666
profit on merchan¬
for
r
1.672 cts.
12,922,016
6,422,197
50,211,548
866,488
5,301,459
Dividends
Prov.
No. tons
1 mile
Av.
1.652 cts.
13,741,823
11,849,041
Prov. for surtax on un¬
distributed income.-.
Retirement
1.615 cts.
16,585,487
7,085,153
taxes
Bal. for
mile.
revenue
freight carried
11,872,105
5,170,594
Taxes, other than income
dise
.
117,079.595 110,041,420 102,175,801 101,175,055
42,448,305
40,628,735
37,821,076
36,120,694
expenses
Maintenance
Net
No. tons
per
1933
—V. 144, p. 2313.
1,593,851
1,037,745
Volume
Financial
144
Nbrthern States Power
Co.
Oklahoma City-Ada-Atoka
(Minn.)—Weekly Output—
March-
Electric output for the week ended April 24,1937 totaled 24,652,918 kwh.,
increase
an
—V.
144,
of
p.
9.4%, compared with
2839.
the corresponding week last
year.
Earnings of Subsidiaries—•
Month Ended March 31
Operating
Operation
1936
1937
$120,971
65,910
15,874
al2,585
Maintenance
Taxes
___
$110,596
59,781
13,984
9,609
$26,601
revenues
$27,221
Ry.—Earnings—
1936
1937
after rents
33,905
25,106
$34,848
10,128
2,049
$29,012
10,809
1,821
122,373
41,953
14,019
______
$55,971
131,176
76,049
57,897
110,013
44,274
16,461
28,798
From Jan. 1—
Gross from rail way
__
_
Net from railway.___
Net after rents
251
Oklahoma Natural Gas Co. (&
$27,221
$26,350
No provision has been made for the federal surtax on undistributed
net income for the year 1937
since any liability for such tax cannot be
determined until the end of the year. >
a
revenues
Gross income after
Note—Above figures have been compiled from those shown on the books
subsidiary companies and of A. F. Townsend, receiver of Northern
eliminations. All figures reported
subject to such adjustments as audited by independent auditors may
disclose to be necessary.—V. 144, p. 2666.
are
North Penn Gas Co.
(& Subs.)—Earnings—
12 Months Ended March 31—
1937
Gross earnings
Operating
Net earnings.
on funded debt
Interest
Interest
$2,491,372
1,902,205
$539,112
202,750
1,963
14,116
$320,282
Amort, of bond discount and expense
Net income
Note—No provision has been made for Federal surtax on undistributed
profits for the period Jan. 1, 1937 to March 31, 1937.—V. 144, p. 2141.
Operating
Operating
$1,372,023
1,199,718
Maintenance & general taxes.
$1,339,270
1,158,763
$180,507
76,680
$262,720
194,575
1,218
•
$257,187
198,700
2,442
22,397
5,254
Net operating income
Non-operating income—
Gross income
Interest
on
...
funded debt
—
....
Miscellaneous interest deductions
Amortization of debt discount & expense
Miscellaneous deductions
24,542
.____'
—.
5,020
6,994
Provision for normal Federal income taxes.:
4,490
Oregon Almaden Mining Co.—Registers with SEC—
See list given
$30.370
_
$23.903
Note—Beginning Feb. 1, 1935, the company has~been~allowed a special
discount on gas purchased from North Shore Coke & Chemical Co. (affiliated
company). This discount has been applied against the cost of gas purchased
and has reduced the operating expenses for 1935 and 1936 by $56,460.66
and $63,611.28 respectively.
Comparative Balance Sheet Dec. 31
1936
S
1936
t ranch.,
9,879,179
9,862,423
480,677
417,464
&
7%
Steele
director
p.
259
819
96,386
Oxford Paper
on
Pacific
Earned surplus...
2,872
181,553,607 230,319,495
7,695,961
7,396,681
3,301,866
6,837,029
...
Invests, in sees.
rec.,
16,061
1,818
11,489,072
27,979
Mat'l & supplies
2,433,903
26,006
1,703
15,733
18,311
.11,235,678
4,894,237
securities....
8,588,999
720,369
950,285
Mlsc.def.charges
11,252,966
5,470
March—
1,866
46,000,000
1,785
89,500,000
1,423,402
2,291,068
surplus of sub,
1,933,930
2.087.094
1,000,000
& advances for
construction
_
payable.
362,500
Reserves
215,352,879 262,029,743
on
371,875
5,559,075
1,780,565
241,844
64,838,259
4.511.095
1,542,045
274,966
71,380,705
499,2001 14,598,371
17,804,726/
Total..
215.352,879 262,029,743
Pipe Line Co.—Eliminates Preferred
of the company have declared dividends totaling $7.50 per
the $6 class A preferred stock and the $6 class B preferred stock
of the company, payable May
is on account of four quarterly
Total...
11,235.678
11,252,966
1937
—Earnings-—
1936
868,234
25,060
49,901
___
$264,757
9,835
Gross from railway
Net from railway
Net after rents
1935
1934
def8,879
$232,124
defl3,291
def33,503
defl0,214
783,302
11,846
def35,369
638,845
def81,024
defl40,136
647,982
defl8,943
def95,782
$244,639
16,528
2314.
dividend
Period End. Mar. 31—
$1,701,919
& taxes..
1937—12 Mos.—1936
$1,454,586 $18,415;116 $16,217,037
847,249
175,000
750,010
$679,670
259,974
125,000
8,948,844
1,600,000
7,302,662
1,350,000
$579,576
288,676
$7,866,272
3,356.970
$7,564,375
4,085,358
$419,696
155,577
$290,899
155,577
$4,509,302
1,866,923
$3,479,016
1,866,894
$264,119
$135,323
$2,642,379
$1,612,122
res
Gross income
Int. & other fixed chgs..
Net income
pref. stock
Balance
No provision was made in
1936 for Federal surtax on undistributed
all taxable income for that year was distributed.
No provision
2839.
has been made for such tax in 1937.—V. 144, p.
Net earnings after all taxes
Earnings per share
1937
1936
x$146,089
$0.76
$92,715
$0.38
After deducting surtax on undistributed surplus.
As of March 31, 1937, the net balance of accounts receivable, after all
x
reserves, amounted to $8,320,220 as
in 1936.—V. 144. p. 1447.
against $5,843,714
Oklahoma Gas & Electric Co .—Paying
on
the
same
date
Agent—
The Manufacturers Trust Co. is
paying agent for $35,000,000 first mort¬
bonds, 3H% series due 1966.—V. 144, p. 2667.
This will
company's preferred
President, stated that although the company had earned
preferred dividends by a substantial margin in 1936, it had been unable
them because of certain restrictions in the company's former mortgage
indenture.
The recent refunding of the company's mortgage debt through
the issuance of $24,000,000 of 4% first mortgage bonds, Mr. Creveling said,
eliminated the former dividend restriction and made possible the im¬
mediate payment, out of earnings, of all preferred dividends in arrears.—
V. 144, p. 2495.
x
stk. (no par)
%
Inc.—Earnings—
1937—3 Mos.—1936
x$541,722
$1.09
Before provision for surtax on
1937—9 Mos.—1936
$381,551 x$l,785,919
$0.80
$1,520,041
$3.60
undistributed profits.—V. 144,
$3.19
p.
1294.
Paris-Orleans RR.—Bonds Called-—
This company has called for redemption on June 1, 1937 Frs. 500,000
principal amount of its 6% bonds.
Foreign series, due Dec. 1, 1956. The
principal amount of the drawn bonds will be payable on and after June 1
at the office of J. P. Morgan & Co. by check in French francs on Paris or
at the dollar equivalent of the franc amount of the bond on the basis of
the firm's buying rate of exchange on Paris at the time of presentation.
—V. 144, p. 1119.
Parkersburg Rig & Reel Co.—Registers with SEC—
See list given on first page of this department.—V. 144, p. 2840,
Payne Furnace & Supply Co.—Registers with SEC—
See list given on first page of this department.
Paramount Pictures,
Co.—Earnings—
3 Months Ended March 31—
the
J. D. Creveling,
shs. cap.
1937—Month—1936
on
to pay
Net profit after all chgs.
Earns, per sh. on 476,062
Co.—Earnings—
Gross revenue
arrearages
its
Period End. Mar. 31—
SEC—
first page of this department.
Ohio Finance
all
Paraffine Companies,
Ohio Air Conditioning Co .—Registers with
Ohio Edison
3 to holders of record April 23. The payment
dividends for 1936 and one quarterly dividend
$825,000,
for the first quarter of 1937. The total amount to be disbursed is
of which $660,000 is in payment of 1936 dividends in arrears.
stocks.
From Jan. 1—
gage
25,223,450
Capital surplus.
share
$314,203
21,406
def2,439
Net after rents
as
24,945,950
&
Directors
Gross from railway
Net from railway
x
stock
Funded debt...
Accts.
completely pay up
profits
com.
Consumers' deps
Panhandle Eastern
Northwestern Pacific RR.
on
of subsidiaries
Arrearages—
—V. 144, p. 460.
Divs.
8,689,058
76,355
2,407,720
Represented by 196,665 no-par shares,
y Represented by 1,608,631
shares.
earnings for the 12 months ended March 31 were published in Y.
144, p. 2840.
24,263
26,006
(less reserve)
Prov. for retire,
29,937,924
The
Cash in closed bks
exps.
Common stock 29,937,924
Pref. cap. stock
y
x
1,818
3,256
Miscell. def. debits
Oper.
$
19,666,500
Minority int. in
less
reserve._
Total.
1936
$
Pref. stock...
19,666,500
x
no-par
Def. engin. exp
x
1937
Liabilities—
$
Earned surplus.
2,824
16,061
_
on
1936
1937
Plant props, and
98,383
335,984
Miscel. unadjusted
credits
by
Lighting Corp.—Consol. Bal. Sheet March 31—
Assets—
107,943
313,934
93,410
approved
stockholders.—V. 144, p. 2667.
debt
See list given
Co.—Dividend Plan Voted—
the 82,622 shares of $6 preferred stock has been
32,583
842,607
reserve
$652,889
The plan for caring for the accrued dividends of $27 a share as of March 1,
Accrd. divs. pay.
Miscell. accruals
360
of lstratge.bds.
p.
$952,362
Accrued taxes..
450,467
.
144,
$148,676
Note—No provision is made for Federal surtax on undistributed earnings.
—V. 144, p. 2667.
303
360
hank
Special deposits—
Lake Forest Prop.
Syndicate note
Deposit with trus.
—V.
178,766
216,000
152,644
73,628
95,018
742,373
32.583
424,068
Corp
Total
178,811
216,000
$702,396
profit——
180,203
216,000
31,622
30,564
Retirement
1934
$1,047,655
695
Maint. reserve....
stocks
discount & exp.
1935
.,499,817
274,459
261,000
50,616
Depreciation
Federal taxes
Net
1936
$576,501
84,265
30,922
Accrued interest-.
Con¬
Unamortized
1937
$1,288,471
Bond interest, amortiza¬
tion and expenses.___
Notes payable..
Accrd. bond int.
deposits
5,928
Utilities
in
Co.—Earnings—
Operating profit,.
Accrued taxes....
73,875
5,050
Inv. in & advances
Invest,
President of Adams Express Co. has been elected a
to succeed the late Charles Hayden.—V. 144,
Miscel.curr.liabil.
6,389
...
North
330
3,974,000
74,210
78,386.
.
Prepaid insurance,
to
330
3,855,000
Funded debt
Materials & supp.
tinent
Mitchell,
Disct. & exp. on
Accounts payable
Consumers' meter
2314.
of this company
Notes receivable
subscr.........
277,274
Accrued int. rec
rent, &c
3,000,000
(§25
stock,
345,461
(less
rec.
reserve)
2,795,600
of this department.
2839.
Accts.
3,000,000
pref.
page
Otis Elevator Co.—New Director—
Cash.
2,795,600
par)
warrants
receivable..—_
Accts.
(S100 par)
Com.
stock
organ.
expense, &c.—
S
7% cum. pref. stk.
Cash
Notes
1935
$
Liabilities—
first
See list given on first page of this department.—V. 144, p.
franchises.
1935
S
Assets—
Pit., prop., rights.
on
O'Sullivan Rubber Co., Inc.—Registers with SEC—
1937,
Net income
Ltd.—Accumulated Div.—
a dividend of $7 per share on account of ac¬
7% cum. pref. stock, par $100, payable May 15 to
holders of record May 7.
This compares with $3.75 paid on Feb. 15, last;
$2 paid on Dec. 18, 1936; $1.75 paid pn Nov. 16 and on Aug. 15, 1936,
and $1 per share paid on Aug. 1, 1935, this latter being the first payment
made since Aug. 15, 1932, when a regular quarterly dividend of $1.75 per
share was distributed.—V. 144, p. 620.
3 Mos. End. Mar. 31—
$172,305
90,415
revenues
exps.,
1935
1,030,511
the
on
Otis Steel
1936
1,002,390
—
-
Ontario Steel Products Co.,
North Shore Gas Co .—Earnings—
Calendar Years—
—
_
1936
$7,612,156
2,741,657
The directors have declared
$356,266
_
-
—
cumulations
$589,167
214,396
1,861
16,643
___
unfunded debt
on
1936
$2,560,107
2,020,995
expenses
1937
$7,568,171
2,586,743
depreciation
Note—No provision has been made for a Federal tax on undistributed
profits for the fiscal year beginning Dec. 1, 1936, since the amount of such
tax, if any, cannot be determined until the close of the year.—V. 144,
p. 2840.
of the
Texas Traction Co., after intercompany
def50
Subs.)—Earnings—
Operating
Net income
Balance before depreciation
82.997
—V. 144, p. 2142.
12 Months Ended March 31—
Net operating revenues.
Miscell. interest paid
1934
1935
$48,699
19,762
10,326
Gross from railway
Net from railway
Net
Nbrthern Texas Electric Co.
3013
Chronicle
Inc.—Listing—
The New York Stock Exchange has authorized the listing of $12,502,800
3 H % convertible debentures, due March 1, 1947, and $2,497,200 additional
3H% convertible debentures, due March 1, 1947, on official notice of
issuance, being the maximum additional principal amount of such debs,
which may be issued from time to time in exchange for
20-year 6% sinking
fund debentures, due Jan. 1, 1955, and 450,000 additional shares of com.
stock ($1 par) on official notice of issuance in conversion from time to time
of 3M% convertible debentures, at $33 1-3 per share of common stock if
conversion is effected before March 1, 1942 and at $40 per share of common
stock if conversion is effected after March 1, 1942 and on or before Feb. 23,
1947; making the total amounts applied for; $15,000,000 of 3H % conv.
debentures; and 4,494,603 shares of common stock.
3014
Financial
Chronicle
Consolidated Income Account
Penick &
53 Wks.End.
Jan. 2, '37
T
Income from theatre
receipts, rent & other income$107,347,115
Oper. exp., film distrib. & amort, of films, &c
96,370,445
Operating profit
Year End.
Dec. 28, '35
$93,274,855
83,116,975
$10,976,670 $10,157,880
331,820
Capital gains (net)
Total income
Int. on funded debt of
subs., &c_
Deprec. of bldgs., equip., &c.
$11,308,490 $10,157,880
1,274,850
1,571,767
„
(excl. studio
laboratory deprec. charged to cost of films)
Federal income taxes.
&
3,025,346
x692,027
202,138
122,044
1,470,566
632,500
Subsidiary preferred dividends
Profs, applic. to min. holders of
Int. on debs, of Paramount
com.
stks. of subs.
Pictures, Inc
Reserve for contingencies
3,048,550
481,322
258,209
68,265
1,576,600
May 1,
Quar. End. Mar. 31—
Gross earnings
Expenses
Depreciation
Shs. cap.stk.(no par) out
share
—V. 144, p. 1611.
per
Special inventory reserve credit
Profit on purchase of debentures
$653,167
Assets—
Dec. 28, '35
$
bldgs.
10,475,389
Market,
17,090,672
306,783
165,664
1,003,178
132,719
at
sees,
market.
Notes receivable
Accts. rec. after
Investments
affiliated
3,512,893
2,933,803
653,608
957,827
16,813,232
16,212,774
outside
producers
Inv. after res've
Inventories after
reserve
Sinking funds
Deps.
to
17,327,620
98,131
..
15,926,811
12,191
secure
contracts
892,684
mort.
659,699
-
payable.
.
Prepd.
191,063
1,238,168
849,740
chgs..
Notes
1,038,542
542,399
Cash
784,396
2,912
Interest accrued-_
568,689
247,179
678,035
Miscell. accruals..
26,821
9,465
9,724
5,963
Consumers' service
177,845
Materials and sup¬
335,411
Total
50,676,755 50,381,695
-
Total..
Consol
net
1,127,618
Pennsylvania-Dixie
New
York
of series
substitution
1,518,692
249,254
20,058,423
24,998,182
359,341
3,205,578
6,713,025
4,880,728
13,471,532
653",167
116,869,157 118,940,434
earnings after all chgs., incl. int., Fed.
x$2,011,000
323,482
share
per
on
2,330,449 shs.
z$718,921
for
$1,687,518
y$0.72
com. stock
Nil
Includes approximately $391,000 of dividends from
non-consolidated
but does not include approximately $640,000
representing
Paramount's net-interest as a stockholder in the combined
undistributed
x
earnings for the quarter of partially-owned companies.
It is also before
deducting undistributed profits taxes, y Computed on the aggregate of the
estimated
consolidated
earnings of $2,011,000 and the undistributed
earnings of $640,000 referred to above, the earnings per common share
calculated on the same basis would be $1. z After
applying $800,000 of the
inventory reserve provided as of Dec. 28,1935, and Paramount's net interest
as a stockholder in the combined undistributed
earnings for the quarter of
partially-owned companies totaled $480,000.
N The above results do not include earnings of
Olympia Theatres, Inc. and
its subsidiaries which were in receivership throughout both
periods.
This
is the last of Paramount's major subsidiaries involved in
reorganization pro¬
ceedings, and it is believed its reorganization will be completed during the
next few months, thus strengthening the structure of
Paramount in theatre
operations, cash and earnings.
common
of first
preferred stock is convertible into
stock and each
into nine shares of
seven
10 shares of 2nd preferred stock
stock.
are
shares
like
convertible
common
Casualty
Co.—Offering
Waddell & Co., Inc., announces that
common
stock has been
Completed—Falvey,
an
number
(b)
offering of 30,000
completed.
and in additional States.
Net proceeds from the sale of the
will be used for the purpose of investments that meet the
(c)
That the surplus account be debited $9,399,307, the total amount
of such
debit to be transferred, as of Jan. 1, 1937, to a special reserve
account, to which shall be charged annually so much of the depreciation
and depletion for each year, commencing with 1937, on the book values of
the corporation's fixed assets as is not allowed as a deduction from the
income of such year for Federal income tax purposes.
1936
$6,392,004
1935
1934
1933
$5,024,800
$4,642,339
$2,736,134
4,321.573
1,367.661
513,039
3,757,674
1,375,735
535,744
3,239,785
1,355,578
563,976
2,456,910
1,376,879
577,084
181,601
148,876
138,895
44,191
2,108
31,174
1,508
97,000
115,000
1,543
4,852
$249,569
Net sales
$796,880
2,183,552
78,191
$691,920
2,838.891
91,259
Mfg. cost of sales and all
other exps. of oper.,
Prov. for deprec. & depl.
Interest charges
Taxes other than income
taxes
Prov. for doubtful notes
subsidiary
Normal
Surtax
Federal tax
undistr. profits
on
Net loss for year
Surplus balance
Profit
at Jan. 1
1,464.863
10,224
purch. of bonds
Contingencies reserve
on
common
cost of
35,726
pref. stock red.
361,133
Reduction in stated value
of common stock
3,600,000
Total surplus
Loss on prop, retired
$1,261,243
Surplus at Dec. 31
$1,261,243
Comparative Consolidated
1936
Assets—
Notes
&
$1,464,863
$2,838,891
$2,183,552
Balance Sheets
1936
Liabilities—
$
$
$2,838,891
at Dec. 31
as
1935
1935
$
$
Accts. pay. (trade)
Amounts pay. to a
2,303,120
262,550
1,383,394
288.357
subsidiary co...
1,680,774
Accrued liabilities-
35,000
35,000
Res.
15,877
29,136
15,995
1st mtge. 6s
8,288,000
Res. for contingen.
17.580
Res. for self insur.
accounts
receivable (net).
Inventories
secur.
Accts. reoeiv. from
officers
a
sub.
co.
Fixed assets (net)_17,520,211
Deferred charges.
_
for
Fed.
32,396
18,706,837
22,279
58,627
80,712
304,530
275,614
513
inc.
and surtax
-
Sundry inv. & def.
212,000
Preferred
stock
Common
stock.__
8,634,000
123,376
100,988
12,120,000 12,120,000
400,000
400,000
2,055,885
2,055,885
Balance of surplus
provided
at
ganization.
or¬
_.
.
Excess of par over
stock
cost of
pref. stk.
retired
1,218,536
1,218,536
3,600,000
deficit- 5,613,178
3,600,000
Reduction in stated
Pays 60% Stock Dividend—
value of
Operating
O. Carrick, Vice-President of the company, announced on
April 23
that the company had declared a 60% stock dividend, payable to holders
of record April 19 on its 50,000 shares of common stock then
outstanding.
This action increases the number of outstanding common shares to
80,000,
contemplated at the time of the company's recent financing.—V. 144,
1119.
Income from Allied
Total
-...22,745,390 23,099,079
Companies Operated by Virtue of Clear¬
common
Total
5,409,558
22,745,390 23,099,079
—V. 144, p. 2841.
Pennsylvania Gas & Electric Co. (& Subs.)— -Earnings
12 Months Ended March 31—
Gross earnings
Pennsylvania Coal & Coke Corp.—Earnings—
[Including
$2,238,229
3,495,961
U. S. Govt,
Invest. In
$1,464,863
54,677
company's policy.
as
$1,674,740
515,847
36,651
Excess of par value over
requirements of the
p.
of 121,200
preferred stock (no par)
A, convertible 7%
series
That the capital represented by pref. stock (no par), aggregating
the total amount of such reduction
The purpose of the financing was to increase capital and
surplus to permit
the company further to expand its operations in most lines of
casualty insur¬
ance and to permit the company to write insurance in the Federal
courts
R.
Corp.—Listing—
authorized the listing
cumulative
of shares of
$12,120,000 be reduced to $3,030,000,
to be credited to surplus account.
Cash....
Progress has been made in reducing interest charges.
Total annual
charges of the company and its consolidated subs, payable on
debt existing as of Jan. 2, 1937, after giving effect to
subsequent interest
reductions and savings due to refundings, amounted to
approximately
$1,950,000 as contrasted with approximately $2,800,000 payable as of
Dec. 28, 1935, the close of the previous fiscal year.—V.
144, p. 2143.
Peerless
$7
cumulative preferred stock (par $100).
The stockholders at the annual meeting held on
April 20, approved the
following resolutions adopted by the directors:
(a) That the preferred stock (par $100) be changed into the same number
of shares of preferred stock, (no par) and that the designation of the out¬
standing stock be changed to "series A, convertible $7 cumulative pref.
of
interest
shares of
a
and acct. receivable..
Loss of non-consolidated
subsidiaries,
Each share
convertible
less misc. income
Ended
Aprils, *37 Mar. 28,'36
taxes, depreciation and reserves
Preferred dividends accrued
Earnings
Cement
Stock Exchange has
A,
stock "
2,878,415
224,024
3,956,878
3,291,535
Months
Balance
50,676,755 50,381,695
Issued and outstanding, 166,600 shares at a stated equity of $1,000,000.
Including $2,089 payable to affiliated companies.
Note—The income account for calendar years was gi
given in "Chronicle'
of Feb. 20. page 1295.—V. 144, p. 1295.
in
—V. 144, p. 2143.
3
Total
48,609
329,539
Consolidated Income Account for Calendar Years
profit.......
Earned surplus.
Statement
1,111,785
Contribs. for exts
x
Stock conversion
Income
4,485,572
3,649,235
y
151,778
1,433,457
2,808,472
Reserves
405,497
4,195,336
199,230
2,043,405
Corporate surplus-
The
3,243,550
Capital surplus. 16,212,572
118,940,434
& line deposits
345,700
51,557
(non-refundable)
Capital surplus--- 4,485,672
shares
22,865,783
133,349
2,772,674
4,016,177
debentures-
General reserve.
116,869,157
210,875
156,936
4,531
485,311
Minor. Interest.
Consolidated
Taxes accrued
800,440
218,547
88,470
18,415,057
Miscell. fd. dt_.
Other liabilities.
Total
61
yl36,447
49,995
Divs. declared
660,682
3,708,608
bonds
of subs
6%
Utilities Co—Accounts payable-
218,547
Notes receivable..
2,949,135
691,357
(not
current)
&
243,128
Acc'ts receivable-.
491,407
1,000,294
Pur. mon. obligs
Mtgs.
__
CO.—NY PA NJ
due Jan. 2,1936
422,770
207,707
expenses
expenses
960,212
due
780,000
Deferred
1,768,766
Mtges. & bonds
pay.
(contra)
Accts. pay. to par't
243,128
ment of pf. divs.
1,610,458
oblig.
within l*year.
Res. for reorg.
in
co.
reorganlz'n
—
Cash dep. for pay¬
243,436
Federal taxes..
subs,
8,773,900
3,902,609
Mat'd bond int. &
24,998,182
1,907,179
cos
Excise taxes,pay¬
rolls, &c
mon.
$
cum.
xCom.8tk.(par $1) 1,000,000
1,000,000
Funded debt-.27,875,000 27,875,000
633
divs.
&
1935
$
pfd. stock 8,773,900
$2.80 cum. pf. stk. 3,902,609
34,543
6,441,408
Due outside pro¬
ducers
Pur.
1936
Liabilities—
$5
divs.
plies, &c
1,219,963
2,333,722
Notes payable.
of
of
sub
Due from
*35
6,437,508
(current)
Sec. dep. as coll.
for
6% 2d pf. stock
(par $10)
Com. stock (par
$1)
Due affil.
-Consolidated Balance
1935
.
4,500
16,485
cos
Def'd debit items.
(parSlOO)... 21,012,909
Accts.
reserves
Adv. to
$
Dec. 28,
$
6% 1st pf. stock
61,458,756
Cash, call loans,
&c
Jan. 2, '37
Liabilities—
$
&
eqpt.aft. depr 64,535,245
$0.71
149.092
Int. & divs. ree'le.
Consolidated Balance Sheet
Land,
390,000
$0.73
44,210,407 44,376,733
212,154
209,154
Special deposits-Dep. for mat'd bd.
production.)
Jan. 2, '37
$277,886
370,000
Light & Power Co.
©
Interest
$6,012,250
__
$271,318
1936
A nnstf*
(contra)
Net profit to surplus
51,694
$388,280
370,000
$1.05
370,000
$0.24
._
Penn Central
$653,167
x Includes
$65,378 undistributed profits tax. y Special inventory reserve,
appropriated by directors at Dec. 28, 1935, applicable to
productions re¬
leased during the period
(of the $2,500,000 reserve appropriated $500,000
was applied in 1936
against costs of an abandoned
1934
$985,846
472,711
177,563
57,686
Accts. receiv. from
y2,000,000
123,231
1935
$910,973
438,869
Sheet Dec. 31—
Fixed capital
$3,889,019
1936
$1,173,124
536,906
169,470
78,468
$90,460
Net income
$3,153,167
2,500,000
a
1937
$815,943
564,771
136,176
24,537
Federal taxes
Earnings
7
Ford, Ltd., Inc. (& Subs.)—Earnings—
1936
1937
$1,125,233
762,550
'
expenses
$1,130,991
753,862
$362,683
Operating
$377,128
field Bituminous Coal Corp. lease]
Period End. Mar. 31—
Oper. exps. and taxes—
Profit
Miscell. inc.
Gross income
Charges to income
Net
1937—12 Mos.—1936
$931,818
905,917
$3,636,271
3,694,696
$3,024,292
3,019,212
$25,900
loss$58,425
$5,079
(incl. divs.
from allied co.'s)
a
1937—3 Mos —1936
$1,083,892
1,073,195
$10,697
Gross earnings
income
16,944
24,908
101,063
87,228
$27,641
26,412
$50,808
24,117
$42,638
96,288
$92,307
79.602
(before
Fed. income taxes),
$1,229
$26,691
Ioss$53,650
$12,705
depletion and depreciation of $24,812 for the first three
months of 1937, $21,707 for the first three months of 1936, $87,802 for the
12 months of 1937 and $76,108 for the 12 months of 1936.—V. 144, p. 785.
a
Includes
Int.
& other charges of sub. cos.
preferred stocks held by public)
(incl. divs.
I
on
13,072
Interest
on
unfunded debt
Amortization of bond discount and expense.
...
Net income
Dividends accrued
on
$361,394
260,775
264.592
1,065
18,211
18,776
$69,559
Int. & other charges of Penn. Gas & Elec. Co.:
Interest on funded debt
15,734
$349,611
----
$77,060
966
preferred stock of Pennsyl¬
vania Gas & Electric Co
105,000
105,000
Balance
$35,440
$27,940
(deficit).
Financial
144
Volume
3015
Chronicle
Reflects deduction for full preferred stock dividend require¬
of 7% per annum.
Dividends were paid in full to Jan.
1, 1936.
For the 12 months period to Jan. 1, 1937, dividends were paid
at the rate of 5% per annum, since which date one dividend has been de¬
clared and paid at the rate of 4% per annum.
(2) No provision has been
made for Federal surtax on undistributed profits for the period Jan. 1, 1937,
to March 31. 1937.—V. 144, p. 2143.
.
Notes—(1)
for the
of figures is therefore not
An item by item comparison
prior year.
144,
admissible."—V.
1120.
p.
ments at the rate
Subs.)—Earns.
Pennsylvania Gas & Electric Corp. (&
1937
1936
$5,138,981
119,133
$5,135,358
195,877
$5,258,113
2,461.999
212,220
680,659
$5,331,234
2,400,530
186,464
606,808
10,560
201,051
x285,438
228,027
202,582
267,889
$1,406,187
other charges of subsidiaries
683,909
other charges of Pa. Gas & Elec. Corp.
302,232
$1,438,934
707,230
322,385
$420,046
$409,319
12 Months Ended March 31—
Gross
Total gross
earnings
-.
Operation
and depletion reserves
wells and abandoned
Prov. for retirement
for non-productive
leaseholds
Prov.
General taxes
Federal and State income taxes
Net earnings
Interest and
Interest and
Net income
Dividends accrued on pref.
210,000
$199,319
undistributed profits.
amounts with respect
to gas delivered during the period under gas sales contracts, for which
payments were made in advance in prior years, $299,436 in, 1937 and
$713,778 in 1936.
,
No provision has been made for Federal surtax on undistributed
for the period Jan. 1, 1937 to March 31, 1937.—V. 144, p. 2495.
&c.
but
x
See list given on
profits
undistributed net income.
department.—V. 143, p. 3644.
offering is
subject to the approval of the
Interstate
Commerce Commission.
will be secured by equipment now
least $10,320,000. the principal
The certificates
estimated to cost
at
under construction,
amount of the issue
representing not more than 75% of this cost.
The remainder, of not less
than 25% is to be paid by the railroad company as advance rental.
The
equipment comprises 850 steel automobile box cars, 1,500 steel mill-type
goriaola cars, 300 steel covered hopper cars and 11 electric passenger loco¬
motives for high speed service with heavy trains.
Earnings of System
[Excludes L. I. RR. and B. &
Period End. Mar. 31—
1937—3 Mos.—1936
$31,322,178$114.897.607 $97,971,814
23,850,668 87,605,891 75,477,191
oper.$10,749,140
2,632,000
379,516
657,572
Equip rents—Dr. bal__
101,777
Joint fac. rents—Dr. bal.
162,778
rev.
E. RR.]
1937—.'Month—1936
Ry. operating revenues.$40,778.239
Ry. operating expenses. 30,029,099
Net
from ry.
Railway taxes
Unemployn ent ins. taxes
Railroad retire, taxes
Netry.oper.income.. $6,815,497
$7,471,510 $27,291,716
2,140,823
6,770,400
155,740
1,099,955
535.885
1,898,873
683.543
423,3 20
214,455
581,833
$22,494,623
5,507,232
482,537
535.885
1,755,950
575.387
$3,741,064 $16,517,335 $13,637,632
Earnings of Company Only
Period End. Mar .31—
$800,062
$2,068,775
113,666
557,922
341,705
$1,487,016
1937—3 Mos—1936
$31,252.047$114,698,370 $97,769,028
23,779,064 87,347,366 75,213,797
1937—Month—1936
Ry. operating revenues_$40,706,521
Ry. operating expenses. 29,934,425
$10,772,096 $7,472,983
2,625,424
2,134,859
379,203
155,612
656,381
534,749
Equip, rents.—Dr. bal__
100,541
682,512
Joint fac. rents—Dr. bal.
163,094
214,758
Net rev. from ry.oper.
Railway taxes
Unemployn ent ins. taxes
Railroad retirement taxes
Operating income
Equipment rents (net)..
Joint facility rents (net)
$961,781
$686,396
$1,510,853
83,113
59,102
81,550
67,024
146,523
58,096
243,425
62,450
_
operating inc.
$819,566
$537,821
$1,306,233
$1,181,140
2,616
15,025
15,310
16,465
7,344
123,495
39,385
129,322
$837,207
5,076
$569,597
5,414
$1,437,074
$1,349,847
17,003
17.844
5,695
271.556
5,689
276,700
19,178
815.367
18,424
832.126
$554,878
$281,793
$585,524
$481,452
361
260
$585,163
$481,192
Net ry.
Dividend income
Misc. deduct, from inc..
equipment
Interest on debt
Net income
applied to sinking &
101
other resrve funds....
Inc.
to
transferable
bal.
income.. $6,847,453
$27,351,004 $22,555,231
6.752,036
5,490,406
1,098,919
482,101
1,895,410
534,749
419,486
1,752,489
582,763
576,296
$3,750,493 $16,602,390 $13,719,190
Directors Re-elected—Increase in Indebtedness Voted—
Stockholders at the annual election held April 27 re-elected for periods
of four years each, three directors whose terms have expired, namely
Howard Heinz and Richard K. Mellon of Pittsburgh and Thomas S. Gates
of
Philadelphia.
stock vote, also approved a resolution submitted
at the annual meeting on April 13, providing for an increase in the author¬
ized indebtedness of the company to the amount of $95,000,000.
There
is no intention to exercise this authority at once, but it may be used, at
such time as the directors in their discretion may detern ine, for the purpose
of further improving the property, acquiring new equipment and facilities
for more efficient and economical operation, paying off maturing obligations
and refunding existing indebtedness upon more favorable tern s, as oppor¬
tunity offers.
With the unused margin from previous authorizations the directors now
have authority to issue a total of $98,234,000 of bonds or other obligations
of the company for the purposes specified.—V. 144, p. 2841.
The stockholders, by a
directors
America—40-Cent Dividend—
declared
have
Pennsylvania Water & Power Co.3 Mos. End. Mar. 31-
1937
$1,681,052
the
on
—V.
144, p.
common
1935
1934
$1,561,974
$1,446,058
$1,380,740
expenses
Interest
878,840
and taxes—
272,233
8,100
charges
Misc. inc. deductions—
special meeting of stockholders for May 24
$20,285,000 convertible debentures for the
purpose of financing the developing and equipment of clay ore body at
Morenci, Ariz,, at an estimated cost of $28,000,000.
Debentures will be
offered pro rata to stockholders.
The offering price, interest rate, redemp¬
tion price and conversion rates will be determined later.—V. 144, p. 1972.
plans to call a
approving an issue of
$540,085
327,172
$527,258
327,172
$74,856
$212,913
$200,086
$1.39
stk.
$531,570
456,714
$1.23
$1.25
$1.22
1937—3 Mos.—1936x
xl937—12 Mos.—1936x
$17,511,363 $68,339,300
$65,276,614
Oper. exps. (incl. renewal
and replacement res've
earnings
Income deductions—
..
..
income
Divs. on
35,179.228
$7,958,284 $30,751,531
2,121,312
8.497.768
$30,097,386
8.301,820
$6,171,750
Net
Net
37,587,769
$8,286,042
2,114,292
$5,836,973 $22,253,763
598,322
2,390.540
$21,795,566
9,553,079
10,070,532
..and all taxes)
595,572
pref. stock
2.393,290
$5,238,650 $19,863,223 $19,402,276
x Restated
and adjusted for comparative purposes.
Note—The above statement does not include any provisions for surtaxes
on undistributed profits which may be applicable to the year 1937, as such
taxes cannot be determined until the close of the calendar year.—V. 144,
$5,576,178
Balance
p.
2496.
Co.—CouH Grants Petition
Philadelphia Rapid Transit
on
Reorganization Plan—
reorganization under Section 77-B is to be submitted
"forthwith" to the city of Philadelphia for its consent and to the Pennsyl¬
vania P. U. Commission for its approval, under an order signed by Judge
George A. Welsh in U. S. District Court, April 29.
The city and the Commission will express its views on the "fairness" of
the plan before it is voted on by the various security holders and creditors
of the company and is presented to Judge Welsh for final action.
In his decree Judge Welsh adopts the classification of claims as set forth
in the plan filed by the company's directors April 6, last, but points out
that this does not "evaluate the claims or finally approve the plan or fix any
amount or kind of security to be paid them." It is done in order to expedite
the necessary action of the city and state commission.—V. 144, p. 2669.
The revised plan for
Philadelphia Suburban Water
Co.—Earnings—
Months Ended March 31,
1937
$2,503,890
Gross revenues
657,206
157,446
maintenance)
Operation (including
Taxes (not
including Federal income
Net earnings
Interest charges
Amortization and other
tax)
$1,680,238
676."21
28,681
110,514
230,746
deductions
Federal income tax—
(or depreciation)
Retirement expenses
Balance available
$642,975
for dividends
Balance Sheet
Mar. 31 '37
Dec. 31 '36
$
Jk.SS6tS~~$
Mar. 31 '37
$
Liabilities—
Dec. 31 '36
$
3,200,000
25,458,808 25,393.796 Capital stk., pref. 3,200,000
2,500,000
Cash....
2,005,634
2,247,928 Capital stk., com. 2,500,000
Funded indebted. 16,907.500 16,907,500
Accts receivable..
156.212
136.107
Fixed capital
Mat'ls & supplies.
95,558
160,873
5,116
9,524
Prepayments
Special deposits...
Unamort. debt dist
Undlstrib.
debits.
385
283,456
6,242
149,588
28,349
148.522
509.538
246,039
85,922
385 Accrued interest..
Other accr'd liab._
20.579
2,202,342
285,950 Reserves
2,331,952
4.797 Surplus
509,185
347,558
88,672 Consumers' depos_
165,927 Other curr liabil..
5,116 Main exten. depos.
8,224 Accrued taxes
...28,181,810 28,336,903:
1296.
Total.
23,298
253,764
22.482
2,142,662
2,281,930
.28,181,810 28,336.903
Phoenix Hosiery Co.—Accumulated Dividend—
declared a dividend of 87 ^ cents per share on account
the 7% cum. pref. stock, par $100, payable June 1
to holders of record May 18.
A similar payment has been made in each of
the 16 preceding quarters, as compared with 88H cents paid on March 1,
1933, and 87 cents on Dec. 1, 1932.—V. 144, p. 1450.
The directors have
429,848
outst'g
(no par)
Walls, President, states:
"The company, among
other similar companies, is
required by regulatory
follow a new 'uniform system of accounts' which became
effective Jan. 1, 1937. The account items thus appearing for the first quarter
of 1937 are not strictly comparable with all of the similarly named accounts
authorities
System—Earnings—
Philadelphia Electric Co.
Period End. Mar. 31—
Operating revenue (incl.
non-operating)
$18,356,574
Total
$598,508
456,714
Surplus
J. A.
790,862
263,603
$141,794
Earns, per sh. on
cap.
803,549
263,464
Financing—
Phelps Dodge Corp.—Plans
The corporation
to vote on
—V. 144. p.
Dividends paid
shs.
794,465
262,895
of 15 cents per
holders of record May 5.—
initial quarterly dividend
stock, payable May 20 to
2841.
and expenses...
repl.
share on the
holders of record May 13. A simi¬
dividend of 40 cents per
Co.—Initial Dividend—
Pharis Tire & Rubber
The directors have declared an
share
Invest'ts, general.
Earning s-
1936
Net revenue after exps.,
maint., renew. &
a
made on Dec. 24 last and compares with 25 cents paid on
Sept. 30 and on May 29, 1936; 33 cents paid on Oct. 31, 1935; 50 cents paid
on April 30, 1934, and 25 cents per share distributed on Jan. 3l and June 1,
1931—V. 144, p. 2841.
Other curr. assets.
•
$281,793
$554,777
profit & loss
2669.
Earnings for 12
Net ry.oper.
$1,828,721
lar payment was
SEC—
The
1,952,899
$1,148,355
186,574
Railway tax accruals
capital stock, par $5, payable May 29 to
RR.—Equip. Trusts Offered—A banking
group headed by Brown Harriman & Co., Inc., on April 28
offered at prices to yield 1.10 to 3.15%, according to ma¬
turity, a new issue of $7,740,000 series H, 2%% equip, trust
certificates, maturing $516,000 each May 1, 1937-1952, incl.
Associated in the offering are Blyth & Co., Inc.; Laurence
M. Marks & Co.; E. W. Clark & Co.; Yarnall & Co.; Cassatt
& Co., Inc., and Alex. Brown & Sons.
The certificates, issued under the Philadelphia plan and non-callable
prior to maturity, are guaranteed unconditionally as to principal amount
and
dividends
by Pennsylvania
RR.
In the
opinion of counsel,
they meet the requirements as legal investments for savings banks in New
State.
1937—3 Mos.—1936
$8,090,089
$7,725,247
6,021.313
5,896,525
—Y. 144, p.
Pennsylvania
York
1,207,862
Tota^operating expenses 2,208,590
Petroleum Corp. of
first page of this
def621,798
$2,752,962
The
Before allowance for tax on
Registers with
1937—Month—1936
$47,766
$104,496
$96,836
x$212,264
def133.045
def732,757
operating revenues $3,356,946
1934
1935
before
Federal taxes
1.080,144
def336,813
def 31.594
2841.
Period End. Mar. 31—
Total
Inc.
(& Subs.)—Earnings—
1936
1937
31—
Earnings after deprec.,
depl., bond int. and
$427,742
def202,493
Marquette Ry.—Earnings—
Pere
Total income
Including provision for surtax of $14,159 in 1936
Notes—Operating revenues include the following
Pennsylvania Glass Sand Corp.
—V. 144, p.
$372,439
def86.889
def224,811
Rent for leased roads &
x
3 Months End. Mar.
1,154,742
defl46,108
def551,920
210,000
$210,046
Balance
taxes,
1,163,590
defl79,270
def613,081
Other income
stock of Pa. Gas &
Corp
Electric
def220,616
1—
Jan.
Gross from railway
Net after rents
Maintenance
$344,323
def78,138
defl73,846
Net after rents
From
1936
1937
$439,365
def23.180
Net from railway
earnings:
Operating revenues
Non-operating revenues, net
Lines—Earnings1934
1935
Pennsylvania Reading Seashore
March—
Gross from railway
Net from railway
to
of accumulations on
Phillips Petroleum Co.—Declares Extra Dividend—
April 27 declared an extra dividend of 25 cents per share
the regular quarterly dividend of 50 cents per share on the
common stock, no par value, both payable June 1 to holders of record
The directors on
in addition to
3016
Financial
May 7.
A dividend of 50 cents was
paid on March 1 last; $1 on Dec. 1,
1936, and extra dividends of 25 cents
per share in addition to
regular quar¬
terly dividends of 25 cents per share were
paid on Sept. 1, June 1 and Feb.
29, 1936, and on Nov. 30. 1935
—V. 144, p. 1797.
Phoenix; Securities Corp.—New
Director, &c.—
Stockholders of the
company
Secretary,
with
on
April 21 elected John
A.
Stevenson
director of the
company, and approved management contracts
Groves, Chairman, and Walter S. Mack
Jr., President,
a
Chronicle
(& Subs.)—Earnings—
Three Months Ended March
31—
Gross operating revenues
Operation
Maintenance
1937
1936
$2,504,430
717,299
$2,253,622
561,123
108,182
209,551
380,279
98,431
205,703
346,392
Net earnings from operations
Other miscellaneous income
(net)
$1,089,117
$1,041,972
Dr327
Dr 55
Total net earnings before income
deductions—
Interest on funded debt
(incl. int. on coll. notes).
Sundry income deductions
$1,088,790
627,962
54,647
$1,041,916
631,205
50,503
$406,181
$360,208
Provision for depreciation
General taxes
Wallace
raising their salaries from $25,000 to
$50,000 and extending for three and
a half years the
arrangement by which each would receive 2
H % of the net
realized profits for the six
months ended
Aug. 31, 1937, and the for the
three 12-month
periods thereafter.—V.
Pittsburgh & Lake
March—
Gross from railway
Net from
Erie
1937
144,
2497.
p.
RR.—Earnings—
1936
1935
$1,349,959
147,986
218,094
$1,375,799
254,396
6,178,695
1,133,983
1,166,058
From Jan. 1—
Gross from railway
Net from
railway
Net after rents
—V. 144, p. 2670.
Net income to earned
surplus
1934
$2,231,810
476,860
468,147
railway.
Net after rents
4,262,001
589,029
773,038
3,827,365
290,306
698,366
840,486
$1,446,326
338,890
361,426
Note—The figures shown
income tax
3,671,833
604,249
760,833
Gross from rail
way
Net from railway
Net after rents
From Jan.
1935
1934
$85,985
12,764
4,361
$104,931
22,958
13,648
$110,358
25,919
16,651
291,978
58,407
23,875
272,587
50,655
23,476
258,999
29,797
3,500
293,480
62,279
34,097
1—
Gross from railway
Net from railway
Net after rents
—V. 144, p. 2318.
1937
Gross from railway
Cash in banks—de¬
mand deposits..
1936
1935
1934
$45,393
def9,444
def8,147
$93,628
30,226
28,805
$95,706
35,203
38,399
230,015
From Jan. 1—
Gross from railway
168,842
7,067
4,834
216,532
224,600
60,831
73,996
38.873
35,617
42,920
47,652
2318.
1937
1936
1935
1934
$417,306
143,349
151,212
Net from railway
Net after rents
Income
$279,437
88,577
100,896
$277,164
98,090
$274,869
103,831
121,618
1,125,780
372,232
381,049
From Jan. 1—
Gross from railway
837,431
271,282
309,114
753,839
238,850
258,280
oper. income.
Account for Calendar
Total income
Total interest accrued.
$3,000,955
2,040,278
231,285
$1,302,809
911,259
14,593
$904,840
14,619
$850,862
932,398
$95,500
$574,472
349,410
19,042
$835,971
14,891
$1,045,198
935,031
14,667
$376,956
_
$,530,258
1,713,273
242,513
$474,197
384,846
23,072
$1,033,188
12,009
.
1 Qgg
$919,459
1,017,707
7,858
10,733
def$92,270 def$106,106
Balance Sheet Dec. 31
1936
1935
$
$
1936
Liabilities—
$
Common stock...30,235,100
Invest, in road and
equipment
57,690,125 57,839,810
Misc. phys. prop—
179,119
179,119
Sinking fund
1,000
1,000
Dep. in lieu of mtg.
248,517
Special deposits..
Loans & bills
Misc. accts. rec.._
Other
curr. assets.
Deferred assets...
debits
Total
Traf.,&c.,bals.
S5
pay
165,633
8,658
Loans & bills pay.
99,274
730,787
Accts. & wages pay
1,565,847
398,306
Misc. accts. pay..
Int. mat'd unpaid..
61,525
208,705
5,543
5,030
4,923
4,333,162
154,563
Funded
3,433
217,513
tured,
debt
ma¬
unpaid..
Unmat'dlnt.
1,000
accr.
51,015
156,530
548
Unadjust. credits.
1,313
158,044
27,517
23,379
245,739
3,786,881
111,054
250,237
Add'ns to property
thru. inc. & sur.
Profit & loss bal_.
152,484
7,294,387
8,689
Other current liab.
10,000
Deferred liabilities
Tax liabilities
160,459
144,364
Accr. depr. equip.
64,372,002 63,809,530
Total
-V. 144, p. 2318.
22,128
32,053
203,751
3,766,111
71,448
Total—..
.11,344,208 11,386,456
of March
as
applicable to the unrealized
appreciation of the investments amounted to
$519,962 at March 31, 1937 and to
$485,315 at Dec. 31. 1936.
No com¬
has been made of
Federal surtax on undistributed
profits or
Federal excess
putation
profits tax with respect to such
unrealized appreciation,
y No reserve has been
provided with respect to possible Federal
surtax on
undistributed profits,
z Represented
by 46,296 no par shares $6 cumulative
preferred stock and 500,000
(504,000 in 1936) no par shares common
stock.
—V. p. 144, 621.
Quaker State Oil Refining
Corp.—Larger Dividend—
The directors have declared
a dividend of
25 cents per share on the com¬
stock, par $10, payable June 15 to holders of
record May 29.
This
compares with 20 cents paid on March
15 last, Dec.
15,1936, Oct. 15, 1936,
and each three months
prior thereto.
In addition, an extra
dividend of
mon
paid
was
on
Dec. 15, 1936.—V. 143,
p. 4013.
Queens Borough Gas & Electric
Co.—Earnings—
1937- 3 Mos.—1936
$1,242,716
$1,229,658
(all sources)
(incl. retire't
exp.) and all taxes
rev.
__
Total exp.
$5,241,538
986,723
208,686
income
—V. 144, p. 1974.
918,823
239,864
3,838,265
869,403
3,598,267
961,943
$47,308
Total fixed charges
Net
1937—12 Mos.—1936
$5,358,365
$70,970
$650,697
$681,328
Railway & Light Securities
Co.—Earnings—
3 Mos. End. Mar. 31—
Interest rec'd & accrued.
Cash dividends
1937
$46,164
Net income
1934
$59,786
49,563
$65,185
52,404
$117,157
16,971
44,000
$109,349
13,406
49,857
$117,589
14,302
50,429
$47,288
—
1935
$58,066
59,091
$113,092
21,804
44,000
Total income..
Expenses and taxes
Int. & amortiz. charges-
1936
66,928
$56,185
$46,086
$52,859
Note—The above statement of income does
not include realized and un¬
realized profit and loss on
securities.
Based on book amounts at time of
sale, realized net profit on sale of securities
for three months ended March
31 amounted to $280,031 in
1937, $152,510 in 1936, $9,981 in 1935 and
$53,769 in 1934 (after related Federal
income tax on both
dates).
Comparative Balance Sheet March 31
Assets'—
1937
Bonds and notes. -$3, 153,581
Preferred stocks..
749,585
1936
Liabilities—
$3,475,469
5 025,359
Cash
1,104,646
3,759,548
199,905
390,235
67,019
Accts. receivable..
85,177
50,250
111,000
24,707
54,265
117,000
Common
stocks.
Accept'ce notes
_
rec
Accr'd int. receiv.
Unamort. bd. disct
Conv.
coll
1937
1936
trust
4J£ % bonds due
Oct. 1, 1955
$4 000,000
Accounts payable.
1,655
Tax liability
Res. for dividends.
5,420
31,643
A($100 par) 2 ,113,600
2 ,146,447
2,113,600
2,146,447
961,952
164,592
259,184
252,091
Pref.stk. 6% cum.
ser.
b Common
Earned
stock.
sur p.
Jan. 1,
$9,565,185 $8,802,557
28.765
31,704
Investment reserve
Total
$4,000,000
a50,643
60,000
(since
1932)...
Total
$9,565,185 $8,802,557
No provision has been made for
Federal surtax on undistributed
profits
as such
tax, if any, can not be determined until the end of
each year.
b Represented
by i63,140 no par shares of which 28,160 are
non-voting
common shares.
a
speculation.
hand,
working capital.
Jersey in 1934 to develop and exploit
formulas for the manufacture of
plastic products and materials.
Having
spent the initial period of its existence in the
development of these processes,
the company is now
producing bottle caps and closures for a
leading cork
manufacturing concern. It has granted exclusive license
to Button
Corp.
of America, Inc., to make use of
one of its formulas
under a royalty contract.
The company is a pioneer in the
commercialization of high speed, cold
molding and, according to the
management, the low production cost result¬
ing from the speed of its dies, the few men
required in their
the
strengthening of its patent structures
Corporation was organized in New
the low cost of materials used
Potential markets for the
makes
it
and for
outstanding
upon
(H. T.) Poindexter & Sons Merchandise
Co.—Registers
with
SEC—
department.—V. 141,
2126.
dividend of $1 per share on the
$1.50
cum. and part,
no-par class A stock, payable June
1 to holders of record
May 15. A dividend of 50 cents was paid on
March 1, last, and one of
$1 was paid on Dec. 24, 1936, this latter
being the first dividend paid on
the A stock since Dec.
1, 1931, when a quarterly dividend of
37H cents
per share was paid.—V. 144, p. 949.
a
Reading
Co.—Earnings—
Period End. Mar. 31—
1937—Month—1936
exp._
$5,982,370
3,700,647
1937—3 Mos.—1936
$4,480,007 $16,020,832 $14,582,30 5
3,349,444
10,744,542
10,561,334
Railway tax accruals—
$2,281,723
582,045
$1,130,563
345,095
$5,276,290
1,467,972
$4,020,971
1,048,358
$1,699,677
20,438
$785,468
51,657
Dr2,600
$3,808,318
68,370
$2,972,613
Drl ,863
Cr819
104,768
Dr8,744
$1,718,252
$834,525
$3,877,507
$3,068,637
Railway operating
Railway operating
rev—
Equip, rents, net, Cr
Joint facility rents, net.
—V.
144,
p.
2145.
Traffic Statistics for Calendar Years
1936
Average miles operated.
Number of tons of mdse.
freight carried
No. tons anthracite car*d
No.tons bitum.coal carr.
No. tons all fgt. carried.
p.
Co.—Accumulated Dividend—
declared
by $2,029,315
able to
completion of the financing.
See list given on first
page of this
Note—The aggregate of securities
owned, priced at market quotations,
greater than their book amount by
$2,207,171 on March 31, 1937, and
on March 31, 1936 (after
allowance on both dates for possible
normal Federal income tax if
the indicated appreciation were
realized).
was
operation and
cope with any market.
company's products include users of
buttons,
toys, electrical accessories, household
accessories, building materials, &c.
There are no selling
costs, as orders on hand and
anticipated account for
the company's total
present production
capacity.
Authorized capitalization is
100,000 shares ($1 par) capital
stock, all of
which will be
11,344,208 11,386,4561
Market value
31, 1937 was $14,507,028, as of Dec.
31,
1936, $14,400,523, taxable cost as of March
31, 1937 was $11,040,610, as of
Dec. 31, 1936,
$11,165,085.
The estimated Federal
normal income tax
7,113,490
64,372,002 63,809,530
Net proceeds from the sale of this
issue are to be used
by the company
In the purchase of additional
equipment to meet increased orders on
have
4,595,292
1
and capital
Special surplus
Plastics Molding Corp.,
Newark, N. J.—Stock Offered—
offering was made April 29 by means of a
prospectus
of 34,000 shares
($1 par) capital stock at $2 per share
by
M. Leduc & Co.,
Inc., N. Y. City.
Stock offered as a
directors
5,143,197
Capital stock
Surplus, operating
"V,855
152,484
Public
Poor &
z
5,896
1
89,264
251,993
rec—
•
30,235,100
unmat.20,870,707 20,026,707
Government grants
104,427
104,427
Fund, debt
7,361
-
Traffic, &c., bals.
Unadjusted
5,020
417,547
277,262
76,025
158,056
208,696
2,002
1935
406,044
71,325
Invest, inaffil. cos.,
436,891
Other Investments 4,341,062
Mat'ls & supplies.
Bal.from agts., &c
6.ob"o"oo6
69,444
19,495
2,225
6,000,000
Reserve for taxes.
43,110
Furn. & fixtures..
Gross
$2,720,147
2,003,046
242,903
$729,391
326,860
23,063
deductions
Cash
69,444
yl31,567
Accr. int. payable.
Period End. Mar. 31
Years
1934
$1,265,311
37,498
Net ry. oper. income.
Other income
90,440
1935
$866,822
422,925
24,437
Equipment rents—Cr—
Joint facility rents—Dr.
property sold.__
10,394,014
149,049
2,350
10 cents
Railway oper. revenues. $3,856,901
Railway oper. expenses.
2,692,239
Railway tax accruals
297,840
Assets—
700,000
dend payable...
rec.
685,753
236,220
257,867
1936
Other
secur.
Preferred stk. divi¬
319,343
Accts. receivable-„
Due for securs.sold
Pittsburgh & West Virginia Ry.—Earnings-
March—
Gross from railway
Net from railway.
Net after rents..
Railway
loans,
616,238
Accr. interest
x
$88,155
25,154
23,866
Net from railway
Net after rents
p.
Common stocks.
10,077,288
Total...!
Net from railway
Net after rents
144,
Bank
534,341
572,521
—
stocks
Sheet-
Mar. 31'37 Dec. 31 *36
*
$ ■
Liabilities—
-
Pittsburgh & Shawmut RR.—Earnings—
March
—V.
-Comparative Balance
Mar. 31'37 Dec. 31 '36
$
$
—
Preferred
$111,547
29,756
15,223
exclusive of any provision for normal
Federal
Investments:
RR.—Earnings
1936
are
minor
Prudential Investors, Inc
Assets—
Bonds.
& Northern
1937
(except for
subsidiary companies) and for surtax on un¬
distributed profits imposed by the
Revenue Act of 1936.—V. 144,
p. 2671.
x
Pittsburgh Shawmut
March—
The
May 1, 1937
Portland General Electric Co.
1935
1,461
1,462
20,377,975
19,592,936
12,522,476
52,493,387
15,994,585
17,903,510
11,570,264
45,468,359
15,157,479
21,444,671
11,671,065
48,273,215
13,581,318
15,068,897
11,060,860
39,711,075
1.093 cts.
1.113 cts.
rev. per ton perm.
1.104 cts.
Number pass'gers carried
12,873,049
No.pass'gers carried 1 m.250,924,798
1.094 cts.
9,616,794
178,225,081
pass-
Total passenger revenue
Av. fare per pass, per m_
1933
1,460
Avge.
Avge. distance per
senger (miles)
1934
1,457
19.49
$4,880,228
18.53
53,077,347
1.552 cts.
1.727 cts.
Note—The annual report for
year
Feb. 27, page 1451—V. 144,
p 2145.
1936
was
8,904,885
8,339,645
162,689,278 149,726,039
18.27
17.95
$2,958,626
$3,752,527
1.819
given
in
cts.
1.859 cts.
"Chronicle"
of
3017
Chronicle
Financial
144
Volume
Consolidated Balarce
Railway Express Agency, Inc.- -Earnings—
Month Ended-
$11,718,611
Charges for transp
202,429
Other rev. & income
EndedFeb. 29,
Feb. 29,
1936
$
$10,571,514 $23,456,700
49,582
1,544,241
59,803
15,651,991
921,619
133,092
7,190
132,324
1,945
266,227
13,975
14,213,999
380,143
$3,499,115
$3,152,182
7,820,617
461,026
1,337,436
all9,760
109.039
(not subs.).
cos.
& notes
Accts.
276,677
8,036
x
Payments to rail and other carriers—express
Reliable Stores Corp.
subsidiary
cos.,
$44,884
loss$35,708
$0.13
pref. stock
loss$0.11
$1.82
$2.65
Pref.
354,602
1,606,850 Cl. A stk.
2,263,777
counts & exp...
Cl. B stk.
Corporation's share of the earnings of Frank Corp. (50% owned) has
not been included in the above statement of earnings.
The profit included
above for the three months ended March 31, 1937, is after making an
estimate of the bad debt and repossession losses.
Federal surtaxes on
undistributed profits have not been deducted from the net earnings shown
above.
Such taxes for the full year 1936 amounted to $35.011.—V. 144.
p.
b Restricted deposits only.
provision had been made for payment of $776,261.50
interest payable Jan. 1, 1936 and at Dec. 31, 1936, $616,259 payable
Jan. 1, 1937, by deposits of like amount with trustees.
These items are
not included in the assets or liabilities.—V. 143, p. 1413.
1937
1936
Operating profit
•.
Adjustment for minority interest
$11,607,447
Dr21,465
$4,170,842
Cr68,156
$4,857,743
$4,857,743
.$11,585,982
$4,238,998
1,255,051
1,347,822
2,513,868
2,397,148
profit
57,446
Furn. preferred dividends
T.-C.
Net
profit
share on 4,127,264 shares
common stock (no par)
$361,032
$5,567,063
on
Net after rents
—V.
dividend
Reynolds Spring Co.—Registers with, SEC—
first page of this department. —V. 144, p. 2843.
p.
2843.
on
first
$2,412,435
140,461
139,721
$2,412,435
155,436
9,413
$92,646
134,183
Reserve
674,052
444,706
39,438
Other assets
39,543
Patents
Inventories
20,508
1,111,331
$2,476,781
916,595
46,236
applic.
$3,424,968
322,940
1,247,492
991,452
322,940
997,993
42,527
990,972
322,940
1,156,765
$1,185,410
$1,112,583
$916,595
991,452
pref. stk_.
Divs. (in cash) declared on
On class A stock.
On class B stock
surplus Dec. 31
of
rec.
Prepaid charges
of
a
c
Organiza.exps.__.
a
Pref
curr.
Class B stock
328,598
Int. charges
c
1,185,410
Divs. on
Balance, deficit
a
1,112,583
listing of 292,628
be issued to effect
stock (incl. 13,712 shares
treasury) previously listed,
Stock Exchange has authorized the
capital stock (no par), the same to
York
Rumford Falls & Rangeley Lakes RR.—Bonds Called—
s.f mortgage gold bonds due Nov. 1,1948 have
been called for redemption on May 1 at par and interest.
Payment will
be made at the Portland National Bank, Portland, Me.—V. 143, p. 2535.
Rutland RR.—Earnings—
1937
Gross from railway
$314,136
Net from railway
8,976
1936
1935
1934
$252,487
def41,494
def56,685
$249,610
def 10,796
def28,074
$291,288
13,342
def4,933
742,315
def 71,381
defl05,420
def6,434
rents.,
From^Jan. 1—
863,508
35,777
def 12,726
Net from railway
740,066
def34,404
def80,099
800,973
8,896
def39,416
Aeronautical Co.—Registers with SEC—
(The) Ryan
See list given on
Calendar Years
1933
$10,040,513
201,520
4,576,139
206,032
113,911
first page of this
Weeks Ended—
4
Jan.
23
Feb. 20
Mar. 20
Apr.
department.—V. 143, p. 1892.
Inc.—Sales—
Safeway Stores,
1937
1936
$26,261,194 $23,106,110
27.510.237 23,470,722
28.630.009 24.776.706
25,100,634
29,790,845
17
The company had 3,342 stores in
3,378 a year ago.—V. 144, p. 2674.
1935
1934
$18,842,638 $16,486,586
20,281,505 17.508.289
20.770.761 17.810.088
21,321,010
17,630,191
operation on April 17, 1937, as agains
Brownsville & Mexico Ry.—Earnings—
1937
1936
1935
1934
Gross from railway
$972,673
$567,680
$414,441
$501,739
Net from railway
461,204
197,042
94,831
202,885
Net after rents.
309,020
116,765
46,391
120,716
St. Louis
March—
.
1,829,446
2,038,088
1,850,738
1,821,421
Cr604
317
55
1,569,419
1,510,406
1,631,654
1,456,595
$2,723,147
991,452
322,940
$2,222,756
991,452
322,940
997,993
$2,420,353
$2,635,370
990,972
322,940
990,972
322,940
38
..
preferred stock.
A stock—
class B stock—
Divs. on class
New
13,609,002 13,609,002
$16,921,893 $15,880,678 $15,787,740 $15,138,115
6,290,910
5,836,860
6,634,107
6,683,741
1,194,468
1,211,086
1,267,168
1,293,361
1,250,723
1,165,415
1,310,759
1,539,933
1,586,010
1,425,150
1,329,532
of Un.
Consol. net earnings..
Divs. on
published in V. 144,
Ruberoid Co.—Listing—
The
Gross from railway
2,268,167 shares.
and amort.
Electric Rys
Depreciation
the 3 months ended March 31 was
2674.—V. 144, p. 2844.
The earnings for
p.
after
($105
—V. 144, p. 2674.
of discount
Min. int. in earns,
of $7,815 in 1937 and $4,601 in
$398,363 in 1937 and $510,918 in
1936).
Net after
— _
_
328,598
10,639
1936
1935
1934
Electric sales
...$11,602,370 $10,852,316 $10,578,154
Gas sales
191,307
198,726
198,963
Rev. from transporta'n.
4,722,468
4,508,013
4,683,450
Other-operating revenue
236,419
216,357
199,273
Other income
169,328
105,266
127,900
Taxes
in
13,632,465 13,632,465
4,440,425
4,440,425
Gross oper. revenue—
Maintenance
584,977
$3,247,746 $1,401,618
a
33,362,032 33,164,281
Total.
b 80,735 shares,
Operating expenses
Purchased elec. energy.
.. —
Represented by 847,627 (733,585 in 1936) no par shares
deducting 120 (22 in 1936) shares held in treasury at a cost of $576
1936.
March—
264,620
Consolidated Income Account for
Total income
After reserve for doubtful accounts
z After reserve for depreciation of
19<36.
Net after rents
33,362,032 33,164,281
495,726 shares,
28,652
142,451
liabil..
stock
Earned surplus
584
391
264,620
19,650
pay.
b Class A stock
dated
1,1928
Total
accts.
Total
$3,247,746 $1,401,618
All of the outstanding 6%
Rhode Island
Other
8,200
agreem't,
Feb.
(incl.
PubiServ. Co...
299,009
under
trustee
$1,916
Pref. & class A divs.
with
depos.
$4,030
& accruals
1,998,945
2,045,276
330,613
8,200
Advances....
Cash
Other
United
oi
Electric Rys
taxes
$
affil.
(not subs.).
for
Fed.
income tax)
70 231
70.228
cost)30,187,144 30,186,779
stkf.(a
366,698
Common stock..
split-up of the 146,314 shares of capital
reacquired by the corporation and held *n its
into 438,942 shares.—-V. 144, p. 2146.
prov.
Elec.
United
Bonds
Accr.
425,071
bonds
on
Rys
Com.
Accts. pay. to
$335,913
cos.
from a
subs. & accr. Int.
$
Liabilities—
$
$
$30,485
2,000
625,000
847,171
pref.
Surplus-
the
1935
1936
1935
1936
Assets—
2,000
1,364,031
cum.
additional shares of
31 (Company Only)
Balance Sheet Dec.
Cash in banks
a
950,673
to
—
275,000
......
furnaces, &c...
y
25,419
6% note
eral Res. Bank.
$2,479,127
$3,429,800
76,621
80,951
Reserve for relining
$2.50
31,592
$3,747,294
surpl.
118,918
payable to Fed¬
6,667
2
Total
$70,902
Fed¬
stock
1,112,583
Total.
to
Fixed assets
1st mtge.
13,564
716,516
19,176
$2,588,476
$209,675
eral income tax.
~2~, 845
surplus Jan. 1
Profit on United Electric Rys. Co.
bonds sold to trustee under agree¬
ment dated Feb. 1,1928-..—
prior years (net)
z
for
1936
1937
Liabilities—
325,513
38,719
Earned
share on
payable June 1 to holders of record
initial dividend of 62 Yi cents per
Accounts
Receivables
$2,577,284
271
Net income for year
Corp.-—Initial Preferred Dividend
hand.. .....$1,109,673
on
y
9,396
200,926
16,223
£68,241
payable.
Accrued liabilities1
$2,561,552
43,207
(incl. Fed. income taxes)
Interest on notes payable
Interest exp. & other charges
£136,000
£615,000
Cash in banks and
$2,805,895
Total.
22,923
37,500
50,000
1936
1937
Assets—
11,756
Taxes
325,608
22,500
37,500
Balance Sheet March 31
$2,653,678
Corporate & legal expenses
253,500
taxation
convertible preferred stock,
Prep' d & def. assets
rec.
395,500
May 15.
1934
Interest on advances
£454,272
20,000
Rustless Iron & Steel
1935
receivable
Interest on notes
1935
1936
£449,500
.
The directors have declared an
1936
Interest on bonds
-Earnings—
int. and
premium on redemption
Reserve for depreciation
Only)
Years Ended Dec. 31 (Company
subsidiaries:
('in cash) on common shares..
Ltd.
1937
£1,080,500
Provision for debenture stock
the $2.50
Public Service Co.—Earnings—
Island
Income Account,
Int.
Corp.—Registers with SEC-
of this department.
3 Mos. Ended March 31—
Est. profit, subject to
first page of this
Income from
Notes
page
Antelope Copper Mines,
Roan
196,925
106,727
—V. 144, p. 2498.
Co.—Registers with SEC—
department.—V. 144, p. 2673.
Rheem Manufacturing
Earned
436,719
203,333
& Mine administrative charges
the com¬
See list given on
charges
1,733,433
333,201
135,224
Operating expenses, including London
Dividend—
declared a dividend of 10 cents per share on
mon stock, payable May 20 to holders of record May 5.
An initial
of 25 cents per share was paid on July 20, 1936.
V. 143, p. 122.
Direct
1,769,912
Gross revenue
Reybarn Co., Inc.—10-Cent
Divs.
144,
See list given
The directors have
Rhode
2,001,454
413,927
152,892
Rio Grande Brewing
$1,834,235
—V. 144, p. 2673.
See list given on
$655,370
2,524,277
788,616
392,046
Gross from railway
Nil
Nil
undistributed profits.
$1.22
of $925,000 for surtax
provision
Includes
$677,946
182.131
92,613
1—
Net from railway
Earns, per
x
$726,922
180,209
79,312
after rents
From Jan.
760,451
1,976,415
233,830
52,812
75,550
x2,250,000
Federal taxes
$876,976
280,462
149,538
Gross from railway
Net from railway
Net
1934
1935
1936
1937
March—
1935
Total
Accounts only,
a
Richmond Fredericksburg & Potomac RR- Earnings
3 Months Ended March 31—
Depreciation and depletion
6,141,844
At Dec. 31, 1935,
Republic Steel Corp. (& Subs.)—Earnings—
Interest
6,140,105
89,027,517 88,919,979
Total
.89,027,517 88,919,979
Total
2673.
2498,
.13,632,465 13,632,465
4,440,425
($55 par) 4,440,425
($6 par)_13,609,002 13,609,002
Cons, earned surp.
1936.
138,746
135,792
($27.50
stk.
par)
Unamort. debt dis¬
company's consolidated net sales for the year ended March 31, 1937
$9,368,668 as against $8,384,851 for the 12 months ended March 31,
The
13,107,470 13,900,648
Min. int. In United
Construction work
366,794
178,858
.34,871,000 34,261,600
Electric Rys
orders in prog..
328,598
sus¬
credits
pense
280,293
cos.
&
Reserves
not
prop'ties.82,014,468 83,036,781
Plants &
$647,341
$937,428
Earns, per sh. on 354,620
shares common stock.
were
subs.)
cur
income taxes and divs.
on
affil.
(not
Federal
after prov. for
26,587 Pref. <fc cl. A divs.
Funded
debt
of
b 9,804
Notes & accts. rec.
from
537,349
148,646
187,648
328,598
outstanding
Restricted depos.&
1937—12 Mos.—1936
285,500
246,070
420,732 Cust. dep.& tokens
406,966
cash in sink. fds.
140,255
276,196
379,939
325,289
Other accrued exp
& other expenses
profit
net
920,423
.
(not
payable
807,769 Accrued taxes
Prepaid taxes, ins.
(& Subs.)—Earnings—
1937—3 Mos.—1936
Period End. Mar. 31—
Consolidated
to affil. cos.
subs.)
Accts
Inventories of sup¬
$6,146,279
privileges—V. 144, p. 2498
1,176,042
601,550
Lighting Cos...
Notes & accts.pay.
re¬
ceivable (others)
$6,602,888
745,966
Notes pay .to Mass.
Accts. rec. (cust.).
plies & applia. .
Rail transp. revenue
x
Eng. Pow. Assn.
& accrued lnt
1,160,378
Accts. & notes rec.
$21,025,134
7.100,590
184,473
Total rev. & income->$11,921,040
$
Notes pay. to New
1,051,408
hand
from sundry affil
Operating expenses
Express taxes
Int. & dis. on fund, debt
Other deductions
1935
$
Liabilities—
Cash in banks and
on
Sheet Dec. 31
1935
$
Assets—
'36
$10,388,247 $23,057,408 $20,648,786
183,267
399,292
376,348
Feb. 28, '37
Feb. 28, '37
Feb. 29, '36
'36
Feb. 28, '37
Period—
1936
Mas.
2
—
1,247,492
a$161,263
1,156,765
Net
after rents.
—V. 144, p.
St.
2,680,668
1,274,568
879,573
1,703,666
613,427
388,616
1,399,740
497,987
308,296
1,351,799
552,843
343,170
2320.
Louis
Screw & Bolt
Co.—Accumulated Dividned—
directors have declared a dividend of $1.75 per share on account
accumulations on the 7% cum. pref. stock, par $100, payable May 1
to holders of record April 26.
A like payment was made on March
and Feb 1, last, Nov. 1, Aug. 1, May 22 and Feb. 29,1936, and on Nov.
The
$89,629
$50,324 a$l,321,458
Surplus.
Note—No provision for surtax on
railway—..
railway.
Gross from
Net from
undistributed profit.
of
22
30,
3018
Financial
We
Chronicle
San-Nap-Pak Mfg. Co., Inc.—Registers with SEC—
Deal in
See list given on first page of this
Scott Paper Co. Debenture
334s, due 1952
Co.
Common
The directors have declared
1935.
Accumulations after
share.—V. 144, p. 2146.
per
St. Louis
&
$526,038
35U047
33,475
29,510
283,434
36,200
27,121
$112,005
$26,885
143,p. 3856.
System—Earnings—
1937—3 Mos.—1936
$12,838,208 $11,049,803
3,279,339
10,673,206
9,664,864
3,589,723
Net ry. oper. inc..
$23,536
Other income
$482,804
12,443
$142,141
23,071
$939,731
37,578
$578,844
62,805
Deductions from income
$495,247
7,560
$165,212
8,283
$977,309
18,126
$487,687
$156,929
$959,183
$619,067
After charges of $123,039 for
March, 1937, and $365,507 for period
Jan. 1 to March
31, 1937, for accruals for Federal Railroad
Retirement
Act and for Federal and State
Unemployment Acts as compared with
$84,386 for March, 1936, and
$123,021 for period Jan. 1 to March 31, 1936.
x
Earnings of Company Only
March—
1937
486.679
507,948
.431.262
669.011
226,265
$3,076,813
145.565
def95.532
12.362.734
railway
1935
$3,576,657
817.252
Net from railway
Net after rents
—V. 144, p. 2320.
1936
$4,265,027
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from
10.592.869
1.504,780
842,705
8,957.595
499.909
def217.799
9.904.352
2.011.805
2,211,744
1,156,257
St. Louis-San Francisco &
Texas Ry.—
March—
Gross from railway
Net from railway
1937
$128,554
1936
A plan for reorganization,
resulting In the formation of the new com¬
was approved by stockholders of B. F.
Schlesinger & Sons, Inc., at
meeting held Feb. 8, 1937.
Under the plan, holders of the $100
par value
pref. stock received two shares of new
7% pref. stock. $25 par value, and
two-thirds of a share of new common in
exchange for each share of old
pref. held.
Class A common stockholders received
one share of new com¬
a
mon for each five shares of old
class A held.
Class B common stockholders
received one share of new common in
exchange for each 12 Vx shares of old
class B common held.
Assets taken over by the new
company include all
stock of Kahn Department
Northwest
19.711
318.473
6,177
Net after rents
—V. 144, p. 2320.
def55.504
260.352
$67,532
def25.649
def49.031
Louis Southwestern
1,087,153
1934
$78,100
defl2,229
def43,652
oper.
defl55,174
$585,889
defll6,911
332,404
245,911
$473,178
24,511
$563,590
24,602
$1,104,483
71.187
$1,325,296
71,474
$497,689
$588,191
$i;i75,669
Net ry. oper. income.
187,986
605,150
526,068
income.
$303,819
7,537
gross
inc.
income
$400,205
$311,356
273.128
_
Gross income
7.380
$592,081
811,623
$890,858
917,119
$134,769 def$219,542
2844.
p.
$870,702
20,156
$407,586
272,817
1,228
$570,519
21.561
March—
1937
Gross from
railway
Net from railway
Net after rents
San
p.
1935
$87,664
$124,629
35.029
48.536
16.680
def846
19,767
def5.980
343,097
115.242
22,192
def47,797
384.740
102.519
def2,548
2320.
Diego Consolidated Gas
225.506
24.239
& Electric
Sheet—
def$26,261
Earnings—•
1936
$134,735
From Jan. 1—
Gross from
railway
Net from railway
Net after rents
144,
Cash
a
on
Co.
1934
$128,890
56.864
30.241
338.457
143.191
63,747
-Balance
rec.
hand, de¬
1,708,755
1,185,754
110,119
stock
Oth. current assets
61,988
30,600
531,097
866,735
Indebt. to affiliate
17,511
11,911
g-termdebt... 15,500,000
Djferred liabilities
319,927
9,116,269
15,500,000
427,831
8,542,828
410,024
45,936
30,600
39,166,938 38,817,285
2,295,525
2,357,141
7% cum. pref. stk.
(par $100)
6,292,500
6,292,500
Reserves
Com.
stock
(par
$100)
Earned surplus...
Total
a
10.032,500 10,032,500
1,846,764
1,716,849
44.305,237 43,377,840 I
After
The
110,119
565,889
Lo
Invest'ts (at cost).
_
177,413
Divs. pay. on pre!
Accrued liabilities.
580,220
461,211
Fixed assets
1935
202,912
Accounts payable.
(customers)
Deferred charges.
1936
Liabilities—
Materials and sup¬
plies (at cost)...
reserve
income
of
Total
..44,305,237 43,377,84
$120,332 in 1936 and $119,371 in 1935.
account
for
year
ended
March 6, page 1616.—V.
144, p. 2675.
818,908
$343,690
11,579
$309,565
10,477
$355,269
$320,043
income
Interest on 314 % debenture bonds
Other charges
477
..
Provision for Fed. income &
capita
tock taxes.
Provision for Pa. income and
capital stock taxes.
—
—
_
-
147,855
«•
m
_
_
—
—
1,226
-
56,156
41,359
Net earnings
Dividends on preferred stock
Common stock dividend
$257,276
52,022
32.195
$114,781
on
$234,601
27,511
113,960
$93,130
$0.25
$0.45
Balance for surplus
Per share comparisons based
142*495
$0.20
$0.36
569,983 shares
Dividends
Earnings
Federal undistributed profits tax is not
provided for.
The amount of
this tax is dependent
upon the ratio of dividends paid to net
income for the
year and is not now ascertainable.
x
Condensed Statement
Current
Comparing Current Assets
and
Cash
All other
$947,864
2,404.531
—*$4,226,477
$3,352,395
-
commenting
1936
$1,899,620
2,326,857
Total current assets
Total current liabilities
In
Current Liabilities
1937
assets—
1,042,764
the
on
results
of
operations,
Edward
699,970
S.
Wagner,
1st
Vice-Pres. & Treas. said, "A
20% increase in volume of businass enabled
the company to show higher
earnings despite a rise in costs for materials,
wages and salarias.
Spot pulp prices are today double their 1932 low and
60% highei than during the first quarter of 1936."
To establish a controlled source
of raw material,
company and the Mead
Corp. have now under construction a pulp min at
Brunswick, Ga.
This
plant wilJ produce bleached
sulphate pulp from the large supply of southern
pine timber available in that region and will be in
production by the end
of the
To finance the construction of the
Dec.
new
pulp mill, Mead Corp. and Scott
to purchase $500,000 of the common
stock of
the operating company, Brunswick
Puip & Paper Co.. at par.
Scott Paper
Co. has also purchased
$3,000,000 first mortgage 6% 15-year
bonds.
An issue of $4,000,000 of
3Ji% debenture bonds was recently sold by
Scott Paper Co. to finance the
purchase of the pulp null securities.—V.
144, p. 2499.
Paper Co. each have agreed
Seaboard Air Line
March—
Net after
Ry.—Earnings—
1937
Gross from railway..
Net from railway
...
...
rents
From Jan. 1—
Gross from railway..
Net from railway
Net after rents
...
...
—V. 144, p. 2320.
1936
$4,489,365
1,373,406
882,128
$3,686,165
871,610
503,543
12.389,107
3,419,032
1,948,658
10,003.344
1,807,050
656,224
Four Weeks Ended—
Feb. 26
March 26
1937
31,
1936,
was
given
on
1936
$30,725,423
1935
$3,497,835
873,633
481,789
1934
$3,611,631
909,656
454,762
9,187.715
1,690.489
9,993,013
2,476,939
1,210,216
609,581
April 23
1935
1934
$25,541,825 $18,842,638 $16,486,586
33.965,053
29.007.986
22.362.353
36,034,157
31.435,278
23,731,274
40.175,309
43,412,493
75-Cerit DLvidead—■
The directors
April 26 declared a dividend of 75 cents
per share on the
value, payable June 15 to holders of record
May 15.
was
made on March 15, last, and
previously regular
quarterly dividends of 50 cents per share was
distributed.
In addition
an extra dividend of
$2.50 was paid on Jan. 7, last, an extra of
$1.75 was
paid on Dec. 15, 1936, and a special
dividend of 50 cents per share was
distributed on Dec. 16, 1935.—V.
144, p. 2499.
common
stock,
A similar
on
no par
payment
Securities Acceptance
1935
$
mand deposits &
time deposits...
Accts. and notes
946,739
x
Balance Sheet Dec. 31
1936
Assets—
1,584,968
Sears, Roebuck & Co.- •Sales-
San Antonio Uvalde &
Gulf RR.-
—V.
Total
$1,396,770
193.871
income.
Deductions from railway
operating income
144,
$1,571,206
97,892
>
Net
$1,436,887
112,711
Total ry. oper. income
Deduc'ns from
2,003,679
154,458
year.
revs
Non-operating
Date
1937—3 Mos—1936
$5,379,739
$4,524,235
3,942,852
2,953.029
$661,482
rev. from
ry. oper.
tax accruals & uncol¬
oper.
to
$1,690,783
1,029,301
Net
Railway
Year
1937—Month—1936
$1,984,216
1,398.326
expenses
lectible ry.
and
April 4,'37 Mar.29,'36
$3,448,566
$2,861,297
Other income.
236.217
def25.181
Ry.—Glines' Committee Repre¬
Earnings for March
oper. revenues.
—V.
Materials, labor, repairs, maint. and expenses,
&c.,
including local taxes—
Depreciation
Selling, administrative and general expenses, incl.
freight paid on goods sold
22% of Terminal & Unifying Bonds—
Period End. Mar. 31—
Co.—Earnings—,
outstanding—
E. Stanley Glines, Chairman
of the protective committee
for the holders
of first terminal and
unifying mortgage bonds has announced that his com¬
mittee now represents 186
individuals and institutions
holding approxi¬
mately $1,790,000 of the bonds of this
issue, or more than 22% of the total
of $8,063,000
outstanding in the hands of the public.
Institutions which
have authorized the
committee to represent them include
universities,
charitable organization, religious
bodies, fiduciary institutions, and banks.
Other members of the
committee are W. Rodman
Peabody of Boston
xt110!.
Hambleton Ober of Baltimore. James Piper of Piper,
Carey. &
Hall, Baltimore, is counsel for the
committee and H. H. Craig, 120 Broad¬
way, New York, is secretary.
Ry.
Scott Paper
3 Months Ended—
Net sales...
380.035
195,165
def75 845
def64.420
defl70,591
defl24,107
Stores, Inc., operating Kahn's in
Oakland;
Stores, Inc., operating Rhodes Brothers in TaKing. Inc., operating Olds, Wortman St
King
144, p. 622.
Department
coma; and Olds, Wortman &
in Portland, Oregon.—V.
1934
Earnings—
1935
$86,522
defl9.211
def25,197
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Ry.
Ry.
of this department.
Effective April 16, 1937, the San Francisco
Stock Exchange listed two
issues of the company, the new
company formed to succeed B. F. Schle¬
singer & Sons, Inc.
The new issues consist of 48,788 shares of
common
stock, no pai vame, and 58,042 shares of
7% cumulative pref. stock,
$25 par value.
Issues of the old
company, consisting of 97,627 shares of
class A common stock, no
par value, and 29,021 shaies of
pref. stock,
$100 par value, were removed from the
list of the Exchange at the close of
business, April 16, 1937.
$641,649
22,582
Bal. avail, for int., &c.
St.
page
(B. J.) Schlesinger
Co.—Listing—
$22.75
■Earnings—
$320,605
Period End. Mir.31—
1937—Month—1936
Total operating revenue.
$4,429,929
$3,730,971
Total operating expenses
sent
first
See list given on first page of this
department.—Y. 144, p. 2844.
1937—12 Mos—1936
$1,775,963
$1,306,658
1,203.673
1,003,365
141.641
172.728
110,043
107,027
$373,641
St. Louis-San Francisco
Ry.
x
on
Co.—Registers with SEC—
pany,
Net income
-V.
Co.
the com¬
Schiff Co.—Registers with SEC—•
will amount to
payment
1937—3 Mos.—1936
depletion
See list given
Philadelphia
current
on
1800.
p.
Scherer Leather
Teletype—Phila. 22
Rocky Mountain & Pacific
Period End. Mar. 31—
Gross earnings
Expenses, taxes, &c
Interest, &c
Depreciation
the
dividend of 25 cent per share
a
mon
YARNALL & CO.
A. T. & T.
1616.
p.
stock, no par value, payable May 28 to holders
of record May 15.
A dividend of $1 was
paid on Dec. 15, last, this latter
being the first distri¬
bution made on the common stock
since September,
1931, when 25 cents
per share was distributed.—V. 144,
Stock
Missouri Public Service Common Stock
1528 Walnut Street
department.—V. 144,
Savage Arms Co.—25-Cent Dividend—
Lehigh Valley Annuity 4^8 and 6s
Buffalo Roch. & Pitts.
Ry. Cons. Reg'd 434»
Philadelphia Electric
May i,
Corp.—Earnings—
Earnings for 3 Months Ended March
Earned finance, interest and
insurance income
Direct income charges
General operating expenses.
Fixed charges on
5% debentures
Provision for Federal taxes
31,
1937
_
:
Adjustment
of accrual Dec.
•
;
31, 1936
$182,008
41,392
77,862
8,022
7,451
Cr360
Net
income
Balance, Dec. 31, 1936.
$47,642
x43,912
Total
Dividends
Dividends
on
on
common
stock.
Balance March 31, 1937per share common stock
Earnings
$91,554
5,489
20,304
preferred stock.
x$65,761
:
y$1.25
Includes $7,117 of capital
surplus not available for dividends under
restriction provided in trust
indenture for 10-year 5% convertible deben¬
tures dated June 1, 1936.
y Based on average number of shares
outstand'g.
x
Financial
144
Volume
Comparative
$437,793
$482,027
3,864.358
Notes receivable..
Repossessions
20,550
Acc'ts receivable..
18,826
Cash value life Ins
11,423
3,247,973
6,698
11,058
11,423
9,124
9,124
a
Sinking fund
83,263
93,833
Deferred charges..
8,616
7,666
12,898
12,954
b Automobiles
Furniture <fe flxt's
Sheet
Balance
Mar. 31 *37 Dec. 31 '36
Assets—
■Cash
Mar. 31 '37 Dec. 31 *36
Liabilities—
Coll. trust notes..$2,257,000 $1,734,000
290,000
Accts.pay.&accr.
Dlv.
payments...
Dealers' loss res.-
$4,477,422
For redemption of
a
80,168
Def'd
224,449
Income
500,000
5% conv. debs
6% cum. pref. stk.
(par $25)
Com. stk. (par $4)
Capital surplus.
$3,872,188
365,900
365,900
541,448
7,117
58,644
income tax, Federal surtax on undistributed profits,
for the calendar year 1936, on the basis of claiming for
deductions not shown in the foregoing statement of
principally
premium
income representing
paid on retirement of, and unamortized discount
discount
and
is being amortized dvSr the
expenses
Accruals for such taxes for the
refunded issues.
original lives of the
period Jan. 1 to March 31.
1936, which are included in the 1936 column above, were reversed in July,
1936.
Since Jan. X. 1937, normal provision for Federal and State income
taxes has been made, but no provision for Federal surtax on undistributed
profits has been made.—V. 144, p.
The directors have
2675.
Brewery—Extra Dividend—
(William) Simon
share in
declared an extra dividend of 2 cents per
quarterly dividend of like amount on the capital
were made on
addition to the regular
depreciated
or State income tax
tax purposes certain
and expense applicable to, certain bond issues which were refunded during
the year 1936.
In the accounts and financial statements such premium,
531,448
7,117
36,795
$4,477,422 $3,872,188
Total
b Used in the business at
debentures,
61,871
54,625
210,262
500,000
58,698
Res. for credit loss
Earned surplus...
Total
290,000
77,903
25,793
70,470
Coll. trust bonds.
3019
Chronicle
stock, par $1, both payable May 29.
Similar payments
Nov. 30, last.
An extra of 10 cents was paid on May 31,
V. 143, p. 3333.
See also
1936.
amounts.—V. 144, p. 2147.
City Service Co.—Earnings—
Sioux
Shamrock Oil & Gas
Corp.—Registers with SEC—
See list given on first page of
this department.—V. 143, p. 4014.
Shawmut
1935
1934
1937
$90,475
22,943
$50,446
9,388
8,600
1.500
9,732
1,200
$59,332
Expenses
Fed. capital stock tax
1936
$77,522
10,580
8,200
3 Mos. End. Mar. 31—
Total income.
$496,461
426.970
$58,342
39,991
$39,558
39,990
$58,385
40,205
.
$69,317
Net income
Net earnings.
39,993
Dividends declared
Capital surplus, Dec. 31 $2,783,005
Adjust, of prior periods.
Loss on securities sold. .Prof 101,221
Net profit for period after
dividends (asabove)..
19,339
Net credit arising from
repurchase of shares..
$2,781,992
Capital surp., Mar. 31 $2,903,565
—V;. 1 ±4, p. 1299.
$2,845,325
def$432
$18,180
1934
In
$2,771,408
$2,715,628
Brown,
Dr392
1936
1937
prof44,982
66,896
CY3.086
1,402
18,351
def432
18,180
Dr935
—.—
$2,703,688
$2,734,557
Selby Shoe Co.— To Pay 40-Cent Dividend—
The directors have declared a dividend of 40 cents per
share on the com¬
value, payable May 5 to holders of record April 24.
Pre¬
viously dividends of 50 cents per share were distributed each three months.
For detailed record of dividend payments see V. 140, p. 2720.—V. 143,
mon
p
stock,
no par
.1572.
Shell Union Oil Corp.
(& Subs.)—Earnings—
months ending March 31, 1937 follows:
Operat¬
(after eliminating inter-company sales), $241,199,684; costs,
selling and general expenses, together with taxes other than Federal income
taxes, $184,472,458; profit, $56,727,226; other income and credits, together
with equity (net) in oper. results of affil. cos., not consolidated, $4,492,855;
total income and credits, $61,220,080; property provisions and abandon¬
The earnings for the 12
earnings
ing
ments,
$34,865,891; interest on funded debt and serial notes, together
of debenture discount
and expense,
$2,248,373; provision
with
for
of investment
in affil. co. (no prov. for Federal surtaxes on undistributed earnings con¬
sidered necessary), $2,388,857; proportion of earnings of sub. cos. applic¬
able to minority stockholders, $69,603; net income from operations, $21,647.355; profit realized on sale of invest, in affil. co., less proportion of
Federal income taxes applied there against, $2,839,603; net income from
operations and profit on sale of investment, $24,486,859.
The consolidated income statement and balance sheet for the 3 months
ended March 31 was published in V. 144, p. 2845.
amort,
Federal income taxes less amount applied against profit on sale
62,745
2,932
def$9,519
Note—No provision has been made for Federal surtax on
profits.—V. 122, p. 3455.
1935
$19,339
$18,351
Surplus Account March 31
Surplus.
$56,158
60,589
2,831
$6,071
Net earnings
on funded debt
Interest
Amortization of bond discount and expense
$466,504
410,345
$69,491
Operating expenses and taxes
Association—Earnings—
1936
1937
Years Ended March 31—
Gross earnings
undistributed
Socony-Vacuum Oil Co., Inc.—Annual Report—
a
letter to stockholders
accompanying the annual report,
John A«
President, stated in part:
domestic and foreign sales of products (excluding 50%
owned companies) amounted to 113,260,000 barrels, an increase of 11.9%
over 1935.
Volume of business abroad showed satisfactory increases.
"Capital expenditures in 1936 (not including 50% owned companies)
were $76,500,000, of which $43,500,000 was for crude oil development and
properties.
Net fixed assets increased $24,202,464 and miscellaneous in¬
vestments and advances increased $6,014,697.
It is expected that capital
expenditures in 1937 will equal those of 1936.
"Bank loans incurred in 1935 for refunding operations were reduced
$8,100,000 during the year.
Total long-term debt at the end of the year
was $68,372,972, which is a reduction of $32,276,890 during the five years
"The company's
ended
ec
193 0
31
"Cash and marketable securities
decreased $15,681,933 in 1936, but the
small increase in inventories resulted in a net
only $9,787,907.
Current liabilities were up
$10,779,211, caused by a great increase in taxes payable at the end of the
year, larger accounts payable and substantial purchase obligations, mostly
due to purchases of properties for crude oil production operations."
Gross crude oil production by the company in the United States was
48,293,362 barrels for 1936, an increase of 9% over the year 1935.
Gross
production abroad, including half of that of 50% owned companies, showed
about the same increase and amounted to a little over 11,000,000 barrels.
Crude runs to stills at home and abroad averaged 265,279 barreli daily,
an
increase of 10% over 1935.
increases in receivables
decline
;
in current
and
a
assets of
With respect to industrial
"The company's domestic
relations, Mr. Brown stated:
$79,275,owned. The
and foreign payrolls during 1936 were
387, not including companies in
which a 50% share interest is
work in each community.
some special exceptions
in production and marketing) is 40 hours or less.
Since the business is
largely free from seasonal changes, employment is relatively steady.
"Socony-Vacuum has long followed the policy of collective bargaining.
Questions of wages, hours and working conditions have been successfully
settled in conferences.
The company's management has stated its willing¬
ness to confer with any employees or their properly appointed representa¬
company pays at least prevailing rates for similar
The maximum working week for its employees (with
of their labor affiliations.
company's arrangements with employees provide vacations and
and allowances to employees whose services are termi¬
nated through no fault of the employee.
The company continues to carry
on its own established annuity and insurance plans."
Including State and Federal gasoline taxes, Socony-Vacuum paid taxes
in the United States of $101,638,452 in 1936.
It is pointed out that while
the average price of gasoline for 1936, without the tax, was nearly 33%
less than the average of 1926, taxes on sales of gasoline were 122% higher.
tives regardless
Sherwin Williams Co.—$1 Extra
Dividend—
"The
of $1 per share in addition
to the regular quarterly dividend of like amount on the common stock,
par $25, both payable May 15 to holders of record April 30.—V. 144, p. 291.
The directors have declared an extra dividend
Sierra Pacific Electric Co.
Per.
End.
March 31—
Operating revenues
Oross inc. after
deprec.
Net income
-
-
1937—12 Mos.—1936
$1,741,660
$1,628,268
686,594
559,980
585,365
458,778
made for Federal surtax for 1937—V. 144,
Note—No provision has been
p.
(& Subs.)—Earnings—
1937—Month—1936
$136,743
$129,417
53,588
49,143
2845.
Simmons
authorized the listing of $10,000,000
4% debentures due 1952 and to be dated April 1, 1937, due April 1, 1952
(convertible from June 1, 1937, until and incl. March 31, 1942, unless
previously redeemed); upon official notice of issuance following payment
in full therefor oy stockholders or assigns exercising rights or by under¬
writers; 166,666 additional shares of common stock (no par) upon official
notice of issuance upon exercise of the right of conversion appertaining to
4% debentures, and 25,000 additional shares of common stock, upon
exercise of options authorized to be granted
officers and employees, making the total amount of common
stock applied for 1,324,902 shares.
Purpose—The net proceeds to be received by the company upon the sale
of the debentures are to be used, so far as now deter : inable for the redemp¬
tion or discharge of the following securities in the following order;
$420,000 to retirement of the outstanding serial 5% debentures, dated
Jan. 1, 1935.
$1,078,300 through advancement of funds to a subsidiary, Rosemary,
Inc., to retirement of latter's outstanding collateral trust 6% bonds, dated
July 10, 1928.
$6,710,580 to retirement of outstanding 15-year 5% debentures of
company at 102, there being $6,579,000 such debentures outstanding after
deducting the amount held in treasury.
The remainder of the net proceeds, approximately $1,394,530, wid be
used for working capital.
the
official notice of issuance upon
certain
Offer of Debentures to Stockholders and Underwriting—Company will offer
purchase $9,941,000 of the debentures at the rate
of 1-57 of $500 of debentures for each share of comn on stock held.
It is
contemplated that the remaining $59,000 of debentures, together with any
unsubscribed debentures, are to be purchased by the underwriters.
Company will make such offer by issuing subscription certificates to its
stockholders.
Each share of common stock will entitle the holder thereof
to one right to subscribe to f-57 of $500 principal aj. ount of the debentures.
The debentures will be issuable only in denoms. of $500 and $1,000 each, and
rights will be exercisable only in amounts calling for $500 or integral mul¬
tiples thereof, of the debentures. The subscription price will be 100%, plus
int. from April 1, 1937, to and incl. the expiration date of the rights.
The
subscription certificates will limit the rights to expire on the 20th day after
the record date. The subscription price will be payable in full at the time of
subscription at or before the expiration of the rights.—V. 144, p. 2845.
to stockholders rights to
Sioux City Gas
!
Interest
and expense, &c.
$2,779,780
1,821,789
$1,142,094
debt
debt
Gross oper.
$957,991
457,558
6,245
78,615
543,277
7,896
28,500
1936
Orl,771
$378,650
335,678
$265,768
Preferred dividends accrued
332
$601,446
335,678
charged to construction
Net income
charged.
taxes.y40.857,433
Self-ins. proms,
Federal and other
$42,972
x
Includes div. on com. stock of Iowa
estimated
that
the company had
no
Public Service Co. of $85,534.
y
It is
liability for either Federal normal
1933
$
459,469,313
396.538,802 390.753.791
2,079,030
1,888,531
x9.479,918 xl0.703.602
383.945.380
2,201,298
12,862,962
76,741,482
64,462,429
65,801,245
60.459.674
6,000,389
5.151,724
6.167.661
a30,704,698
4,775,009
5.645,048
29,270,062
3,859.527
2,013,003
30,875,459
income
39,638,364
Non-oper.
inc. (net)—
Int. & divs. received..
9,372,563
Miscell. inc. (net)
603,198
Profit on for. exch
1,366,604
22,438,345
26,111,126
23,711,686
11,948,972
849,530
]oss65,314
7,559.997
2,954,445
762,550
55,822
575,810
1,611,577
11,342,365
12,733,188
8,378,368
5,141.833
1,751,041
1,716,251
1,484,429
1,562,426
9,591,324
11,016,937
6,893,939
3.579,407
interest &
discount on fund, debt 49,229,688
Int. & discount on fund¬
33,455,282
33,005,064
27,291,093
1,928,622
2,730,209
3,910,441
4,368,422
29.094,623
4,837,093
22,922,670
136,232
377,209
22,525,892 24,121.297
9,345,442
18,652,561
31,151,075 31,154,278
$0.72
$0.76
Depreciation, retirements and other amortization,
22,545,462
10.829,272
30,905,005
$0.71
Operating income
Reserve for depletion &
lease amortization
Intang. develop, costs._
z850,444
—a30,252,285
Depreciation
Net oper.
Interest paid (other
Less
than on funded
debt)
_
Income before
ed debt
Prem.
&
exp.
on
bonds
2,864,796
called for redemption.
Prov. for loss on
miscell.
2,550,000
invest. & advances
Res.
for
future
loss
on
foreign exchange
Misc. deduc's from inc..
1,300,000
277,122
500,000
803,386
43,173,943
See y
26.556,890
Provision for inc. taxes__
to minority
interest (net)
264,580
Cr311,164
4,342,162
Applicable
Net profit
accruing to
corporation
a
x
42,909,363
21,805,123
31,151,071
$1.38
Taxes other than income taxes.
y Taxes included above: Federal, State and foreign income taxes, $7,970,299; Federal undistributed profits taxes, $1,192,777: Federal excise taxes
(in cost of sales in 1935), $20,034,262; property and miscellaneous taxes,
$11,660,093; total as above, $40,857,432.
In addition, there was collected
for States gasoline taxes amounting to $64,422,956.
z Amortization of intangible development costs capitalized after Dec. 31,
1935.
Consolidated Statement of Surplus
Capital Surplus Dec. 31, 1935,
Balance...
Years
1934
$
518,560,374 472,560,181 469,147,169
income
(par $15).
Earnings per share
yl,856,701
Net earnings
Interest on unfunded
$
Shs. cap. stk.
1937
x$2,998,795
12 Months Ended March 31—
Operating expenses and taxes
Amort, of debt discount, premium
1935
$
1936
Dividends paid
& Electric Co.—Earnings—
Gross earnings.
Interest on funded
Consolidated Income Account for Calendar
C<eral' ei^ensS?.?._g_en_~400,961,459
Cp.—Listing—
The New York Stock Exchange has
to
sick leaves with pay
for the Year Ended Dec. 31, 1936
$113,182,673; adjustment arising from
acquisition of minority shares, &c., $103,151; total, $113,285,824; reversal
of adjustments of value of fixed assets and relative reserves for depreciation
and depletion made on the books of subsidiary in 1927 in connection with
3020
Financial
settlement of Federal income taxes for
years prior to acquisition of said
subsidiary and adjustment of reserve for depletion at that time,
$6,732,309;
balance, Dec. 31, 1936, $106,553,514.
Earned Surplus—Balance Dec.
31, 1935, $33,553,386; net income for
$42,909,362; profit on subsidiary's debentures purchased,
$40,203;
miscellaneous adjustments (net), $114,999;
total, $76,617,952; provision
service annuities (less dividends received),
$2,964,226;
dividends paid during year,
$21,805,123; adjustments of prior years'
Federal income taxes and interest
thereon, $635,249; balance, Dec, 31,
Chronicle
See list given on first page of this
department.—V. 144, p. 1299.
year,
Southern Pacific SS.
for funding past
1936, $51,213,354.
_
Marketable securities at cost
Accounts and notes receivable
Crude & refined products, at lower of cost or
Materials and supplies at cost
d Socony-Vacuum
Corp. stock
Invest, in & advances to affiliates & others
Real estate,
a
39,710,446
33,592,858
14,967,323
36,766,844
52,564,017
48,720,456
mkt—119,048,578 117,807,874
9,714,346
8,904,584
4,799,780
4,799,780
133,522,036 131,507,340
producing properties, pipe lines,
fineries, vessels and distributing stations
Prepaid and deferred charges
806,513,037 789,679,626
Liabilities—
Accounts payable
40,497,300
8,114,296
14,827,451
13,500,000
1,800,000
17,884,746
notes payable
Reserve for future loss on foreign
exchange
Advances from Standard-Vacuum Oil Co
Funded debt—Socony-Vacuum Oil
Co.,
year
3H % debentures
„
33,990,544
12,285,491
9,014,424
21,600,000
500,000
16,618,051
50,000,000
Notes and loans payable
Taxes payable
50,000,000
Inc., 15-
."
Compagnie Industrielle des Petroles 5% serial
debentures, maturing 1938-1955
2,123,752
3,173,743
7,223,170
2,696,078
921,983
860,460
2,901,146
3,259,926
475,626,780 475,626,840
106,553,515 113,182,673
51,213,354
33,553,387
13,325,544
13,318,009
Purchase obligations
Deferred credits
Minority int. in
cap.
stk. & surp. of sub.
cos
b Capital stock (par
$15)
Capital surplus
Earned surplus
Reserve for insurance
Total
a
806,513,037 789,679,626
After
for depletion, depreciation and amortization of
$488,671 ,397 in 1936 and $492,604,486 in 1935.
b Includes 895 shares still to be
issued in 1936 (1,205 in 1935).
c Market value, $15,175,760 in 1936 and
$36,683,539 in 1935.
d 557,381 shares at cost—V.
reserves
_
Net after rents
1936
1935
1934
$470,058
13,167
2,972
$406,376
def38,960
def39,731
$401,854
defl2,663
defl3,595
2,119,142
140,845
49,377
1,272,966
def99,276
defll4,925
1,114,156
def209,498
def212,105
1,022,651
defl98,752
def201,483
—V. 144, p. 2321.
Southwest Gas Co. of
Okla.—Merger Approved—
See Southwest Gas Utilities Corp. of
Oklahoma.—V.
Southwest
424,296,564 400,094,099
7,889,947
7,485,790
Lines—Earnings—r
1937
$727,568
25,598
defl4,535
From Jan. 1—
Gross from railway....
Net from railway
re¬
Total
Long-term
1935
$
$
c
March—
Gross from railway
Net from railway
Net after rents
Consolidated Balance Sheet Dec. 31
1936
Assets—
Cash
May 1, 1937
Southern New England
Telephone Co.—Registers with
SEC—
Gas
Utilities
144,
p.
2847.
Corp. of Okla.—Merger Ap¬
proved—
The merger of the Southwest Gas Co. of Okla.
and the Southwest Gas
Utilities Corp. of Okla. has been approved
by the stockholders of both
corporations and has become effective,
according to Alexander Pinney,
secretary of both companies.
Stockholders have also approved the
change
of the name of the Southwest Gas
Utilities Corp. of Okla. to Southwest
Natural Gas Co.
i-jj
It is expected that the securities
exchangeable by virtue of the merger
merging companies will be ready for distribution on
or about
May 25, 1937, but formal announcement as to the date when
securities are available for exchange will be made in
the near future.
See
also V. 144, p. 2846.
for securities of the two
Southwestern Associated Telephone
Period End.
tar. 31—
Operating revenues
Uncollectible oper. rev..
1937—Month—1936
$91,665
$77,125
Co.—Earnings—
1937—3 Mos.—1936
$277,540
$232,807
100
100
300
300
Operating revenues...
Operating expenses
$91,565
54,783
$77,025
47,311
$277,240
164,434
$232,507
143,343
Net oper. revenues...
$36,782
6,912
$29,714
5,280
$112,806
20,755
$89,164
14,418
$29,870
$24,434
$92,051
$74,746
Operating taxes
Net operating income.
—V. 144, p. 2321.
144, p. 2845.
Skenandoa Rayon Corp.—To
Recapitalize—
Stockholders of the corporation will consider at their annual
meeting on
a plan of recapitalization providing for the
exchange of 1.4 shares of
May 26
5% convertible prior preferred stock, plus $5.50 in cash, for each share
on which arrears on July 1 will
No-par common stock is to be exchanged share for
share for $5-par stock.
Roy K. Ferguson, President, says the need for a plan of
readjustment
new
of present $7 convertible
preferred stock,
total $45.50 a share.
of capital arises from the arrears of
dividends, which should not be paid
in cash at this time as it is desirable that
the corporation retain its present
working capital to finance the purchase of additional
machinery and equip¬
ment required to handle a substantial increase
which is now taking place
in the volume of business.—V.
143. p. 1574.
Solar Aircraft
Spokane Portland & Seattle Ry.—Earnings—
1937
1936
1935
1934
315,061
209,625
Net after rents,
—V. 144, p. 2321.
$602,507
178,493
49,215
$560,342
179,808
92,887
$482,722
231,871
152,765
2,077,300
682,882
348,782
From Jan. 1—
Gross from railway
Net from railway
1,612,706
396,603
33,097
1,429,304
348,330
84,311
1,152,150
461,599
231,293
The directors have declared
the
new
an
initial dividend of 25 cents per share on
stock now outstanding payable May 25 to holders of
re¬
The company recently paid a stock dividend of
300% on
the old common stock.
See V. 144, p. 1299 for detailed dividend
record.
common
May 15.
—144,
1617.
p.
Period End. Mar. 31—
oper.
rev.
Operating revenues...
Operating expenses
$5,336,176
3,453,371
Net oper. revenues
$4,801,486 $15,451,016 $14,049,352
3,094,690
9,998,983
9,263,313
$1,882,805
710,808
income
$1,706,796
605,890
$5,452,033
2,069,670
$4,786,039
1,768,987
$1,171,997
Operating taxes
Net oper.
-V. 144, p
$1,100,906
$3,382,363
$3,017,052
Period End. Jan. 31—
Gross earnings
Taxes
Total net income
Fixed charges
$2,174,936
690,089
456,537
Depreciation
for surplus.
Ltd.—Earnings—
1937—Month—1936
1937—12 Mos.—1936
$3,383,726
$3,282,413 $42,121,645 $38,262,688
657,121
758,126 ,9,753,951
9,245,059
551,669
503,326
6,301,463
4,483,780
Expenses.
$1,128,309
_.
-V. 144, p. 1976.
$2,020,961 $26,066,231 $24,533,849
613,546
7,504.677
7,808,104
410,141
5,669,959
4,751,379
$997,274 $12,891,595 $11,974,366
Southern Colorado Power Co.— Balance Sheet Dec.
311936
Assets—
1935
$
Cash.
$
226,811
176,221
Cash deposited for
bond interest
x
Accts.& notes
Matls.
&
Other
curr.
$
41,569
511,643
531,808
1,437
206,790
Indebt. to affil
318,436
1st mtge. gold bds.
1,761
ser.
'223,720
210,429
55,982
56,659
7,703
assets.
Investments
9,703
eq.
A, 6%, due
July 1, 1947
6,893,000
Deferred liabilities
265,828
Reserves-
7%
(incl. intang'les) 16,143,846
Deferred charges-.
816,929
16,081,024
774,029
($100
Class
par).....
A
com.
4,251,600
4,251,600
1937
$9,650,664
3.338.263
2,221,561
26,422,629
8.374,500
—
Netafterrents
5,407,370
—Third
Period—
Gross earnings (est.)...
1937
1936
$7,780,375
2,255,623
1,532,757
1935
1934
$7,007,149
1,905,743
1,235,516
$7,409,822
22,451,947
5,981,992
3,805,316
19,793,558
4,752,630
2,845.662
20,496.928
5,961.288
Week of April
1936
$2,635,702
2,328.008
1,674.115
3,981,214
Jan. 1 to April 21
1937
1936
$2,409,005 $42,757,810 $36,600,729
Operating Statistics for Calendar Years
1936
Average miles operated-
6,641
1935
1934
6,644
6,644
1933
6,653
.
Passengers carried.....
5,804,698
5,314,891
5,273,060
3,364,115
Passengerscarr. 1 mile..567,857,304 484,251,131 450,957,211
346,486,052
Av.
rev. per pass, per m.
Tons carr.
rev.
Tons 1 m. (rev.
Av.
1.734 cts.
1.783 cts.
1.775 cts.
2.059 cts.
(freight). 32,525,777
26,566,404
25,652,726
24,486,904
freight). 6425269336 5244,499327 4996,172636 4862,392554
rev. per ton per
mile
1.214 cts.
1.271 cts.
1.258 cts.
2,228,673
168,591
2,750,000
2,228,673
139,681
Total.
page 1617.—V. 144, p. 2676.
Southern Pacific
March—
Gross from railway
Net from railway
1937
Net after rents
From Jan. 1—
Gross from railway
railway..
Net after rents
—V. 144, p. 2846.
i
Co.—Earnings—
1936
$14,553,439 $11,165,783
3,480,470
2,793,320
1,773,366
1,233,615
*
41,811,598
10,077,489
5,163,966
31,454,260
6,950,274
2,920,712
1936
1935
1934
Operating Revenues—
Freight
Passenger...
1.283 cts.
1933
$77,982,305 $66,674,111 $62,833,894 $62,393,191
9,846,400
8,388,170
8,003,502
7,132,620
Misc. passenger-train—.
332,034
177,323
171,329
127,464
Mail
3,630,524
3,583,757
3,482,464
3,389,086
Express.
1,712,645
1,597,083
1,458,758
1,110,087
Other transportation—_
905,565
853,478
726,192
686,107
Incidental
1,085,087
929,377
830,352
680,440
Joint facility
779,938
700,403
677,207
629,108
—....
_
—
Total oper.
revenues._$96,274,498
Operating Expenses—
Maint. of way Sc struct..
11,273,741
Maint. of equipment—. 17,437,664
Traffic
1,784,714
Transportation
33,266,298
Miscell. operations
638,974
3,023,053
7,743
General.
Transp. for invest—Cr__
1935
1934
$9,317,669
2,244,200
1,045,597
$8,698,334
2,241,370
1,069,429
26,309,572
5,811,379
2,273,280
23,813,447
4,817,145
1,384,933
$82,903,703 $78,183,700 $76,148,103
10,059,064
15,285,263
1,737,550
30,325,545
547,165
3,004,138
9,749
9,935,749
14,481,233
1,690,128
28,637,993
479,373
2,902,006
6,040
8,212,016
13,605,609
1,714,739
26,880,877
421,939
2,955,910
85,681
Total operating
exp._$67,416,701
Net revenue from oper..
Taxes..
Uncollectible
revenues..
Hire of equipment
Joint facility rents
Total other expenses..
$60,948,975 $58,120,443 $53,705,409
28,857,797
21,954,727
20,063,256
22,442,694
5,892,304
5,067,977
5,180,147
5,547,005
18,605
21,573
22,238
2,731,946
1,652,517
1,282,094
913,985
935,275
925,097
914,084
943,521
$9,559,525
19,298,272
$7,664,197
14,290,530
$7,397,899
12,665,357
$7,426,750
15,015,944
25,784
230,567
13,319
219,523
16,574
238,555
17,072
252,708
28,303
1,094,386
582,675
21,453
294,787
574,194
19,936
482,322
751,761
414,469
880,590
45,027
5,681
25,968
2,884
28,612
2,941
112,405
1,292
Total non-oper income
$2,012,424
Total gross income
21,310,696
$1,152,128
15,442,658
$1,540,702
14,206,060
$1,685,058
16,701,002
Rent for leased roads..
Miscellaneous rents
Int. on unfunded debt..
Miscell. income charges.
2,548,180
34,858
233,388
125,479
2,573,905
36,136
205,347
123,213
2,429,561
36,994
156,966
131,307
2,430,769
44,299
209,110
129,367
Total deductions
Total available income—
$2,941,904
18,368,792
$2,938,601
12,504,057
13,266,554
760,696
$2,754,828
11,451,231
13,286,846
959,627
$2,813,545
13,887,456
13,463,696
1,158,560
$1,523,193
$2,795,243
$734,800
Operating income
Non-Operating Income—
Income from lease of rd_
Miscell. rent income
Misc. non-oper. physical
property
Dividend income
Income from fund.secur.
Income
18,020,306 17,831,292
x After reserve of
$64,504 in 1936 and $57,247 in 1935.
*
Note—The income account was
given in "Chronicle " of March, 6,
Net from
Ry.—Earnings—
from unfunded
securities & accounts.
Miscellaneous income
2,750,000
reserve...
Surplus....
17,831,292 |
719,870
stk.
($25 par)
18,020,306
6,893,000
273,653
893,297
cum. pref. stk.
Capital
Total
1935
55,913
.
336,525
....
Prop., plant &
1936
Liabilities—
Accounts payable
Accrued liabilities.
206,79C
rec
supplies
(at cost)
com¬
This compares with
—
2675.
Southern California Edison
Co.,
Balance
Co.—Earnings
1937—Month—1936
1937—3 Mos.—1936
$5,357,154
$4,813,007 $15,514,001 $14,085,523
20,978
11,521
62,985
36,171
revenues
Uncollectible
dividend of 50 cents per share on the
Income Account for Calendar Years
Southern Bell Telephone &
Telegraph
Operating
Southern
March—
Gross from railway
Net from railway
OpCTCit'iOTbS
Soundview Pulp Co.—Initial Dividend—
cord
a
stock, payable June 1 to holders of record May 15.
From Jan. 1—
Gross from railway
Net from railway
Co.-—Registers with SEC—
$794,682
The directors have declared
mon
25 cents paid on March 1 last; $1
paid on Dec. 21, 1936; 75 cents paid on
Sept. 1, 1936; 50 cents paid on June 1, 1936; 25 cents on March
2, 1936,
and $3.50 per share on Dec.
30,1935, this latter being the initial payment on
the issue.—V.
143, p. 3648.
•
Netafterrents
See list given on first page of this
department.—V. 144, p. 1976.
March—
Gross from railway
Net from railway
Net after rents
Southwest Consolidated Gas Utilities
Corp.—ISO-Cent
Dividend—
.
6,522
Deduct from Total Gross
Income—■
_
,
Interest on funded debt. 13,236,637
Int. on equip, obligations
601,220
Div. on South'n Ry.—
Mobile & Ohio stock
trust certificates
Deficit.
226,008
prof$4,304,926
Volume
Financial
144
Standard Cap &
General Balance Sheet Dec. 31
1936
1935
$
$
Assets
Invest. In equip.
106,348,337 112,735.404
366,282
314,579
Misc. phys. prop
-Inv. in affil. cos.:
Preferred stock.
of construc'n-
196,513
So. Ry. M. & O.
stk. tr. ctfs..
5,650,200
8,311,839
4,195,462
5,650,200
28,843,293
3,634,071
Bonds
RR.
in
Traffic &
trust
Cash
Special deposits-
5,999,151
3,021,881
wages
1,553,658
27,505
3,367,473
4,379,853
1,205,574
Int.
989,490
29,052
Misc. accts.
rec.
3,733,274
MatTs & suppl's
5,333,800
Int. & div. rec._
1,067,746
24,270
50,833
Oth.
curr. assets
Work, fund adv.
payable
parison of per
changes in capitalization during period.
6,796,674
2,836,057
Y. 144, p.
2,968,227
3,432
Standard Fruit & Steamship Corp.—Registers with
of this department.—V. 144, p. 120.
2,963,215
Standard Gas & Electric
3,508
SEC
See list given on first page
8,030,510
1,371,049
Co.—Weekly Output—
Electric output of the public utility operating companies in
& Electric Co. system for the week ended April 24,
Gas
the Standard
1937, totaled
the cor¬
17,506
17,508
105,557,326 kilowatt hours, an increase of 14.6% compared with
responding week last year.—V. 144, p. 2847.
56,502
unpaid
on
56,502
Dec. 31—
Standard
South. Ry.
M. & O. stock
trust
ctfs
Unmat. int.accr.
175,000
JDnadjust. debits
stock, par $1, both
mon
Unmat.div.accr.
50,693
4,814,446
1,530,880
dividend of 20 cents per share in
dividend of 40 cents per share on the com¬
payable June 1 to holders of record May 15.
See
292, for detailed dividend record.—V. 144, p. 2677.
The directors have declared an extra
addition to the regular quarterly
1,569,528 ^1,495.768
Fund, debt mat.
24,685
RR. lease
211,005
$0.72
$0.80
undistributed profits, y Com¬
share earnings with 1936 cannot be properly made because of
213,105
y$0.64
No provision has been made for surtax on
x
mat'd, incl.
Div. mat'd unpd
•Cash depos. un¬
der No. Caro.
•Other def. assets
5,650,200
5,650,200
int. due Jan. 1
& conductors.
$150,346
209,405
$169,004
*
,
Misc. accts. pay
Bal due fr. agts.
.
car ser.
x$l79,951
Extra Dividend—
balance pay..
Audited actts. &
carserv
)* balance rec'le.
r
470.987
1935
1936
1937,
and
Shares capital stock
Earnings per share
1, 1914, in aid
Stocks
Traffic &
cos.._
Seal Corp.- -Earnings—
Months Ended March 31—
3
Net profit after interest, deprec.
Federal taxes
Grants since July
toaffil.
Other invest'ts:
held
2,500,000
Non negot, debt
9,261,563
15,139,000
1,000,000
574,685
50,408
196,513
Advances
O.
60,000,000
11,797,000
obligations
29,393,734
50,308
Notes
&
60,000,000
debt._.272;621,828 272,640.164
Funded
29,393,234
27,773,790
3,612,839
8,700,153
Bonds
stock
$
$
Equipment trust
Stocks
M.
1935
1936
Liabilities—
road.409,512,431 409,815,499 Common stock. 129,820,000 129,820,000
In
Invest.
3021
Chronicle
5,014,906
1,461,908
Unmat.rents
accr
Exps. accr., not
vouchered
2,152,117
1,953,114
*'•
145,275
1,322,185
261,133
347,886
5,342,685
2,424,040
Oper. reserves..
1,116,156
5,338,200
1,458,906
1,080,610
34,370,606
37,183,030
curr.
liab.
Def'd liabilities-
Market,
from
mercial
for
add'ns
405,625
Prod,
2,698,026
6,553,906
Purchase obllgs.
22,695,472
9,582,021
6.553.906
14,619,604
interests
min.
10,263,988
14,606,361
Common capital
stock
of
(lower
17,432,155
480,038
315,975
Cap. & surp. of
mark) .101,948,733
277,406
6,047,258
177,745
reclIO.207,381
..
379,906,026 380,391,942
—
Capital surplus
paid-in
.147,385,119 146,895,542
Earned surplus .117,982,345 107,010,404
100,925,796
Mat'ls & suuppl's 6,341,741
to
114,053,490
cost or
Oth. curr. assets
Inv. in oth. cos.
property since
1907
3,713,220
69,713,317
3,727,379
Profit and loss..
71,923,452
June 30,
30,371,029
577,057
791,033
3,303,657
Accts.rec., S. O.
Co.(N.J.)
UnadJ. claims..
408,458
3,521,269
20,608,648
Long-term notes
notes
16,068,214
2,000,000
bank
Other curr. liab-
8,092,512
6,779,259
&
Accts.
$
$
payable- 23,274,483
payable to
Accr. liabilities-
notes
receivable
other
companies.
UnadJ. credits-Special
approp.
Notes
Short-term com¬
Vat cost
Deprec. accr. on:
Equip, owned
Equip, leased
Accts.
Sheet
1935
1936
Liabilities—
S
.38,514,865 40,478,001
16,857,929
22,464,384
securs.
Subs.)—Balance
(&
1935
Assets——$
Cash
1,257,387
Indiana
Co.
1936
128,600
Taxes
Other
Oil
& long-tm.
Cash
&
securs.
deposited with
Total
622,249,346 625,613,382
622,249,346 625,613,382
Total
z
Southwest Natural Gas Co.—New Name—
Prop., plant,
equip., &c_.-347,502,925 328,205,751
34,466,290
34,478,977
3,190,099
3.499.907
1,638,417
Inv. in sub .cos.
1,630,316
Goodwill & other
See Southwest Gas Utilities Corp. of Oklahoma.
Southwestern Bell Telephone
185,536
191,536
trustees...—
x
—V. 144, p. 2847.
intang.
(net).
Prepaid & def'd
Co.—Earnings—
charges
1937
1936
1935
1934
$20,980,713 $19,458,556 $18,084,759 $17,188,718
3 Mas. End. Mar. 31—
Total revenue..
16,120,848
14,623,119
13,748,993
13,277,766
483,082
699,316
753,496
761,352
$4,376,783
3,841,246
$4,136,121
3.841,246
$3,582,270
3,841,246
$3,149,600
3,841,246
Total exps., incl. taxes..
Interest
After
x
and amortization
of cost
cess
Net income
....
Dividends paid-...
....
$294,875 def$258,976 def$691,646
$535,537
Surplus
Note—No provision made for Federal surtax on
reserve
over
710,447,971 693,464,620
Total
710,447,971 693,464,620
Total
intangible development costs
of $307,287,601 in 1936 and $292,400,182 in 1935.
z Ex¬
book value at date of acquisition of investments in sub¬
for depreciation, depletion,
sidiaries.
The
income
and
published in V.
undistributed profits.—
for
accounts
surplus
144,
Dec. 31 were
the year ended
2677.
p,
Standard Oil Co, of N. J.—New Vice-President-—
April 27 elected Ralph W. Gallagher a
Chester O. Swain, who died on April 19.—V.
V. 144, p. 2676.
The directors of the company on
Vice-President to succeed
Sovereign Investors, Inc .—Interim Dividend—
The directors have declared an interim dividend of one cent per
r
share on
the company's common stock, payable May 20 to holders of record April 30.
An extra dividend of one cent was paid on Dec. 24 last.—V. 143, p. 4169.
144, p. 1978.
Standard Steel Construction Co., Ltd.—Accum. Div.—
of $1.50 per share on account of
class A preference stbek, no par value,
payable July 1 to holders of record June 15.
A dividend of 75 cents was
paid on May 1, last, and dividends of $1.50 were paid on April 1 and Jan. 1,
last, and on Nov. 16, 1936.
A dividend of $3 was paid on Aug. 15, 1936,
this latter being the first paid since Oct. 1, 1933 when a quarterly distribu¬
tion of 75 cents per share was made.
A similar payment was made on
Jan. 1, 1933, the April 1 and July 1, 1933 dividends having been omitted.
The directors have declared a dividend
Spokane International Ry.- —Earnings—
1936
1937
March—
$52,502
11,591
2,998
$64,504
16,767
Gross from railway
Net from railway..
Net after rents
8,737
accumulations on the $3 cum. red.
1934
1935
$36,885
$37,699
defl,014
def6.119
defl ,568
def 6,903
£ From Jan. 1—
Net
after rents.
—V.
144, p.
103,135
def7,569
def25.572
def 8,836
6,250
from railway...—
Net
106,407
148,477
27,852
181,717
34,046
9,557
952, 1455, 2148.
Gross from railway.
def23,985
—V. 144, p.
$4,688,421
Gross
earnings
Expenses.
Depreciation
698,543
240,967
Federal income tax—estimated
after rents
Net
2,370,491
$1,378,421
$154,101
25,669
def12,146
399,984
defl2,851
364,193
def14,804
defl20,435
defl 51,778
445,522
81,300
def24,548
def31,122
def30,014
—.
1934
1935
$125,505
2,456
def39,997
$133,698
3,757
*
From Jan. 1—
398,054
def256
def88,679
Gross from
railway
Net from railway
Net
profit
$139,820
def282
railway
railway
Net from
1936
1937
Gross from
Earnings for 12 Months Ended March 31, 1937
■Earnings—
Rapid Transit Ry.-
March—
(A. E.) Staley Mfg. Co. (& Subs.)—Earnings—
Net
2677.
Staten Island
after
—V.
has been made for the liability, if any, for excess
profits taxes or for surtax on undistributed net incoem imposed by the Fed¬
eral Revenue Act of 1936, as such liability, if any, is not determinable until
theiend of the year.
rents
144, p. 2149.
'
r
Note—No provision
Guaranty
1937
Trust
Co.
of N.
Y.
has been appointed registrar for
100,000 shares of the cumulative preferred stock, $5 series (without par
value) and 750,000 shares of the common stock, par value of $10 each.
—V. 144, p. 2148.
Acct.
rec.
1937
S
2,100,088 Mtge. fee
3,013,136
Mtge.
39,207
54,082,170 47,830,415
_
$3,409,340
122,714
:
'Gross income
$3,532,054
Income charges
103,415
Fed. & foreign inc. taxes
540,750
**
$4,470,319 $16,579,754 $16,218,193
124,244
579,020
513,975
--.J
—
Surtax on undist. prop
-i
.
i
$4,594,564 $17,158,775 $16,732,168
122,497
644,524
814,465
673,576
2,608,765
2,340.958
69,767
Net inc. before deduct¬
ing
amt.
applic.
238,457
301,547
5,517
5.476
Fed. inc. & State
excise
taxes
b Com. stk. no
c
57,134,514 49,930,504
Total
2,229,864
par26 ,391,010 23,982,922
Surpl. of assets. .30 042,825 22,466,116
Total
..57,134,514 49,930,504
(cost), $34,908,640 in 1937 and $33,444,196
shares.
Outstanding after deducting
treasury stock, 499,990 shares in 1937 and 476,915 in 1936.
c Priced at
market quotations over liabilities and capital stock.
The earnings for the quarter ended March 31 was published in V. 144,
a
in
p.
Securities at ledger amounts
1936.
b Authorized
500,000
2677.
Stewart-Warner Corp.—Extra
Dividend—t-
declared an extra dividend of 25 cents per share in
semi-annual dividend of 25 cents per share on the
common stock, par $5, both payable June 1 to holders of record May 8.
An extra dividend of 50 cents was paid on Dec. 1, last and an extra dividend
of 25 cents was paid on Dec. 2, 1935.—-V. 144, p. 2149.
The directors have
,
^
addition to the regular
to
min. int. in subsid..
58,578
647,502
Prov. for est. add'l
1937—12 Mos.—1936
,
71,100
&
Oth. accts.pay.,&c
profit (after
de¬
ducting mfg. & other
cost of goods sold)-...$11,122,802 $11,590,972 $45,666,953 $44,639,725
Selling, administrative &
7.713,462
7,120,653
29,087,199
28,421,531
Ik. general expenses
r
Fed.
96.355
374,993
152,755
Corp—-
Div. declared
Gross
Net profit from oper.
Other income credits
for
Accts. payable
{Includes operations of certain foreign subsidiaries for periods ended Jan. 31
or Feb. 28. 1935, and Feb. 29, 193b)
1937—3 Mos.—1936
Res.
State tax liabils.
Standard Brands, Inc. (& Subs.)—Earnings—
Period End. Mar. 31—
$
to
State St. Res. &
secur.
Securities
pay.
1936
%
Liabilities—
for sale
of Invest,
a
Corp.—Bal. Sheet March 31
1936
$
AssctS"***"
Cash in banks
Registrar—
The
State Street Investment
$2,887,888
$3,798,489 $13,835,718 $13,576,744
Amt. applic. to min. int.
pref. and common
stocks of subsid
in
2,396
4,947
22,310
16,319
|* Total
Surplus charges
Preferred dividends
Common dividends
$2,885,492
27,846
1,793,542 $13,819,399 $13,554,433
16,055
1,238,464
29,897
$2,913,338
8,553
parent company—
Surplus credits
$3,809,597 $15,057,863 $13,584,330
6,999
655,141
511,078
123,613
494,786
494,236
2,529,083
13,277,673
10,748,585
123,713
2,529,085
Surplus for the periodEarnings
per
share
Struthers
Wells-Titusville
Corp.—Securities
Under¬
written—
Net income applic. to
$251,988
$1,149,901
$630,263
$1,830,430
with Van Alstyne, Noel & Co., New York, for
of $1,550,000 first mortgage 5% % sinking fund
purchase warrants. A registration statement
covering the issuance of the bonds is on file with the Securities and Exchange
Commission and a public offering will probably be made next week.
Most
of the proceeds from the financing, including the sale of 35,000 shares of
common stock optioned to the underwriters, will go to redeem outstanding
first mortgage 6H% bonds, reduce bank loans and to provide additional
Company has arranged
the underwriting of an issue
bonds with detachable stock
working capital.
.
on
y$1.0328
x
y Based
on 12,645,415 shares in hands of public March31,1936.—V. 144,p. 2500.
stock
x$0.2184
y$0.2902
x$1.0328
Based on 12,645,423 shares in hands of public March 31,1937.
common
Registers with SEC—
See also list given on first page of this
department.—V. 144, p. 2322.
3022
•
Financial
Studebaker
Consolidated Income Account for 3
Months Ended
31
3 Mos. End. Mar. 31—
1936
...$19,308,220 $15,738,736
1,149,362
431,285
195,466
194,427
101,969
102,563
29,468
29,639
xl23,000
_
Depreciation
on property, plant and
equipment..
Interest at 6% per annum on debentures
Amortization or discount on debentures...
Provision for Federal income tax
Net profit..
$699,459
$104,654
212,160def1,975,622
Earned surplus Jan. 1
Earned surplus March 31
Capital surplus Jan. 1...
Paid-in surplus
$91 l,620df$l,870,967
16,460,353
16.297,637
83,337
24,327
Net surplus March 31
Shares common stock (par $1)
share
$17,455,310 $14,450,997
2,183,243
2,155,660
$0.32
...
Excluding
surtax
undistributed profits.
on
Consolidated
1937
Assets—
Balance Sheet
$
5,357,555
Ad vs.
curr.
$
1,385,690
6,499,387
248,555
Accts. pay., trade.
Accrued expenses.
drafts
231,895
Res.
for
Fed.
& exc.
subs, not consol.
4,358
46,027
210,422
134,787
Dealers'
1,035,127
186,126
419,538
and
10-year
,.Y
'
'
i
1
Net loss
deps.
76,959
conv.
x
After
195,370
180,938
218,085
sur911,620
1,870,968
8.166
$19,422
xl5,000
7.500
6,000
792.
7,500
6,000
1937—12 Mos.—1936
$4,275,109
1,671,654
■515,656
Dr205
$160,875
Z>rl79
$1,848,440
4,610
$1,728,010
30,089
$167,650
35,833
$160,695
35,833
$1,853,050
430,000
$1,758,100
430,000
$131,817
1.159
$124,862
1,577
$1,423,050
12,677
$1,328,100
11,886
$130,658
$123,285
$1,410,373
70,000
1,269,467
$1,316,214
70,000
1,269,278
$167,855
Balance
Retirement accruals.,.
Gross income
239.359
No
a
provision has been made for the Federal surtax on undistributed
for the year 1937, since any
liability for such tax cannot be
income
determined until the end of the year.—V. 144,
p. 2323.
Tecumseh Products
419,804
p.
15.266
49,864
$4,077,209
1,633,112
247,982
468,105
Net oper. revenues
6,823,046
Co.—Earnings—
Earnings for the Quarter Ended March 31, 1937
Gross sales
Returns and allowances
Commissions
$654,804
22,788
35,871
Net sales
$596,145
515,301
Cost of sales
Underabsorbed burden.
Total
..34,477,825 29,957,033
5,452
Administration expense.
14,217
1937 and
2848.
p.
7,500
6,000
144,
-V.
1937—Month—1936
$389,313
$363,355
154,226
137,848
20,772
22,732
a46,459
41,900
revenues
Operation
net
for doubtful accounts and notes of
$29,240 in
reserve
May 1, 1934.
9.798
Tampa Electric Co.—Earnings—
Per. End. Mar. 31—
6%
Earned deficit
$13,072 in 1936.—V. 144,
12,000
,
Includes $7,500 payable
Operating
2,183,243
2,155,660
Capital surplus...16.543,690 16,321,965
34,477,825 29,957,033
11,875
15,000
Class A dividends..
Common dividends
164,283
201,302
196,669
on
$69,195
12,000
14,700
8,223
48,696
Common dividends
indenture
Com. stk. (par $1)
Total
prof$7,841
7H % pref. dividends
5% cum conv. pref. divs.
Net income
debs, due Jan.1,
1945
6,775,046
Acer, int., paym't
def'd by prov. of
Trade name, good¬
will & pat. rights
8,041
27,600
5,041
1,629
Financing costs
x
1934
1935
$75,624
Preferred dividends
sales contracts..
Other current liab.
on
910,378
exps.
$14,659
7.500
18,000
15.005
Interest
575,329
on
Unamort. disc't
def'd charges-
$19,261
7,500
Depreciation
Interest
not used In oper.
Prop.,pl't & equip.13 ,287,878 14,274,374
Prepaid
Oper. & maint. expenses
1,302,747
inc.
leased properties
debentures
$ 74.548
10,173
10,500
profits &
Res. for net loss
& receivables less
289,855
4,176,051
4,793,148
1,801,016
undist.prof. tax
Non-curr. invest'ts
for losses
5.353
$78,759
Non-oper. income )Net)
against exp.sight
555,991
assets-
3.135
$76,572
11,030
16,500
14,196
8,219
45,890
Admin. & gen. expenses.
Taxes
1936
banks
393,427
inv. in & ad vs. to
res.
from
10 ,836,662
Accts. and notes
receiv., trade
Inventories
loss713
$94,366
11,208
_
Total income.
Taxes.,
31
Liabilities—
6 ,648,873
Other
March
1937
Sight drafts outst'g 1 ,767,806
x
1936
$77,285
com¬
Maintenance
1936
$
Cash
of
sale
on
pany's bonds retired.
Nil
y After deducting manufacturing cost, incl. amortization
of special tools,
dies, &c., and selling and general expenses, but before
depreciation and
interest and discount on debentures,
z
Arising in connection with stock
issued under the stock compensation
plan and stock issued upon conversion
of 10-year convertible 6% debentures.
x
Profit
Res. for Fed.& State tax.
z
per
1937
$94,366
Tolls, &c
1937
Net sales, domestic land
foreign
y Net profit from sales
May 1, 1937
Tacony-Palmyra Bridge Co.—Earnings—
March
[Including Principal Subsidiary Companies]
Earnings
Chronicle
Corp.—Earnings—
Profit
$61,175
1.515
Other income.
Sullivan Machinery
Co.—Earnings—
Three Months Ended March 31—
Profit before provision for
deprec'n..
Provision for depreciation
Total
1937
1936
$154,494
72,771
7,500
Provision for income taxes
Net profit
-V. 144, p. 1978.
1935
$101,647
52,561
$20,853
52,679
'
Net profit before tax
Earnings
$74,223
$49,086
loss$31,825
share
per
$59,099
125,000 shares
on
administrative
Net
expense
638,583
operating income
$643,340
9,347
Other income
Total income
Estimated
30,000
ent for dividend
Amount applicable to
Earnings
bH %
on
cum. conv.
pref. stock
common stock
on
outstanding shares of
—V. 144, p. 2149.
$274,846
30,663
244,182
stock, per share
com.
12
Superheater Co. (& Subs.)—Earnings—
Calendar Years—
Profit from operations__
Otherincome
1936
1935
1934
1933
$764,856
x576,131
$316,667
x500,681
$228,923 loss$199,141
502,145
643.443
$1,340,987
119,296
247,384
Applic. to minority int's
74,516
$817,349
94,616
124,373
48,056
$731,068
88,990
93,471
46,361
$444,302
69,961
$899,791
839,909
$550,302
437,796
$502,246
437,159
$315,955
437,775
$59,882
885,655
$112,506
876,629
Total income
Depreciation.
Federal taxes, &c
i_.
Net profit
Dividends paid
Balance, surplus
Shs. of cap. stk. (no par)
Earnings
x
per
share
$1.01
After deducting $83,013
in
$0.63
,
48,808
9,578
$65,087 def$121,820
874,054
874,554
$0.57
$0.36
1936 and $93,511
in 1935 loss
securities.
on
Assets—
$
$
1 ,363,706
2,084,491
564,412
accruals.
Notes pay. on de¬
1935
Accts. payable and
2
,232,447
Liabilities—
divs.
accrued....
68,959
Royalties and int.
accrued
46,343
Inventories
Deferred receiv—
661,724
6, 804,663
5, 093,457
72,692
7,158,652
4,597,435
taxes.
241,501
for develop.,
conting.^ &c
1,523,341
c Capital stock
5,137,380
Earned surplus
10,798,735
Surp. arising from
.....
Combust. Engine'g
Co., Inc.
a
Real est. & bldgs
896,457
245,000
916,319
97,726
49,105
prepayments—
22,435
85,016
Treasury
114,136
Stockholders
April 22 approved
on
held In Can.affil.
5,137,380
9,981,117
414,429
411,667
959,490
907,035
20,186,554
or
notes'which
2, 566,455
are
directors.
The
proceeds
debentures
now
outstanding which
and
are
to
be
used
to
retire
are callable on
interest.
the $4,046,300 of 6%
Sept. 1, next, at 103)4
•
The
stockholders also approved a reduction in the
capital stock to
$4,310,335 from $5,292,675 by reducing the shares authorized to be issued
from 1,058,535 to 862,067.
Since the conversion privilege of the 6%
debentures has expired, the directors deemed it best that shares authorized
for that purpose
be eliminated from the capital structure.
Goldschmidt was elected a director to succeed J.
Jacob
—V.
144,
p.
H.
Susmanu.
2149.
Tennessee
Electric
Power
Co.—Earnings—
Period End. Mar. 31—
1937—Month—1936
1937—12 Mos.—1936
revenue..
$1,296,991
$1,161,045 $15,417,964 $13,708,128
x Oper.
exps. & taxes—
766,471
645,134
9,086,534
7 656,084
Prov. for retire, reserve.
105,000
105,000
1,260,000
1,260,000
Gross
Gross income
Int. & other fixed chgs__
Divs.
on
$5,071,430
2,723,689
$4,792,043
2,680,242
$184,004
129,479
$2,347,741
1,550,866
$2,111,801
1,550,868
$64,248
pref. stock
$410,911
226,907
$193,149
128,901
Net income
$425,519
232,370
No
profits
$54,524
$796,875
$560,933
provision was made in 1936 for Federal surtax on
all taxable income for that year was distributed.
as
has been made for such tax in 1937.
Permission
company
on
Build Power Plant at Nashville—
to
April 24
Public Utilities Commission
to the Tennessee Valley
undistributed
No provision
notified
that it
the Tennessee State Railroad and
had made every conceivable proposal
Authority in an effort toSj^uy surplus power from
the Authority and that it is now
vitally important that permission be
granted the Power company to construct a $2,000,000 steam
power generat¬
This application is latest step in a
prolonged series of attempts by
L, Willkie, President of the Commonwealth & Southern
Corp.
acting for its southeastern companies, to work out mutually
satisfactory
arrangements with the TVA officials for the exchange and
purchase of
surplus power between the Authority and the Tennessee Electric Power Co.
Despite the failure of previous negotiations, the company continued its
attempts to reach an agreement to delay the construction of a steam
plant
and allow further time for discussions then
being carried on.
As a part of
such effort it wrote a letter to the TVA on
April 2, 1937 stating that "we
will delay starting the construction of the
Nashville Steam plant for as long
a period as
necessary to permit full discussion
between us."—V.
144, p.
Wendell
19,264,067
Minority stkhldrs."
stock
Voted—Capital Cut—flew
issue of $5,000,000 of convertible
to be issued at the discretion of the
an
ing plant at Nashville.
2,292,273
& cap. val. of stk
rights..
Deferred charges &
(at cost).
109", 580
dif. between cost
b Patents & license
d
Tennessee Corp.—Bond Issue
310,878
Res.
94,192
560,711
171,844
108,253
Director—
The
110,708
549,019
137,681
88,256
179,266
106,902
after rents
—V. 144, p. 2323.
Seeks
500,969
500,000
Divs. payable
Fed. & Dom. Inc.
82,499
921,212
Investm't (at cost)
Invest, in allied^os
S
mand
$191,509
55,486
35,882
657,384
Balance
1936
Cash
&
Net
1934
$176,947
42,681
26,856
602,094
163,318
108,135
48,219
From Jan. 1—
Gross from railway
Net from railway
x
1935
Receivables
int.
after rents
1935
$196,672
43,045
25,064
73,075
sales of
Consolidated Balance Sheet Dec. 31
1936
Bond
Net
1936
$248,052
railway
bonds, debentures
Net income
Requireu
Net from
71,537
276,304
taxes
1937
Gross from railway.
$652,687
Interest, abandonments, &c
reserve for depletion and
depreciation
Estimated
$0.47
Ry.—Earnings—
March—
Earnings for 3 Months Ended March 31, 1937
Gross operating income,
producing and refining divisions
$1,281,923
Cost of refinery sales, oper. exps.
(incl. gross production tax) &
common.
—V. 144, p. 1124.
Tennessee Central
Sunray Oil Corp.—Earnings—
$62,699
3,591
,
Other expense
int.in cap.&surp
of Can. affiliate.
2,725,221
2149.
Total
-.20,186,554
19,264,0671
Total
After depreciation of $1,480,524 in 1936
b After amortization reserve,
c
Represented
a
and
$1,374,160 in 1935.
by 985,205 no par shares,
d 99,550 shares in 1936 and 108,576 in
1935.—V. 144, p. 2677.
Taylor-Colquitt Co.—Stock Issue Subscribed—
The
Texas & New Orleans RR.
March—
Net
after rents
company announces that all of the new issue of 14,200 shares of
stock recently offered to the
corporation's stockholders on the
basis of one share of new stock for five shares of
old has been subscribed
for with the exception of a small lot of 14 shares, the owners of which
Gross from railway
Net from railway
cannot be reached.—V. 144, p.
—V.
common
2848.
From Jan.
'
p.
1936
1935
1934
$4,279,182
1,204,898
630,120
$3,423,560
$2,913,728
935,236
669.991
465,911
329,888
$2,674,225
491,438
54,798
12,241,810
3,566,724
1,990,059
9,543,581
2,151,081
882,187
8,132,649
1,527,450
495,846
def205.924
1—
Net after rents
144,
—Earnings—
1937
Gross from railway
Net from railway
1619.
7,432,954
1,081,147
Volume
Texas
Financial
144
Hydro-Electric Corp
Gross
1937
5
2,327
$35,390
$22,283
1,438
2,156
876
1,332
_
Income
1st mortgage
Other Interest
bonds
on
Amortization of debt discount and expenseFederal income taxes
Net income
Note—No
718
2,065
has
been
profits
v
Comparative Balance Sheet
Assets—
Plant,
equipment
Mar.31/37 Dec.31,*36
Liabilities—
Mar.31/37 Dec.31,*36
1st mtge.
A
prop.
$2,162,484 $2,149,628
6s, 1956-$1,575,000 $1,575,000
690
3,220
payableAccrued Interest.19,687
43,313
Accounts
9
9
105,418
25,433
66,631
revenues-
3,503
3,403
Oth. accrued taxes
Ins. dep. prems-__
1,550
1,550
Other
Deferred charges..
177,464
180,100
30,000
30,000
Special deposit
Cash
•
Accts. receivable.
Unbilled
a
Reacq.
com.
.
stk.
Accrued Fed. Inc.,
27,089
13,474
2,707
2,711
Res.
145,371
6,000
135,858
630,750
1,891
630,750
35,000
stock.-
35,000
32,709
56,847
Surplus
$2,505,862 $2,458,411
Rep¬
c
resented by 35,000 shares, no par.
for Federal undistributed profits taxes
accruing since Dec. 31, 1936.—V. 144, p. 2501.
Note—No provision has been made
Texas Mexican
Ry. —Earnings—
1937
March—
1935
1936
1934
$73,564
32,622
$135,373
47,001
32,713
$99,475
9,102
25,100
313,872
86,689
69,312
Net after rents
$112,893
33,673
22,000
360,302
112,514
Gross from railway
Net after railway
54,073
335,824
116,790
81,416
204,578
51,437
27,562
18,855
From Jan. 1—
Gross from railway
Net from railway
_
Net after rents
-
657,105
53,109
$329,547
21,399
$322,865
16,032
$116,407
9,806
Federal income tax, &c
$350,946 *
19,624
91,919
$338,897
10,256
77,337
$126,213
8,712
23,000
Preferred dividends.
Common dividends.
$239,403
108,558
36,706
$251,304
110,199
36,706
$94,501
110,199
36,706
Costs and expenses
Depreciation
-
Other income.
Miscellaneous deductions.
-•
Surplus
$94,139
$104,399
def$52,404
Earnings per share on 146,832 shares
common stock (no par)
$0.89
$0.96
Nil
x Includes
operating results of Olean Glass Co., Inc.
Note—No mention was made of surtax on undistributed profits.—V. 144.
p.1125.
Third Avenue
Ry. System—Earnings—
Per. End. Mar. 31—
Operating
Operating
expenses
1937—9 Mos.—1936
1937—Movth—1936
$1,193,826
876,927
revenue
$1,186,668 $10,152,212 $10,017,687
872,214
7,506,424
7,490,906
128,566
$314,455
115,739
$2,645,788
1,036,790
$2,526,782
986,830
$188,333
33,138
$198,715
37,243
$1,608,998
319,498
$1,539,951
340,949
$221,471
228,887
$235,958
228,149
$1,928,496
2,058,951
$1,880,900
2,054,004
$7,415
Net oper. revenue
prof$7,810
$130,456
$173,103
$316,899
Taxes
Operating income
Non-operating income._
$2,505,862 $2,458,411
Total
b Represented by 14,500 shares, no par.
shares at cost,
1,023,999
49,422
1935
for retlrem'ts
A deprec
cCommon
a
7,401
llabs..
b$3.50 cum.pf.stk.
Total...,
16,894
Ac., taxes
accr.
$826",621
Net sales
$8,183
undistributed
Federal
made for
xl936
$1,396*286
sales
Gross
7,675
.
$24,138
provision
taxes.
Co.—Earnings—
1937
$1,644,920
1,459,624
1,078,968
51,109
3 Months Ended Mar. 31—
16
$50,966
$23,625
Net operating income.
Non-operating income-
$35,374
196
Depreciation
$54,401
8,568
$50,771
Taxes (other than Federal income taxes).
Gross
1936
$74,205
8.811
2,032
2,651
9,940
operating revenues—Electric
Interest
Thatcher Manufacturing
—
3 Months Ended March 31—
3023
Chronicle
Gross income
Deductions.
Net loss
—V. 144, p. 2323.
Thompson
Products,
Inc.—Acquisition—
Acquisition of the Jadson Motor Products Co. of Bell, Calif., by an
exchange of stock, was announed on April 21 by this company.
The
Western company will continue operations through a wholly owned sub¬
sidiary by the same name.—V. 144, p. 2323.
Thrifty Drug Stores Co., Inc.-—Registers with SEC—
See list given on first page
of this department.—V. 144, p. 2323.
,
\
—V. 144, p. 2323.
Tide Water Associated Oil Co.
Texas & Pacific
Ry.—Annual Report-
1937
1936
1935
$32,806,200 $26,221,160 $23,095,9731
selling expenses. 23,374,865
17,969,703
16,851,510
3 Mos. End. Mar. 31—
Statistics of Operations for Calendar Years
Sales
1934
1935
1936
(& Subs.)—Earnings—
1933
1,950
554,905
81,156,122
2.11 cts.
7,111,241
1476741079
1.098cts.
543
1934
1,950
1,008,723
739,642
728,863
Pass, carried one mile.-.163,593,832 117,859,222 103,061,505
Rates per pass, per mile1.691 cts.
1.82cts.
1.86cts.
Freight (tons)
9,389,014
7.993,851
8,124,40 5
Tons per mile1956253255 1580956052 1528757636
A v. rate per ton p. mile1.178cts.
xl.214cts.
1.163cts.
Av. train-l'd (rev.) tons548
524
524
Costs &
Miles
1,948
operated
1,950
Operations—
Passengers carried
x
Income Account for
Operating Revenues—
Freight
Passenger
—
Mail
Express
Miscellaneous
Incidental, Ac
Calendar
$8,251,457
338,699
221,011
$6,244,463
331,088
$9,770,034
$8,472,468
681,077
885,364
226,381
$6,575,551
617,652
754,769
248,928
$6,679,646
211,951
3,020,646
194,000
$4,954,202
40,912
3,115.068
44,200
$5,416,833
227,835
3,186.538
116,000
300,035
210,336
34,975
199,135
66,885
267,011
268,045
$2,707,703
939,332
$1,220,991
1,272,442
$1,430,962
1,590,552
$1,535,428
$1,768,371
def$51.451 def$159,590
6,319,258
$0.39
5,642,342
$0.31
Other income
Total income
Gen. & admin, expenses.
734,347
996,340
Ordinary taxes
193,955
Insurance
$7,845,392
Profit
Revised figure.
372,740
3,213.672
455,300
Int., discount, &c
Deprec. & depl.chgd. off
Years
1933
1936
xl935
1934
$23,040,602 $19,195,729 $17,777,334 $16,208,919
1,718,193
2,765,970
2,146,165
1,916,115
795,407
853,238
799,238
817,433
397,858
555,944
488,455
425,887
697,011
330,231
287,586
897,262
412,579
540,691
550,462
455,925
Prov. for Fed. inc. tax__
of
Amort,
invest,
Operating Expenses—
Maintenance of way, &c.
Maintenance of equip
Traffic expenses-.--—
Transporta'n
3,146,822
5,150,181
941,613
8,606,529
1,323,656
343,490
Cr39,838
expenses.
General expenses
Miscell. operations
Transp. for investm't
285,190
Cr29,896
Total oper. expenses—$19,472,452 $15,990,556
Net earnings
8,614,224
7,477,079
Tax accruals, Ac
yl,881,175
-
291,998
183,379
$3,328,303
Net profits
dividends
848,641
944,235
Ac
Net inc. bef. fix. chgs_
Non-operating income-Gross income
Int.
on
on
$6,192,760
885,270
$5,961,064
878,494
$5,166,974
865,986
$6,839,557
1,258,443
848,362
$6,032,960
1,260,626
829,780
$5,259,561
1,109,879
$5,052,104
476,357
$4,732,752
509,783
$3,942,553
439,207
$5,242,535
84,742
$5,528,461
4,055,899
22,372
67,912
4,123,303
11,988
75,300
$4,381,760
4,184,837
18,994
74,170
$1,382,278
$1,031,944
$103,758
$103,758
Net from railway
Net after rents
1,185,150
dividends
Income balance
$1,078,823
$1,382,278
$1,031,944
x For purpose of
comparison, 1935 data have been restated to accord with
changes effective Jan. 1, 1936, in Interstate Commerce Commission ac¬
counting classifications,
y Includes $96,000 surtax.
Balance
1936
1936
1935
$
Liabilities—
Inv, In road and
Common
equipment... 185,605,388
Depos. in lieu of
184,756,128
Preferred stock.
Assets—
$
$
stock.
1935
$
38,755,000
23,703,000
38,755,000
30,084
80,062,000
6,599
81,062,000
23,703,000
Grants in aid of
construction
3,670
70
847,745
629,856
Fd. debt unmat.
10,645,448
Other inveatm'ts
75,329
Cash...
2,148,512
Special deposits374,264
Loans A bills rec.
50,896
10,642.078
Traf. A car serv.
mtged. prop..
Misc. phys. prop.
Inv. inaffil.cos.
and
bals.
rec.
61,666
84.851
car
serv.
88,574
2,179,557
tors' balances.
Misc. accts.
rec.
Mat'ls A suppl's
.
bals. payable.
554,642
1,390,586
1,376,676
Mi3c. accts.pay.
392,676
53,822
544,968
5,910
142,528
811,171
Div. mat'd unpd.
3,201,547
11,837
unpaid
Unmat. int.
accr.
3,870
678,952
accrued
liab.
65,953
78,042
Work. fd. advs.
14,694
Other def. liab..
Other def. assets
50,173
374,074
10,418
1,489,629
12,143
prepd.
Oth. unadj. deb.
Tax
1,389,552
on
3,870
689,847
Trane
pany
credit
381,952
86,633
34,300
401,025
75,057
28,180
80,632
Stock Exchange has approved the application of the com¬
of common stock, $2 par, to be admitted to
trading on notice of registration
under the Securities Exchange Act of 1934.
$1,157,298
1,475,678
337,687
1936
1936
Current liabilities as of Dec. 31, 1936
Net income, year ended Dec. 31, 1936
Net income, year ended Dec. 31, 1935
—V. 144, p.2150.
Current assets as of Dec. 31,
Total assets as of Dec. 31,
See list given on first page
337,119
124,201
Total
-Registers with SEC
of this department.
Tri-Continental Corp.—Earnings—
1937
$32,275
1936
$58,322
1935
1934
$176,951
$141,500
394,734
Interest received
341,855
313,951
Dividends (excl. divs. on
90,820
Comm. on under writings
11,734
14,151,353
774,026
13,083,790
497,720
30,335,352
124,057
64*681
278,470
10,558
51,104
$524,235
124,314
474,009
142,480
6,574
$576,064
stock held)
Prof, on syndicate partic
Fees for invest, service..
to
136,255
26,554
78,885
26,132
67,424
$555,584
102,071
14,982
94,836
$481,632
89,210
11,042
94,836
$346,310
228,450
$294,423
389,688
$343,695
391,188
$286,543
391,188
30,333,618
Total income
Expenses
Taxes
-
Interest on
prop.
sur.
Net
balance
14,790,729
14,123,583
206,862,923 204,957.188
debentures--
income
Preferred divs. declared.
------
------
31, 1937, after
deduction of the normal Federal income tax thereon was $253,847 more
than on Dec. 31, 1936.
The
541,585
157,802
Co.—Application Approved—
991,914
Accrued deprec.
thr.inc. A
206,862,923 204,957,188
575,046
197,501
91,062
to list 255,000 shares
82,386
35,335
Profit and loss—
-
$145,876
29,077
13,677
funded
debt
Addns.
Total
1934
$144,158
33,802
13,684
—V. 144, p.2323.
34,740
Oth. unadj. credit
-V. 144, p. 2848.
1935
1936
$193,938
54,914
24,817
From Jan. 1—
10,267
curr.
liability-..
Prem.
Rents and insur.
Net after rents
RR.—Earnings—
corporation's own pref.
Other
prems.
53,197
Unmatured rents
11,891
rec.
curr. assets
72,779
22,621
Net from railway.
3 Mos. End. Mar. 31—
15,356
14,808
Int. A divs.
Oth.
1937
$203,009
Transcontinental Petroleum Corp.-
and
accts.
wages
Fund, debt mat.
151,251
1,001,573
3,546,963
10,010
5,618,672
$0.08
49,099
5,910
5,631,437
$0.05
518,993
payable
Aud.
Int. mat'd unpd.
921,587
Agts. A conduc¬
Toledo Peoria & Western
March—
Gross from railway
The Chicago
31
Sheet Dec.
2,395
out¬
Gross from railway
21,975
unfunded debt--
185,057
Surplus Account—Balance at Jan. 1, 1937, $25,634,443; add: Net inc.
from opers., three mos., 1937, $3,328,302; profit on sale or redemption of
securities of other cos., $46,633; total, $29,009,380; deduct: prem. of $5 per
share payable April 1, 1937, on redemption of 237,088 sbs. of 6% cum.
pref. stock, $1,185,440; $2 per sh. paid on the exchange of 389,133 shs. of
6% cum. pref. stock for $4.50 cum. conv. pref. stock (no par), per exchange
offer, $778,266; total, $1,963,706: less prem. of $3 per sh. received on sale
of 110,867 shs. of $4.50 cum. conv pref. stock to com. stockholders and
underwriters, $332,601; balance, $1,631,105; underwriters' commissions and
other expenses paid in connection with issuance of 500,000 shares of $4.50
cum.
conv.
pref. stock, $900,570; dividends: pref., $848,640; common,
$944,234; balance at March 31, 1937, $24,684,829.—V. 144, p. 2848.
$7,078,030
1,152,336
873,590
3,998,748
income
Traffic
stock
$6,733,049
970,621
funded debt
Preferred
com.
standing (no par)
Earnings per share
$7,703,670
1,439,581
1,004,530
Misc. rents, taxes, &c—
Net
$15,110,841 $13,858,988
7,179,115
6,370,980
1,218,051
1,204,006
Surplus
Shares
$2,263,973
Total oper. income
Hire of equipment.-—
Int.
1,284,319
1,999,463
3,528,754
745,119
6,168,945
1,236,302
206,803
Cr26,397
Common dividends
$6,369,440
Operating income
Other operating income.
Rentals,
2,305,458
3,825,44 6
764,42 6
6,584,468
1,438,170
239,740
Cr46,867
2,407,945
4,101,069
831,928
7,127,782
1,266,536
comparable
and
undeveloped leases—
Prop, retirement (net)._
Minority interests
Preferred
$28,086,677 $23,467,636 $22,289,956 $20,229,967
Total
Not
$9,431,335
Profit
__
unrealized appreciation on investments
on
March
3024
Financial
Balance Sheet March 31
1937
1936
$
$
Assets—
d Investments
Cash
1937
Liabilities—
41,937,691 46,116,050
4,663,090
4,699,687
Deposits In foreign
7,141
deps.
a
1936
$
$
stock
3,837,500
Common stock.. 2,429,318
6,519,800
2,429,318
Int. accrued & div.
currencies
Special
cPref.
6,116
for
payable
Due
►
Int. and diva
Beeur. sold, receiv.
360,167
67,197
365,452
Int. A dlvs. recelv.
2,778,422
61 911
for
522,392
59,261
28,765
securities
purchased..
Equity
Co., Inc., series
B
debs,
for
called
redemption.
9,000,000
2,291,600
3,316,398
388,057
682,010
Reserve for expense
and tax
Due from securities
1,929,300
1,431,100
Funded debt
2,460,000
2,460,000
Surplus27.027,697 34,418,305
b Treasury stock.. Dr 131,313 Drll3,625
Total
47,390,738 53,986,064
Total
a—Represented by 2,429,318 no-par shares,
Twin City Rapid Transit Co.
by
1937
revenue
$802,788
287,319
Operating income.
$833,083
235,114
$515,469
expenses
$2,599,734
1,766,651
$597,970
11,346
Non-operating income
7,704
Gross income
Interest on funded debt
Amortization of discount
Miscellaneous debits
x
$523,173
$609,315
245,088 Ok 278,463
16,595
16,800
3,204
2,594
funded debt
on
Net income
x
1936
$2,540,134
1,737,346
Net operating revenue
Taxes assignable.
$258,287
Before provision for surtax
on
$311,458
undistributed profits.—V. 144, p. 1125.
Union Pacific RR.—40th Annual
Report—A comparative
income account and balance sheet as of Dec.
31, 1936, will
be found under "Reports and Documents" on
subsequent
of this issue.
The highlights of the report, released
publication April 28 by W. A. Harriman, Chairman,
may be summarized as follows:
super-market type occupying marketing
emphasized.
Mr. Harriman calls special
of 34.5% compared with
1935, the greatest percentage increase of any large railroad in the
country,
and 62.6% as compared with 1934.
He said, "Stimulation of travel has
resulted to an important extent from the modernization of
passenger
equipment and a humanized service to all classes of travelers at low
rates,
especially the coach and tourist car passenger as expressed in 'The Chal¬
lenger' service, as well as our fast streamliners."
Four
to
the
are
increase in
passenger
in service during the year and
two larger streamliners of 17
cars, including 3-unit 5,400-hp. Diesel loco¬
motive, have been ordered for delivery in 1937 for service between Chicago
and Los Angeles and
Chicago and San Francisco.
Additional equipment,
including 40 new lightweight coaches recently ordered, is being provided
for "The Challenger" coach and tourist
sleeping car train service, which
will be extended to San Francisco and Portland in
1937.
A streamlined
oil burning steam
turbine electric passenger locomotive of radically new
type was ordered from the General Electric Co. in July, 1936.
This is
the first application of these
principles to a rail locomotive.
Freight revenue increased 15.4%, and 25 additional high-speed freight
locomotives were ordered in
January, 1937, to augment the 15 locomotives
of the same type placed in service last autumn.
"As compared with older
types, the efficiency of modern heavy high
speed freight locomotives, the development of which the Union Pacific
commenced in 1925, may be
readily appreciated when it is considered that
in
1936
the
average
handled
tons
gross
35% greater than in 1932 and
consumed per gross ton mile
in his letter to stockholders.
at
was
freight locomotive mile was
50% greater average speed, while the fuel
about 28% less," W. A. Harriman states
per
Earnings of $8.20 per share are reported on the common stock, as against
earnings of $6.58 per share in 1936, and $6.00 per share was again paid in
dividends on the common stock.
During the
year
the
000*aC6 ValUG
$280
As
company
refunded
at
lower
interest
rates
Transfer Agent—
The
United Aircraft
Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
Sales and operating revenues
1937
4,802,107
>
$739,553
Cr79,508
2,873
xll5,305
2,030
152,988
Operating profit
Other income
Other deductions
Federal & Canadian income tax
Minor. proportion of profs. of sub. co
Net profit for period
Shares capital stock outstanding
$698,852
z2,518,722
$0.27
share
per
because
of
the
necessary
the employee relationship, explaining that,
consolidation in Omaha of departments from
on
to those who did not want to move
or
could not be absorbed.
ment was
This arrange¬
widely commended by the press and the public, and was subse¬
quently made the pattern of an agreement between the railroads of the
country and
the representatives
of
dinations.
and
Harriman
in
groups,
states:
take
an
"The
employees in consolidations
or
coor¬
Union
aggressive,
Pacific employees, as individuals
active interest in the welfare of the
company.
During 1936 a number of such groups in various cities evidenced
their attitude by advertisements in their
local newspapers setting forth
their group importance to their
communities as taxpayers and customers
of local merchants, and the value of the Union
Pacific to their several
areas."
A reproduction of one of the
advertisements is shown in the report,
along with other illustrations.
K Oil has been discovered on a tract of land of about 1,100 acres owned
by the company at Los Angeles and Long Beach harbors.
Three wells
have been brought in by the
company's drilling operations and are pro¬
ducing under control an aggregate of approximately 3,200 barrels or oil
per day.
The company has mcated or is drilling 21 additional wells.—
V. 144, p. 2849.
Union Premier Food Stores, Inc.—Stock
Offered—Public
offering of a new issue of 78,000 shares ($1 par) common stock
was made
April 20 by Childs, Jeffries &
New York, by means of
$11
per
a
$350,952
$75,516
y2,109,561
2,087,532
$0.16
$0.03
Transport Corp. have been effected.
This amount includes 21,779 shares of
for
common
stock of United Aircraft &
Transport Corp. have
Deen
effected.
—V. 144, p. 1806.
United Biscuit Co. of America
Quar. End. Mar. 31—
Net prof, after int., depr.
and Federal taxes
x
stk. outst'g..
com.
Earnings
per
share
y$254,149
459,054
$0.50
(& Subs.)—Earning
1936
1935
19&
$297,012
$187,827
459,054
$0.37
$260,317
450,325
$0.52
1937
459,054
$0.60
After allowing for preferred dividends,
undistributed earnings.^
x
on
Bonds
y
Before provision for surtax
Called—
Goldman,
Sachs &
Co.,
as
fiscal agents,
are
notifying holders of 5%
debenture bonds, due April 1, 1950, that $150,000 principal amount
bonds have been drawn by lot for redemption on June 1, 1937, at
together with interest accrued to the redemption date. The drawn
will be payable at the office of the fiscal agents on June 1, 1937, after
interest thereon will cease.—V. 144, p. 2864.
United
Hearing
of the
105%
bonds
which
Cigar Stores Co. of America—Hearing—
on
the reorganization plan before U. S. District Judge Alfred O.
Coxe has been adjourned until May 20.
The first session was concerned
only with classification of the various classes of creditors and stockholders.—
V. 144, p. 2849.
United
Corp.
(Del.)—Earnings—
3 Mos. End. Mar. 31—
1937
1936
1935
xDivs.&int.rec.incashy$2,303,340 y$2,209,892 y$2,324,470
1934
276,836
62,710
59,763
78,164
33,964
65,105
$2,727,109
37,333
57,021
92,706
$2,163,794
$2,071,965
$2,225,400
$2,540,047
1,866,521
1,866,781
$297,273
,$205,184
$2,225,400
$673,532
12.627.208
12,729,320
11,145,550
8,590,761
Earn.surp. at Mar. 31$12,924,481 $12,934,504 $13,370,951
$9,264,292
Interest paid
Taxes
Current expenses
Divs.
paid
$3
on
cum.
Balance for period
Bal. of earned surplus at
1,866,515
Shs.
common
stock out¬
14,529,491
$0.02
standing (no par)
Earnings per share
14,529,491
$0.01
14,529,491
14,531,197
$0.02
$0.04
Exclusive of dividends received in stock,
y Dividends received only,
Does not include any provision for estimated Federal surtax on un¬
x
other cities as a result
of the lease by the Union Pacific of its subsidiary
railroads, the management agreed with its employees on a
plan of pur¬
chasing employees' homes, providing transportation of employees and
their families and household
effects to Omaha, and giving a year's
salary
►- Mr.
$256,520 loss$138,380
Cr180,906
Cr245,226
10,453
5,015
74,217
22,728
1,803
3,585
stock issued to March 31 against subscription warrants for 417,555 shares,
which expired on April 13.
z Which will be outstanding when all exchanges
resort."
Mr. Harriman comments
139,977
$2,417,326
2,425,270
130,436
x Does not include Federal surtax on undistributed
profits, y Which will
be outstanding when ail exchanges for common stock of United Aircraft &
a
summer
1935
$5,198,604
5,184,565
Depreciation
Earnings
1936
$6,077,105
»
Cost of sales and operating expenses.
Sun
class mountain
at
Registrar and Transfer Co. has been appointed Transfer Agent in
New York and Co-Transfer Agent in New Jersey for this company's pref.
and common stocks.
$46,-
^oncls, effecting an annual saving of approximately
result of the popularity of the Union Pacific's new winter
resort
Valley, Idaho, Mr. Harriman states, "In order to
provide more
modestly priced accommodations to a wider group of people, work is in
progress for the construction at Sun
Vailey of the Challenger Inn.
The
new inn will be
opened to the public for the Christmas vacation period of
1937.
During the summer, Sun Valley Lodge will be operated as a highin
of 8,000 to 30.000square feet.
spaces
See also list given on first page of this department.
revenue
streamline trains were placed
new
total
Registers with SEC—
Shs.
Improvements in service
a
period ended Jan. 2, 1937, the consolidated net income after all charges
including surtax on undistributed profits, was $361,673.
The company was incorporated in Pennsylvania in 1935 under the
name Union Premium Stores, Inc., and is the outgrowth of a retail meat
store started in Harrisburg, Pa., in 1921 by Samuel Friedland, now President
of the company.
Through its two wholly-owned subsidiaries, the Food
Fair, Inc., and Giant Quality Food Price Cutter, Inc., the company is
engaged in the retail sale, on a cash and carry basis, of various kinds of
food products, together with tobacco, household supplies, sundries and
kindred articles.
Fifteen of its 24 stores are of the large and self-service
pages
for
attention
($1 par) common stock of
750,000 authorized.
Gross sales of the company during the year 1936 amounted to $8,704,018
and for the first 12 weeks of 1937 were $2,832,948.
For the 53-week
1,200
(& Subs.)—Earnings—
3*Months Ended March 31—
Operating
Operating
talization will consist of 282,000 shares
47,390,738 53,986,064
b Represented
shares preferred stock in 1937 and 11,000 shares in 1936.
c 153,600 no-par
shares in 1937 and 260,792 shares In 1936.
d Market value March 31,
1937, was in excess of cost by $14,805,307 and in excess of cost by $7,857,270
In 1936.—V. 144, p. 2679.
r
debentures which are to be retired.
After giving effect to this financing and to the issuance of the 4,000
shares of common in exchange for the debentures the
outstanding capi¬
and taxes
Bank loans secured
loan ag'st cash..
May 1, 1937
An additional 4,000 shares of common stock are covered
by the regis¬
tration statement which are to be Issued in exchange for
$35,200 stock
of
390,917
Investors
324 878
Chronicle
prospectus.
Thorndike, Inc.,
The stock was priced
share.
z
distributed profits.
Note—The securities in the corporation's portfolio, which at March 31,
1937, were carried on the books at a cost or declared value of $581,285,157
less a reserve for depreciation of securities of $350,000,000 (created by a
charge to capital surplus)
had an indicated market value of $213,926,136
published quotations.—V. 144, p. 1620.
at such date based on current
United Gas
Improvement Co.-
Week Ended
—Y.
144,
p.
Weekly Output-
Apr. 24, '37 Apr. 17, '37 Apr. 25, '36
pr.
91,216,145
90,120,601
80,
"80,096,622
Electric output of system (kw-h)
2849.
United Public Utilities
Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
1937
1936
$1,089,284
825,784
$1,079,984
813,108
Other income (net).
$263,500
4,380
$266,876
5,439
General interest and miscellaneous deductions
$267,880
2,938
$272,315
2,586
$264,942
$269,729
.^»11 h <? i Hd ft vd p c——'
Operating
Operating
revenues
expenses
Balance of net
and taxes
earns,
applic. to U. P. Util. Corp.
Corp.—
United Public Utilities
General and administrative expenses
18,550
19,108
$246,392
114,225
$250,621
115,150
$132,167
$135,470
Proceeds of this financing will be used
by the company as follows:
(a) Approximately $176,400 will be used to redeem stock debentures
in the principal amount of
$176,400, and to pay accrued interest on all
the outstanding stock debentures in the
principal amount of $211,600.
(b)
Approximately $201,100 will be used to discharge current loans
by the company in connection with its expansion program.
(c) The balance of the proceeds will be used to increase the working
capital of the company, to establish new markets, to purchase new fixtures
necessary for the operation of new markets, and to improve the cash
position of the company so as to render it less dependent upon bank credit.
No part of the proceeds will be used to
acquire or develop any material
incurred
patent.
Note—No provision for surtax on undistributed profits has been made
in the current and comparative interim statement, as 1937 dividend policies
of the parent and subsidiary companies have not been determined.
Divi¬
dend requirements, at full cumulative rates for three months period on
preferred stocks of United Public Utilities Corp. outstanding March 31,
1937, amount to $107,810.
Total preferred stock dividends in arrears at
March 31, 1937, amount to $797,797.
This statement excludes the revenues and expenses of Alabama United
Ice Co. which is in reorganization under Section 77-B of the Federal Bank¬
ruptcy Act.—V. 144, p. 2679.
Volume
Financial
144
United
National
Corp.—Initial
initial dividend of $1
an
share on the
per
stock, payable May 8 to holders of record April 30.
The directors also declared a dividend of 40 cents per share on the noncumulative participating preference stock, par $100. payable May 8 to
holders of record April 30.
A dividend of 10 cents was paid on this issue
on March 5, last; 25 cents paid on Dec.
15, 1936; 15 cents on Dec. 2, 1935,
this latter being the first dividend paid since Dec.
1/ 1930 when 40
cents per share was disbursed.—V. 144, p. 1457.
common
a
have
declared a dividend of 10 cents per share on the
stock, no par value, payable June 15 to holders of record May 21.
A similar payment was made on Dec. 15,
1936, this latter being the first
dividend paid since July 15, 1929 when 60 cents per share was distributed.
Holders of certificates for common stocks of $1 par value and 25 cents
par value, who have failed to exchange them for the no par common stock,
may receive the dividend after surrender of their certificates for exchange
to the Lawyers Trust Co.. New York, transfer agent.—V. 144. p. 793.
United
Securities, Ltd.—Earnings—
Years End. Mar. 31
1937
1936
$110",156
on
$108",294
Divs. from investments.
Miscellaneous income
1934
1935
loans
30
62
Interest
$478,472
19,775
251,900
$455,492
29,942
102,522
Balance, surplus
Common dividends
$466,101
18,096
261,431
$195,667
102,522
$186,574
102,522
$159,684
102,522
$104,275
bonds
$474,690
22,235
256,788
$206,797
_
on
$93,145
Assets—
x
1937
Investments
Common
24
24
32,408
390
129,208
127,360
bond Interest...
507
Acer. div. and Int.
522
Funded
debt.....
for
exch.
15,494
42,670
42,670
Earned
813,940
1
.
United
&
States
2,596
Investment res've.
16,553
250,766
104,454
25,630
81,713
1934
$244,466
23,644
$187,998
25,980
$268,109
$240,782
$213,979
323,911
7,549
171,713
6,500
387,297
3,978
143,437
6,266
7,400
38,664
3,037
30,609
27,774
$354,699
24,269
34,448
__T
Total income
400
Interest paid
Net realized loss
on
in¬
vestments
Prov. for Fed'l inc. taxes
Net profit for 3 mos..
Sec.
sold
15,880
but
rec.
,
45,904
int.
$391,732
40,187
1,153
$267,235
37,977
$270,037
28,256
21,593
$247,943
26,186
$305,212
$319,887
$274,128
48,123
8,698
138,106
loss522,224
2,659
loss59.562
7,280
463
mos.
7,392
25,200
6,500
142,774
crued, Ac
107,521
42,556.897
32~033
21,356
$185,474
30,829
Balance Sheet March 31
Divs.
rec
,
Securities sold
g
Liabilities—
c2dpref
144,131
35,231
71,707
but
50,000
50,000
reserve.
4,950,000
4,950,000
e
Common stock..
100,000
9,497,704
1
42,675,079 32,203,742
accrued expenses
I
68,768
954,329
112,000
Total
5,080,645
Calculating securities with regularly quoted markets
on
basis of
the
as of March 31, 1937, securities without regularly quoted mar¬
kets at $1,797,862, their estimated fair value in the opinion of the directors,
and the 15,000 shares of the corporation's own common stock at the nominai
value of $1, the securities owned had an indicated value (which should not
quotations
the amount for which the securities could be sold or
for which
they could be repurchased) of approximately $48,076,289, which
If
resulting
therefrom at present rates (without including estimates for Federal excess
profits tax and surtax on undistributed profits) would have amounted to
approximately $2,325,000.
g 94,100
shares of 2d pref. and 1,987,653
shares common stock.—V. 144, p. 1458.
is
greater than the above book value by approximately $15,814,601.
this appreciation had been realized, it is estimated that taxes
United States Glass Co.—Stock
Pledged to RFC—
The company has notified stockholders of the pledge of 120,000 common
to the Reconstruction Finance Corporation for five
years under a
shares
voting trust agreement which is preliminary to the obtaining of an $800,000
for improvements at the Tiffin, Ohio, and Pittsburgh plants of the
loan
company.
Registers with SEC—
See list given on first page of this department.—V.
136, p. 4108.
Earnings for 3 Months Ended March 31
a
Total earnings
Deprec., depletion, &c._
a
dividend of 50 cents per share on account of
accumulations on the 8% prior preference stock, par $25, payable May 15
April 30.
Dividends totaling $2.25 per share were paid
during 1936.
Accumulations after the current payment will amount to
$10.75 per share.—V. 142, p. 802.
to holders of record
United States Hoffman
Machinery Corp. (^& Subs.)—
3 Mos. End. Mar. 31—
1937
1936
$1,665,777
1,441,122
$1,097,942
968,133
$902,295
831,241
Other income.
$224,655
61,487
$129,809
49,463
$71,054
38,955
Depreciation
Interest, &c
Federal and foreign income tax.
Loss on foreign exchange (net).
$286,142
37,297
29,167
33,895
4,734
$179,272
37,594
44,700
15,160
1,173
$110,009
31,486
50,447
3,660
3,492
$181,049
x20,336
$80,645
$20,924
Preferred dividends.
Net sales
Costs and expenses
1937
1936
1935
$45,260,205 $17,664,596 $12,428,449
15,330,472
12,489,576
11,395,180
.$29,929,733
1934
$6,578,731
10,795,225
$5,175,020
$1,033,269 df$4,216,494
115,000
prof24,000
$29,814,733
1,249,838
3,362
$5,199,020
1,219,354
3,362
$1,033,269 df$4,216,494
1,253,708
1,262,709
3,362
3,362
.c$28,561,533
$3,976,304
600,000
e$223,801 e$5,482,565
1,950,000
1,507,400
Total income
Subsidiary bond interest
U. S. Steel bond interest
Profitfromoper
b Special expenses
Net profit..
Pref. dividends
1935
.$28,561,533
_d20,716,163
$3,376,304 e$2,173,801 e$6,989,965
1,801,405
1,801,405
1,801,405
$1,574,899 df$3975,206 df$8,791,370
Nil
Nil
Nil
operations, including ordinary
repairs and maintenance of plants, and taxes, &-c.
b Proportion of over¬
head expenses of the Lake Superior iron Ore properties and Great Lakes
Transportation service, normally included in the value of the season's
production of ore carried in inventories, but which because of the extreme
curtailment in tonnage of ore to be mined and shipped is not so applied,
c Before provision for surtax on undistributed profits,
d Includes regular
quarterly of $1.75 and $4 a share on account of arrearages,
e Loss.
Net working assets of the corporation and subsidiaries, exclusive of
dividends declared and unpaid, were $411,081,436 on March 31, the highest
since March 31, 1932, and compared with $391,330,566 on Dec. 31, 1936,
and with $389,123,253 on Dec. 31, 1935.
On Dec. 31, 1931, net working
Surplus
— _
$7,845,370
Earns, per sh. on com
$2.55
a After deducting all expenses incident to
assets
were
$430,651,660.
The payroll for the first quarter was $104,456,482, with 246,321 persons
employed, against $96,225,560 and 239,246 respectively in the final quarter
of last year, and $69,259,055 and 198,269 respectively in the first quarter
of last year.
The increases over the first quarter last year were 50.8%
in total payroll and 24.2% in the number of employees.
The latest in¬
crease in wages, effective on March 15, had little effect on the results for
the quarter.
Reclaiming Co., Inc.—Accumulated Div.—
The directors have declared
Corp.—Prefered Dividend—
April 27 declared a dividend of $5.75 per share on account
the 7% cumulative preferred stock, par $100, payable
May 29 to holders of record May 1.
This compares with $1.75 paid on
Feb. 27, last; $7 paid on Dec. 24, 1936; $3.75 paid on Nov. 28, 1936; $1
per share paid on Aug. 29,1936; and dividends of 50 cents per share dis
tributed each three months from Feb. 27, 1933, to and incl. May 29, 1936.
Arrearages after the current-payment will amount to $5.25 per share.
on
42,675,079 32,203,742
b 210,000 shares (no par) $6 cum. div.
c 50,000 shares (no par) $6 cum.
d General reserve set up out of $5,000,000 paid-in cash
by subscribers
to 2d pref. stock,
e 1,000,000 shares.
div.
as
United States Steel
The directors on
sundry prop., Ac
surplus...
984,459
Operating surplus. 15,445,594
U. S. Rubber
based on market quotations
less than the above book value by approximately $550,694 in 1937
$7,109,235 in 1936.
b Represented by 239,200 no par $5 div. shares,
c Represented
by 100,000 no par $5 div. shares,
d Set up out of amount
paid in cash by subscribers to 2d pref. stock,
e Represented by 2,485,543
no par shares.—V. 144, p. 2502.
Net loss from disposal of
33,025
Reserve for taxes &
be construed either
The aggregate value of securities owned
and
Profit
purchased
but not received
Capital
f
445,525
188,090
100,000
Securs.
Inv.in U.S.A int.
Total
_
was
.21,000,000 21,000,000
stock...
d General
117,443
(at cost)..f32,261,689 31,832,922
Securities Corp.
Second pref. stk.
...43,172,897 43,214,678
43,172,897 43,214,678
$
$
b 1st pref. stock.
181,667
ac¬
not delivered...
1936
1937
$
736,322
crued, Ac
Secur.
1936
$
int.
34,716
61,250
stock.23,920,000 23,920,000
500.000
500.000
d Special reserve__ 9,475,000
9,475,000
e Common stock._
24,855
24,855
9,705,631
9,346,831
Capital surplus
b First pref.
c
Total
Total
of accumulations
$379,897 loss$237,030
38,848
$427,148
_
1937
...
33,050
Reserve for taxes A
accrued expenses
Securs. at cost..42,842,376
a
1936
$
on
Prov. for Fed'l inc. taxes
Other expenses
Cash.
17,190
$46,685
-
purchased
but not received
ac¬
1934
Cap'l stock & other taxes
Assets—
Securs.
not
delivered
Divs.
Liabilities—
$
504,356
Operating deficit.
1935
investments
Net profit for 3
'
1937
1936
171,867
Cash
Corp.—Earnings—
1936
$433,072
profit
*•
Balance Sheet March 31
$
$9,919,031 $10,462,448
>.
realized
—
$56,252 loss$l78,267
$35,893
1937
302,542
1937
Total income
Interest paid
Net
Corp.—
1935
$226,535
7,553
6,694
$413,417
Other income
106,516
25,630
United States & Foreign Securities
Int. received & accrued.
Securities
1936
1937
Market value March 31, 1937, was approximately $6,124,625 ($6,621.-
Other income
$7,532,821 $6,680,152,
Total.
International
3 Mos. End. Mar. 31—
282 in 1936).—V. 143, p. 775.
3 Mos. End. Mar. 31—
Cash dividends received.
surplus.
1
Cash divs. received
on
Total
pf. stk. ($50 par)
Com. stk. ($5 par)
$7,532,821 $6,680,152
Assets—
894
$9,919,031 $10,462,4481
1,111,767
1,297.838
1,556,702
5M%
conv.
a After reserve of $175,000.
b After reserves of $109,128 in 1937 and
$100,379 in 1936. c 7,000 shares com. stock at cost, d After reserves of
$440,115in 1937 and $454,112 in 1936 (including $54,479 in 1937 and $55,865
in 1936 of net plant property not in use.)—V. 144, p. 1620.
a
x
1,497,500
1,117,317
1,310,788
1,717,415
725.338
Treasury stock..
224
SurplusTotal
19,596
273,135
1,479,000
Capital surplus
4,648,000
5,613
Dividends payable
charges..
423,615
22,033
283,991
15,494
Total
1936
Accr. int. on bonds
Prepaid
552,278
of
acct.
on
uncompl'd salesCum,
Investments,
Pats., goodw., Ac.
$5,126,173
4,558,000
Accts. pay. A accr.
Res.
$57,162
est'd
one year.
'
1937
750
accounts
v
stock... $5,126,173
52,244
Cash In bank
Trustees'
Liabilities—
1936
$9, 736,296 $10,301,742
Accts. receivable..
'
taxes
within
10,378
94,750
Other expenses
'•
-
Fed.
to become pay'Ie
Reserves
d Plant property.
265,865
$84,052
Balance Sheet March 31
incl.
4,796
94,750
Cap'l stock & other taxes
Balance, surplus.
accts.
Deps.
Int. received & accrued-
Expenses
A
accr.
20,466
at cost
94,653
359,925
25
$500,000
payable
21,482
Deps. on leases,
c
Dec: 31'36
3,623,003
499,372
1,297.660
34,696
employees
incl. exp. funds.
Sund.
Mar. 31,'37
banks$l,050,000
Accts.
4,066,180
b Other accts. rec.
677,754
Inventories
1,421,957
Prepd. & def. chgs.
40,323
$852
366,366
366,781
1,535
$673
98,584
366,819
$316,324
receivable
common
Interest
$333,476
Due tr.
Liabilities
Notes pay.,
Mar.31,'37 Dec.3I.'36
Instalment accts.
contracts, Ac...
Mtgs. rec., at cost
United Profit Sharing Corp—10-Cent Dividend—
directors
Assets—
Cash
The directors have declared
The
Consolidated Balance Sheet
Dividend—
Common
Preferred Dividend—
3025
Chronicle
*
-
Operation of subsidiaries, as measured by finished products for sale,
averaged 82.6% of capacity for the first quarter, with the rate of production
increasing as the quarter progressed. In the final quarter last year opera¬
tions averaged 66.2% of capacity, and in the first quarter of 1936 they
were 47% of capacity.
Shipments of finished steel products for the first quarter were 3,698,041
tons, or 82.8% of capacity, compared with 2,957,425 tons in the final
quarter and with 2,144,570 tons in the first quarter of 1936, the latter being
at 45.5% of capacity.
Mr. Taylor reported that shipments for the quarter were fairly well
diversified as to classification of products, although materials for capitalgoods consumption continued somewhat below those for consumer goods.
Expenditures made in the first quarter for additions and betterments
and for payment of maturing bonds and other capital obligations of sub¬
sidiaries totaled about $17,400,000.
As previously announced, the cor¬
poration inaugurated an extensive program for rehabilitation of plants and
facilities to place the productive activities at a point of highest modern
efficiency, including replacement of obsolete units, and to effectively serve
the exacting and ever changing needs of consumers.
On April 1 the un¬
expended balance of authorized appropriations made to date for the purposes
stated was about $160,000,000.—V. 144, p. 2849.
United States Sugar Corp.—To Redeem Bonds—
Announcement was made by the corporationof the redemption on
July
1937 of all its outstanding first mortgage and collateral trust serial
Surplus
1,
gold
$160,713
$80,645
$20,924
bonds, series B and series C, due July 1, 1941, at the price of 102'M and
accrued interest. The outstanding bonds of the corporation, amounting to
(par $5)_
216,463
Earnings per share
$0.74
x Includes
$6,779 applicable to April 1937.
215,503
215,203
$0.09
$137,800, are part of an original issue of $5,480,000 financed in 1931, tin
balance of which has already been redeemed.
As of June 30,1936 total assets of the corporation amounted to $7,734,043.
In the 43^-year period beginning Dec. 8, 1931, when the reorganized com¬
pany began operations, working assets increased from $1,008,000 to $1,560
Shares
common
Note—No
stock
provision
outstanding
was
income.
made
for Federal surtaxes
$0.37
on
undistributed
Financial
3026
000
on
Chronicle
May 1, 1937
June 30, 1936, while total liabilities were reduced from $6,899,000 to
$490,000.
Comparative Balance Sheet Dec. 31
Upon retirement of its series B and C bonds on July 1, its only
funded debt will consist of $18,000 of mortgages payable and approximately
$10,000 of serial notes, as shown in the company's latest puolished balance
sheet.—V. 144, p. 1302.
United Western Laboratories, Inc.See list given
first
on
page
-Registers with SEC
of this department.
1936
-)
ad and equipment
284,003,958 289,666,958
37,526
27,130
1,269,227
587.878
2,969,474
1,821,492
14,969,420
14,877,258
25,164,986
25,161,353
4,399,713
3,608,051
134,341
1,550,828
Sinking fund
Deposits in lieu of mortgaged property sold
Miscellaneous physical property
Investment in affiliated companies
Other investments
Cash
Universal Gas Co.—Earnings—
Special deposits
j
-
Loans and bills receivable
Earnings from Jan. 1, 1937, to March 31, 1937
Total gas sales,
Total cost of sales, including administrative expenses.
$63,266
48,246
261
\ Insurance
Taxes—Property
1,106
Taxes—Indiana gross sales
Taxes—States and Federal payrollInterest, depreciation and other deductions
158
24
10,671
Net income before Federal income taxes.
-V. 142, p. 3874.
$2,800
Traffic and
car
5,570
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable.
Other current assets
Working fund advances
Insurance and other funds
Other deferred assets
paid in advance
unadjusted debits
or assumed,
unpledged
Securities issued or assumed, pledged..
March—
1936
34,505
17,111
From Jan. 1—
Gross from railway
1935
$81,834
18,681
8,371
$134,320
Net after rents
...
Securities issued
1937
Gross from railway
Net from railway
$85,035
25,206
9,834
1934
$43,015
1,290
defl4,892
Total.
486,266
129,304
57,753
360,796
134,375
76,176
278,932
91,762
34,913
181,252
41,712
defl3,001
—V. 144, p. 2326.
Government
Van
Norman Machine Tool
Traffic and
706,640
15,338,354
1,296
2,200
2,078,300
459,597
137,906
40,181
1,953,046
27,013,434
1,669,917
691,718
133,391
Earnings per share on common
Other current liabilities
1937
1936
$77,048
$0.87
Fed. income tax.
stock
$70,337
$0.79
—V. 144, p. 2680.
Victor
1936
Profit before Federal income taxes.
Preferred dividend
Earnings applicable to common stock
Per share earnings on common shares before prov.
for Federal income taxes
liability...
Accrued depreciation
Other unadjusted credits
Profit and loss balance
$57,676
6,792
1,436
$26,467
16,441
Amortization of patents
Tax
Total
1937
$35,722
7,415
1,841
Depreciation of buildings and equipment
Deferred liabilities
Corporate surplus—additions to property
Equipment Co. (& Subs.)—Earnings—
3 Months Ended March 31—
Profit
$49,448
18,111
$10,026
$31,338
$0.13
$0.39
x
Includes interest
on
1932, and subsequent,
Earnings for
Operating expenses
Net oper. loss.
Rev. from other
1936
$362,922
377,682
Total net loss..
Bond interest, &c.
$29,698
$384,755
380,742
prof.$4,013
26,125
$21,447
prof.$8,950
$49
Note—The above shows results of operations for first quarter of 1937,
after having made allowance for depreciation and depletion amounting to
$17,697.—V. 144,
p.
Date
to
1935
1934
$3,601,973
1,231,554
718,925
$3,515,272
1,060,440
502.033
603.010
12,252,953
3,303,829
1,714.652
Gross from railway
Net from railway
11,163,014
2,725.167
1.312,516
10,123,764
2,437,494
1,085,587
9,464.704
2,559,876
1.140,043
933.722
Not Paid—
The U.S. District Court at St. Louis has denied
1934
$18 prof$10,840 prof$37,358 prof.$30,138
29,680
32,286
28,408
30,188
Net loss
Year
1936
$3,898,149
1,011,216
490,884
Net after rents.
Interest
1935
$453,383
434,475
$14,759 prof$18,908
25,599
18,450
$15,609
15,591
sources.
March and
1937
$4,520,683
Gross from railway
Net from railway
Net after rents
1937
$460,906
476,515
1,296
200
1,740,881'
380,053
118,073
43,987
1,113,138
25,659,364
1,662,513
682,303
4,201,193
347,206,603 346,204,937
refunding and general mortgage bonds due Feb. 1,
in 1936, $15,082,575, and $12,066,060 in 1935.
March—
Virginia Iron, Coal & Coke Co.—Earnings—
Quar. End. Mar. 31—
121,496
12,688,113
From Jan. 1—
—V. 143, p. 2867.
Gross operating revenue.
383,338
1,545,924
97,850
service balances payable
Audited accounts and wages payable
car
Unmatured rents accrued
Co.—Earnings—
12 Weeks Ended March 27—
44,306
1,606,872
155,128,182 156,678,182
1,662,605
1,432,994
1,599,015
1,288,183
Unmatured interest accrued
Net profit after prov. for normal
86,813
31,889
1,201,112
138,492,967 138,492,967
grants
Funded debt
Dividends matured, unpaid
Funded debt matured, unpaid.
See list given on first page of this department.—Y. 143, p. 3015.
1,917,241
8,855
39,134
27.668
347,206,603 346,204,937
Miscellaneous accounts payable
x Interest matured, unpaid
Vacuum Concrete Corp.—Registers with SEC—
704,809
1,914,416
T AnhiliiiiHi—-*
Capital stock
Net from railway
Net after rents
808,505
7,150
31,241
23,591
119,928
32,568
5,230
51,142
4,329,232
383,338
1,545,924
Rents receivable
Rents and insurance premiums
Ry,—Earnings—
9,594
873,272
985,032
2,196,657
2,251,593
service balances receivable
Other
Utah
1935
$
Investment in
an
application for author-
ty to pay the interest due May 1, 1937, on Wabash RR. first mortgage
gold 5% gold bonds, due 1939.—V. 144, p. 2850.
Warren Bros. Co.—No Committee
in
Aphorized to Intervene
Reorganization—
In a letter to the holders of the company's securities, Charles R. Gow,
President, states that no committee of security holders has been authorized
by the Federal Court to intervene in the company's business reorganization
proceedings; and no group has been authorized to attempt to influence the
negotiations with the Cuban Government so far as company indebtedness
is
concerned.
This observation
2153.
was made by Mr. Gow in commenting on a circular
security holders by a protective committee on April 15, last.
of the officers and counsel for Warren Bros., Mr. Gow said,
any attempt at present by any independent committee or other group to
influence the Cuban negotiations would be highly unlikely to promote the
best interests of the company and might operate unfavorably to the com¬
pany and its security holders.—V. 144, p. 2850.
sent to
In the opinion
Virginian Ry.- -Earnings—
March—
Gross from railway
Net from railway
1937
.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1936
1935
1934
$1,736,250
1,011,032
868,335
$1,383,200
729,878
660,036
$1,358,807
722,131
587,581
$1,313,431
727,163
625,463
4,997,292
2,896,913
2,461,973
.
4,371,260
2,409,350
2,071,539
4,000.977
2,141,282
1,769,966
3,736,726
2,031,742
1,782,492
—V. 144, p. 2680.
Warner
(S. D.) Warren Co.—Registers with SEC—
See list given on
Company
Co.—New
Director—
Charles Warner Jr., was elected a director of the company, succeeding
H. F. Brown, at the annual meeting held on April 26.—V. 142, p. 3533.
first page of this department.—V. 144,
p.
2850.
Washington Gas Light Co.—Files with SEC—
on
April 28 filed with the Securities and Exchange Commission
a registration statement (No. 2-3110, Form A-2), under the Securities Act
of 1933 covering $10,000,000 refunding mortgage 4% bonds, series due 1962
(due March 1, 1962), 52,500 shares (no par) $4.50 cumulative convertible
preferred stock, and 485,088 shares (no par) common stock of which 327,588
are outstanding and owned by Washington & Suburban
Cos., the
parent, and 157,500 shares are reserved for issuance upon conversion of
the preferred.
The company states that not to exceed 12,500 shares of the preferred
stock being registered are either to be sold to the public to provide funds
to pay, or are to be issued diiectly to, Washington & Suburban Cos. for
the acquisition of the securities and obligations of Alexandria Gas Co. and
Washington Suburban Gas Co.
It also proposes to offer to holders of its
outstanding common stock who do not waive their preemptive rights such
of the preferred stock as is required to be offered pursuant to such pre¬
emptive rights and transferable subscription warrants exercisable only in
amounts calling for full shares are to be issued to such common stockholders.
The company further states that it is informed that the 327,588 shares
of outstanding common stock owned by Washington & Suburban Cos. and
so much of the 12,500 shares of the preferred stock as
may be issued to that
company are to be offered to the public.
According to the registration statement, the proceeds to be received by
the company from the sale of the bonds and 40,000 shares of the preferred
shares
Wabash Ry.—•Annual Report—
General Statistics for Calendar Years
1936
Fr't (tons) car'd 1 mile.. 4105507801
Av. rec. per ton per mile
$.009896
Rev.
Rev.
Pass,
Rev.
freight car'd (tons)
17,056,050
passengers carried686,613
carried 1 mile
117,953,191
per pass, per
.
mile.
$.02129
1935,
3585854287
$.010178
1934
3310879646
1933
$.010139
3030718995
$.010457
14,796,053
13,793.550
617,663
637,728
104,485,868 108.769,824
12,705.620
587,005
96.332,343
$.02127
$.01956
$.02101
Income Account Years Ended Dec. 31
,
1936
Aver, mileage operated.
Freight revenue
Passenger
Mail
Express.
Miscellaneous
1935
1934
1933
2.447.11
2,447.01
2,455.06
2,471.97
$40,626,685 $36,495,558 $33,569,925 $31,691,927
2,511,367
2,222,112
2,127,900
2,024,414
649,896
631,513
630,697
719,530
503,947
446,742
466,723
408,696
2,136,367
1,696,963
1,440,568
1,362,450
Total, oper. revenues.$46,428,262 $41,492,890 $38,235,813 $36,207,016
Expenses—
Maint. of way & struct
Maint. of equipment...
.
Traffic
5,340,018
8.273,354
1,726,935
17,140,848
Transportation
Miscell. operations
General
Transp. for investment.
233,201
1,732,911
C/T13,155
4,823,318
7,060,146
1,671.078
15,832,458
189,279
1,773,951
Crl03,679
Total oper. expenses_$34,334,112 $31,246,552
Net rev. from ry. oper.. 12,094,150
10,246,337
Tax accruals
2,363,589
1,511,319
Uncollectible
14,831
Operating income
Other
oper.
556,105
$8,378,441
581,928
$6,803,658
635.454
$10,262,461
1,809,529
2,091,561
inc.
213,848
$9,276,293
1,912,566
1,957.875
191,951
$8,960,369
2,425,108
1,979,114
200.874
$7,439,112
2,421,493
2,103,672
168.455
56,147,522
367,890
$5,213,900
381,258
$4,355,273
369,232
$2,745,490
523,423
Total oper. income
Net oper. income
Non-operating income.
.
Gross income
Rent for lease of roads
on funded debt
on
$28,523,481 $27,577,369
9,712,332
8,629,647
1,325,928
1,817.106
7,964
8,883
$8,720,187
Hire of freight cars—Dr.
Joint facility rents
Int.
Int.
4,360,051
6,148,120
1,549,758
13,977,602
156,191
1,469,283
083,636
$9,730,561
531,900
income
Oth. deduc. fr. oper.
4,621,032
5,978,723
1,585,433
14,492,651
164,690
1,798,962
0118,011
unfunded debt..
Oth. deduc. fr. gross inc.
56,515,412
361,653
6,906,980
452,762
74,799
$5,595,158
355,098
6,962,538
451,227
94,762
$4,724,505
356,925
6,968,668
410,642
95,890
$3,268,913
356,956
7,046,640
549,743
138,630
stock
are
to be used as follows:
$8,925,000 for redemption at 105% of $8,500,000 refunding mortgage 5%
gold bonds, series due 1958.
3,145,800 for redemption at 107% of $2,940,000 refunding mortgage
4K% bonds, series due 1956.
The balance of the proceeds will be used for the payment of bank loans
incurred in connection with expansion and addition to the company's plants
and distribution system during 1936, to reimburse the treasury of the
company for additional expenditures made in connection with expansion
and addition to its plants and distribution system prior to Jan. 1, 1937, and
to provide funds to carry on such expansion program during 1937.
Accrued interest on the bonds to be redeemed and on the bank loan is to
be supplied out of treasury funds, it is stated.
The bonds are redeemable at the option of the company in whole at any
time or in part by lot from time to time after 30 days' notice at the following
prices plus accrued int.:
If red. before March 1, 1942, 107%; if red. on
March 1, 1942, and prior to March 1, 1947, 105%; if red. on March 1,
1947, and prior to March 1, 1952, 103%; if red. on March 1,1952, and prior
to March 1,1957, 101)4%, if red. on March 1, 1957, and prior to maturity,
at par.
The preferred stock is convertible at the option of the holder into common
stock at the rate of three shares of common stock for each share of pref.
The price at which the securities are to be offered, the names of the
underwriters, and the underwriting discounts and commissions are to be
furnished by amendment to the registration statement.—V. 144, p. 2681.
Western Pacific RR.—Earnings—
March—
1937
Gross from railway
Net from railway
Net
after rents
From Jan.
$1,280,782
$2,268,468
$3,107,621
$4,823,058
—V.
$1,036,910
139,714
defl5,128
$899,700
104,619
def6,208
$896,267
172,975
78,723
3,676,909
427,995
def62,956
2,790,028
258,161
defl23,957
2,541,768
2,366,819
232,708
defl52,453
358,331
110,102
1935
1934
1—
Gross from railway
Net from railway
Net after rents.
Net loss
1936
$1,235,548
71,912
defl05,246
144, p. 2682.
Volume
Financial
144
Wheeling Steel Corp. (& Subs.)—Earnings—
Westchester Lighting Co.—Earnings—
1937—12 Mos.—1936
1937—3 Mos.—1936
Period End. Mar. 31—
kwh- 62,306,794
56,801,259 247,115,192
cubic feet—1542595,300 1469037,700 5081990,100
Sales of el. energy,
Sales of gas,
212,464,098
4817772,000
f* Electirc
Operations—
Operating revenues:
Sales of elec. energy—
Miscellaneous sources.
$2,830,377
$2,784,323
91,932
407,375
1,318,856
$919,277
$928,149
1,369,600
$3,316,765
$2,821,613
Manufactured Oas Oper.—
Operating revenues:
Sales of gas
1,659,945
1,624,038
6,105,366
6,127,320
sources.
Dr343
8,069
60,910
Cost of sales, ordinary taxes,
Total oper. revenues
$1,659,602
1,027,551
166,906
$1,632,106
1,077,545
131,789
$6,166,276
4,007.761
489,493
$6,181,294
4,677,608
497,218
219,107
174,360
638,235
581,975
$246,037
$248,412
$1,030,786
$424,492
inc. applic. to
corp. & leased prop. $1,174,187
Non-oper. revenues2,677
Non-oper. rev. deducfns
Or8,464
$1,167,690
2,178
Dr8,122
$4,347,551
10,212
Pr36,324
$1,168,400
243,988
$1,161,746
251,288
$4,321,440
981,517
$3,246,105
Drl,132
Pr36,202
$3,208,771
1,005,150
190,670
187,649
719,608
1,003,899
$733,742
$722,809
$2,620,315
Retirement expense
Taxes
—
Oper. income—gas
Oper.
Gross corp.
income—
Int. on long-term debt-.
Misc. int., amort, of debt
deductions..Net income
—V. 144, p. 1818.
Western Maryland
Net profit
Earnings per share
Our usual compara¬
17, page 2682.
1933
,§91-79
150,224
4,281,983
7,211
$90,088
$100,559
55.427 cts.
1.941 cts.
61.568 cts.
2.091 cts,
59.969 cts.
(■learnings revenue
15,772,869
14,406,323
No. of tons car'd 1 mile-1865724,718 1703333,944
No. tons carried 1 mile
13,892,808
piper mile of road
2,113,130
Total freight revenue—$15,794,012
$.00847
mile
1,928,878
New York
1,859,248
1937—3 Mos.—1936
$1,787,837
1,068,033
270,000
$359,251
$1,489,438
$1,143,337
11,243
59.330
Drl3,913
Dr40,820
authorized the listing of 300,000
(par $20).
1933
1934
1935
1936
Sales, net (excl. interco.
sales)
$8,541,466
Cost of mdse sold,
5,383,910
Selling, adm., adv. and
development expenses
2,549,483
$7,768,548
4,970,109
Not Available
2,368,243
$608,072
100,454
27,984
$592,507
9,169
230,441
$720,670
55,816
238,946
$287,019
$352,896
$425,909
116,087
71.294
62,216
50.547
$406,267
355,920
299,502
$1.35
I_I
Depreciation
$502,567
2,330
213,218
$522,355
Interest, dividends, &c_
Foreign exchange profits
$430,196
98,967
loss26,595
$736,511
1,455
212,700
Profit from operations
$215,724
239,439
299,317
$0.72
$287,680
192,885
299,297
$375,361
59,189
295,844
$1.26
Profit before inc. taxes
Net income
Dividends
Shares capital stock
Earnings per share
—V. 144, p. 2504.
White Motor
$356,581
$1,507,948
$1,191,629
5,022
17,412
13,956
$361,603
$1,525,360
$1,205,585
263,094
784,903
791,331
$325,939
$98,509
$740,457
24 was adjourned to May 16
approve the proposed re¬
value of 625,000 common shares from $50 to $1 a share.
43% of the stock was represented at the meeting, against 66 2-3% required
to approve the plan.—V. 144, p. 2328.
Wilson & Bennett Mfg.
Co.—Registers with SEC—
See list given on first page of this
department.
Wilson & Co., Inc.—Files with SEC—
The company on April 16 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-3090, Form A-2) under the Securities
Act of 1933 covering $6,500,000 of convertible debentures due April 1,1947,
and an undetermined amount of common stock to be reserved for issue
solely upon conversion of the debentures.
The net proceeds will be used to repay short term loans from various
banks and commercial paper brokers, which loans were incurred to finance
increases in inventory value and in accounts receivable.
The proceeds will
be applied as the various short term loans mature.
The dividend rate, and the offering price to the public will be filed by
amendment.
Edward B. Smith & Co., of N. Y. City, and Glore, Forgan
$414,254
& Co., of
89,972
Chicago, are the underwriters.—V.
Wilson-Jones Co.—Stock
Wisconsin Central
Per. End. March 31—
department.
1937
1936
1935
$146,513
14,872
March—
Gross from railway
Net from railway
$131,014
9,175
3,833
$113,526
300
def6,053
1934
$120,673
4
def5,070
369,787
12,787
315,962
defl6,780
def31,534
346,180
11,684
1,409
2,372
Net after rents
421,599
34,078
2,857
Net from railway
Net after rents
defl,672
706,663
2,160,687
2,099,619
$325,139
Crl6,168
$244,470
74,582
$627,834
134,598
$463,149
194,603
Hire of equip. (Dr.)
Rental of terms. (Dr.)
$341,307
56,238
43,428
$169,888
57,112
44,412
$493,236
154,108
131,077
$268,546
160,488
132,286
$241,641
112,526
134,043
$68,363
59,314
159.844
$208,050
289,357
389,157
def$24,229
176,620
469,219
$4,929
$150,795
$470,464
$670,068
Net after rents
Int.
on
fund, debt (Dr.).
Net deficit
—V. 144, p.
Telegraph Co., Inc.—Earnings—
■
2 Months Ended
Month Ended
Per od—
Feb. 28 '37
Tel. & cable oper. revs._ $7,826,583
Total tel.* cable op .exps. 6,608,416
Feb. 29 '36 Feb. 28 '37 Feb. 29 '36
$7,236,691 $16,186,372 $14,626,122
6,080,797
13,587,441
12,384,709
;
2162.
Wisconsin
Sheet
Net tel.Acable op .rev.
Taxes assign, to oper
$1,218,167
39,133
455,479
$1,155,895
50,657
327,434
$2,598,931
80,932
925,300
$2,241,414
102,383
657,605
Cash
on
mand
$723,555
89,291
$777,804
90,960
$1,592,700
178,832
$1,481,426
259,655
depos.
time deposits—
ino.
Notes payable—
Accounts payable
b415,161
1,398,966
$1,771,532
$1,741,081
687,054
1,235,397
1,381,261
Other curr. assets-
$197,763
$181,710
$536,134
$359,820
Deferred liabilities
145,824 7% ser Acum.pref.
stock ($100 par) 5,397,500
less)
5,397,500
359,060
6H% ser. B cum.
pf.stk.($100 par) 3,429,900
3,429,900
1934
625,251
$154,428
166,359
$268,951
130,840
$246,059
117,924
$570,673
126,394
$361,621
117,936
17,900
18,500
13,312
14,628
Deprec. and depletion..
128,797
125,623
125,168
127,759
Prov. for Fed. inc. taxes
4,630
6,990
42,442
14,000
Gross profit on coal sales
Other oper. profit & inc.
profit from oper.
Selling, adm. <fc gen. exp.
Int. on funded debt
130,987
142,522
955,364
49,306,133 48,413,850
1,201.638
Deferred charges.. 3,414,202
1935
694,867
$275,287
295,387
149,578
5,024,787
696,112
Fixed assets
1936
658,087
$79,699
1,020,468
companies
388,478
$868,764
615,083
1937
741,542
$107,426
161,525
798,993
affil.
7,495
8,214
Long-term debt—25,000,000 24,220,000
Virginia Coal & Coke Corp.—Earnings—
3 Mos. End. Mar. 31—
Production—tons
$
129",192
624,329
906,464
-
Invests, (at cost or
income
to
1935
400,000
185,402
194,396
Accounts receiv.
(customers)
Materials & suppl-
143, P. 2327.
.
Accrued liabilities-
Indebted,
and
$812,847
Gross Income
$
Liabilities—
$
&
other deposits.
a
1936
1935
$
hand, de¬
interest
Subs.)—Balance
(&
Corp.
Service
1936
Bond
Operating income
Non-oper. income
Public
31—
Dec.
Assets—
Uncollectible oper. revs.
—
Other inc.—Net (Dr.)__
2327.
Western Union
1937—3 Mos.—1936
$2,788,521
$2,562,769
753,612
0h,\Froan Jan. 1—
Gross from railway
Ry.—Earnings—
1937—Month—1936
$1,078,751
$951,133
Total expenses..
Alabama—Earnings—
Western Ry. of
revenues
Net ry. revenues.—.
Taxes
Corp.—Registers with SEC—
See list given on first page of this
144, p. 1459.
Split-Up Voted—
At a meeting of stockholders held April 26 it was unanimously voted to
split the company's outstanding common stock in the ratio of two shares for
one.
The split-up will take effect after pending listing arrangements in
regard to the split-up of shares have been completed. It is anticipated that
this action should be completed within three weeks.—V. 144, p. 2684.
Total
Deduc'ns from gross
Co.—Meeting Adjourned—
duction in par
—V. 144, p. 2851.
Western Mines
$0.96
The stockholders meeting that was held April
because insufficient proxies were received to
Dr41,680
261,912
Net income.
$1,413,337
355,000
$587,851
Gross income-------
Fixed charges
$1,844,438
100,000
5.250
income.
$459,251
$582,601
Equipment rents.--Joint facil. rents (net)..
$4,047,272
2,633,935
$584,804
12,400
ZM4.603
Operating income
$4,857,949
3,013,511
135,000
Net oper. revenue----
Taxes.
$1,301,286
842,035
$719,804
Operating revenues
Operating expenses
Gross
$934,571
$0.93
undistributed profits.
$10,922
Nil
Federal surtax on
Stock Exchange has
Calendar Years—
1652592,597 1428191,266
and Year to Date
i937—Month—1936
Per. End. March 31—
2.104 cts.
1,601,488
$14,270,367 $13,408,910 $11,901,802
$.00838
$.00811
$.00833
Earnings for March
West
$1,422,281
343,748
143,962
(S. S.) White Dental Mfg. Co.—Listing—
The
11,718,462
.
1.760 cts.
Av.rev. per pass, per m_
No. tons car'd of freight
Net
353,473
14,904
$1,308,807
$1.89
on common
shares of capital stock
week.
$80,697
—V.
$379,299
387,170
60,678
Note—No provision was made for
—V. 144, p. 2328.
Ry.—Annual Report—
Total passenger revenue
$95,763
Av.rev.rec.fr. each. pass. 52.799 cts.
—V. 144, p.
$1,756,655
Total income.
Interest and discount
and foreign inc. taxes.
Traffic Statistics for Calendar Years
1936
1935
1934
Miles of rd. oper. (aver.)
882.92
883.07
888.85
No. pass, car'd earn. rev.
181,373
145,591
163,330
No. pass, car'd 1 mile-5.442,046
4,157,700
4,809,356
No. pass, carried 1 mile
Htper mile of road
13,646
8,346
8,115
Net ry. oper.
Other income
$1,234,554
^87,727
•
Prov. for Federal, State
The regular pamphlet report was issued this
tive tables were given in "Chronicle" of April
Av. rev. per ton per
$229,344
149,955
Federal income taxes
Interest paid
disct. Sc exp. & misceil.
1,245,969
1,202,187
1,246,000
$1,600,011
156,644
Profit
Other income
$1,199,722
Operating expenses
1,106,851
1,387,678
956,888
1,402,254
1,569,254
1,287,816
Repairs and maintenance
Selling, general & admin, exp., &c_.
Depreciation and depletion
53,974
Miscellaneous
1937
1936
1935
$23,064,403 $16,078,479 $14,913,485
&c_-_- 17,205,068
12,397,718
9,984,775
3 Months Ended March 31—
Gross sales
230,326
$11,007,348
5,893,358
973,521
42,309
Totaloper. revenues $2,792,738
Operating expenses
1,171,419
Retirement expense
224,404
Taxes
(incl.
pro v.
for
Federal income tax)—
468,766
Oper. income—electric
J
$10,859,777 $10,777,022
$2,872,686 $10,951,709
1,358,052
5,487,839
187,982
777,506
8,416
3027
Chronicle
Reserves--
-
6% ser. C cu. pf.
stock ($100 par) 4,370,300
Com.stk. ($10 par) 9,000,000
4,451,357
4,370,300
9,000,000
Capital surplus—
557,325
557,325
cEarned surplus..
647,240
348,733
213,164
316,840
Earned surplus
207,193
Total
a
55,317,972
53,244,530'
After reserve for doubtful accounts
1935.
Total
55,317,972 53,244,530
of $126,736 in 1936 and $116,211 in
c Reserved for accumu¬
b Cash on hand and demand deposits only,
lated unpaid preferred stock dividends.
Note—The income accounts was given in
"Chronicle" of March 6, page
1623 —V. 144, p. 2683.
$13,216
Net loss
sh. on 400,000
shs.cap.stk. (nopar).
$22,978 prof$263357 prof$87,297
Wolverine Tube
Earns, per
—V
144,
$0.66
Nil
$0.22
Wheeling & Lake Erie Ry.—Earnings—
March—
Gross from railway
Net from
railway
Net after rents
From Jan.
Gross
from
1—
railway
Net from railway
Net after rents
—-V.
144, p.
2328.
Co.—Earnings—
1936
$195,249
$102,251
shares common stock
$0.48
$0.24
3 Months Ended March 31—
Earnings per share on 396,122
1935
$1,068,943
142,494
64,758
1934
$1,121,720
656.651
575,149
1936
$1,132,812
269,400
176,931
4,189,271
1,564,502
1,353,210
3,346,956
785,913
537,090
3,198,453
607,576
342,762
2,898,262
887,793
570.174
1937
$1,603,015
1937
Net profit after all charges incl. prov. for Federal
normal tax, but without prov. for possible surtax
Nil
1981.
p.
382,391
262,979
"Orders on hand as of March 31,
1937, were the largest in the company's
history," according to C. C. Linbocker, President.
"The high rate of
activity in residential building construction, together with volume sales
by manufacturers of mechanical refrigerators, heating equipment, air
conditioning equipment, &c., strongly indicates a continuation of the high
rate of demand for the copper and brass pipe and tubing which this company
fabricates."—V. 144, p. 1982.
For other investment news, see page 3031.
3028
Financial
Chronicle
May l, 1937
JSUporcts and Jlocmumts.
PUBLISHED
AS
ADVERTISEMENTS
UNION PACIFIC RAILROAD COMPANY
FORTIETH ANNUAL REPORT—YEAR ENDED
DECEMBER 31,
1936
To the Stockholders of Union
Pacific Railroad Company:
The Board of Directors submits the following
report for the year
affairs of the Union Pacific Railroad
ended December 31, 1936, of the operations and
Company.
Effective January 1, 1936, the properties of Oregon Short Line Railroad
Company, Oregon-Washington Railroad & Navigation Company, Los Angeles & Salt Lake Railroad Company and The
St. Joseph and Grand Island
Railway Company were leased to and are being operated by the Union Pacific Railroad Company
and, therefore, the figures for transportation operations shown herein for 1936 are those of the Union Pacific Railroad Com¬
pany, while those for 1935 are consolidated figures for the companies named, the
figure for 1935 as shown in the report for
that year having been restated
for purposes of comparison to include those of The St. Joseph and Grand Island Railway Company
not heretofore included in the consolidated
figures for the Union Pacific System.
The lessor companies have certain income
and charges, and the figures in the Income
Account, other than those relating to transportation operations, and in the
Profit and Loss Account and General Balance Sheet and tabulations and tables
relating thereto are stated on a consolidated
basis, excluding offsetting accounts between the companies, except as otherwise noted.
INCOME
The operated
mileage at close of
year
and income for the
year
1936, compared with 1935,
1936
were as
1935
follows:
Increase
Decrease
Operated Mileage at Close of Year
Miles
of road
Miles
of additional
Miles
of yard
9,918.01
9,825.38
1,542.14
4,243.62
92.63
1,541.95
4,262.52
15,722.48
15,611.14
111.34
$155,213,582.83
108,728,114 40
$132,304,043.96
95,208,406.56
$22,909,538.87
13.519,707.84
$46,485,468.43
13,057,038.88
$37,095,637.40
10,055,872.94
$9,389,831.03
3.001,165.94
$33,428,429.55
$27,039,764.46
$6,388,665.09
1,614,739,31
1,680,312.47
$35,043,168.86
main
$28,720,076.93
$6,323,091.93
$7,721,865.65
2,250,676.63
$7,239,375.42
2.184,866.53
$482,490.23
65,810.10
track
tracks and sidings
Total
Mileage Operated
__
.19
4
18.90
Transportation Operations
Operating
Operating
revenues
expenses
Revenues
over
_
_
_
_
expenses
___
__
Railway Operating Income
Rents from
Hire
of joint
use
tracks, yards, and terminal facilities
of equipment—debit balance
for use of joint tracks,
yards,
Rents
and terminal facilities
__
$•5,573.16
$9,972,542.28
Net
Income from
$9,424,241.95
$584,300.33
$25,070,626.58
$19,295,834.98
$5,774,791.60
$7,149,689.54
4,129,302.35
122,454.01
120,321.18
335,133.35
613,750.93
Transportation Operations
$9,235,600.47
4.600,782.63
*14,16^.35
$136,618.36
Income from Investments and Sources other
than Transportation Operations
Dividends
stocks
on
owned
_
Interest
on
bonds, notes, and equipment trust certificates owned
Interest
on
loans
and
lease
of road__
Rents
from
open
accounts—balance
_
Miscellaneous rents
__
_
_
....
Miscellaneous income
Total
Total
_
Fixed
on
funded
and
Other
$12,470,651.36
___
_
Miscellaneous charges
Total
of
Uhion
Pacific
$18,628,252.84
$3,9S1,724.00
DISPOSITION OF NET
Stock
on
$9,530.50
1,559.74
75,539.11
$3,981,724.00
$86,629.35
$3,580,281.96
INCOME
Railroad
Co.:
stock:
per
cent paid
April
1, 19362 per cent paid October 1, 1936.
$1,990,862.00
1,990,862.00
_
Common stock:
1H per
m per
m per
1H per
paid April 1, 1936
cent paid July 1, 1936
cent paid October 1, 1936
cent payable January 2, 1937
cent
.u-
$3,334,365.00
3,334,365.00
3,334,365.00
3,334,365.00
13,337,460.00
Total
Dividends-
Total
to
$17,319,184.00
$17,392,184.00
$4,889,350.80
$1,299,068.84
10,000.00
Profit and Loss
Debit.
To the Board
13,337,460.00
$17,319,184.00
_
Appropriations of Net Income
Surplus, Transferred
-
$17,319,184.00
_
Sinking Fund Requirements
*
$2,281,138.99
$3,493,652.61
$15,419,372.49
$22,208,534.80
Sources
_
2
$14,598,173.37
14,507.41
806,691.71
$15,332,743.14
Nat Income from AH
Preferred
$14,751,790.35
$34,047,625.33
2,312.79
Charges
debt
Miscellaneous rents
Dividends
181.36
141,765.29
$37,541,277.94
_
__
Interest
120,139.82
337,446.14
471,985.64
$14,588,642.87
12,947.67
731,152.60
_
Income
$2,085,910.93
471,480.28
$10,000.00
$10,000.00
$3,590,281.96
of Directors:
I submit report for the year 1936 of the
transportation operations of the Union Pacific Railroad Company and of other
relating to transportation and other properties.
Operating results for the year 1936 compared with the year 1935:
matters
Per
1936
Average miles of road operated
1935
Increase
Cent
Decrease
9,859.80
9,836.44
23.36
$126,916,645.53
15,062,417.05
4,796,753.91
2,116,577.87
2,593,867.54
1,470,484.80
7,487.46
2,249,348.67
$109,947,961.32
11,200,331.35
4,472,556.11
1,815,195.43
1,895,802.10
1,015,230.47
16,637.66
1,940,329.52
$16,968,684.21
3,862,085.70
324,197.80
301,382.44
698,065.44
455,254.33
3~09.bl9~.i5
55.0
15.9
$155,213,582.83
$132,304,043.96
$22,909,538.87
17.3
.2
Operating Revenues
1.
2.
Freight
Passenger
3.
Mail
4.
Express
5.
Other
6.
Switching
7.
8.
Water line
Other
9.
passenger-train
_
Total operating revenues
_
_
15.4
34.5
7.2
16.6
36.8
,
$9,150.20
44.8
Volume
Financial
144
3029
Chronicle
Per
Increase
1935
1936
Cent
Decrease
Operating Expenses
$956,733.68
4,890,215.35
$5,846,949.03
480,618.38
5,053,511.79
288.38
$40,171,770.73
3.354.669.92
44,140,841.76
10,250.09
2,331,206.64
5.208.052.93
8,385.51
$108,728,114.40
$95,208,406.56
$13,519,707.84
14.2
$46,485,468.43
$37,095,637.40
$9,389,831.03
25.3
$8,903,216.93
624,742.62
1,347,610.40
$9,152,998.27
358,341.48
1,801,373.69
21,753.76
294,045.02
$13,057,038.88
$10,055,872.94
$3,001,165.94
29.8
$33,428,429.55
7,721,865.65
635,937.32
$27,039,764.46
7,239,375.42
504,554.06
$6,388,665.09
482,490.23
131,383.26
26.0
$25,070,626.58
$19,295,834.98
$5,774,791.60
70.05
71.96
26,720,428
12,522,299,230
22,734.897
10.603,455,396
3,985,531
1,918,843,834
468.64
1.014
466.40
1.037
2.24
$5.61
$5.30
$-.31
1,880,651
907,324,454
1,528,782
648,882,466
351,869
258,441,988
482.45
424.44
58.01
72.80
58.87
1.701
13.93
$1.00
$1.69
$.19
29,090,749.04
Total maintenance
12,
$46,018,719.76
-
3,835,288.30
49,194,353.55
13. Traffic
14.
Transportation—rail line
15. Transportation—water line
16. Miscellaneous operations
-
6,088.22
3,166,226.68
6,507,726.27
17.
General
18.
Transportation for investment—Credit
19.
»•
Total operating expenses
20. Revenues
over
6.0
$15,971,237.04
24,200,533.69
$16,927,970.72
10. Maintenance of way and structures
11. Maintenance of equipment
expenses
20.2
14.6
14.3
11.4
$4,161.87
835,020". 64
40.6
35.8
25.0
1,299,673.34
8,097.13
96.6
Taxes
21.
State and county
Federal income
24. Federal capital stock
25. Federal excise
26. All other federal
23.
-
-
-
•
.
_
_
Total taxes
27.
-
28.
Railway operating income
29. Equipment rents (debit)
30. Joint facility rents (debit)
31.
Net railway operating income
Per cent—Operating
expenses
■
-
-
of operating revenues
$249,781.34
2.7
$624,742*62
133.0
769,174.09
64,296.46
1,801,373.69
578,436.31
21.9
8,639.58
30,393.34
28*4
23.6
6.7
29.9
1.91
2.7
Freight Traffic (Commercial Freight only)
Tons
of
freight carried
Ton-miles, revenue freight
Average distance hauled per ton (miles)
Average revenue per ton-mile (cents)
Average revenue per freight-train mile
revenue
jr.
-
-
—
17.5
18.1
.5
.023
2.2
5.8
Passenger Traffic (Excludes Motor Train, other than Streamlined Train)
Revenue passengers carried
Revenue passengers carried one mile
Average distance hauled per passenger (miles)
Average passengers per passenger-train mile
Average revenue per passenger-mile (cents)
Average revenue per passenger-train mile passengers only_
Average total revenue per passenger-train mile
„
_
1.641
$1.19
$1.83
23.0
39.8
13.7
.060
23.7
3.5
19.0
8.3
$.14
GENERAL BALANCE SHEET—ASSETS
December 31.
Investments:
'
credited
to
$23,823,091.13
$23,823,091.13
13,310,236.52
\
-V
$37,133,327.65
$17191,161".59
$2,747,038.74
$1,096,506.69
$19,569,198.94
14,558,732.55
17,598,740.12
$648,856.00
$51,726,671.61
$896,009.28
$79,157,148.70
68,180,314.18
$79,157,248.70
73,433,747.72
$100.00
5,253,433.54
$147,337,462.88
$152,590,996.42
$5,253,533.54
$23,847,082.76
Total
$185,740.18
2,561,298.56
$20,218,054.94
12,982,236.98
17,630,370.41
-
$3,343,391.35
$91,085.28
3,752,460.15
$50,830,662.33
Deposits in lieu of mortgaged property sold
Miscellaneous physical property
$898,609,575.65
$3,843,545.43
704.
705.
$37,133,327.65
$901,952,967.00
Total
Investment in road and equipment
$23,847,082.76
$94,654.90
Investments in affiliated companies:
Sf.nrks
,
,
Bonds,
notes,
and equipment trust certificates
_
Advances
Total—
$1,576,495.57
31,630.29
Investments in other companies:
Stocks
__
Bonds,
notes, and
equipment trust certificates
Total
United
States
......
Government Bonds and
Notes.
$278,948.29
710.
Time
711.
Special deposits
712.
Loans and
713.
714.
715.
716.
717.
Traffic and car service balances receivable
Net balance receivable from agents and conductors
718.
Rents receivable
Other current assets:
Baltimore and Ohio
drafts
and deposits
$4,148.20
10,820.10
115,263.70
608.00
10,908.40
10,527.75
$52,793,179.24
$7,180,500.99
$70,566.94
3,203,962.82
$168,252.77
846,690.43
$4,289,472.96
Assets.
114,655.70
$238,819.71
4,050,653.25
Current
33,676.74
3.875.706.88
1.031.029.89
4,111,229.58
16,798,809.08
1,195,682.05
103,997.00
$59,973,680.23
Railroad Co. capital stock applicable to pay¬
of 1914
dividend
Miscellaneous items
Total
$938,600.87
59,661.86
380.65
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
of extra
400,000.00
$1,699,644.78
1,285,580.73
4,334,928.83
21,638,889.06
1,038,554.43
126,997.21
bills receivable
ment
$25,057,214.06
400,000.00
55,513.66
22,856.64
4,959,508.39
Current Assets:
708. Cash
$10,000.00
$1,129,790,313.47
$25,995,814.93
Investments
$268,948.29
$1,128,090,668.69
Sinking funds
Total
Deferred
$3,343,391.35
13,310,236.52
this account
701.
719.
$935,742,903.30
Decrease
.
Receipts from improvement and equipment fund
Appropriations from income and surplus prior to July 1, 1907.
703.
Increase
$939,086,294.65
Equipment
Less:
707.
1935
'.-v::.:,
Road and
706.
December 31,
1936
$3,274,529.76
$1,014,943.20
$32,200.96
763,298.60
1,463,089.15
$1,695.09
794,992.64
515,850.84
$30,505.87
"I7083~.80Y.5l
254,550.84
223,699.25
4,840,079.98
157,127.62
23,000.21
Assets:
720. Working fund advances.
Other deferred assets
722.
Total
Deferred Assets
Unadjusted Debits:
725.
Rents and insurance premiums paid
Discount on funded debt
727.
in advance
Other unadjusted debits
723.
Total
Unadjusted Debits
Grand
Total
—
$31,694.04
947,238.31
$2,258,588.71
$1,312,538.57
$946,050.14
$1,194,612,410.59
$1,187,170,561.04
$7,441,849.55
3030
Financial
GENERAL
Chronicle
May 1, 1937
BALANCE SHEET—LIABILITIES
December 31,
751.
December 31,
1936
1935
$222,302,500.00
99,604,980.79
$222,305,000.00
99,604,980.79
$321,907,480.79
346,091,800.00
$321,909,980.79
347,495,675.00
$667,999,280.79
$669,405,655.79
$4,402,054.89
$4,172,650.06
$4,879,765.26
$8,323,585.70
$1,846,130.28
10,161,345.67
1,967,165.59
$1,619,375.41
7,676,333.61
160,410.49
98,715.61
3,888,912.40
104,399.11
4,492,667.50
$6,683.50
603,755.10
115,588.79
140,578.82
24,990.03
123,631.76
3,334,365.00
2,254,725.00
1,654,601.89
366,781.62
196,216.83
124,242.78
3,334,365.00
8,175.00
1,407,537.41
288,843.76
158,031.36
2,246,550.00
237,064.48
77,937.86
38,185.47
$26,008,180.44
$19,515,960.25
$6,492,220.19
$7,834,605.26
8,651.247.57
$7,783,767.65
5,497,047.32
$50,837.61
3,154,200.25
$16,485,852.83
$13,280,814.97
$3,205,037.86
$7,457,704.23
106,793,689.98
103,422,969.92
$520,485.83
3,370,720.06
1,660,967.76
1,183,421.54
477,546.22
820.85Q.Qfi
1.116.481.20
$116,733,221.93
$112,660,091.06
$4,073,130.87
$836,508,356.14
$827,358,757.83
i$9,149,598.31
$30,652,543.59
34,972,570.88
536,828.66
278,948.29
$30,611,667.85
34,972,570.88
536,828.66
278,948.29
$40,875.74
$66,440,891.42
252,098,363.29
$66,400,015.68
$40,875.74
253,848,487.79
$1,750,124.50
$318,539,254.71
$320,248,503.47
$1,709,248.76
Increase
Decrease
Capital Stock:
Common stock
Preferred stock
__
Total
755.
Funded
754.
Grants in
757.
Capital
Nonnegotiable Debt
Stock-
_
Debt
Total
Current
Aid
of
,'i
Construction
Affiliated
to
Companies.
.
Coupons matured, but not presented
Coupons and interest on registered bonds, due first proximo
Dividends matured unpaid:
Dividends due but uncalled for.
,
763.
_
«
_
Extra dividend
to
on
common
stockholders
stock declared
of record
March
2
$1,406,375.00
$229,404.83
$3,443,820.44
768.
Other current liabilities._
Total
Deferred
Current
$226,754.87
2,485,012.06
1,806,755.10
January 8, 1914, payable
1914
unpaid
Dividend on common stock payable second proximo
764. Funded debt matured unpaid
766. Unmatured interest accrued
767. Unmatured rents accrued
771.
$2,500.00
1,403,875.00
Liabilities:
759. Traffic and car service balances payable
760. Audited accounts and wages payable.
761. Miscellaneous accounts payable
762. Interest matured unpaid:
770.
$2,500.00
Liabilities
611.02
Liabilities:
Other deferred liabilities
Tax liability
Total
Deferred
Liabilities
__
Unadjusted Credits:
773.
Insurance
776.
778.
Reserve for fire insurance
Reserve for depreciation
Other unadjusted credits:
reserve:
Contingent interest
Miscellaneous items
Total
_
__
Unadjusted Credits
Total
Liabilities
_
$6^37,218.40
$295,621.24
Surplus:
Appropriated for additions and betterments
Reserved
Funded
for
Sinking fund
of securities.
through income and surplus.
reserves
.
Total Appropriated Surplus
Loss—Credit Balance
Profit and
784.
depreciation
debt retired
Total
Surplus
As this consolidated balance sheet excludes all
of the Los Angeles & Salt Lake Railroad
intercompany items, securities
Company and The St. Joseph
and Grand Island Railway Company owned
by other System companies
are not included.
The difference between the par and face value of such
securities as carried on the books of the
issuing companies (less unex¬
tinguished discount on the bonds and discount charged to Profit and Loss
but added back in consolidating the accounts) and the amounts at which
the securities are carried on the books of the
owning companies is set up
here to balance.
$39,564,799.74
$39,563,299.74
$1,500.00
$1,194,612,410.59
$1,187,170,561.04
$7,441,849.55
_
Grand Total
EXPENDITURES CHARGEABLE
Extensions and Branches
Additions and Betterments
TO INVESTMENT
IN ROAD AND
EQUIPMENT
$51,802.57
2,413,875.31
10,652,336.62
(excluding equipment).
Equipment
Total
Credits
to
Expenditures
--$13,118,014.50
Investment in Road and
Equipment
for retirements:
Cost of property retired and not replaced
Cost of equipment retired
Total
$5,011,608.33
4,763,014.82
Credits
Net increase in
$9,774,623.15
"Investment in Road and Equipment".
CURRENT
$3,343,391.35
—Ivy Lee and T.
NOTICES
J.
Ross
that
announce
beginning today the firm'*
offices
—Announcement was made by J. E. Baker & Co., investment
bankers,
today of the admission of David Remer, of Philadelphia, Pa., business and
financial consultant, into the general partnership of the firm.
Mr. Remer resigned this month as general
representative
manager
W.
Ayer & Son, Mr. Remer
was
assistant
of the bond department of Drexel & Co., of Philadelphia, and sub¬
sequently, from 1928 until 1934,
Webster and Blodget, Inc.
was
He also
for
a
period of two years
Group,
Inc.,
of The American
effect to the March 31,
63
Wall
General
New
St.,
Corp.
and
York,
has
405
prepared
the Equity Corp.
giving
1937 reports recently issued.
—L. G. Smith Co., Inc. announces that David E.
Wilaon, Robert F.
Chamberlain and Rudolph Cihelka have become associated with them in
their Trading Department.
—Bond & Goodwin,
vice-president and director of Stone &
was manager
Inc. of Illinois,
of their organization has been placed in
of their
of the Chicago office of the Guaranty Trust Co.
Mr.
—Distributors
analyses
?ind financial
adviser of the N. W. Ayer & Son advertising
agency, of Philadelphia, with
which he has been associated since early in 1934.
Prior to his service with N.
will be located on the 40th floor of the Chrysler
Building,
Lexington Ave., New York, Telephone: VAnderbilt 3-2727.
Remer
announce
that Clinton A.
Douglas
charge of the Municipal Department
Chicago office.
is a director of the newly organized
advertising agency of
Thornley and Jones, Inc., of New York; of the General Refractories Co.
Stock
and of the Mortgage
futures trading.
Service Company of Philadelphia.
New York but has resided for the last
15 years in
He
was
Philadelphia.
born in
He is
ship, J. E. Baker & Co. made known that the firm
present location at 115 Broadway to new offices at
is removing
14 Wall St., this city.
announced
Guarantee and Trust Co.
today
The
by
new
certificates of all tile and mortgage
Harry
S.
Brody,
formerly
firm will have offices at 11
of
Bros,
&
Baldwin, members New York
that Richard Clark Grinnell,
general partner,
and also that
Broadway,
Stock
Exchange,
has been admitted to their firm
they have opened
a
new
an¬
as
branch office
—Arrowsmith & Co., 120 Broadway, New York, members of New York
insurance stocks,
series, of articles on fire
bank stocks and guaranteed railroad stocks, by W. H.
Woodward, of their firm.'
New
York, have prepared
are
available
an
on
135 Broadway, New York.
Inc., 30 Broad St., New York, have prepared
analysis of the Associated Telephone & Telegraph Co.
Miller
member of the New York
—Johnson &
Stock
Exchange, ha?
Wood, members of New York Stock Exchange,
the removal of their offices to 67 Broad
&
Robinson
announce
the
announce
St., New York.
of
removal
their
offices
from
120
Broadway to 120 Wall St., New York.
—Morton Lachenbruch & Co., Inc., 42 Broadway, New York, has issued
a
circular
—H.
a
Wall St.,
moving to larger quarters at
—Eugene R.
a
at
203 East Fordham Road, Bronx, N. Y.
Stock Exchange, have available for distribution
63
C. Pitfield & Co.,
—Tailer
—Uiman
nounce
Inc.,
pamphlet explaining butter and egg
been admitted to partnership in Tefft & Co., New York.
Title
New York.
are
—W.
•—The formation of H. S. Brody & Co. to specialize in the
purchase and
is
Goodwin,
a
—Lebenthal & Co., specialists in odd lot municipal bonds, announce that
they
Baker, Hiram E. Dew¬
an
companies
distributing
request.
from its
ing, Robert Sealy Jr., and Howard D. Kniffin.
sale of mortgages, participations and
&
are
analysis of the General Machinery Corp., copies of which
In addition to announcement of Mr. Remer's admittance into the
partner¬
J. E.
Exchange,
—Bond
a
graduate of Williams College, in the class of 1915.
The other members of the partnership are:
—Marks, Laser & Co., 30 Broad St., New York, members of New York
14
on
C.
Wall
Cosden Petroleum Corp.
Wainwright
St.,
—Anderson, Allen &
Broad
&
Co.
announce
the
removal
of
their
office
to
offices to
30
New York.
Co.
announce
the removal of their
St., New York.
—Kennedy, Hall & Co. have moved
,
to 45
Nassau St., New York.
Financial
144
Volume
Woodward Iron Co. (&
Yazoo & Mississippi
Subs.)—Earnings—
$400,165
$2.25
Earnings per common shares
—V.
144,
2505.
p.
Pump
File
Corp.—To
Machinery
&
Registration Statement:
corporation will soon
registration statement
covering the two new series of a new class of cumulative prior preferred
stock and the additional shares of common stock required for the purposes
of its plan of recapitalization recently submitted to stockholders.
The present outstanding capitalization consists of 53,728 shares of class A
preferred stock, 91,333 shares of class B preferred stock and 129,918 shares
of common stock.
The company's proposed recapitalization plan contem¬
plates an offering of exchange to present preferred stockholders of 72,531
shares of convertible series 4H% prior preferred stock, 72,531 shares of
non-convertible series 4H%
of common
stock.—V.
prior preferred and 132,974
144, p. 2505.
additional share*
Co.—Earnings—
1937
Quar. End. Mar. 31—
Net earnings
©$492,224
Depreciation
101,799
Net income
$390,425
x72,998
Dividends
.com
.stk .out. (par$25)
e
per
3,271,252
833,346
2,693,195
454,941
2,756,292
727,454
207,343
def95,744
101,349
Net after rents
—V. 144, p. 2328.
1935
©$105,619
115,295
$170,903
loss$9,676
x71,033
share
1934
x72,998
$99,870
486,656
$0.35
486,656
$0.80
def$82,674
486,656
Nil
©$137,588
116,334
*21,254
x71.033
def$49,779
473 556
$0.05
Yellow Truck & Coach Mfg.
x
Estimated
by
1936, $10,382 in
Editor.—V. 144, p. 2163.
Co.—Earnings—
1937—3 M05.-1936
1937—12 Mos.—1936
$17,737,543 $10,926,150 $66,237,723 $40,017,871
x Profit from
operations748,669
1,139,935
6,370,747
2,708,770
Prov. for depreciation._
244,776
226,893
940,483
907,758
Prov. for Fed. taxes on
'
income
47,140
122,000
675,530
167,012
Net profit
x
$791,042
$456,753
$4,754,734
$1,534,010
Including the company's proportion of net profits or losses of wholly
owned and controlled companies not consolidated.
Note—The earnings for the three months ended March
no
31, 1937 and 1936
by the Revenue
provision for any surtax which may be imposed
undistributed profits accruing during the respective
years.
Earnings for the 12 months ended March 31. 1937 include a pro¬
vision of $21,000 for Federal surtax on undistributed profits, which surtax
is applicable to the year ended Dec. 31, 1936.—V. 144, p. 1303.
1936
on
any
Youngstown Steel Door Co.—Dividend Again Raised—
The
directors
have
declared
a
dividend
of 75
cents per share
on
the
stock, payable June 15 to holders of record June 1.
This com¬
with 50 cents paid on March 15, last, and regular quarterly dividends
of 25 cents per share previously distributed. In addition an extra dividend
of $1 per share was paid on Dec. 15, 1936.—V. 144, p. 797.
common
pares
(The) Zonolite Co.—Registers with SEC—
Includes other income of $21,109 in 1937, $20,772 in
1935 and $33,529 in 1934.
.
Period End. Mar. 31—
Net sales
Act of
1936
©$271,233
100,330
$317,427
Surplus
Shs
$927,324
234,299
40,032
From Jan. 1—
make
Yale & Towne Mfg.
Earnings
1935
$1,004,887
235,218
59,388
539,829
Net after rents
H. O. Bearer, President, has announced that the
file with the Securities and Exchange Commission a
1934
1936
$1,212,396
378,517
156,168
3,877,979
1,205,930
Gross from railway
Net from railway
Gross from railway
Net from railway
Worthinjrton
Valley RR.—Earnings—
1937
$1,478,957
580,409
360,937
March—
Earnings for 3 Months Ended March 31, 1937
Net income after deduction of Federal and State taxes
3031
Chronicle
,
See list sriven
on
first
naee
of this department.
7 he Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
another
COMMERCIAL EPITOME
Friday Night. April 10, 1937
Coffee—-On the 24th inst. futures closed 8 to 22
points
higher in the Santos contract, with sales of 101 contracts.
The new Rio contract.closed 9 to 16 points up, with sales of
27 lots. The Santos contract opened 4 to 14 points higher.
The Rio contract opened 2 to 8 points higher. Advices were
received to the effect that the Brazilian Government was
contemplating pushing the market to 30 milreis and planning
a 60% sacrifice quota on the next crop, half of quantity
to be paid for at the rate of 27 milreis per bag, while on the
remaining 40% the Bank of Brazil would loan 100 milreis
for
Eer bag.spot price and the open market dollar rate werereis,
The Rio terme market moved up 125 to 150 un¬
ut the
changed at 18.000 and 15.000 milreis respectively. On the
26th inst. futures closed 1 to 19 points lower in the Santos
contract, with sales of 184 lots. The new Rio contract closed
4 to 17 points lower with sales of 152 lots.
Today was first
notice day for May.
In the "D" there were 103 notices
issued and in the new "A" 39 notices. The notices did not
effect on prices. The
off. The Santos spot
price was 100 reis higher at 22.600. Rio futures were 150 to
75 reis higher at 18.250 and 17.800, and the spot quotation
rose 200 reis to 18.200.
The open market dollar rate firmed
circulate
long and had no noticeable
Santos bolsa closed 200 up to 25 reis
10 reis to
15.760 milreis to the dollar.
Havre futures
were
higher. On the 27th inst. futures closed
5 to 9 points up, with sales of 86 lots. The new Rio contract
closed 8 to 14 points up, with sales of 43 lots. Cost and freight
offerings were firm and the Brazilian terme markets were a
little higher. Publication of Monday's notices confirmed the
belief that E.J. Schwabach & Co. would accept delivery in
the May position of the Santos.
Of the 103 "D" notices,
102 were stopped by that firm and one by Orvis Bros. & Co.
Of the "A" notices, 30 were stopped by Schwabach & Co.,
two by Frederick Silence, one by S. A. Schonbrunn & Co.
and three each by C. A. Mackey & Co. and Spitzer Bros.
The "B" contract at Santos closed unchanged to 300 higher
3.00 to 3.75 francs
on April 24 at 20.500 for May, 20.750 for July and 21.600
September. Rio futures were 25 to 375 reis up at 18.450
for April and 18.250 for June. The Rio spot quotation was
200 reis up at 18.400 milreis and the open market dollar rate
than
for
held
at
15.760
milreis to
1.25 to 2.00 francs lower.
the dollar.
Havre futures
were
On the 28th inst. futures closed
3 to 14 points
off in the Santos contract, with sales of 128
Rio contract closed unchanged to 11 points
lower, with sales of 33 lots.
The "B" contract at Santos
lots.
The
new
unchanged to 150 reis lower. The "C" closed 50 reis
off.
Rio futures opened unchanged to 125 reis
off at 18-450 for April and 18.125 for June.
The Rio spot
price rose 100 reis to 18.500 and the open market dollar rate
closed
to 225 reis
firmed 110 reis to 15.650 milreis to the dollar.
Havre futures
closed 1.50 to 2.00 francs higher.
On the 29th inst. futures closed unchanged to 8 points
higher in the Santos contract, with sales of 77 lots.
The
Rio contract was 13 to 12 points up at the close, with sales
of 43 lots.
Reports concerning the threatened revolution
in the State of Rio Grande de Sul in Brazil, failed to affect
the market one way or another.
One report maintained
that Flores da Cunha, president of the Province, would yield
to the restraints imposed by the Federal Government, while
held
that he
prepared to offer armed
were steady.
The "B"
contract at Santos was unchanged to 100 reis off.
Rio fu¬
tures rose 25 to 75 reis to 18.000 for May and 17.800 for
July. The Rio spot price held at 18.500 and the open mar¬
kets dollar rate was unchanged at 15.650 milreis to the dol¬
lar.
Havre declined 4.25 to 3.75 francs.Today futures
closed 9 to 2 points down in the Rio contract, with sales of
65 contracts.
The Santos contract closed 18 to 6 points up,
rumor
resistance.
with
sales
was
Brazilian terme markets
of
Rio
110 contracts.
175 to 200 reis
de Janeiro futures
were
200 reis.
In
Santos the "C" contract was 100 to 150 reis higher.
The
free market exchange rate was firmer at 15.600.
Cost and
freight offers were 10 points higher. Milds also were higher
-with Manizales at 11% to 11%, with some sellers demanding
ll%c.
Havre futures were 2% to 4 francs lower.
Rio coffee
higher.
prices closed
December
May
July
Santos coffee prices
Spot No. 7
as
up
was
follows:
6.89
6.90
September
6.82 March
6.88
closed
as
6.90
-
follows:
March
10.09
10.83
10.52
September
10.12
December
May
July
-
10.25
Cocoa—On the 24th inst. futures closed 6 to 15 points up.
Opening sales were worked at 1 point loss to a gain of 6
points. Transactions totaled 179 lots, or 2,399 tons. London
came in 3d.
easier on the outside and unchanged to 3d.
lower
on
the
Terminal cocoa
market, with 670 tons
transacted.
Local closing:
May, 9.43; July, 9.60; Oct.,
9.79; Dec., 9.90.
On the 26th inst. futures closed 21 to 24
points down. The market opened 8 to 5 points off, with the
decline continuing throughout the session.
Transactions
totaled 362 lots, or 4,851 tons.
London came in 3d. easier
for the outside market and 7% to l%d. lower for futures on
the Terminal Cocoa Market, with transactions in the latter
totaling 1,390 tons. Liquidation by tired longs appeared to
be the chief source of pressure in the local market.
Local
closing: May, 9.21; July, 9.39; Sept., 9.52; Oct., 9.56;
Dec., 9.66.
On the 27th inst. futures closed net 12 to 13
points higher. The market opened at losses of 2 to 8 points.
Transactions totaled 799 lots or 10,707 tons.
London re¬
flecting the break here Monday, came in 6d. lower on the
outside and 4% to 10 %d. lower on the Terminal Cocoa
Market, with 3,390 tons changing hands.
The outstanding
feature of the trading in the local market was the extensive
switching out of May into later deliveries, chiefly July. A
leading chocolate manufacturer was taking in the Mays and
going short of the deferred options.
Lqcal closing: May,
9.33; July, 9.50; Sept., 9.65; Oct., 9.68; Dec., 9.78. On the
28th inst. futures closed 28 to 37 points down. Heavy selling
caused a substantial break of 37 to 45 points.
There was a
rally from this level of 8 to 9 points towards the close.
Opening sales were at no change to a gain of 4 points. Trad¬
ing was very active, with transactions totaling 806 lots, or
10,814 tons.
The latest break was attributed to the un¬
settling effect of President Roosevelt's speech against ad¬
vancing living costs. Further, talk was again current about
a
possible reduction of the value of gold, which brought
extensive liquidation into the ring.
Local closing: May,
8.99; July, 9.15; Oct., 9.34; Dec., 9.45.
On the 29th inst. futures closed 60 to 66 points down.
The cocoa market ran into another heavy wave of liquida-
3032
Financial
tion, transactions totaling 2,037 lots, or 27,296 tons, the
second largest, trading session in the history of the exchange,
and surpassed only by the market of July 18,
1933, when
2,308 contracts changed hands. London and local speculative
longs appeared to be the chief sellers. The trade was buying,
with one of the country's largest chocolate manufacturers
lending support on the way down.
This was not sufficient,
however, to stem the selling tide.
This second and more
serious break since the start of the week brought a wave of
"stop loss" orders into the ring, which appeared to account
for much of the progressive crumbling of prices.
Local
closing:
May, 8.37; July, 8.55; Sept., 8.68; Oct., 8.72;
Dec., 8.80. Today futures closed 31 to 33 points up. The
cocoa
market after opening easy, staged a sharp reverse
movement on active Wall Street and trade buying.
Trad¬
ing was extremely heavy, totaling 900 lots shortly after
midday. Licensed warehouse stocks showed another large
over night increase of 8,800
bags. They now total 1,075,335
bags, a new record for all time. Local closing: May, 8.68;
July, 8.87; Oct., 9.04; Dec., 9.16; Jan., 9.18; March, 9.28.
Sugar—On the 24th inst. futures closed 2 points higher
point lower.
Transactions totaled 44 lots.
The trading
was without
any special feature.
In the market for raws
McCahan of Philadelphia bought 3,000 tons of Philippines
for May-June shipment at 3.47c. on Saturday.
This price
was unchanged from the last sale.
In the world sugar con¬
tract market prices closed 13^ to 3 points higher.
Transac¬
to 1
tions in this market totaled 95 lots.
Very little sugar was
offered for sale.
London was quiet but steady at last prices.
On the 26th inst. futures closed unchanged to 1
point off.
Transactions totaled 7,000 tons.
In the market for raws
American purchased 10,000 bags of Puerto Rico Saturday,
clearing this week at 3.45c., the price establishing the spot
basis at 5 points under the previous.
Although rumors of
business were current
yesterday, none was confirmed.
Offerings were held at 3.47c. delivered and 2.57c., c. and f.,
but refiners were not ready to pay better than 3.45c.
The
world sugar contract market was firm in an active
trading
session, with prices at one time registering 3 to 43^ points.
Closing prices were 1 to 2 points net higher.
Transactions
in this contract totaled 551 lots, or 27,550 tons.
On the
27th inst. futures closed generally unchanged.
Trading was
extremely light, with transactions totaling only 68 lots.
Transactions were confined largely to the professional ele¬
ment
In the market for raws it came to light that sales were
effected on Monday and on Saturday at 2.57c., c. and f.
(3.47c. delivered), which represents an advance of two points
in the spot price.
Today there were additional offerings at
the same level, but refiners were not interested at better
than 3.45c.
At 3.47 to 3.50c., total supplies on offer from
.
all
amounted to about 50,000 tons.
In the world
sugar contract market prices closed 3^ to 13^ points higher.
At one time during the session the
price range was 13^ to 2 lA
sources
points .net
higher.
London terme market
Transactions
totaled
305
lots.
The
steady.
Actual sales were effected
at 6s. 3d. and to outports at 6s. 3%d.
equal respectively to
1.09c. and 1.103^c. f. o. b. Cuba.
On the 28th inst. futures
closed unchanged to 1 point higher.
Transactions totaled
was
86 lots.
Trading was extremely quiet, though the undertone
was
steady. In the market for raws spot, sugar declined 2
points to 3.45c. delivered on three sales and one late in the
previous session.
At the close there were offerings ranging
upward to 60,000 tons at 3.48c., with the possibility that in
some quarters the inside
price on some of the offerings could
be shaded on a bid, but refiners were not interested at better
than the last paid price.
The sales were 10,000 bags of
Puerto Ricos, clearing May 12, to National; 10,000
bags,
ex-warehouse New York to American, and 3,000 tons of
Philippines, for May-June shipment at 3.45c. to McCahan.
The sale late in the previous session was 3,000 tons of Cubas,
May 10 loading, to Pennsylvania.
In the world sugar con¬
tract, market prices closed 2 to 33^ points lower.
Sales
were 538 lots, or 26,900 tons.
On the
29th mst. futures closed
1 to 3 points down.
commodity declined in sympathy with all the other com¬
modity markets, influenced generally by Washington reports
and what they promise for the future.
Sales of sugai con¬
tracts expanded to 215 lots, or 10,750 tons.
With July and
September off to $2.49, the market was only 1 point above
the lows for the year.
The Wall Street house with the leading
Cuban producing connection was prominent on the
selling
side, but offerings were fairly well absorbed by a Cuban
operator and by a trade house with Puerto Rican producing
connections.
In the market for raws weakness
developed
in the latter part of the session.
Early May arrivals were
available at 3.45c., but buyers had withdrawn.
The 3.45c.
price was paid late in the previous session by Pennsylvania
for 3,000 tons of Philippines.
The world sugar contract
market was off 1 to 3 points, with transactions
totaling 367
lots, or 18,350 tons.
Circulation of 34 notices against the
May position depressed that month.
Today futures closed
unchanged to 1 point up in the domestic contract market.
The feature of the day's
developments was a break in the
price of raw sugar to 3.40c. duty paid basis, a new low for
the year.
The domestic sugar futures market was unset¬
tled by this decline and was as much as 2
points net lower
at one time.
The world sugar market broke 1 to 33^ points
early, but rallied strongly and stood ^ to 1 point higher
in the early afternoon, with contracts hard to
buy. Later,
however, fresh selling developed, apparently scaring what¬
This
^
Chronicle
May 1,
demand there was, and prices eased 1 to
below the previous close.
Sales in this market
points
ever
totaled 595
Sales in the domestic market totaled 242 con¬
contracts.
tracts.
1
Prices
were as
follows:
July
2.48
2.491 December
2.43 I May
„
2.49 (January.
March
September
-2.48
2.44
.
International
Sugar Conference Agrees on Export
Quotas—Total of 3,600,000 Tons
Annually Is
Allocated
Representatives of 22 nations, meeting in London on
April 28, approved a series of agreements permitting the
production of sugar for export by all producing countries of
3,600,000 tons annually.
A total of 1,050,000 tons was
allocated to Java, largest exporter, with 940,000 tons to
Cuba.
Neither the United States
nor
Great Britain
were as¬
signed quotas because both consume their own production
and import the balance of their requirements.
The agree¬
ments formed the climax of the International Sugar Con¬
ference which has been in session for several weeks.
They
were
summarized
as
follows in
London
a
dispatch of April
29 to the New York "Times":
Russia, which threatened to wreck the conference by its demand for a
quota of 400,000 tons, compromised
further qualified
on an
export license for 200,000 tons,
by agreements not to ship
sugar to the principal areas
constituting the general world market, according to informed sources.
These
agreements
represent
diplomatic
a
triumph
Ambassador
for
Norman H. Davis, who by almost single-handed direction of the
repeated
conferences saved the sugar talks from wreckage on the rocks of political
and economic rivalries.
landers and
Acting without much aid from the British, Nether-
French officials named with him
on
the steering committee,
who have been willing to leave the work in his
hands. Mr, Davis, in almost
all cases, wrote the compromise formulas which made
up the final agree¬
ments.
,
Drafting Is Begun
As
a
result of the plenary session's approval of three sets of recommenda¬
tions, experts immediately will begin drafting the formal agreements which
will mark the successful end of the conference.
The 5-year program, which becomes operative
immediately and will be
reflected in
production
next year's crop, involves three activities:
First, regulating
of exportable supplies; second, active propaganda stimulating
consumption,
and,
third,
establishment
of
central
a
clearing house of
Information.
The general mechanics of the program follow fairly
closely the pattern of
the Chadbourne plan that was wrecked by the
depression before it became
fully operative.
Officials
believe,
however,
that
the
plan
new
has
an
excellent chance to succeed in view of the increasing restoration of economic
stability throughout the world, which promises to broaden the
consumer
market.
As to the quotas
Press advices from
allotted the various countries Associated
London, April 29, reported:
National quotas for sugar exports on a free world market, as set
by the
world sugar
parley, were disclosed authoritatively to day.
They include
(in metric tons):
Java
1,500,000 Germany
Cuba.
1
940,000
Peru
Brazil
400.000
San Domingo
Hungary
.--330.000
Russia
120.000
Czechoslovakia
year,
60,000
40.000
Haiti
32,500
.230,000 Mozambique
-
Poland
the first
120,000
-
was
allotted
250,000
60,000 the second
Ozechoslovakian quota will be
a
.30,000
Belgium
year
tons,
20,000
with
and 30,000
an
additional
the
third
90,000
year.
The
flat 250,000 in the fourth year.
France and Yugoslavia were given 47,500 tons between them
but were not expected to use them
immediately.
as a reserve,
Sugar Exports by Cuba Reported Ahead of Last Year
Cuban exports of sugar from Jan. 1 to April 24 this
year
totaled
945,190
tons
New
York.
795,624 tons
last
To
as
the
against
890,894
tons during the
increase of 54,296 tons,
a cablegram to Lamborn & Co.,
Rutted States, there were shipped
as
corresponding period last
or 6.1%,
it is reported jn
year,
against 751,833
an
tons for
the
same
period
increase of 43,791 tons, or 5.8%.
To other
destinations, principally in Europe, the exports amounted
to 149,566 tons as compared with
139,061 tons shipped dur¬
ing the similar period in 1936, an increase of 10,505 tons,
or 7.6%.
\ J • year,
an
Lard—On the 24th inst.'futures closed 5 to 7
For the week futures advanced 22 to 30
points.
points lower.
Opening lard
prices today (Saturday) were steady, but as the session pro¬
gressed scattered hedge selling and liquidation in the May
contract had a depressing effect and prices
gradually eased
lower. Hog prices at Chicago were nominally
steady. Total
receipts for the Western run today (Saturday) were reported
as 13,600 head,
against 15,000 for the same day last year.
There were no export shipments of lard reported from the
Port of New York on Saturday.
Liverpool lard closed un¬
changed to 3d. higher. ' On the 26th inst. futures closed 15
to 17 points down
^bese prices were virtually the lows of
the day. Hog pric
vr 10c. higher at Chicago, due to the
lighter marketings, ;
^
expected.
Total receipts for the
Western run were 48,100 head, against 71,200 for the same
day last year. The top price was $10.30, with the bulk of
sales ranging from $9.75 to $10.20.
Export shipments of
lard from the Port of New York
today (Monday) were re¬
ported as 138,500 pounds, destined for Southampton. Lon¬
don lard prices were unchanged to 3d. lower.
On the 27th
inst. futures closed 10 to 15 points
higher. The opening range
was 5 to 10 points lower.
Trading was fairly active, though
with no special feature. Hog
marketings were 46,900 head
at Western centers, against 54,600 for the same
day last
year.
Chicago hog prices closed 10c. higher, with the top
Volume
Financial
144
April, 22.23; May, 22.25; July, 22.47; Sept., 22.45; Oct.,
22.48; Dec., 22.50.
On the 28th inst. futures broke wide
open, showing extreme declines of 142 to 162 points.
Open¬
ing prices ranged only 12 to 25 points lower, but the market
price registering $10.35 and the bulk of sales ranging from
Liverpool lard futures closed weak follow¬
ing the sharp decline in American markets on Monday.
Prices there closed Is. 9d. to 2s. lower.
Export clearances
of lard from the Port of New York today were reported as
$9.75 to $10.25.
moved
was
the weakness in rubber
From this level prices rallied and recovered con¬
Lard exports from the Port of
New York totaled 149,010 pounds, destined for Liverpool,
London and Manchester.
Hog prices closed 5c. higher at
points.
siderable of the earlier losses.
changed
futures
inst.
There
closed 5 to 7 points down.
May
-
July
September.
October-—1-
12.62
11.92
12.22
12.30
OF LARD FUTURES IN
Tues.
Mon.
11.45
11.77
12.05
11.57
11.87
12.20
12.15
12.27
Wed.
11.50
11.80
12.12
12.22
11.45
11.75
12.07
12.17
Fri.
11.45
11.77
12.12
12.20
barrel (per 200
pounds); family, $30.25 nominal, per barrel; fat backs,
$24.27 per barrel.
Beef; steady. Mess, nominal; packer,
nominal; family, $20 to $21 per barrel (200 pounds) nominal;
extra India mess nominal.
Cut Meats: steady.
Pickled
Hams Picnic, Loose, c.a.f.—4 to 6 lbs., 13%c.; 6 to 8 lbs.,
13He.; 8 to 10 lbs., 13c. Skinned, Loose, c.a.f.—14 to 16
lbs., 19c.; 18 to 20 lbs., 19c.; 22 to 24 lbs., 19c. Bellies—
Clear, f.o.b. New York—6 to 8 lbs., 20c.; 8 to 10 lbs., 20c.;
10 to 12 lbs., 19Hc.
Bellies—Clear, Dry Salted, Boxed,
Butter: Creamery, First
Higher than Extra and Premium Marks: 29He. to 34He.
Cheese: State, Held, '36: 22 H to 23c. Eggs: Mixed Colors,
Checks to Special Packs—19He. to 23c.
10.7 for tank cars.
Quotation: China Wood—Tanks, May for'd 13.3c. to 13.5c.;
Drums, spot 14Hc.
Coconut: Manila, tanks, Apr.-June
7He.; July-Dec. 7He.; Coast, Nearby 6He.; Forward 6He.
Corn:
Crude,
tanks, outside 9H®.
Olive: Denatured,
Nearby, African $1.50; Greek $1.45.
Soy Bean: Tanks,
mills, futures 9 to 9Hc.; L.C.L. 11.5c. Edible: 76 degrees
13He. Lard: Prime 14c.; Extra winter strained 13c. Cod:
Crude, Japanese 56He.
Turpentine: 39He. to 43 He.
Rosins: I8.27H to $10.05.
^
i
- —-
-
The market started
during the day. Transac¬
tions totaled 7,170 tons.
The outside market was in a state
of paralysis during the day, since factories did not care to
enter the market under such demoralized conditions. Outside
prices were quoted on a spot basis of 22 %>. for standard
sheets, but hardly were more thanj^u hal. London market
closed dull, prices %1. to 7-1'ei v --.oser.
Local closing:
April, 22.10; May, 22.12; July, JdAj&ifcfSept., 22.40; Oct.,
22.48; Dec., 22.41.
On the 27th inSt. futures closed un¬
changed to 19 points higher.
The market opened 1 to 22
points lower, with trading quite active. Transactions totaled
5,070 tons. Thirty tons of rubber were tendered for delivery
against April contracts.
The outside market continued
rather quiet, with factories showing very little interest. Only
a small amount of
shipment rubber was offered.
Outside
prices firmed up slightly and were quoted on a spot basis of
did not develop any rallying power
22He. for standard sheets.
steady, prices declining Is.
London and Singapore closed
Local closing:
16d. to 7s. 8d.
points
This weakness was
securities
Argentine
Local closing: June, 16.16; Sept., 16.56;
10 to 18 points off.
points
up.
Transac¬
hides
1,812
hides to a total of 789,928 hides.
The tone of the domestic
spot hide market appeared to be fairly steady.
Some fair
points higher. Standard sheets in the outside market
were quoted at 23He., but the market was extremely quiet as
usual.
London and Singapore closed steady and dull re¬
centuated by heavy liquidation of May contracts in advance
of first notice day.
Futures opened 60 to 88 points lower and
range was
On the 29th inst. futures closed 2 to 5
9 to 35
spectively.
London prices were l-16d. lower to l-16d.
higher, while Singapore declined 3-32d.
Local closing:
April, 23.21; May, 23.23; July, 23.35; Sept., 23.38; Oct.,
23.39; Dec., 23.40.
On the 26th inst. futures closed 91 to
111 points down.
This commodity suffered another heavy
break today (jMonday), both locally, and in the London
market.
The decline in the New Ycrirk market was ac¬
21
tions totaled 2,280,000 pounds.
Stocks of certificated
in warehouses licensed by the Exchange increased by
Rubber—On the 24th inst. futures closed 14 to 25 points
Transactions totaled 950 tons.
as a
the
spot hide markets.
Dec., 16.85; Mar., 17.14.
9.95@ 9.98
9.80@ 9.90
9.88@
10.03 @10.05 November.
10.05@
December
July
August
of
opening
10.09@10.07
October
heavy liquidation from commission
much better taken than previously. London
attributed to the depressing influence of a weak
market. No sales were reported in the domestic or
Prices closed as follows:
9.85@ 9.94 September
9.95@
June
was
Exchange remained unchanged at 786,471 hides.
Local
closing: June, 16.30; Sept., 16.70; Dec., 17.00; Mar., 17.20.
On the 28th inst. futures closed 14 to 15 points down. The
Cottonseed Oil, sales, including switches, 170 contracts.
higher.
still rather
^session. Stocks of certificated hides in warehouses licensed
by the Exchange increased by 999 hides to a total of 786,471
hides. Local closing: June, 16.40; Sept., 16.78; Dec., 16.70;
Mar., 17.36. On the 27th inst. futures closed 7 to 10 points
down. Transactions totaled 4,800,000 pounds.
The market
opened unchanged to 4 points higher and ruled within a
comparatively narrow range. No important developments
were reported in the domestic spot hide market,
the last
sales of native cow hides being transacted at 16c. a pound.
Stocks of certificated hides in warehouses licensed by the
Argentine seed prices continue fairly steady and crushers
adhere to their price ideas despite much lower resale oil.
Crude, S. E., 8%}.
20.70;
points lower to 5 points
Hides—On the 24th inst. futures closed 13 to
to
Oils—Linseed oil is still quoted at
closing: May,
higher. Transactions totaled 1,200,000 pounds. The market
opened 2 to 7 points over Friday's last levels, a persistent
upward trend prevailing up to the close. No new develop¬
ments were reported in the domestic or Argentine spot hide
markets as the week ended.
Local closing: June, 16*84;
Sept., 17.20; Dec., 17.54. On the 26th inst. futures closed
41 to 47 points down. The market opened 14 to 20 points off
and continued the downward trend during the greater part
of the day, closing at the lowest levels of the session. This
heavy break in prices was attributed to the weakness of the
securities markets and commodity markets generally. Trans¬
actions in hide futures totaled 4,080,000 pounds for the
17%i.; 18 to 20 lbs., 17%}.; 20 to 25
lbs., 17%}.; 25 to 30 lbs., 17%}.
May
was
reported
close
Pork—(all domestic), mess, $26.25 per
N. Y.: 16 to 18 lbs.,
Local
buyer in the outside market here after the
Exchange.
Transactions totaled 7,920 tons.
Outside prices were quoted unchanged at 21c. for standard
sheets.
London and Singapore closed steady, prices l-16d.
to 27-32d. lower.
Local closing: May, 20.67; July, 20.85;
Sept., 20.96; Oct., 20.97; Dec. 21.00. Today futures closed
43 to 34 points up.
The market opened 16 to 27 points lower
in response to further weakness in London, but when London
rallied, the market here also advanced and in the early
afternoon was 12 to 22 points net higher.
London closed
unchanged to l-16d. decline, while Singapore advanced
3-32 to Hd.
The local market had a healthy vigorous close,
showing substantial net gains, though considerably down
from the highs of the day for most deliveries.
Local closing:
May, 21.10; July, 21.25; Oct., 21.34; Dec., 21.35; Jan.,
21.35; March, 21.35.
Transactions totaled 598 contracts.
was
CHICAGO
Thurs.
sudden burst of
The May delivery was under pressure since 407
transferable notices were issued against May contracts.
pounds, destined for Naples, Italy.
Liverpool lard prices
were unchanged to 3d lower.
Today futures closed unchanged
to 10 points up.
Tradirg was comparatively light and with¬
out special features.
Sat.
lower.
On the 29th inst. futures closed 3
Trading was light and without special feature.
Total hog
receipts at the leading Western packing centers totaled
50,300 head, against 46,600 for the same day last year.
Prices at Chicago declined 5 to 10c.; the top price for the
day was $10.30, with the bulk of sales ranging from $9.80
to $10.20.
Export shipments of lard today totaled 41,720
DAILY CLOSING PRICES
a
Sept., 20.97; Oct., 20.92; Jan., 21.00.
houses, but it
29th
attributed to
higher.
higher.
the
ll-16d.
to
July, 20.83;
Chicago. Total receipts for the Western run were 50,200
head, against 45,800 for the same day last year. The top
price at Chicago was $10.40, with the bulk of sales ranging
from $9.85 to $10.35.
Liverpool lard futures were 6d. to
On
was
general liquidation following the weak opening of Wall St.,
together with rumors of forced selling from Paris.
Outside
prices in the local market were quoted on a spot basis of 21c.
for standard sheets.
London closed dull, with prices un¬
played in the securities market had its influence on lard
futures. The extreme declines in this commodity were 15 to
9d.
rapidly downward after the opening, closing at the
day. Transactions totaled 12,780 tons.
Selling
accentuated by rumors of difficulties abroad. In London
lows of the
27,250 pounds destined for Glasgow.
On the 28th inst.
futures closed 2 to 7 points down. Weakness in most com¬
modity markets together with the pronounced weakness dis¬
17
3033
Chronicle
sized sales of resale hides are said to have been
made and
expected to show more interest in the spot
market!!soon.
Local closing: June, 16.20; Sept., 16.60;
Dec., 16.88.
Today futures losed 16 to 22 points up.
A
heavy trade demand was responsible to a large extent for
the vigor and strength displayed in this market today.
Certificated stocks of hides showed an increase of 1,829 hides,
tanners
'
are
making the total 791,757 hides.
Transactions totaled 96
contracts.
Local closing: June, 16.38; Sept., 16.76; Dec.,
17.10.
Freights—The market for charters has been
especially in scrap metal and grains. Char¬
ters included:
Grain booked—for five Montreal prompt
loads to Rotterdam 17c. was paid, first half May.
Three
loads to Antwerp at 15c., and 1 to Hamburg, May 13th,
at 17c.
Another item includes May shipment from Albany
Ocean
active and firm,
of&25 loads to Rotterdam at 15c., and June shipment of 12
loads, Copenhagen 22c., Danish outports, 26c.
Trip across:
Prompt, redelivery Mediterranean, $2.75.
Corn:
San
Lorenzo (bar draught) to United States Atlantic, Gulf or
Canada, 10%, 40s, heavy grain, May, 5-24.
Scrap Iron:
United States Atlantic to Japan, 37s., f.i.o., scrap iron,
April.
S. S. Gulf, May, to Japan 38s. Northern range,
May, to United Kingdom, 25s. 6d.
Northern Range to
Japan (four ports to all)—5%, 35s. f.i.o. scrap iron, June
25—July 31.
Coal—Authoritative sources state that bituminous sales
for
April, particularly to the larger industries, have been
Financial
3034
*
better than
to
have
Buying to maintain stocks is stated
Smaller buyers have not been
expected.
been the
reason.
keen to buy much coal in advance of the new coal law. The
legal price, it is said, is to be on a minimupi basis. Retailers
especially seem concerned about the minimum. It is further
stated that the anthracite trade has reason to be particularly
Chronicle
May 1
ending this evening the total receipts have reached 44,904
bales/against 40,673 bales last week and 42,828 bales the
previous week, making the total receipts since Aug. 1, 1936,
6,015,695 bales, against 6,340,725 bales for the same period
of 1935-36, showing a decrease since Aug. 1, 1936, of 325,030
bales.
well
pleased with the April market^ It was based on mine
prices, which permitted of substantial consumer accommo¬
dation.
Consumers were accommodated in much larger
volume than expected.
In the bituminous markets nominal
Srices forfirm tone, and are sustained rather by artificial
domestic sizes are unchanged, but quotations
ave
no
causes than any
at New York on
revival of demand. Bituminous
Tuesday were 450 cars.
dumpings
articles
appearing at the end of the department
"Indications of Business Activity," where they are
more
headed
covered
fully.
Wool—In spite of a heavy decline on a wide
world commodity markets and the depressing
front in the
influence of
weak securities markets/the wool markets are holding firm
to a surprising degree.
This firmness in raw wool is all the
more
is
into
consideration.
Most dealers find
their
cus¬
tomers buying cautiously, affected as they, are by labor
disturbances which fail to show signs of satisfactory and
definite settlement. The raw material situation seems im¬
Asking prices on the spot
and consumers in
supplies of original bag territory
wool usually have to pay $1.03-$1.06, scoured basis. Stocks
of foreign apparel wools held by dealers here can still be
secured at attractive prices as compared with similar domes¬
tic and sales are a little more frequent.
Low grade erossbreds are now in very small supply, and prices are on the up¬
grade. New clip wools are now beginning to move in Western
States.
Pre-shearing contracts have met with approval,
both as to quality and price, and deliveries are being made
as
the wools arrive.
Texas 12-months' original bag finds
purchasers here at from $1.03-$1.06, scoured basis. About
50% of the Texas clip has already been signed, and the
balance is held for 40c., which on a 60% shrinkage indicates
approximately $1.05 landed Boston.
pregnable to bearish
wools
available
pressure.
show but
little change,
the market for additional
Silk—On the 26th inst. futures closed
Transactions
1)4.to 3c. down.
totaled
4,460 bales.
Liquidation was quite
general among speculative longs as a result of the weakness
of the securities market and the commodity market generally.
Grade D at Yokohama was 20 yen lower, while at Kobe it was
15 yen lower, putting the price at both centers at 845 yen.
Bourse quotations at Yokohama were 5 to 7 yen lower and
at
Kobe 3 to 9 yen
lower.
Cash sales totaled 625 bales,
while transactions in futures at these Japanese centres were
13,250 bales.
Local closing: April 1.823^; May, 1.813^;
July, 1.82; Aug., 1.80; Sept., 1.79; Oct., 1.70; Nov., 1.78.
On the 27th inst. futures closed net unchanged to lc. higher.
Transactions
totaled
5,120
bales.
The
opening
actions totaled 424 contracts.
grams
Friday Night, April 30, 1937.
Crop, as indicated by our tele¬
from the South tonight, is given below.
For the week
Movement
of
the
Total
Fri.
866
695
731
472
308
1,385
4,607
3,982
329
4,567
2,575
1,803
2,126
7,568
1,021
25,847
7,094
9
633
78
156
963
657
79
2,851
153
87
Charleston
Thurs.
Wed.
178
867
79
-
890
.
4,965
.
195
....
406
56
Norfolk
591
591
293
351
733
....
733
12,884
44,904
....
52
....
i
3
2
Baltimore
Totals this week.
5,951
5,536
9,170
6,351
5,012
The
following table shows the week's total receipts, the
total since Aug. 1, 1936 and the stocks tonight, compared
with last year:
*
1936-37
Receipts to
Apr. 30
This
1935-36
Since Aug
1 1936
Week
Galveston
Texas City
4,607 1,677,472
Houston
3*982 1,2*68", 385
Corpus Christ!-..
79
283,772
23.046
25*847 1,923,135
7,094
279.087
93,215
3,826
963
129.343
Beaumont
New Orleans
Mobile
Pensacola, &c
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles.
This
Week
Stock
Since Aug
1936
1937
1 1935
3,132 1,489,047
44,479
3*828 1,669,427
42
270,007
38,036
7*290 1,642,269
370,478
2,037
159,348
3,693
302,781
1,247
431,250
536,651
3,199
31*4*763
32,147
17,365
441,539
73.282
4,409
1,677
148.341
378,576
40,183
30,240
395,434
118,688
8,780
3,505
184,759
657
16'l"4i4
*963
2*0*9",062
27*,87i
4*2*678
Wilmington
591
10
296
Norfolk
351
55,982
24,931
37,165
678
55,818
21,478
38,730
6,855
18,068
25,110
15,879
20,511
32,049
**"166
*3*986
733
54,922
521
26,072
4,282
1,250
1,775
Newport News...
New York
Boston
Baltimore
398
Philadelphia.....
Totals
44,904 6,015.695
20,044 6,340,725 1.548,349 1,817,291
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1936-37
Receipts at—
Galveston-
1935-36
4,607
3,982
25,847
7,094
1934-35
1933-34
*"*657
'"*554
296
97
353
""'812
Savannah
Brunswick
Charleston
""*963
591
351
.
3,132
3,828
7,290
2,037
1,247
3,252
4,258
5,828
963
Houston
New Orleans
Mobile
""*573
371
1932-33
33,401
7,279
27,199
2,488
1,264
1931-32
10,737
7,752
19,991
7,854
3,058
904
120
235
*3",354
"""735
955
911
320
266
"2",326
768
310
22,555
24,058
24,310
4,137
3,435
"6", 312
*2*389
19
Wilmington.
_
Norfolk
678
Newport News
All others
Total this wk_
44,904
20,044
Since Aug. 1__ 6,015,695 6,340,725
Below
15,791
75,235
90,027
53,102
3,856,197 6,896,498 7.789,791 9,239,706
the exports
for the week:
Great
are
Ger¬
Week Ended
Exported to-
April 30, 1937
Exports from—
Britain
Galveston
France
395
Houston
2,652
Corpus Christi.
Beaumont
New Orleans
512
many
5,930
1,799
1,536
1,280
4,593
Lake Charles
Italy
China
Japan
1,333
Other
608
2,144
1,280
I'M
4,224
14,094
10,730
672
Jacksonville
Total
6.436
1,039
5,490
672
e'.oio
Mobile..
6,040
50
Pensacola, Ac...
50
311
13
2
326
300
300
2,973
Savannah..
1,406
40,168
25,437
"47
Charleston
Norfolk.
47
91
Los Angeles
1,315
479
San Francisco.
36,711
25,400
37
Total
10,219
Total 1935
4,993
12,545
5,557
62,111
9,065
14,080
Total 1936
2,573
5,457
7,534
11,112
5,654
6,118
19,307
29,012
From
12,759 108,184
50
775
10,204
27.355
59,835
88,451
Exported to—
Aug. 1, 1936, to
April 30. 1937
Great
Exports from—
Britain
Galveston.
Houston
Corpus Chrlsti.
Beaumont..
.
Mobile
Jacksonville.
Pensacola,
._
<fec.
Savannah
France
165,456174,415
164,663111,268
50,970 46,515
913
369,975264,488
10,424 20,458
96,208 35,752
1,630
44,361
1,730
...
Gulfport
New York..
Japan
j China
29,199
40,0471
4,836
17,294
20,710
372
2,402
11,333
63,661
1,200
2,028
3,698
12",513
2",628
638
60
166
275
1,004
222
4
26,487
19",493
10,619
684
.
3,177;
1,009
3,313
3,157
269
1934-35.
85,378
100,075
139,865
760
9,596
20,867
4,502
5,471
3,635
3,486
10,282
225,737
100
14,743
101,251
500
3,950
317,185
121,432
10
29,865
4,428
10
...
...
53,580
240,841
1,200
"263I
417
Philadelphia.
Los Angeles...
__
3,222
100
""62
San
Francisco
18,000
54,982j
Total
3,181
2,850
1,204'
Other
18,339 218,741 1410,709
1,717 136,352 880,141
355 25,540 209,009
150
17,214
780 150,5891174,872
1,791
6
Boston
Baltimore...
Total
Italy
3,638
Charleston
Seattle
many
161,7721 98,895 573,091
113,153 87,171 265,817;
11,439
8,045
66,045
6,613
131,017 97",508 160,515
210!
5,194
65,467 16,8591
5,845
1,551
45,328
Wilmington
Norfolk
Ger¬
,
9,538
New Orleans.
Lake Charles..
Total 1935-36.
The
-
.
4,093
Mobile
Savannah
Total
COTTON
449
—
New Orleans
sales
ranged 3^Ci up to l^o. down.
There was considerable
activity in the May delivery, which is ready for its first
notices tomorrow (Wednesday).
Cables from Japan re¬
ported no outside or futures markets today, both Yokohama
and Kobe being closed because of a national holiday.
Local
closing: May, 1.81^1 June, 1.83; July, 1.83; Aug., 1.80;
Oct., 1.79H; Nov., 1.79; Deo., 1.78.
On the 28th inst.
futures closed 1 to 23^0. down.
Opening sales were worked
at a gain of lc. to a loss of 13^o.
There was further liquida¬
tion by speculative operators, but the trade supported ac¬
tively.
Transactions totaled 3,710 bales.
Grade D at
Yokohama was quoted 8423^ yen and at Kobe 845 yen, a
loss of 2^ for the former, but no change in the latter center.
Cash sales for both Japanese markets totaled 950 bales.
Yokohama Bourse quotations were 2 to 5 yen lower, while
Kobe registered losses of 9 to 13 yen.
Transactions in
futures
totaled 5,300 bales.
Local closing: May, 1.80;
July, 1.80H; Aug., 1.78; Oct., 1.78; Nov., 1.77; Dec., 1.77.
On the 29th inst. futures closed xAc. higher to lc. lower.
Opening sales ranged from unchanged to lc. up.
At one
time some deliveries showed gains of 1 to 2c. above the pre¬
vious close.
Japanese markets were closed because of a
national holiday.
Thus there were no primary prices to
work on here, with the result that the average spot price of
crack double extra remained at $1,913^.
Local closing:
May, 1.803^; July, 1.80^; Aug., 1.78; Oct., 1.77; Nov.,
1.773^; Dec., 1.77. Today futures closed lj^c. up to lc.
down.
Trading was active with prices irregular. The trade
bought, while commission houses were heavy sellers.
The
price of crack double extra silk in the New York spot market
was 4c. lower at $1,873^.
The Yokohama Bourse closed 11
to 14 yen lower, while the price of grade D silk in the out¬
side market was 123^ yen lower at 830 yen a bale.
Local
closing:
May, 1.803^; June, 1.813^; July, 1.81 XA\ Sept.,
1.76V2; Oct., 1.76^; Nov., 1.76^; Dec., 1.76^.
Trans¬
1,757
501
Houston
Corpus Christ!..
noticeable when the slow demand from manufacturers
taken
Tues.
380
Wilmington
Metals—-The report of Copper, Tin, Lead, Zinc, Steel
and Pig Iron, usually appearing here, will be found in the
Mon.
Sat.
Receipts at—
Galveston
1066,835682,280
668,404319,1971419,523
1203,714642,266
657,927340,648
766,827335,7901385,513
21,791 624,905 4802,935
36,172 838,402'5208,684
346,039416,847 1361,029 100,849 718,7643942,103
NOTE—Exports to Canada—It has never been our practice to include In the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It is impossible to give
,
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand,
Tn v ew.
Volume
Financial
144
receiving regarding the matter, we will
the Dominion the present season
have been 15,020 bales.
In the corresponding month of the preceding season the
exports were 20,612 bales.
For the elgnt months ended March 31, 1937, there were
206,942 bales exported, as against 173,222 bales for the eight montns of 1935-36.
However, of the numerous Inquiries we are
that for the month of March the exports to
say
In addition to above exports, our
telegrams tonight also
shipboard, not
give us the following amounts of cotton on
cleared, at the ports named:
On
Shipboard Not Cleared for—
Apr. 30 at—
Britain France
Houston
Orleans.
_
6.600
3,129
4,777
2,600
2,000
613
236
1,923
5.588
3",694
Galveston
New
many
"450
18,200
16.090
17,597
5,586
3,669
5,996
Leaving
Stock
Coast¬
Ger¬
Oreat
Foreign
18,400
9,034
13,683
Total
wise
3,000
2,335
Mobile
32,600
15,347
25.971
6",646
2",502
Norfolk
Other
398,650
299,356
415,568
148,341
27,871
66,636
25,110
86.253
ports—
Total
1937—
Total
1936—
Total
1935—
7,824
9,262
5,623
43,619
33,850
37,555
5,335
1,774
1,603
80,564 1,467,785
64,645 1,752,646
68,374 1,839.467
Speculation in cotton for future delivery was fairly
active, with the price trend generally downward, especially
the latter half of the week.
Statements coming out of
Washington concerning the government's gold policy, to¬
gether with the drastic declines in securities and commodi¬
ties markets both here and abroad were more than suf¬
ficient to explain the unsettlement of cotton values.
There
appeared little incentive to operate on the upward
especially in view of favorable weather and crop
indications
and
acreage
of substantially large increases
side,
news
in cotton
planting.
prices closed 1 to 6 points up.
The
session was very inactive, prices moving within a very narrow
range.
The market opened 1 to 4 points advance in response
to
a
steady Liverpool market.
There was a moderate
amount of local and foreign buying at the start, but this soon
On the 24th inst.
petered out. There appeared to be a waiting attitude on
the part of most traders pending developments in connection
with first May notice day on Tuesday next.
Consequently
volume was small and prices easily influenced by orders either
way.
Sentiment was more or less mixed as to the outcome of
it was feared on the one hand that if a
is tendered on May, prices might be
first notice day, as
liberal amount of cotton
seriously affected,
especially in view of the fact that certifi¬
proportion of the lower deliver¬
cated stocks contain a large
able
is
grades, while spot demand for this character of cotton
On the other hand if tenders are comparatively
slow.
light, the market is believed to be in such a position tech¬
nically that a sudden sharp demand would result in quite a
spurt upward.
However, the weather and
a
consideration, recent reports being quite
May price
closing only 3 points
under July, compared with a discount of 14 points Tuesday.
The weekly weather and crop bulletin indicated less favorable
weather over the belt, owing to rains and lower temperatures.
Private reports continued to indicate good progress in plant¬
ing and continued evidences that cotton farmers are planting
a large acreage.
Average price of middling at the 10 desig¬
and while there
showed
nated spot
crop news
is also
favorable to the
growth. Average price of middling at the 10 designated
spot markets was 13.53c.
On the 26th inst. prices closed
18 to 27 points down.
This heavy slump in values was due
was 13.27c.
inst. prices closed
markets
closing at the lows of the day.
There was nervousness here
and abroad over foreign financial conditions, and houses
connections were conspicuous sellers.
At the
positions were selling around 12%c., or
nearly 2c. a pound down from the high level made late in
March and early in the present month.
New crop positions
were selling at about
the 12%c. level, compared with the
with foreign
decline
of May contracts in expectation of a
in the local market tomorrow (Tues¬
day).
Other contributing influences to the decline were a
weak stock market and weakness in most commodity mar¬
kets.
There was very little rallying power shown during the
session, and prices closed at or near the lows of the day.
The
market opened barely steady at 14 to 16 points lower in
response to weakness in the Liverpool market, and continued
to sag throughout most of the session.
There was active
liquidation including exchanging from May to later months.
Volume was not particularly large and selling of later positions
was not in large, blocks, suggesting a well liquidated market.
Demand was very limited, however, and this came largely
from trade shorts.
Stocks of certificated cotton at all
delivery points totaled 40,986 bales, of which a large percen¬
tage was below middling in grade.
Average price of middling
at nine designated spot markets was 13.30c.
The Savannah
market was closed in holiday observance.
On the 27th inst.
prices closed 14 to 25 points up.
This advance was in the
face of circulation of May notices in the local and New
Orleans markets equal to practically the total certificated
stocks.
There was considerable May liquidation, this con¬
sisting largely of switching operations from May to later
options.
The May notices were stopped by strong spot in¬
terests, and this in itself did much to revive, confidence.
There was heavy trade and commission house buying as well
as
active covering.
Strength in the stock market and a
steadier tone to commodities in general contributed to the
advance.
New crop months showed greater advances than
the old, with a further narrowing of premiums for near
months, suggesting that changing conditions in the spot
market were resulting in narrower differences.
Wall Street
houses bought in the later afternoon following the upturn
in the stock market.
Southern spot markets as officially
reported were 14 to 20 points higher, middling quotations
ranging from 13.16 to 14.01c.
Average price of middling
at the 10 designated spot markets was
13.54c. On the
28th inst. prices cloed 17 to 30 points down.
The market
opened barely steady at 9 to 11 points lower.
The de¬
new
14c. Southern spot
21 to 25 points lower.
price of middling at the 10 designated spot markets
markets, as officially reported, were
Average
was
13.05c.
opened
closing
hour yesterday.
The list was 18 to 21 points higher, on
improved cables from Liverpool and a brighter outlook of
foreign financial affairs after a period of weakness.
Trad¬
ing was not very active, and although there was a good
foreign and trade demand and scattered purchasing, which
pushed prices forward at the opening, most of the bulge was
attributed by observers to a general absence of liquidation.
Today prices closed 20 to 25 points up.
Futures
unusually steady following the sharp break in the
initial advance of more than
an
local
Staple
Premiums
grades established
6, 1937
are
the average quotations of the ten
markets designated by the Secretary of
Agriculture.
Differences between
of average ot
markets quoting
60%
six
a
selling and increased liquidation,
some
for deliveries
for deliveries od
April 29. 1937
16-16
1 Inch fe
mob
longer
38
on
contract to May
.72
Middling Fair
White
Strict Good Middling.,
do
76
.38
76
38
75
Middling
36
70
Strict Low Middling...
do
.23
50
Low Middling
do
Good Middling..
76
38
76
Strict Middling
♦Strict Good Ordinary
76
.76
Strict Middling
38
.70
23
Middling
75
36
.50
do
Strict Low Middling
do do
♦Strict Good Ordinary.,
do do
♦Good Ordinary
do do
Good Middling..
Spotted....
Strict Middling
do
Middling
do
♦Strict Low Middling...
do
♦Low Middling
do
Good Middling.......Tinged
Strict Middling
do
...
♦Middling
do
.34
67
25
48
25
51
25
51
♦Strict Low Middling...
♦Low Middling
Good Middling
50
25
♦Strict Middling
♦Middling
Middling
2:
50
Good
27
50
•Middling
♦
..
do
do
do
do
do
lion
08 off
71 off
164
..2.24
.41 off
.72
1.67
2 30
2.79
1 23 off
182
2.46
.58 off
.83
1.46
do 1 —
do
Yellow Stained
do do
do do
Gray
Strict Middling
do
do
do
2.18
2.75
.......
.34
do
do
68 off
1.49
do
Low Middling
67
do
Mid
even
Extra White
do do
do do
Good Middling
38
do
do
2.20
2.78
.54 on
35
do
38
do
.35
Baals
69 off
151
do
.
♦Good Ordinary
Mid.
on
.63
54
do
do
do
.38
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Not deliverable on future oontraot
quotation for middling upland cotton in the
day for the past week has been:
April 24 to April 30—
Sat. Mon. Tues. Wed. Thura. Frl.
Middling upland
..13.85
13.58 13.72 13.55
13.26 13.51
The official
New York market each
New York Quotations for 32 Years
quotations for middling upland at New York on
Apr. 30 for each of the past 32 years have been as follows:
The
,13.51c.
1929
19.45c.
1921
,11.60c.
1937
1936
1935
1934
1928 —...22.15c.
1920
1927 „..-15.30c.
1919
18.90c.
24.30c.
29.80c.
27.85c.
18.35c.
1918
.12.20c.
-10.95c.
1926
7.90c.
1925
5.60c.
1924
9.75c.
-16.60c.
1933
1932
1923
.
.
1931
.
1930
1922
1917
1916
1915
1914
1913
12.40c.
41.25c.
29.40c.
27.50c.
20.55c.
12.20c.
10.50c.
13.00c.
1912
1911
1910
1909
1908
1907
1906
11.80c.
11.70c.
15.45c.
15.25c.
10.90c.
10.30c.
11.45c.
11.75c.
Market and Sales at New York
SALES
Futures
Spot Market
reports from London and Paris indicating disturbed financial
conditions, all of which did much to undermine confidence.
New lows for the movement were established in most active
Thursday
—
Friday
Market
Closed
pressing influences were disappointing Liverpool cables and
warnings of President Roosevelt against the present hazard
of undue advances in prices.
Supplementing these were
issued,
$1
bale, there was
which caused
some uneasiness.
Weather news, which showed generally
clear conditions, had no direct effect on the market. Worth
Street reported that trading yesterday was still quiet, with
brokers adopting a waiting attitude.
After
Saturday—
Monday
Tuesday
Wednesday.
No further May notices were
crop
high mark of only a few points under
heavy liquidation
moderate May liquidation, the
20 to 22 points down.
and the market early dis¬
played considerable stability, with some fairly active com¬
mission house, trade and New Orleans buying.
The market
opened steady and 2 to 7 points lower, which was only a
partial response to weakness in Liverpool, where early
prices were 8 to 18 American points lower than expected.
Later in the session, however, selling on a rather heavy
scale developed, coming largely from foreign sources, and
this carried prices down for substantial losses, the market
liberal number of notices
positions in cotton.
was
stability than other months,
29th
the
On
new
to
more
Trading was not in large volume,
Savannah
Charleston
3035
Chronicle
Closed
Steady, 6 pts. adv..
Quiet, 27 pts. dec—.
Steady, 14 pts. adv.
Quiet, 17 pts. dec
Quiet, 29 pts. dec
Steady, 25 pts. adv.
Steady
Barely steady.
Steady
Steady
Barely steady.
steady
Conlr 'ct
Spot
.
-
-
-
T
_
"200
"200
Total week.
1
68,722
400
400
Since Aug.
Total
200
200
104",600
173,322
3036
*
Financial
Futures—The highest,
lowest and
New York for the past week have been
Saturday
Monday
Tuesday
Apr. 24
Apr. 26
Apr. 27
closing
prices
at
follows:
as
Wednesday
Apr. 28
Thursday
Friday
Apr. 30
Apr. 29
Chronicle
At
the
May
Interior
Towns
the
1937
1
movement—that
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks
tonight, and the same terns for the
corresponding period of the previous year—is set out in
detail below:
Afay(1937)
Range— 13.18-13.27 12.98-13.11 12.91-13.16 12.90-13.04
12.75-13.02 12.77-12.95
13.25
12.98-12.99 13.12-13.14 12.95-12.97 12.75
12.97n
P'Closing
Movement to April 30, 1937
_
June—
Range..
Towns
Closing. 13.24n
13.02 n
13.19«
12.96n
12.75n
July—
Receipts
Movement to May 1,
Ship¬
ments
Weel
Apr.
Week
12.99n
Stocks
30
Season
Receipts
1936
Ship-
1
Season
Stocks
May
inents
Week
1
Week
Range..
13.18-13.27 13.06-13.15 13.01-13.32 12.95-13.17
12.76-13.04 12.81-13.03
Closing. 13.24-13.26 13.06-13.07 13.26-13.27 12.98-13.00
12.76-12.77 13.01-13.03
Ala., Birming'm
Aug.—
Range.
13.18/1
12.90n
12.88/1
13.10/1
Range..
12.93n
23
Ark., Blythvllle
Forest City
26
Oct.—
Little Rock..
13.02
12.75
12.53
—
Closing. 12.07»
12.76W
13.00n
12.73 n
12.52n
Closing. 12.05-12.97, 12.74
(1938)
12.97
12.75
13.00
12.72
^ Range..
Closing. 12.08n
13.02n
12.73n
12.53n
12.78n
Closing. ll.OOw
12.81
13.05
12.75-12.76 12.55-12
April—
12
80,426
4.377
25
109,317
27,113
853
900
559
7,103
38
36,598
308
17,388
13,175
734
6.693
3
31,825
20
16,307
251
8,715
45,710
556
10,532
23
1,208
139
99
160,177
31,197
1,881
7,174
131
59,260
15,260
19,753
11,451
14,947
1,430 23,538
10,094 176,572
4,176 91,298
35,500
37
112,512
34,443
178
49,673
24,335
94
17,154
6,560
50,452
1,652
65,994
290,165
2,512 127,554
2,831
2,459
2,562
1,403
581
180,207
41,339
53,458
132
39,560
21,158
100,156
163,386
38,737
260,274
1,450
26,017
165
15,293
250
24,604
22,933
61,784
337
12
518
Jackson
171
456
24
Option for—
Range for Week
June
1937—
1937-
ending
option:
6,078
3
71,408
15
7,360
257
120,686
1,978
19,512
50
41,201
1,067
15.322
186
172.466
1,399
26,459
16,782
1,392
9,649
238
273
4,950
96
9,354
1,633
2,199
2,387
3,591
2.694
175,952
2,807
212,265
16,553 2,474,414
38,905
3.C03 64,418
4,054 85,699
37,306 414,072
98
2,284
16,244
432
38
""13
1,482
34
238
6,015
171
Austin.;
Brenliam
Dallas
Nov. 21 1936
10.48 June
14.50
1 193C
12.78
12.76
Apr.
July
1937-
12.53 Apr.
385
5,095
27
11.05
Nov. 12 193C 13.98
Jan. 19 1937 11.93
Dec. 17 1936 13.93
Apr.
5 1937
11.93
Jan. 19 1937
Apr. 29 13.02 Apr. 27 11.56
Apr.
5 1937
Apr. 29 13.04 Apr. 27 11.70 Feb.
3 1937 13.94 Apr.
5 1937
Feb. 1938._ 12.68 Apr. 30 12.68
Apr. 30 12.10 Mar.
1 1937 13.85 Mar. 31 1937
Mar. 1938-. 12.55 Apr. 29 13.07
Apr. 27 12.90 Apr. 20 1937 13.97
Apr.
5 1937
Nov. 1937—
Dec.
1937-
12.50
Jan.
1938..
12.52
The Visible
Supply of Cotton tonight,
as made up by
Foreign stocks as well
consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the
complete figures for tonight (Friday) we
add the item of exports from the United
States, for Friday
only.
cable and
as
afloat
telegraph, is
are
follows.
as
this week's returns, and
Apr. 30—
Stock at Liverpool
1937
bales.
Stock at Manchester...
Total Great Britain
Stock at Bremen
1936
616,000
115,000
830,000
155,000
985,000
191,000
240,000
14,000
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
731,000
240,000
176.000
18,000
74,000
72,000
18,000
10,000
8,000
Stock at Venice and Mestre
Stock at Trieste
i
Total Continental stocks
481,000
1935
2
56,027
"l45
30,726
"l66
6,927
9
37,746
298
10.177
3,139
187,556
3,139
2,331
76
7,349
117
3,613
6,000
5,000
5,000
.
595,000
_____
Egypt
Stock in U. S. interior towns
U. S. exports today
Of the
stock
Manchester stock
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U.S. port stock
U. S. interior stock.
U.S. exports today.
Total American
Liverpool stock
481,000
92,000
49,000
29,000
33,000
186.000
118,000
242,000
1,206,000
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for
Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt.
Stock in Bombay, India
Total East India, &c
Total American
329,000
64,000
49,000
23,000
66,000
182,000
99,000
291,000
863,000
436,000
39,000
over
1934, and
79,616
254
7,798
99,5471322016
23,8944,911,489
34,318 5,849,625
The
above
59,2931779076
totals
show
that
the
interior
stocks
have
during the week 65,229 bales and are tonight
457,060 bhles less than at the same period last year.
The
receipts of all the towns have been 10,424 bales more than
the
same
week last year.
Overland Movement for the Week and Since
Aug. 1—
We give below a statement
showing the overland movement
for the week and since
Aug. 1, as
made up from telegraphic
The results for the week and since
reports Friday night.
follows:
years are as
1936-37
Since
Apr. 30—
Shipped—
1935-36-
Week
Aug. 1
Week
Sinc$
Aug. 1
5,095
296,918
3.139
185.358
1,775
260
144,467
4.684
8,529
1.540
69.369
"253
10.872
3,833
16,084
188,227
632,628
3,809
5,346
164,701
582,337
1,275,453
14,087
1,015,465
521
195
26,130
4,873
54,922
11,526
418,367
4,723
251,473
5,958
484.815
5,439
286,769
21,089
790,638
8,648
728,696
....
Including movement by rail
2,828
9,166
to Canada.
net overland movement
year
1936-37
Interior stocks in
Excess
over
500,000
58,000
excess
of Southern mill
takings
consumption to April 1
Came into sight
1935-36
Since
Week
during week
*65,229
Since
Aug. 1
Receipts at ports to April 30__
44,904
Net overland to April 30__
21,089
Southern consumption to April
30-160,000
5,939,812
6,015.695
790,638
5,385,000
12,191,333
137,953
Week
20,044
8,648
115,000
1,082,395
160,764
North, spinn's' takings to April 30
*
Aug. 1
6,340,725
728,696
4,130,000
143,692 11,199,421
*35,399
658,738
568,360
108,293
13,411,681
18,000
62,000
134,000
132,000
121,000
138,000
90,000
266,000
372,000
803,000 1,226,000
decrease of
10,593
176
Takings
6 *,000
a
towns
640
155
841
In Sight and Spinners'
3,379
1,513,283
12,426",5l9
17,899
969,838
Decrease.
Movement into sight in previous
Week—
2,436.000 1,966,000 1.955,000 2,501,000
3,858,119 4,573,849 4,169,331 5,939,812
169,788 bales
2,146,693 bales from 1933.
1,350
5,146
24,664
3
3,004
52
has been 21,089 bales, against 8,648 bales for
the week last year, and that for the season
to date the
aggregate net overland exhibits an increase over a
year ago
of 61,942 bhles.
Bales
1935—May 3
82.615
1934—May 4
1933—May 5
162,195
169,694
years:
Since Aug. 1—
1934
1933
1932
Bales
8,335,959
11,773,698
12,497,057
Requests for Release of Loan Cotton—The
Commodity
Credit Corporation announced
April 23 that requests for
release totaling 1,243,201 bales of
cotton had been received
at the Loan
Agencies of the Reconstruction Finance Cor¬
poration through April 22, 1937.
The
of
8,751
10.506
9
Includes the combined totals of 15 towns In Oklahoma.
this
Total visible supply
6.294,119 6,539,849 6,124,331 8,440,812
Middling uplands, Liverpool
7.22d.
6.46d.
6.81d.
5.93d.
Middling uplands, New York
13.51c.
11.61c.
12.25c.
11.30c.
Egypt, good Sakel, Liverpool
12.25d.
9.34d.
8.78d.
8.78d.
Broach, fine, Liverpool
6.04d.
5.44d.
6.01d.
4.66d.
Peruvian Tanguis, g'd fair.L'pool
8.77d.
C.P.Oomra No.l staple,s'fine,Liv
5.94d.
increase
683
decreased
*
follows:
Continental imports for past week have been
103,000 bales.
above figures for 1936 show a decrease from
last
week of 106,161 bales, a loss of
245,730 over 1935, an
2,344
3,883
1,409
""The foregoing shows the week's
349,000
287,000
230,000
430,000
63,000
51,000
43,000
49,000
142,000
192,000
187,000
211,000
153,000
111,000
17,000
112,000
89,000
933,000
194,000
179,000
167,000
192,000
1,548.349 1,817,291 1,907,841 2,867,291
1,322,016 1,779,076 1,396,198 1,467,685
11,754
3,482
38,292
836
3,858,119 4,573,849 4,169,331
East Indian, Brazil, &c.—
1.502
5
8,951
Leaving total net overland.*
6,294,119 6,539,849 6,124,331 8,440,812
are as
2
27
79,523
Total to be deducted
_____
bales.
26,225 555,642
18,472
12,082
52,944
34,148
10,525
34.987
Inland, &c., from South
American—
Liverpool
4,898 102,285
2,434 55,187
Total gross overland
27,047
Deduct Shipments—
Overland to N. Y.. Boston, &c—
733
Between interior towns
352
5,000
8,000
_____
528,000 1,067,000
above, totals of American and other descriptions
385,503
1,720
149.467
11,907 1,885,545
98
54,745
45
Via Virginia points
Via others routes, &c
1,326,000 1,276,000 2,104,000
186,000
182,000
132,000
121 000
194,000
179,000
167,000
192,000
118,000
99,000
138,000
90,000
242,000
291,000
266,000
372,000
—1,206,000
863,000
803,000 1,226,000
1,548,349 1,817,291 1,907,841 2,867,291
1,322,016 1,779,076 1,396,198 1,467,685
11,754
3,482
38,292
836
Total visible supply
551
957
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
American cotton afloat for Europe
Egypt, Brazil,&c.,afl't for Europe
Stock in Bombay, India
Stock in U. S. ports
2,962
94
..
Waco
930,000
107,000
748,000 1,037,000
248,000
596,000
129,000
278,000
24,000
18,000
75,000
84,000
41,000
78,000
10,000
—i
171
8,789
40
Texarkana
*
25,242
1
Aug. 1 in the last two
1934
666,000
82,000
Total European stocks
—1,466,000
India cotton afloat for Europe—
Stock in Alexandria,
San Antonio.
Total, 56
6,405
81,927
71,164
13,701
Robstown
13.95 Mar. 17 1937
29 13.06 Apr.
237
Paris
6 1937
10 1936
Apr. 29 13.27 Apr. 24 11.41 Nov. 12 1936
14.59 Mar. 30 1937
Aug. 1937- 12.68 Apr. 27 12.75 Apr. 27 11.50
Aug. 29 1936 12.85 Mar. 8 1937
Sept. 1937— 12.71 Apr. 29 12.88 Apr. 28 11.52 Nov.
4 1936
Oct.
7
31,100
25,637
39,084
51,383
298,227
220
S. C.,Greenville
Tenn., Memphis
Texas, Abilene
Range Since Beginning of Option
May 1937- 12.77 Apr. 30 13.27 Apr. 24 11.51
July
week
each
towns *
400
779
20,608
4
3,435 155,409
828
Oklahoma—
for
12,924
763
N. C. Gr'nsboro
Range for future prices at New York
April b0,1937, and since trading began on
12
900
Greenwood..
15
145
322
Vlcksburg
Yazoo City...
Nominal.
63,405
58,662
26,973
Mo., St. Louis.
n
167
2" 198
""16
La., Slireveport
Mlss.Clarksdale
_
366
85,564
24
44,177
Natchez
Closing
81,017
20
36,979
"507
Macon
12.79n
607
183
347,318
191,159
16,325
Rome
Range..
11,157
40,630
37,704
45,110
58,168
15,424
2,250
1,722
Augusta
Columbus
12.63-12.80
65
1,793
3,525
3,133
85
29.321
Columbus
Ih. Range.. 11.00-13.02 12.80-12.88 12.75-13.07 12.75-12.97
12.55-12,
155
28,336
8,440
21
Atlanta
12.77-12.78
12.68-12.68
12.78n
March—
46,183
13,409
Athens
12.58-12.78
12.52-12
15
Walnut Ridge
12.74-12.75
Range.. 12.06-13.00 12.75-12.85 12.71-13.04
12.72-12.90 12.52-12
Closing. 12.07
Feb.—
139,342
92
Ga., Albany
12.55-12.75
12.70-12.71 12.50-12
Jan.
766
~~53
Jonesboro
12.77-12.78
12.76n
Range.. 12.00-12.98 12.72-12.84 12.69-13.02 12.68-12.89
12.50-12.
88
.
Hope
Range..
Dec.—
867
Newport....
_
Helena
Range.. 12.95-13.02 12.76-12.88 12.73-13.06 12.71-12.92
12.53-12.78 12.57-12.79
Closing. 12.00-13.00 12.78
Nov.—
2,624
32,495
60,020
54,430
19,588
188,387
27,878
Pine Bluff...
Closing. 13.08/1
|
1,112
Selma
12.88-12.88 12.71-12.71
12.82«
12.60n
12.85 n
12.68n
76,559
9,278
52,001
55,237
167,929
40
Montgomery.
I2.97n
Sept.—
P
Eufaula
12.68-12.75
.
Closing. 13.16/1
679
/
Quotations for Middling Cotton at Other Markets—
are the closing quotations for middling cotton at
Below
Southern and other
of the week:
principal cotton markets
for each
day
Volume
Financial
144
weekly movement from the plantations of that part of the
which finally reaches the market through the outports.
Cotton on—
Closing Quotations for Middling
3037
Chronicle
crop
Week Ended
New Orleans..
Mobile...
13.50
13.85
H'day
13-90
Montgomery..
Augusta
Memphis
13.55
13.70
13.37
Houston
13.45
13.58
13.65
13.56
Savannah
Norfolk
13.29
14.01
13.05
13.25
13.25
13.18
12.90
12.89
Little Rock
13.15
Dallas
13.15
12.96
13.15
13.16
Fort Worth
13.15
12.96
13.16
13.00
13.21
12.90
12.89
Market—The closing
Feb.
10.309 17,101 27,759
70,572 54,6142,001.8962.196.265 1,740.457
8.480
8.472 26,023
63,630 40,8951.952.5482,158.668 1.708,04?
Nil
1.680,359 50,513 22,643
82,257 60,634 25,0181.926,8042,124.667
1,983,174 282,811 270,748 153,400
20- 251,440 271,993 133,525 2,373,757 2,321,538
8,103
19,070 42,943
2066.019 64,036 45,509 1.880,4652,103,575 1,039,950
6..
54,826
11-
57,820
19-
Mar.
12.92
5-
12.92
12-
64,149
67,954
54,793
48,205
38,439
47,370
26-
61,190
48,797
quotations
cotton market for
leading contracts in the New Orleans
week have been as follows:
the past
Apr.
2..
59,427
35.770
9-
50,142
42,828
35,607
40,673
44,904
34.771
20,044
16..
23..
Saturday
Monday
Apr. 24
Apr. 26
Apr. 27
Friday
Apr. 29
Apr. 30
30..
34,922
8,323
2,109
Nil
2,043
Nil
1,713
Nil
22,525
32
Nil
NO
4,017
0,763
Nil
Nil
0,000
25,9271,569,2441.902,472 1,492,794
25,5291,603,3101,871,482 1,474,028
Nil
1,607
Nil
28,622 1,810,7712,057,037 1,603,937
24,287 1,744,8602,012,824 1,587,972
30,138 1,685,4841,967,167 1,569,937
24,491 1.622,0111,940,895 1.535.485
Nil
15,8291,440.1721,833,913 1,451,845
"Nil"
21,2511,387,2451,814,475 1,423,178
Nil
15,7911,322,0161,779,076 1,396,198
Nil
15,333
Nil
Nil
(1) That the total receipts
The above statement shows:
plantations since Aug. 1, 1936, are 6,216,627 bales;
in 1935-36 were 6,986,346 bales and in 1934-35 were 4,139,457
bales.
(2) That, although the receipts at the outports the
past week were 44,904 bales, the actual movement from
from the
Apr.(1937)
June
125661261a 12.85
130861310a 12.83
12.83
13.08
May.
Thursday
Wednesday
Apr. 28
Tuesday
1935
1936
1937
1935
1936
1937
1935
1936
1937
19-
New Orleans Contract
for
13.32
13.77
13.51
12.75
12.96
12.65
12.66
12.66
13.74
13.00
13.45
13.25
12.95
.
13.61
13.70
Receipts from Plantationt
Totons
Ended
13.33
13.26
13.45
13.06
13.81
14.00
...
13.37
13.32
13.23
13.87
13.90
13.36
13.23
13.21
Stocks at Interior
Receipts at Ports
Week
12.96
13.08
13.01
13.18
13.45
13.58
13.37
13.25
13.43
13.55
Wed'day Thursday
Tuesday
Saturday Monday
April 30
Galveston
bid
12.68-12^69 12.91-12.93
13.15-13.16 12.95-12.96 13.18-13.20 12.91-12.92
July
August...
September
12.99
12.74-12.75 13.00
12.73
13.48-12.50 12.77
December- 13.05
13.07
12.81
12.55
12.83
13.07
1283&1284a 13.08
12.82
12.56
12.84
13.12
12.88
October
..
November
Jan. (1938)
February
World's Supply
.
March
12.87
12.59
131061312a 12.84
April
Tone—
Spot.....
Steady.
Weather Reports
Steady.
Steady,
Quiet.
Quiet.
Barely stdy
Steady.
Quiet.
Steady.
Steady;
Options—.
st'y.
Very
Easy.
by Telegraph—Reports to us
by tele¬
position to respond quickly to higher temperatures.
-Thermometer-
Rain
Rainfall
Inches
Low
1
0.05
62
Texas—Galveston
Austin
Abilene
70
76
38
84
62
92
dry
dry
dry
Amarillo
Mean
42
73
67
57
.
Cotton—The follow¬
and Takings of
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
sight for the like period:
graph this evening denote that the new cotton season does
not look as backward as it did and on the whole fair progress
a
has been made toward getting the crop started.
It is in
Days
having
Slantations was nil bales, stock week.
ecreased 65,229 bales during the at interior towns
1935-36
1936-37
Cotton Takings,
Week and Season
23
1
April 30Bombay receipts to April 29. Other India ship'ts to April 29
Alexandria receipts to April 28
Other supply to April 28 ♦ 5—
6,582,346
6,400,280
Visible supply April
Visible supply Aug.
Season
Week
Season
Week
464,000
4,295,259
108,293 12,426,519
113,000 2,425.000
779,000
62,000
10,000 1,589,600
419,000
12,000
6,672,044 24,138,139
American in sight to
6,887,639 21,934,378
4,899258
160764 13,411,681
•
2,647,000
906,000
1,810,200
71,000
23,000
8,000
9,000
90
50
70
Brownsville
dry
98
62
80
Corpus Christi
dry
dry
dry
dry
dry
dry
dry
84
62
73
92
82
46
69
42
62
92
40
66
96
36
66
94
38
66
94
48
71
1.76
0.16
82
48
65
88
50
69
0.40
92
44
68
Southern mills, 5,385,000 bales in
52
74
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 12,459,020 bales in 1936-37 and 11,264,529 bales in
1935-36, of which 7,259,820 bales and 6,509,929 bales Amierican.
b Estimated.
, ■
0.02
1
Brenham
Dallas
El Paso
Henrietta..
Kerr vi lie
Lampasas
Luling
Nacogdoches
1
Palestine
1
1
Paris
San Antonio
dry
96
Taylor
dry
dry
dry
96
44
70
92
82
40
66
40
61
89
68
88
44
66
1
0.38
0.06
0.34
46
86
42
64
2
0.12
86
41
64
1
2.65
86
50
68
Amite
4
46
65
New Orleans
1.38
0.01
84
1
84
60
72
86
52
90
0.40
90
43
48
April 30
Total takings to April
Of which American
30 a
6,539.849
6,539,849
347,790 15,394,529
228,790 10,639,929
119,000 4,754,600
377,925 17,844,020
275,925 12,644,820
102,000 5,199,200
Of which other
Europe from Brazil, Smyrna, West Indies, &c.
Aug. 1 the total estimated consumption
♦
Embraces receipts in
a
This total embraces since
67
Weatherford
Oklahoma—Oklahoma City—
Arkansas—Eldorado
2
Fort Smith
1
Little Rock
Pine Bluff.
.........
Louisiana—Alexandria
2
Shreveport...
Mississippi—Greenwood
Meridian
by
1935-36—-
1936-37 and 4,130,000 bales in
1
Montgomery
Florida—Jacksonville
2.10
2.85
84
85
55
1.74
44
86
52
69
86
54
Pensacola
Tampa
-
Georgia—Savannah
0.21
3
Augusta
4
84
62
0.21
0.58
1.53
3.76
3.40
3.28
2
4
Atlanta................
80
58
86
60
73
70
65
68
Receipts—
71,000 2,647,000 113.00C 2,425,000
Bombay
89
51
86
44
88
48
50
68
4.14
77
54
66
87
47
67.
2.33
1.82
88
50
69
88
49
69
0.44
1.38
82
60
88
38
46
2.64
81
50
65
86
1.26
86
46
Weldon
4
3.02
83
45
64
4
3
3
0.66
1.54
82
50
66
86
42
63
Conti-
Britain
nent
&
| China
j Jap'n
Great
Total
i
Conti-
1
Britain
|
nent
Bombay—
&
Japan
Total
China
37,000
68,000
315,000 1,174,000 1,557,000
82,000
49,000
88,000
51,000
324,000 1,011,000 1.423,000
974,000 1,295,000
270,000
23,000
62,000
360,000
50,000
2,000
2,000
14.000
25,000
65,000
11,000
38,000
12,000
1936-37..
3~666
66
Raleigh
4
4
4
4
4
2
5
3
Great
80,000 1,991,000
Since August
For the Week
Exports
From—
Aug. 1
Week
Aug. 1
Week
Aug. 1
Week
73
69
3.96
3
Macon
Since
Since
Since
70
2
2
Miami
1934-35
1935-36
1936-37
63
0.10
1.96
from All Ports—The
April 29
72
82
.
receipts
of Indian cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
India Cotton Movement
69
50
3
3
1
3
Vicksburg
Alabama—Mobile
Birmingham
South
Carolina—Charleston
__
Greenwood
Columbia
Conway
North Carolina—Asheville
Charlotte
Newborn
Wilmington
Tennessee—Memphis
Chattanooga
The
1.33
graph, showing the height of
8 a. m. of the dates given:
86
44
65
84
40
62
also been received by tele¬
following statement has
rivers at the points named at
May 1, 1936
April 30, 1937
Feet
Feet
Memphis
Nashville
Shreveport
Vicksburg
Cotton
7.4
14.1
22.3
24.6
14.6
16.9
10.0
3.5
21.7
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
New Orleans
42.5
High
StandDensity
ard
High
.42c.
Manchester .42c.
Antwerp
ard
StandDensity
ard
.85c.
1.00
.85c.
1.00
d.45c.
.60c.
Piraeus
.57c.
Fiume
d.45c.
.60c.
Salonica
*
*
Venice
d.45c.
.60c.
*
*
*
*
.52c.
Southern
1936-37..
1935-36..
15,000
12,000
8,000
1934-35..
288,000
172,000
Total all—
1936-37.1935-36
1934-35.
20,000
64,000
25,000
13,000
15,000
15,000
60,000
38,000
.
65,000 144,000
51,000
428,000
376,000
223,000
x
Bombay x
.50c.
.65c.
Copenhag'n.52c.
Naples
d.45c.
Leghorn
d.45c.
Bremen
.37c.
.530.
Gothenb'g
Japan
Shanghai
Hamburg
Only small lots,
.53c.
d Direct steamer.
figures do not
861,000 1,174,000 2,463,000
815,000 1,011,000 2,202,000
974,000 1,929,000
732,000
Bombay appears to show a
compared with last year in the week's receipts of
42,000 bales.
Exports from all India ports record a decrease
of 84,000 bales during the week, and since Aug. 1 show an
increase of 261,000 bhles.
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Alexandria
ceive
weekly
a
1934-35
1935-36
1936-37
Alexandria, Egypt,
Apr. 28
Receipts (cantars)—
This week
Since Aug. 1
This
Week
Exports (bales)—
This
Since
Aug.
110.000
7,157,956
50,000
7,997,904
40,000
9,044,047
1
Week
This
Since
Aug.
1
To America
15,000 626,306
2,000 39,375
4,000 178,146
5,000 131,851
11,000 551,379
1,000 33,881
Total exports
23.000 1021,347
21,000 895,257
To
Liverpool
To
.370.
779,000
634,000
According to the foregoing,
.67c.
.60o.
906,000
546,000
491,000
462,000
decrease
.67c.
Barcelona
include overland receipts nor
consumption; they are simply a statement of the
The
1934-35..
OtherIndla-
.60o.
39>£c. .54>£ c.
.36c.
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
1935-36.-
High
Trieste
Rotterdam
Rate is open,
Density
Stand-
.57c.
.51c.
.39}^c. .54^c.
Genoa
d.45c.
.60c.
Oslo
.53c.
.68c.
Stockholm .52o.
.67c.
Havre
from New
Inc., are as
Freights—Current rates for cotton
York, as furnished by Lambert & Barrows,
follows, quotations being in cents per pound:
Liverpool
67
0.78
3
Nashville
*
Visible supply
6,294,119
6,294,119
67
1
Deduct—
69
2
0.05
1.24
Total supply
Manchester, &c
& India
To Continent
-—
173,230
6~O6O 182,436
Week
foreign shipments 23,000 bales.
1
114,748
124,106
9,000 604,746
9,000 877,188
33,588
Note—A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending April
40,000 cantars and the
Since
Aug.
28 were
3038
Financial
Chronicle
Manchester Market—Our
report received by cable to¬
night from Manchester states that the market in both
yarns
and cloths is
steady.
Merchants
are
We give prices
today below and
weeks of this and last
year for
buying
very
-•"S
sparingly.
leave those for
May 1, 1937
Prices of futures at Liverpool for each
day are given below:
April 24
Sat.
April 30
comparison:
8\i
32s Cop
d.
Lbs.
ings,
Twist
Shirt¬
Cotton
Common
d.
4.
d.
■.
d.
12H<£13 h
11— 12H<S>13hi
19- 12H,@13^
26- I2H<ftl3H
9
9
@10
0
9
5-
13
12-
(414H
13H @ 15
14
25-
14
9
@10
0
7.30
3
@
9
6
9
7.22
9
3
@
9
6
0
7.41
9% @11
9
3
@
9
6
10
0
@10
3
7.70
1^@ 9
4H@10
7H
7.94
9
3
7H@10 10S
7H@10 10H
7.85
9H@11
9^@im
9H@11H
9
10
7.95
9H@11H
6
9
1«@
9
4h
3
9
6
7.87
9^@ll>i
14^@15^
10
9
@11
0
7.47
23- 14H@15M
@15
10
6
@10
9
7.49
10
6
@10
9
7.22
7.17
7.13
6.98
7.02
7.08
7.03
7.08
7.11
7.01
6.92
6.96
6.93
6.9S
7.20
7.12
7.08
7.03
7.09
7.11
7.01
6.92
6.96
6.93
6.93
7.20
News—As
@
on
4H
4H
1
9
4X
6.58
1H@ 9
1H@ 9
4H
4H
6.46
9
previous
a
off
Tallin—April 26—Sparrndam,36
Bremen—April 27—Youngstown, 482; Luebeck, 1,254
Hamburg—April 27—Youngstown, 36; Luebeck, 27
Gdynia—April 27—Youngstown, 123
Gefle—April 27—Youngstown,93-.'
Vejle—April 27—Youngstown, 37
Liverpool—April29—Historian,
cent
fined
1,022
1,333
5,868
SAVANNAH—To Gdynia—April
24—Stureholm, 300
SAN FRANCISCO—To Great
Britain—(?)—37
42,000
16,000
202,000
52,000
579
200
79
1,536
94
50
200
96
26
25
91
672
4,792
1,248
50
285
26
2
13
47
1,280
April 30
65,000
985,000
412,000
74,000
9,000
195,000
53,000
Monday
Tuesday
Wednesday
Thursday
Friday
Quiet.
Moderate
Queit.
Quiet.
Quiet.
I
Market,
Steady,
1
opened
Market,
4
P. M.
demand.
Quiet,
7.31d
7.23d.
Steady,
7.22d.
Steday,
Steady,
to 3 pts. 3 to 4 pts. 8 to 12
pts. 6 to 7 pts. 2 to 5 pts. 5 to 6
pts.
advance.
decline.
decline.
advance.
decline.
decline.
Quiet,
Easy,
Steady,
Barely stdy
Steady,
Barley st'y;
but steady, 12 to 14 pts 2
pts. dec. 6 to 8 pts. 3 to 5 pts. 3 to 4
pts.
pts. adv.
decline.
to 1 pt. adv
decline.
decline.
decline.
4
regarded
as
short
on
the
covering.
restricting aggressive
largely to Germany.
cents lower.
On the 26th inst.
There
were
many
Chicago wheat market
fell 5 cents
a
bushel
extreme allowable limit for the
let-up of export business in
of interest in
was
the sudden
Canadian
the way
of
day.
little to
a
wheat.
news
was
the
an
unexpectedly big Crop of wheat for India, the
largest since 1930 and 20,000,000 bushels greater than last
This
year.
the
to
was
said to be
Liverpool market,
affected
the
a
a
notable factor in the
upset of
development that
Winnipeg and Chicago trading.
extreme
adversely
soon
Winnipeg broke
five-cent
limit.
On the 27th inst.
prices
closed 17/sQ. to 2%c. higher. In
spite of the fact that corn
with its sensational rise and
activity had the
displayed
an
spotlight, wheat
independent upward trend.
There were a
explaining the pronounced strength
number of bullish factors
of wheat, chief of which
were
a
stronger Liverpool market
by Germany and Spain,
and purchases of Canadian wheat
some unconfirmed estimates
running
bushels.
Official advices
were
up to about
2,000,000
also at hand that the Euro¬
wheat crop outlook is unfavorable. On the 28th inst.
prices closed 3^c. to lc. up. During parts of the session the
pean
market
was
somewhat
reactionary. Temporary downturns
grain prices as a whole were led by May
wheat, which at
one stage was off
334c. to $1.25, the lowest level since De¬
cember, 1936. A surprising feature was that breaks in wheat
values were in the face of
reports that the Argentine wheat
surplus had been practically all contracted for.
Besides,
reports persisted that lack of subsoil moisture in domestic
wheat territory in the Southwest
threatens a wheat plant
collapse should moderate heat be experienced.
of
On
the 29th inst.
prices closed % to l%c. lower.
early trading this grain showed considerable
In the
firmness, prices
advancing 2c.,
this being due largely to reports of
export
purchases of upward of 1,000,000 bushels of Canadian
wheat.
In
the
and
late
became
perienced
fluence,
a
dealings, however, selling pressure developed
increasingly heavy when the corn market ex¬
substantial
however,
favorable
rains
seemed
was
in
to
the
more
setback.
the
Northwrest
than
The
weather
and
counter
chief
report,
the
today for wheat
bushel
wheat
crop
hand,
were
maximum
have
assertions
showed
the
influence of
Highest
West.
a
big
prices
the late dealings
overnight gain.
prospects
with
reached in
depressing in¬
which
parts of
shrinkage in Argentine wheat shipments.
Today prices closed 3 to 3%c. higher.
at
Easy,
wholesome influence
a
considerable
the bearish items affecting values
report of
a
7.38d.
was
session, the
Among the items
38
Saturday
7.43d.
that
The
complete
This
7.52d.
was
many
operating against values in this day's session, chief
which was the collapse of the
Liverpool and Winnipeg
among
512
787
Liverpool market for spots and futures
day of the past week and the daily closing
prices of
spot cotton have been as follows:
Futures.
in
the tumble of prices was the revival of
rumors of
prospective
changes in this country's gold policy. Still another factor
each
Mld.Upl'ds
rains
factors
2,481
1,325
The tone of the
demand.
con¬
unsettlement
Another important influence that contributed
not
25,400
186,000
58,000
market's
100
port:
439,000
64,000
23,000
176,000
59,000
cent down to
considerably unsettled with
the range of fluctuations
The
for
350
522
108,184
Of which American
Amount afloat
Of which American
headed
were
late in the
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that
Of which American
Total imports
New York flour exports
300
27—Damsterdijk, 479
479
Dunkirk—April 27—Wyoming 5
5
To Rotterdam—April
27—Damsterdijk, 100.
100
To Japan—April 24—Hakiko
Maru, 5,000; Golden Star, 1,089;
Admiral Laws, 6,800
April 27—Hokkai Maru, 1,000;
Chickibu,
1,500—April
22—Kirishima
Maru,
9,825;
Golden Mountain, 11,497
36,711
To India—April
24—Tosari, 2,873
2,873
1,006,000
was
de¬
hold
to
report of further substantial sales of Canadian
wheat for export,
3,574
To
April 23
54,000
979,000
429,000
The market
prices closed 33^ cents to 5
of
37
Japan—(?)—25,400
drastic
consumers
largely to reports of beneficial
was a
markets.
300
LOS ANGELES—To
Liverpool—April
Total stocks
selling
198
893
„
72,000
993,000
438,000
62,000
25,000
showing
The firmness of the
Liverpool market, where prices
47
315
422
Liverpool—April 18—Daytonia, 1,634—April 20—
Hastings, 3,158
Manchester—April 18—Daytonia, 1,248
JACKSONVILLE—To
Manchester—April 25—Schoharie, 50
PENSACOLA—To Manchester—April
17—Gateway City, 285
To Liverpool—April
28—Topa Topa, 26
To Antwerp—April
17—Gateway City, 2
To Bremen—April
17—Gateway City, 13
CHARLESTON—To
Liverpool—April 24—Flor Spar, 47
BEAUMONT—To Bremen—April
25—Youngstown, 1,280
April 16
markets
quite natural for
1% cents.
Another item
130
MOBILE—To
74.000
securities
seem
a
bushel, had
Chicago Board and induced
417
60
36
To Bremen—April 24—City of
Havre, 422
LAKE CHARLES—To
Bremen—April 26—Youngstown, 672
Good
6.93
6.96
little change reported in the local
advanced 1 cent
1,022
1,630
To
within
lower.
62
of Baltimore, 44
[
6.93
•
sections of the
150
Manchester—April 29—Capulin, 91
Hamburg—April 24—City of Havre, 849
April 30—City
\
7.01
•
grain belt. However, there was enough sup¬
port to the market to keep prices from
sliding materially
875
NORFOLK—To
April 9
with
higher.
attributed
395
1,767
1,550
-
Forwarded
was very
definite trend to prices,
no
100
1,577
63
123
93
37
Oslo—April 29—Toronto, 47
To Gdynia—April
29—Toronto, 315
To Gothenburg—April
29—Toronto, 198
NEW ORLEANS—To
Genoa—April 27—American Press, 3,574—
To Venice—April 27—American
Press, 300
To Trieste—April 27—American
Press, 350
To Ghent—April
23—Narbo, 472; Leerdam, 50
To Antwerp—April 23—Narbo, 100
To Havre—April 23—Narbo, 2,481
To Dunkirk—April 23—Narbo,
1,325
To Rotterdam—April
23—Narbo, 50; Leerdam, 529
To Buena Ventura—April
24—Metapan, 200
To Hull—April 28—City of
Omaha, 512
To Marseilles—April
28—Arsa, 787
CORPUS CHRISTI—To Vejle—April
23—Youngstown, 79
To Bremen—April
23—Youngstown, 1,536
To Gdynia—April
23—Youngstown, 94
To Gothenburg—April
23—Youngstown, 50
To Nykiping—April
23—Youngstown, 200
To Karlsholm—April
23—Youngstown, 96
To Gefle—April
23—Youngstown, 26
To Wasa—April 23—Youngstown, 25.
To Tallin—April
23—Youngstown, 38
12:15
7.09
6.99
6.99
6.96
Wheat—On the 24th inst.
prices closed
Bales
To
P. M.
7.07
7.00
-
Wednesday totaled 1,460 sacks, which
Germany and Portugal.
the
-
Market,
7.08
-
on
1,736
Manchester—April 29—Historian, 1,630
Copenhagen—April 29—Toronto, 130
Spot
7.16
pending further developments.
6.62
.
To
7.14
7.07
--
With world-wide declines in commodities
gen¬
and
clines, it would
6.67
page,
GALVESTON—To Antwerp—April
24r—Meanticut, 100
To Ghent—April
24—Meanticut, 1,163; Sparrndam, 414
To Havre—April
24—Meanticut, 395
To Rotterdam—April
24—Meanticut, 1,327; Sparrndam, 440
To Oporto-r-April
24—Nemaha, 1,550
To Leixoes—April
24—Nemaha, 875
To Lisbon—April
24—Nemaha, 150
To Genoa—April
22—Ida-Zo, 1,333
To Bremen—April 28—Lubeck,
3,140; Youngstown, 2,728
To Hamburg—April
28—Luebeck, 23; Youngstown, 39
To Gdynia—April
28—Youngstown, 417
HOUSTON—To Rotterdam—April
26—Sparrndam, 60
To
7.07
7.07
6.50
9
1H@ 9
1^@ 9
9
shown
flour trade.
erally,
9
984@ll^
Flour—There
exports of cotton from the United States the past week have
108,184 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
To
_
BREADSTUFFS
reached
To
70.7
7.19
_
6.44
0
To
70.1
70.7
March
6.34
9
@11
To
70.1
7.10
7.12
6 30
9
To
i.
7.05
7.07
7.25
December
6.12
9
10
To
d.
d.
7.02
7.14
Friday Night. April 30, 1937
4^
@
9
To
d.
7.08
7.23
6.04
9^@llH
To
d.
7.17
7.21
6.17
@10
7.97
To
d.
7.14
7.15
6.21
9
9H@nH
vHmiX
9
@
9
7>$@10 10H
Shipping
d.
7.10
7.20
6.07
6
@ 15 H 10
@151* 10
30- 14
d.
7.16
7.27
d.
6
9
10
16-
9
9
Apr.—
2- 14^@15v4
9— 14H@15MI
@
d.
7.22
May
d
s.
3
,
7.30
January (1938)
Upl'ds
9
Mar.-
19-
d.
1.
7.30
Frl.
Thura.
7.20
Cotton
Middt'g
to Finest
d.
Feb.—
5..
Lbs. Shirt¬
ings, Common
32s Cop
Twist
Upl'ds
Wed.
7.34
October
8X
Middl'o
d.
a.
May (1937)
July
1936
to Finest
Tues.
Close Noon Close Noon Close Noon Close Noon Clo«e Noon Close
New Contract
1937
Mon.
to
previous
at 3%c.
that Kansas
Reports
diminishing rapidly were
unless relieved by rain in
been
that
the coming two weeks serious
further losses
are threatened.
was
authoritatively stated that whereas a fortnight ago
Kansas wheat production promised
200,000,000 bushels, the
best estimate now is around
150,000,000 bushels, and the
total could easily deteriorate to
100,000,000 bushels in the
It
Volume
next
two
Financial
144
weeks.
Open
interest in
wheat
96,976,000
was
bushels.
On
the
There
DAILY
CLOSING
OF
PRICES
*
WHEAT
Sat.
No. 2 red
DAILY
Chronicle
148^
CLOSING
PRICES
OF
Sat.
May
July
September
Season's
May
July
September
Thurs.
Fri.
147
148H
147H
150K
IN
FUTURES
Mon.
13034
1183i
11534
High and
Wed.
144H
WHEAT
128M
lllU
11436
125^
115
11234
14534
13034
12734
Frit
131H
11934
11734
12834
11034
11434
129
1173i
11434
When Made
»
Seasons Low and
Apr.
5, 19371 May
10534
Apr.
5. 1937 July...
9034
Mar. 29, 19371 September
10734
CHICAGO
Thurs.
Wed.
Tues.
When
29th
was
inst.
little
closed
interest
no
was
CLOSING
May
July
13234
129
Wed.
12936
12034
11536
124
October
11634
Thurs.
Tues.
12934
127
11034
Mon.
11236
12734
12934
Fri.
13234
12934
12034
110
11836
Corn—On the 24th inst. prices closed Mc. up to l^c. off.
As with wheat, the market for this grain was considerably
unsettled, with price trend irregular.
Favorable weather
and crop reports are throwing quite a damper on those in¬
clined to the upward side.
However, the short element did
not seem inclined to be aggressive, and the situation tem¬
porarily appeared to be more or less of a standoff.
On the
26th inst. prices closed 1 to 3^c. lower.
This decline was
largely in sympathy with the sharp declines in wheat and
other commodity markets.
On the 27th inst. prices closed
2 to 4c. up.
The exhaustion of corn supplies at Chicago was
the factor largely responsible for the sensational rise and
activity in this grain.
Public elevators were reported to be
empty of deliverable corn at Chicago, and prices went soaring.
May contracts calling for corn to be handed over within the
coming month, and of a grade good enough to meet usual
grain exchange requirements, shot suddenly upward 4c. a
bushel, the extreme permissable limit for the day.
The other
deliveries followed closely the leadership of May.
Such a
total vanishing of supplies of contract corn in Chicago, the
market center of the Nation's
been
of
witnessed.
Under
such
corn
belt, had
before
never
traders
circumstances
short
to meet contract
obligations in May showed signs of
increasing alarm, which resulted in excited bidding towards
the close.
The outstanding shortage of corn to fill May
deliveries in Chicago was reported today as approximately
5,000,000 bushels.
On the 28th inst. prices closed %e.
lower to 3c. higher.
The market again showed pronounced
strength, prices soaring to the limit of 4c. a bushel.
The
vigorous action of the corn market had a very strengthening
effect on the other grains.
Excited bidding for corn by
traders who urgently need that cereal to meet contract ob¬
ligations which soon mature, was intensified by announce¬
ment of big shipping sales here—240,000 bushels.
This
seemed to make the situation of the "shorts" more precarious,
there being very little hope for a replenishment of Chicago
supplies.
Abrupt upturns of corn prices dislodged a number
of stop loss orders to purchase corn and this accelerated the
soaring of this market.
Profit taking towards the close led
corn
the 29th
This
market
inst.
No. 2 white
again
bidding whirling
12
in
reaction
were
of
early
the
excited
upward 4c. to price peaks unequaled
indications of enlarged receipts
corn
of
setback in the later trading.
heavy
a
During
gains.
today,
However,
years.
brought about
late
skyrocketed
%c. lower to lc. higher.
values
corn
of
most
wiped
day
the
out most of
corn
traders
the
6334
May
corn
rapidly
recent
showed
a
though,
mounted,
buyers
market
was
dropped
of
decrease
117,000.
As prices
profit-taking by
encountered, and toward the close the
almost
fast
as
as
it
had
soared earlier.
This grain seemed to lose
spotlight today, the spectacular doings being confined
largely to wheat.
stantial
However,
advances at the
corn
close.
Open interest in
corn
was
DAILY
CLOSING
PRICES
OF
Sat.
yellow.
14534
DAILY CLOSING
PRICES
OF
CORN
Mon.
Mon.
—
12534
11536
10834
Season's
High and
May
13034
July
122
May (new)... 13336
July (new).. —125
Sept. (new)
11536
When
Apr.
Apr.
Apr.
Apr.
Apr.
Made
5, 1937
6. 1937
5. 1937
6.1937
5,1937
12334
114
10634
Thurs.
Fri.
15034
150
15234
CHICAGO
IN
Wed.
125
11434
12736
11734
036
109 3
Thurs.
12934
130
13034
11834
10834
13036
118
10836
May
July
September
When
Jan.
Apr.
Apr.
5436
5034
4734
4736
4336
4034
40
Wed.
•Season's
Made
14. 1937 May
5, 1937 July
6, 1937 September
Low
Mon.
Sat.
May
July
5536
5134
Thurs.
5636
5236
Fri.
5534
5134
56
52
the
course
rumors
concerning the gold policy of this country also played its
part as an influence on those who have been holding rye.
On the 27th inst. prices closed IMo. to 2%o. up. A strong
spot situation together with pronounced strength in other
grains were the factors responsible for the substantial ad¬
vance in prices of rye.
On the 28th inst. prices closed Mc.
to 2Mo. higher. With corn and wheat still displaying marked
strength, it was quite natural that rye should follow sym¬
pathetically.
On the 29th
An
inst. prices
interesting report
closed l^c. lower to lc. higher.
the effect that Germany, Ant¬
was to
and Rotterdam were actively inquiring for Canadian
Today prices closed 3*4 to lc. up.
The prolonged
strength of this grain was attributed to a strong spot de¬
werp
rye.
and
mand
bullish
The strength
weather
of wheat and
from
reports
the
Southwest.
also played its part as
corn
an
influence.
DAILY
CLOSING
PRICES
OF
RYE
Sat.
May
July
September
Season's High and
May
11934
112
10334
July
September
DAILY
CLOSING
Thurs.
91)
11034
102
94
Fri.
111]
10034
93 >4
98 j
PRICES
OF
RYE
Sat.
May
INJCHICAGO
Wed.
108
105]
101
PRICES
OF
FUTURES
Mon.
11236
10734
CLOSING
Tues.
9234
When
Made
I
Season's Low and When Made
Dec. 28. 1936 May
7536
Aug 11. 1930
Dec. 28, 1936 July
71
Oct.
3. 1936
Dec. 29. 19361 September
8734
Feb. 25, 1937
May
July
DAILY
FUTURES
Mon.
11034
10234
9334
BARLEY
IN
WINNIPEG fl
Thurs. Fri.
11434 11434 11634
10734 10734 10934
Tues.
10736
10234
Wed.
110
10534
FUTURES
Mon.
Tues.
IN
Wed.
CHICAGO
Thurs
Fri
i
DAILY
CLOSING
PRICES
OF
BARLEY FUTURES
Sat.
May
July
Mon.
7136
6436
Closing quotations
Tues.
67
61
were as
IN
Wed.
6934
63 34
WINNIPEG
Thurs
7036
6534
Fri
7534
6434
7434
65)4
follows:
FLOUR
Spring oats, bigh protein.7.70@8 00
Spring patents
7 20@7 50
Clears, first spring.
6 25@6 45
Soft winter straights
6.00 @6 25
Hard winter straights....6 55@6 75
Hard winter patents
6 75 @6 > 5
Hard winter clears
5.95 @6.25
Rye flour patents...
Seminola.bbl., Nos.1-3
Wheat, New York—
No. 2 red, c.i.f.t domestic—15034
Manitoba No. 1, f.o.b. N.Y. 13934
Corn, New York—
No. 2 yellow. all rail
5 95/a
11
15
325
Corn flour
3.70
,
Barley goods—
Coarse
j
4
75
Fancy pearl,Nos,2.4&7 6.90@7.25
/
Oats, New York—
No. 2 white
gc I
Rye. No. 2, f.o.b bond
Barley, New York—
47 34 lbs malting.
Chicago, cash
n""yI"129
__
15234
«
aOfctllNl
Oats, good
GRAIN
10834
100@130
All the statements below
regarding the movement of grain
-—receipts, exports, visible supply, Ac.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river
ports
for the week ended last Saturday and since
Aug. 1 for each
of the last three years:
Flour
Wheat
bbls 196 lbs
Receipts at-
bush 60 lbs
Minneapolis..
July 29. 1936
Oct.
1, 1930
Nov. 2. 1936
Nov. 2.1936
Feb.
2.1937
On the 27th
inst. prices closed Mo. to l7Ae. up.
There was nothing to
explain this advance outside of the pronounced strength in
wheat and corn.
On the 28th inst. prices closed Mo. off to
Mo. up. There was very little of interest in the fluctuations
or trading in this grain.
WINNIPEG
Wed.
56
5134
treme declines in the other markets and of
10934
When Made
%c. off to \io. up.
irregular with very little feature to
the trading.
On the 26th inst. prices closed Mc. to lMc.
down. This was regarded as a moderate response to the ex¬
grains.
29,1936
Oct.
1, 1936
Mar.
4. 1937
Rye—On the 24th inst. prices closed
off to Mo. up.
was nothing in the news or
trading of special interest.
On the 26th inst. prices closed 1 yso. to 5c. lower. There was
heavy liquidation in the nearby positions, especially May,
which dropped the full limit of 5 cents, the list closing at the
lows of the day.
This weakness wap attributed to the ex¬
Chicago
very
treme weakness of wheat and the other
4134
Made
July
3936
Tues.
45
There
119
Oats—On the 24th inst. prices closed
was
When
and
40
37
5436
5036
Fri.
"
50
"
4936
4434
4036
208,000
378,000
Duluth.
Oats
lbs
| bush
628, 000
92, 000!
477,000
Milwaukee...
11,660
Rye
9,000
Louis.
13, 000!
174, 000!
192.
184,0
28.001
,
23,000
231,000
73,
3,000
126,000
18, 000
63,000
18,000
8,000
Indianapolis-.
Barley
lbs bush 56 lbs bush 48
lbs
476,000
96,000
459,000
57.000
64,000
271,000
32
49,000
Toledo
St.
95,000
Corn
bush 56
^
113,000
365, 000
Peoria
42,000
"'29,000
384, 000
Kansas City..
This market
6536
Thurs.
49"
44
40^4
DAILY CLOSING PRICES OF OATS FUTURES IN
13234
8534
85
8936
8636
9334
Fri.
6534
Fri.
12834
Season's Low and
May
July
May (new)
July (new)
a
Sept. (new)...
YORK
Wed.
Tues.
124 34
•
NEW
14734
CORN FUTURES
Sat.
May.
July.
May (new)
July (new)..
September (new)
IN
Tues.
14336
6534
Tues.
4436
Season's High and
held firm and showed sub¬
32,042.000 bushels.
No. 2
Mon.
4834
considerable
Today prices closed y2 to 2c. up.
the
only
Thurs.
6434
63
Sat.
May
July
September
day's
of
result
YORK
Wed.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
apparently
drought, would continue without
let-up and become increasingly acute.
Receipts of corn in
Chicago today were but 29 cars, and the open interest in
a
NEW
IN
Tues.
The
face to face with the likelihood that extreme scarcity
supplies,
OATS
Mon.
Sat.
prices closed
off.
and corn.
Sat.
to about lc. reaction.
On
%c.
attention
no
OF
PRICES
DAILY CLOSING PRICES OF BONDED WHEAT AT WINNIPEG
Sat.
to
grain,
and wheat.
corn
on
There
up.
largely in sympathy with wheat
DAILY
this
in
Today prices
noteworthy feature to
developments in this grain, its firmness being
y4 to l*4c.
the trading or
Made
Sept. 2, 1936
Oct.
2. 1930
Jan. 28. 1937
closed unchanged
prices
or
appearing to be focused
YORK
NEW
IN
Tues.
Mon.
3039
14,000
436,000
70,000
189, 000
12,006
54,000
216,000
Omaha
St.
10,000
—
Sioux City...
10,000
40,000
15,000
Same week '36
375,000
Same week '35'
376,000
Since Aug.
1—j
...
-
.
22, 000
35", 000
1,000
352, ooo
108,000
10,000
2,011.000
2,066,000
2,706,000
401,000
2,368,000
4,823,000
3,640,000
1,447 000
1,416 000
314,000
317,000
688 000
54,000
!
9,000
16,000
I
15,919,000 180,557,000jl28,087,000
64,140,000 14
1935.....-114,180,000273,118,000140,502,000112,679
Jl3,747,000
38,000
61,000
3, ooo
15,000
Total week '37
1934
0
249,000
Buffalo
1936.
108, OOO
20, OOO
79,000
Joseph
Wichita
%
160,803,000 149,397,000
258 000 72 i 52 0(
000 19 608 000 77 981 0
40;648:000
10,464.000 50.702M
Financial
3040
Total
Chronicle
receipts of flour and grain at the seaboard ports for
the week ended
Wheat
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
New York—
146,000
Phlladelphia..
28,000
10,000
22,000
Baltimore
July
Orleans*
24",000
July 1,
Apr. 23,
1936
1935
1937
Bushels
Bushels
255,000
22,000
17,000
20,000
Halifax
Total week '37
5,963,000 147,960,000
2,615,000
India
1,488,000
|
1935-1
Bushels
Bushels
21,184,000
138,000
17,592,000
43,000
7,000
7,738,000
8,842,000 323,324,000 245,578,000
68,409,000
94,687,000
79,178,000
8,696,000
23,752.000
72,000
Oth. countr's
1.
July
1,
1936
July
Bushels
1,000
978,000
1,921,000 158,583,000 140,000,000
1,184,000 51,768,000 35,626,000
Argentina...
38,000
256,000
33,265,000
37,233,000
15,000
lib". 000
199,000
Total
9,959,000362,107,000290,592,000
13,243,000469,937,000372,243,000
6,000
March Cash Income Was $187,000,000 Above
March, 1936, According to Bureau of Agricultural
Farmers*
272,000
4,471,000
571,000
484,000
67,000
38,000
10,090,000
13,718,000
826,000
351,000
291,000
4,966,000
Since Jan. 1 '37
|
Black Sea—
Australia
2,000
12,000
2",000
15,000
256,000
~7~, 000
St. John, W„
Boeton
North Amer.
1,
Since
Since
Bushels
bush 56 lbs bush 48 lbs
9,000
6,000
Week
1937
Barley
38,000
190,000
Galveston
Montreal
Rue
Since
Since
Week
Apr. 23,
Flour
Receipts ot-
Corn
Saturday, April 24, 1937, follow:
Exports
New
7
May 1,
660,000
18,639,000
61,000
1,051,000
74,000
83,000
6,000
1,167,000
800,000
296,000
17,000
244,000
Economics
Week 1936—
Since Jan.1'36
*
on
Receipts do not Include grain passing through New Orleans for foreign ports
through hills of lading.
The exports
ended
from the several seaboard ports for the week
Saturday, April 24, 1937,
shown in the annexed
are
statement:
Farmers'
cash
total
government
income
farm
from
March this
or $187,000,000 more than during the some month in
1936, the Bureau of Agricultural Economics, United States
year,
Department of Agriculture, reported April 22.
This was
the largest March income during the farm recovery period,
and only $22,000,000 less than in March of 1929.
All major
groups of farm products showed gains in income this
Bushels
New York
Flour
Bushels
425,000
Barrels
l",666
Bushels
Barley
Bushels
Bushels
78,000
the
an
of
1,000
256", 000
Montreal
Rye
32,820
"
New Orleans
Oats
over
from
Corn
Wheat
Exports from—
15",666
~~6", 000
1,000
681,000
Same week 1936
82,820
109,230
820,000
6,000
93,000
July 1, 1936, is
month
any
The
a
year
Corn
$15,000,000 in
March,
showing
Week
Since
Week
Since
Week
products,
Since
July 1 to—
Apr. 24
July 1
Apr. 24
July 1
Apr. 24
July 1
1937
1936
1937
1936
1937
1936
Barrels
United
Kingdom.
Barrels
32,575
4,400
11,500
28,500
Continent..
So. ACent. Amer.
West Indies
Brit.No.Am. Cols.
Other countries.--
5~, 845
Total 1937—
82,820
Total 1936
109,230
Bushels
Bushels
2,038,795
256,000
606,577
533,500
391,000
1,161,500
25,000
118,698
4.484,070
3,608,196
Bushels
54,493,000
38,653,000
463,000
25,000
33,000
"Y.666
1,000
5,000
73,121,000
1,000
somewhat
The
visible
at
supply
of grain,
comprising
stocks
in
seaboard ports
Saturday, April 24,
quarter
were as
follows:
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
523,000
1,000
New York
34,000
1,278,000
21,000
Philadelphia
165,000
1,148",000
13,000
235,000
165,000
163,000
7,000
456,000
13,000
12,000
New Orleans
-
Galveston
520,000
loans
•415,000
9~8~666
135,000
1,000
6,000
Hutchinson
farmer
the
996,000
Prices
March
Of the
crops.
in
this
income
farm
products
higher"
of
averaged
the
in
livestock
of
case
23%
fruits
products averaged
1936.
marketings
and
government
cooperatives
Farm
Credit
payments aver¬
in
25,
in
March
1937, said a
the FCA.
by
during the month amounted to $69,12% increase over March, a year ago. The
money,
$54,100,000, consisted of short-term
a
the
operations
farm
mortgage
cooperatives.
and
credit,
production, $11,400,000 of
and $4,300,000 of loans
The statement continued:
made
by production credit associations for the month reached
high
all-time
of
$32,300,000. * The
substantial
a
With
increase
refinancing problems
Federal
Intermediate
needs
The
farmers.
of
Credit
an
banks
compared to March of last year.
now
the
in
background,
Land Bank Commissioner continued to
and
credit
far in
so
April
credit
more
discounts
farm
banks
or
Washington,
for
5",000
obtained
Administration
month in 1936
any
issued
or
of
showed
100,000
1,414,000
Wichita
Fort Worth
of
and
Loans
1,000
of
prices
"particularly
cotton.
from
income
and
statement
to
35,000
this
marketings
increases
Borrowing by Farmers and Farmer Coopera¬
tives During March Reported by FCA
than during
135,000
Baltimore *
afloat
1936,
were
long-term
76,000
from
recorded
1936.
units
S00,000
Wheat
Boston
"
cash
Farmers
bulk
Bushels
United States—
and
higher than in March,
of
Loans
GRAIN STOCKS
income
in
hogs
and
aged 28% higher during the first quarter of 1937 compared with the first
88,000
the
gains
March,
March,
7,000
principal points of accumulation at lake and
with $505,000,000
compares
cotton, wheat, potatoes and truck
were
cattle
with
this
fiom
granary
last
vegetables, grains and
Increased
95,839,000
820,000
"Y,66o
2,205",660
681,000
Compared
higher
and
Bushels
the
was
adjustment
agricultural
last.
over
Farmers'
"Y,66o
of
1936.
largest
with
March
and Since
payments
government
initiation
the
the Agricultural
connection with
of
amount
since
and the $111,000,000 of government payments vrith
ago,
livestock
Exports for Week
by the Department
$596,000,000 from farm marketings plus
$596,000,000 of income from marketings
March
Crops
Whea'
of
payments in
The
Program.
for
compared
Flour
March
The following is also
available
made
activities.
below:
as
government
as
Conservation
in
since
last year.
of
income consisted
$111,000,000
6,000
The destination of these exports for the week and
month
Agriculture:
largest
Total week 1937—
same.
announcement
The March
7,000
22,000
20,000
St. John, W
Halifax
and
marketings
$707,000,000 in
reached
payments
the Federal
finance normal
Land
long-term
proportion of loans being used to assist
in
no",000
164,600
Kansas City
4,775,000
74,000
273,000
96,000
Omaha
1,486,000
138,000
8,000
277,000
716,000
165,000
8,000
2,000
15",666
99,000
674,000
1,027,000
year
53,000
Weather Report for the Week Ended April 28—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended April 28, follows:
St. Joseph
Sioux
611,000
City
240,000
St. Louis
1,318.000
Indianapolis
422,000
4,000
Peoria
Chicago
3,115,000
On Lakes
13,000
81,000
41,000
the
13,000
166,000
67,000
financing
local
farmers
Of
the
4,265,000
the
loaned
total
by the 13
compared;
934,000
of
purchase
continues
to
to
of
family-size
farms
bought
farmers'
cooperatives,
$3,800,000
was
banks for cooperatives for cooperative marketing
to
$2,300,000
largely
by
increase.
loaned
by
these
banks
in
the
or
same
advanced
purchasing
month
a
ago.
269,000
Milwaukee
27,000
Minneapolis
3,729,000
121,000
25,000
3,645,000
505,000
2,408,000
2,908,000
Duluth.x
3,469,000
185,000
4,000
3,120,000
844,000
646,000
4,000
265,000
317,000
4,000
737,000
3,000
2,634,000
147,000
450,000
Detroit
Buffalo
afloat
60,000
55.006
On Canal
During the first part of the week
the
Total April 24, 1937—25,839,000
Total April 17, 1937.-.28,741,000
Total April 25, 1936.. .39,267,000
6,816,000
12,966,000
8,055,000 14,655,000
7,549,000 35,659,000
(Mb* Baltimore also has 121,000 bushels Argentine
corn
2,643,000
2,768,000
7,938,000
8,454,000
7,081,000 12,065,000
in bond,
xDuluth wheat
Note—Bonded grain not included above:
on Lakes,
bushels, against 12,513,000 bushels In 1936.
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
Lake, bay, river and sea¬
board
10,390,000
Ft. William & Pt. Arthur. 12,476,000
376,000
40,000
968,000
995,000
745,000
3,280.000
Other Canadian and other
elevator stocks
36,076,000
6,767,000
452,000
3,396,000
Total April 24, 1937-
58,942,000
1,487,000
Total April 17,
64,841,000
8,111,000
9,390,000
5,225,000
1,602,000
3,506,000
7,421,000
7,920,000
4,306,000
Total April 25, 1936-110,532,000
Summary—
American
25,839,000
6,816,000 12,966,000
Canadian
58,942,000
8,111,000
2,643,000
1,487,000
7,938,000
7,421.000
Total April 24, 1937-
84,781,000
93,582,000
6,816,000 21,077,000
8,055,000 24,045,000
4,130,000
4,370,000
15,359,000
Total April
1936-149,799,()00_ 7,549,000_40,884,000 10,587,000
16,371,000
17, 1037-
Total April 25,
|»The world's shipmentTof'"wheat and
Broomhall to the New York Produce
corn, as
16,374,000
furnished by
Exchange, for the week
ended April 23, and since July 1, 1936, and July 1, 1935, are
shown in the following:
Plains
eastward
to
a
moderate depression moved from
Mississippi Valley and thence
the
Lake region, attended by widespread precipitation
from the central Plains eastward and some heavy rainfall in north Atlantic
areas.
and
to
the
Following this, another depression loitered in midwestern sections,
another passed from east Gulf districts northeastward to the
still
area where it became stagnant, attended by heavy to ex¬
rains in North Carolina, the Virginias, Maryland, and western
Pennsylvania.
During the 48 hours ending 7:30 A. M., April 27, rainfall in the Po¬
tomac watershed ranged from 2 inches to more than 5 inches,
causing
flood stages in the Potomac and upper Ohio Rivers, as well as some other
streams.
At 7:30 A. M. on the 27th, the river gage reading at Pittsburgh,
Pa., was 35.1 feet, about 10 feet above flood stage, while at Washington,
D. C., the Potomac was nearly three feet above flood stage.
The heavy
rains did not extend far westward, being confined mostly to middle Atlantic
sections and Appalachian districts.
On the 22d and 23d much colder
weather prevailed in Rocky Mountain areas and there was a sharp
drop
in temperature in Gulf districts on the 25th.
Otherwise, temperature
changes during the week were not marked.
Temperatures were above normal over a considerable southeastern area,
and also in south Pacific sections.
Elsewhere, the week was relatively cool,
with rather large minus temperature departures from normal in the middle
cessive
Oats,
266,000 bushels: total*
266,000 bushels, against 81,000 bushels in 1936.
Barley, Buffalo, 287,000 bushels;
Duluth, 1,500,000; Chicago, 230,000; on Lakes, 296,000; total, 2,313,000 bushels,
against none in 1936.
Wheat, New York, 3,835,000 bushels; New York afloat,
150,000; Albany, 2,050,000; Buffalo, 2,318,000; Duluth, 1,735,000; Erie, 100,000;
Chicago, 55,000; on Lakes, 5,419,000; Canal (Erie), 1,071,000; total, 16,733,000
1937-
Great
middle Atlantic
includes 77,000 bushels feed wheat.
Canadian—
central
northeastward
Atlantic
and
area,
and in
the interior from
Illinois
and
Missouri
northward
northwestward.
The
freezing temperatures overspread large northwestern and western
sections of the country.
In fact, freezing was general over the western half,
except in Pacific localities and extreme southern districts.
In the East,
freezing weather was confined to New England, northern New York, the
extreme upper Lake region, and the upper Mississippi Valley.
In the
vicinity of the Gulf of Mexico the lowest temperatures for the week ranged
from the upper 50's to about 65 deg.
For the country, as a whole, the
lowest reported from a first-order station was 18 deg. at Greenville,
Maine,
on
the 24th.
Precipitation was substantial to heavy throughout the eastern half of
the country, except in the extreme Northeast, the extreme Southeast, and
some parts of the west Gulf area.
The heaviest falls were reported from the
Carolinas northward to southern Pennsylvania, and locally in the east Gulf
States.
In the Ohio and
Mississippi Valleys the weekly falls ranged from
around an inch to about 3 inches.
Heavy precipitation was general also
from Iowa and eastern South Dakota northward to the Canadian
border,
with the weekly totals running up to around 3 inches in some
localities.
Volume
Financial
144
From the western Plains westward precipitation was
that some substantial falls were reported from north
mostly light, except
Pacific sections.
I
While seasonal work on farms made favorable advance in most Southern
States and there was considerable activity during the first part of the week
in lithe Midwest, frequent rains and wet soil delayed outside operations
rather generally in Central and Northern States east of the Great Plains.
Also, subnormal temperatures over most northern sections retarded the
growth of vegetation, and the season continues generally about two weeks,
or more, late over the northern half of the country, while it is tardy also
in most sections of the far West.
_
generally from the eastern portions of the Great
central and
In the nor¬
mally dry portions of the Great Plains, the sections from western North
Dakota and eastern Montana southward to western Oklahoma and north¬
eastern New Mexico, the moisture situation remains largely unsatisfactory,
with another practically rainless week; duststorms were again extensive
throughout most of this section.
Contrasts between the moist and dry
areas are decidedly marked, as illustrated by South Dakota.
In the east¬
ern part of this State farm work is being delayed by wet soil, while in the
west high winds during the past week caused duststorms and considerable
Soil moisture is ample
Plains States eastward to the Atlantic Ocean, with many
northern districts needing dry, warm weather and sunshine.
Chronicle
Tennessee—Nashville: Germination and growth greatly helped by
rains and warm weather.
Corn planting half finished on. lowlands and
under way elsewhere; some coming up; stands good.
Some cotton planting
in south; progress about normal, but unfavorable at end of week.
Con¬
dition of winter wheat good to excellent;
10 to 15 inches high.
Alfalfa
condition; come ready to cut; lespedeza improving; pasture*
good.
Tobacco plants small and late; setting not begun.
Peach prospect
fair; apples and strawberries good.
'
excellent
soil erosion.
West of the Rocky Mountains the situation remains largely satisfactory,
and rain is needed in some southern sections,
especially in Arizona.
Frost did more or less damage in central Rocky
Mountain districts, while low temperatures in northern sections were un¬
favorable for young stock.
3041
few localities where rains heavy.
Considerable broomcorn planted
in Lindsay district.
Pastures improving, but poor and quite weedy.
Live¬
stock fair to good.
Arkansas—Little
Rock:
Cotton
planting made excellent advance;
progress, germination, and growth very good first of week due to warmth;
rather slow latter portion due to cold, but no serious damage reported; crop
nearly planted in some localities.
Progress of corn very good; early crop
nearly planted, except in north; stands good where up; being cultivated
in many localities,
very favorable for wheat, oats, meadows, pasture*,
potatoes, truck, fruit, and berries.
Apples in full bloom in north; straw*
berries ripening in south.
in
THE DRY GOODS TRADE
except that the season is late
Small Grains—Winter wheat continues to show improvement
of the Ohio
Valley States, while its condition remains generally
in most
favorable
to the eastward.
In Missouri progress was fair to excellent, and also fair
in Oklahoma, except poor in the wast,
in Kansas wheat made good
growth in the eastern half of the State and is jointing north to the Kansas
River; in the west high winds and dryness were decidedly unfavorable.
Rain is needed in Nebraska, except in the northeastern portion, with
more or less damage in the west by drifting soil,
in Washington winter
wheat is doing well and early spring wheat is establishing good roots.
In the more important producing sections of the Spring Wheat Pelt the
week was largely unfavorable for field work.
In eastern South Dakota,
Minnesota, and the Red River Valley, seeding was delayed because of
heavy precipitation, including considerable snow and sleet, but at the
same time the increased moisture will be highly beneficial later.
In North
Dakota topsoil moisture is generally ample, except in the Northwest, but
rain is needed in parts of eastern and northern Montana.
In Minnesota
seeding is from about three-fourths done in the south to one-third finished
in the northwest.
Oat seeding
has been further delayed in the Lake region,
the extreme
portion of the Ohio Valley, and in upper Mississippi Valley sec¬
in Iowa more than a third of the crop remains unseeded in northcentral and northeastern counties with the season two or three weeks late;
northern
tions.
early seeded oats are up in the south and west,
in the
the belt oats made generally satisfactory progress.
southern portion of
Corn—Preparation for corn planting was interrupted by rainfall in
much of the Ohio and upper Mississippi Valleys.
Planting has not yet
become active in the principal Corn belt and work is considerably behind
an average season in most sections.
Very little planting was accomplished
during the week east of the Great Plains.
In Kansas 25 to 50% has been
seeded in the southeastern portion of the State, while in Iowa local planting
is reported from a few counties only, though plowing made good progress.
Cotton—In the Cotton Belt the first part of the week was generally
favorable, but the latter part was too cool for best results in the western
portion and too wet in northeastern portions.
In Texas planting made mostly good progress and easly cotton is com¬
ing up well, but growth was slow because of cool nights.
In Oklahoma
only a little cotton has been planted in the eastern and southern portions
of the State,
in the Mississippi Valley area planting made mostly good
to excellent progress and considerable cotton is up in southern sections.
In the eastern belt seeding advanced rapidly during the first half of the
week, but heavy rains later, especially in the northeast, caused nearly a
complete cessation of farm work.
Some local planting is reported in the
extreme northeastern portion of the belt and some chopping has begun
far north as South Carolina.
as
Weather
The
conditions
in
Bureau furnished
the following resume
of
the different States:
VIRGINIA—Richmond: Near-normal temperatures; moderately
heavy
precipitation with some damage by heavy rain and high wind in Norfolk
Sunday nignt.
Meadows and pastures growing rapidly.
Winter
wheat good to excellent.
Corn planting well under way; potato planting
finisned and some coming up.
Preparing sweet potato beds.
Tobacco
plants good condition.
Some cotton seeding begun.
Strawberries looking
good.
Apple buds opening in southwest.
section
North
Carolina—Raleigh:
weather favorable
Cotton
planting
in east;
fol¬
field work
southeast.
Small grains doing well.
good
advance
for planting and growth of crops until Saturday,
lowed by too cool and heavy to excessive rainfall wnich delayed
and flooded
rivers.
Considerable tobacco transplanted in
Heavy snipments strawberries checked by rain.
Apples in full Dloom in mountain region.
South
Carolina—Columbia:
Fair and
through 23d; favorable
for planting and germination of all crops.
Cotton planting mostly good
progress in north; excellent advance and nearly completed in south; ger¬
mination good with chopping begun locally.
Grains and truck good
warm
ocal damage from
{>rogress. Pastures washing; also moderate stream-flood damage in with
excellent. Heavy rain Saturday and Sunday, low¬
lands.
Week closed fair and cool.
Georgia—Atlanta: Week began warm, closed cool; rains mostly satis¬
factory.
Cotton planting general, good advance; chopping beginning.
Corn planting nearly completed in south where some already up and plowed;
well advanced elsewhere and some up to good stand.
Small grains good
progress, but considerable rust on wheat.
Potatoes favored; now very
good in south; sweet potatoes being transplanted in south.
Florida—Jacksonville: Warm; heavy rains in north and central, light
Cotton planting made good progress.
Corn still being planted
mostly good.
Potato digging continued
in north; some rotting in wetter localities; about over in south; spring
crop good.
Setting out sweet potatoes continues.
Tobacco improving;
some cultivated.
Citrus blooming continues; some dropping; valencias
being snipped.
Truck generally good; considerable shipped.
in south.
in north and cultivated in south;
Alabama—Montgomery: Normal warmth, but rather cool at close;
moderate, locally heavy to excessive, rains.
Cotton planting made excel¬
all sections; coming up in middle and south to very good
stands.
Favorable for germination and growth of corn, cane, and vege¬
tables.
Grains and pastures improving; oats heading; condition good.
Excessive rain in coastal area delayed potato shipments and damaged crop.
lent progress in
Mississippi—Yicksburg: Progress of cotton fairly good to very good
until Friday, with tractors running 24-hour shifts in some Delta localities.
Considerable cotton up to fairly good stands; moderate to heavy rains
Friday night and Saturday rendered progress thereafter rather poor, with
Progress of corn generally rather poor
mainly absorbing activity.
Progress of fruit, gardens, pas¬
tures, and truck mostly good to excellent.
resultant effect mostly beneficial
with cotton
Louisiana—New Orleans: Normal warmth, except cold near close;
Planting delayed in some northern areas
by too much rain, but good progress elsewhere.
Planting cotton, corn,
and rice completed in some sections; stands of early planted generally
good.
Progress and condition of oats, potatoes, truck, and pastures good.
Cutting alfalfa begun,
moderate to locally heavy rains.
Texas—-Houston:
About normal,
although
nights rather cold;
heavy
rains in northeast early in week and scattered, light to moderate elsewhere.
Condition of winter wheat averaged rather poor to fair in west-central
and southwest, and mostly fair to good elsewhere.
More rain needed in
Condition of corn generally only fair and progress slow.
planting made good progress in most sections, early planted coming
well to northward, but cold nights have retarded germination and
growth generally.
Rice planting continued.
Truck, cattle, and ranges
generally good.
Oklahoma—Oklahoma City: Normal temperatures with good rain, ex¬
cept only light or none in northwest; heavy duststorms several days, but
week mostly favorable.
Some cotton planted in east and south, and a
little up.
Progress and condition of corn generally fair; some cultivated.
Oats good condition and advance, but need warm weather.
Progress and
condition of winter wheat fair, except very poor in Panhandle; some lodging
northwest.
Cotton
up
New
York,
Friday Night,
April 30,1937
Unfavorable weather conditions prevailing during the early
part of the period under review, again interfered with the
volume
of retail
business.
While later in the week
more
seasonal
temperatures resulted in somewhat larger sales,
various other factors, such as the unsettlement in the security
and
commodity markets, continued scattered labor troubles
growing resistance of consumers to higher price de¬
mands, served to hold the total volume of business below
expectations.
Apparel lines again made a rather spotty
showing while buying interest in home furnishings continued
fairly satisfactory.
Initial estimates of total sales for the
month of April forecast average gains from 1 to 5%.
For
the month of May, much better results are anticipated as
most reports agree that the cool and rainy weather
prevailing
in April, resulted in the postponement of a large amount of
and the
seasonal
consumer
needs,
Trading in the wholesale dry
its previous desultory fashion.
retail channels leaving much to
tories generally reported to be
incentive
for
new
goods markets continued in
With the flow of goods in
be desired and with inven¬
of ample proportions, little
commitments
exists
at
the
moment.
Scattered
offerings of percales at slight concessions below
previous quotations appeared in the market; generally, how¬
ever, prices held fairly steady reflecting the sound statistical
position of most primary factors.
Business in silk goods
continued quiet, but prices showed a somewhat better trend,
in sympathy with the steady tone of the raw silk market.
Trading in rayon yarns remained quite active.
Orders for
June delivery were said to have been placed in such heavy
volume that mills will be obliged to continue their method of
rationing, inasmuch as virtually no surplus stocks whatever
appear to be available at the present time.
In the knitting
yarn field, the continued shutdown of a large West Virginia
plant served to further tighten the delivery situation.
Domestic Cotton Goods—Trading in the gray cloths
markets, following a mild spurt late last week, relapsed into
its previous dullness.
Under the pressure of further second¬
hand offerings, prices suffered additional recessions, not¬
withstanding the fact that mills, owing to their still sub¬
stantial backlog of unfilled orders, displayed no particular
eagerness in following the lower trend of quotations.
Basic
reasons for the continued
apathy of buyers were again the
weakness of
raw cotton as well as of other
commodity and
markets and the continued slow movement of
finished goods in distributive channels.
Business in fine
goods continued dull with prices showing a weaker trend for
many constructions, chiefly as the result of increasing second¬
hand offerings at substantial concessions below prevailing
quotations.
Closing prices in print cloths were as follows:
39-inch 80's, 9^e.f 39-inch 72-76's, 9Mc., 39-inch 68-72's,
8M to 8c., 38^-inch 64-60's, 7to 7c., 38^-inch 60-48's,
6)4 to 6c.
security
Woolen Goods—Trading in mens' wear fabrics continued
quiet although the tone of the market appeared somewhat
improved reflecting the firm trend of the raw wool price
structure.
Mill operations chiefly based on the large ac¬
cumulation of unfilled orders, proceeded at an active pace.
Few new orders were placed by clothing manufacturers,
although a substnatial number of small re-orders on summer
materials such as flannels, tropicals and gabardines was re¬
ported.
The slow response to the new Fall lines now shown
by manufacturers, clearly reflected the uncertainty on the
part of retailers owing to the growing resistance of the con¬
suming public to the higher price levels. Business in womens'
wear goods failed to benefit
materially by the opening of the
new Fall lines as cutters were reluctant in
entering the market,
because of the poor Spring season.
Moreover, wholesalers
are reported to carry substantial stocks of
Spring goods which
are pressing on the market.
Foreign Dry Goods^—Trading in linens turned quiet
although prices remained steady, in sympathy with the sound
position of the foreign primary markets.
Household items
were seasonally dull, but scattered
buying interest continued
in the dress goods and suitings divisions.
Business in burlap
broadened substantially as the continued labor troubles in
Calcutta caused users to place substantial orders for spot and
afloat goods.
After an early upturn, prices eased somewhat
following reports from Calcutta stating that the extension
of the mill strike to the dockworkers was unlikely.
Do¬
mestically lightweights were quoted at 4.65c., heavies at
5.85c.
'
3042
Financial
Specialists in
llli n'ol's & M issouri Bonds
Chronicle
STIFEL, NICOLAUS &. CO., Inc.
DIRECT
CHICAGO
WIRE
314 N.
Broadway
ST. LOUIS
7
New Jersey—Senate Votes
Highway Bill Over Veto—The
$7,917,660 Highway Fund Diversion bill for unemployment
relief passed the Senate on April 26 over the veto of Governor
Hoffman by a vote of 11 to 7.
It was stated in Trenton dis¬
patches that Senate President Frank Durand signed the bill
and
it
sent
the
to
Assembly, where passage was assured.
not require the Governor's signature,
having been passed over his veto.
The relief financing program of the Democrats calls for
contributions from the municipalities of $3,000,000 in addi¬
This
105 W. Adams St.
May 1,
measure
does
tion to the $7,917,660 diverted.
The State Financial As¬
sistance Commission, which handles the relief fund disburse¬
ments, is reported to have been using $1,750,000 allotted to
from the balance under the former
Emergency Relief
it
Administration.
"WE OFFER SUBJECT—
$15,000 DELAND Imp. 6% Bonds
Due—Jan. 1, 1955
Price—5.25 Basis"
Thomas M. Cook &
Harvey Building
WEST PALM
Company
BEACH. FLORIDA
Assembly Approves Highway Fund Diversion—The above
was parsed by the Lower House on the 27th
by a vote of
32 to 6, according to official advices.
Passage of the diversion
bill through both houses over the veto of Governor Hoffman
is said to mark the first time that such a procedure has hap¬
pened in a Republican Administration. The enactment of
this law ends the long fight over methods of financing relief
by using highway funds.
'
'
bill
(
Municipal Bills Signed by Governor—Among
signed recently by the Governor are:
News Items
Illinois—Election Law Held, Valid
permanent registration law which
for the election last November
State Supreme
Court
on
was
was
by Court—The Illinois
used for the first time
held constitutional by the
April 16.
by a special session of the General
valid, even though a previous session of the Assembly was in
existence. This affirmed the judgment of Judge Cornelius J. Harrington of
the Cook County Circuit Court in the case of Mrs. Grace Herzberger, 7440
Crandon Ave., against Mayor Kelly and the City of Chicago.
Mrs. Herzberger contended that the failure of the honest elections bills
Maine—Legislature Approves Sales Tax to Finance Old
Age Aid—The State Legislature on April 25 enacted a 1%
retail sales tax to finance old age assistance and equalization
of education a few hours before sine die adjournment.
The tax measure was signed immediately by Governor
Barrows, according to an Associated Press dispatch from
Augusta on the 25th. The bill carries a referendum clause
providing for its submission to the electorate on Aug. 16.
If approved, it will be effective immediately and continue
until June 30, 1939, according to the newspaper report.
Massachusetts—Flood Control Bonds Recommended—Gov¬
Charles F. Hurley in a special message to the Legisla¬
ture on April 20 urged the creation of a special commission
and the adoption of a bond issue for the purpose of proceeding
ernor
with the Federal program of flood control in the Connecticut
and Merrimack River valleys, according to Boston advices.
Under the plan, which involves a treaty between Con¬
necticut, Vermont and Massachusetts, the Federal Govern¬
ment will expend upwards of $10,000,000 in the Connecticut
River valley and a like sum in the Merrimack to construct
impounding reservoirs to handle flood waters in the spring
and fall.
The Federal Act, however, requires the States to
agree to the plan and for them to assume the costs of land
takings and damages.
This is expected, in so far as the
Connecticut Valley control project is concerned, to cost
Massachusetts in the neighborhood of $2,700,000, of which
but half need be provided for this year.
The Governor
proposes that this be done by a bond issue.
Minnesota—Regular
Legislative
Session
method of
financing those it did pass, according to
the St. Paul "Pioneer-Press" of April 25.
Governor Benson is reported to have announced shortly
after the close of the session that he will convene the Legis¬
lature in special meeting on May 24 to enact the necessary
measures.
Municipal Year Book for 1937 Issued—The 1937 edition
of "The Municipal Year Book," published by the Inter¬
national
City Managers Association, 850 East 58th St.,
put in circulation on April 20.
This issue of the "Municipal Year Book" contains more
information than any previous issue, being more than twice
as large as the first issue, published in 1934 and more than
100 pages larger than the 1936 volume.
In the first 126
pages, 23
leading authorities analyze and interpret the
specific events and developments in 1936 in as many fields of
municipal administration.
In a general summary, C. A.
Dykstra presents a dynamic picture of the American city in
1936. The articles in this section of the book are based largely
on detailed information supplied by special correspondents
Chicago,
S. B. 13, by Mr. Loiseaux. Permits municipalities which had begun re¬
funding prior to Dec. 31, last, under the provisions of Chapter 233, Laws
of 1934, to proceed with issuance of their refunding bonds.
Without such
enabling legislation, it is said, the bond issuing authority under the 1934
Act expired at the close of last year.
was
in each of the 48 States.
New
York
City—Governor Approves Penalty Cut in Real
10 to 7% in the penalty on
tax arrears of New York City real estate owners was
granted
on April 26 when Governor Lehman
signed the Crawford bill,
Estate
Tax—A reduction from
which makes the cut effective
to press
The bill
owners
beginning
on
May 1, according
reports from Albany.
was
introduced
by Senator James J. Crawford,
It had been argued by city property
Brooklyn Democrat.
that the increase in
penalty to 10% was a depression
and, therefore, no longer necessary.
They argued
for a flat 7% rate on all arrears, including those pending as
far back as 1934 when the increase was put into effect.
The
new Act, however, does not grant the
7% rate on all arrears.
It retains the higher rate for arrears from Jan. 1, 1934, to
May 1, next.
\":;>
measure
■
The above
reduction
explained by City Comptroller
Frank J. Taylor oh April 28, as follows:
was
The law reduces the rate
taxes, so that
on
on real estate taxes levied prior to the 1937
and after May 1, 1937, the interest charge will be at 7%.
It is not made retroactive to reduce the rate for the period from Jan. 1,
1934, to and incl. April 30, 1937, which rate remains at 10%.
In other
words, the penalty of 10% must be paid on delinquent taxes for the period
in which it was in force, although after May 1 of this year the rate on all
delinquencies will be 7 %.
New
York
State—Comptroller Urges Repeal of. Capital
of Income Tax Law—A drastic modification or
immediate repeal of the capital gains and losses provision of
the Federal income tax law was urged on April 25 by Comp¬
troller Morris S. Tremaine as the only method of ending
large scale unemployment and reviving building and real
estate operations.
Basing his appeal on "months of in¬
tensive study" and the opinions of a score of business men,
labor leaders, bankers and economists, from whom he has
heard, Mr. Tremaine declared that he felt $500,000,000 a
year in relief expenditures might be discontinued in a year
or two after the
provision was repealed.
Gains Section
Ends—Special
Session Set for May 24—The 1937 Legislature ended its regu¬
lar session on April 24 with its tax program lost in a deadlock
of both Houses, two of its major appropriation bills killed
no
Removes debt
Laws of 1934, from municipalities
imposed by Chapter 233,
which refunded under its provisions.
The measure was necessary, it was
said, because the restrictions conflicted with those imposed by subsequently
enacted legislation.
*
was
to
pass in the third special session of the 1936 Legislature was in effect a
decision by the Legislature that no emergency existed.
Thus, it was con¬
tended, enactment of the laws two months later in the fourth special session
as "emergency" measures was illegal.
and
bills
S. B. 12, by Senate Majority Leader Charles E. Loizeaux.
restrictions
The Court ruled that the law, passed
Assembly,
the
New
York State—Minimum
ernor—The
troduced
Administration's
by Senator Leon
Wage Bill
new
minimum
Fishel,
on
wage
by Gov¬
bill, in¬
York Democrat,
industry, was signed
New
which affects only women and minors in
by Governor Lehman
Signed
April 27.
Introduced after the U.
S. Supreme Court upheld constitutionality of
Washington State Minimum Wage Act, the New York law was ap¬
proved by both houses of the Legislature with only scattered opposition.
Republicans fbught vainly to widen its scope to include men, but Gov.
Lehman demanded passage of his proposal without amendments.
It was
modeled, in many respects after the Wald Act, which was once invalidated
the
by the nation's highest court.
Assemblywoman Jane Todd, Westchester Republican, ardent supporter
a bill to include
men, has announced her intention of pressing for passage
of another measure
along those lines.
"I think that enactment of a minimum
wage law without applying it to
men will work a
hardship on women," Miss Todd said.
"I'm going to
watch operation of this law
during the next year and if those hardships are
realized, I will surely work for repeal of this Act."
of
Legislature Votes Ban on Child-Made Goods—By the over¬
whelming vote of 48 to 3, the Senate on April 28 approved
the Nunan-Moffat bill, which would ban in the State the sale
of goods made in whole or in
part by children under 16 years
of age, thus sending it to Governor Lehman for final action.
The Governor is known to oppose this measure, feeling that
its provisions could not be enforced.
The Assembly had
passed the bill with only 16 negative votes.
It was drafted
to
serve
in lieu of the Federal Youth Control Amendment
hopelessly defeated
some
time
ago
in the Assembly.
Volume
Financial
144
Bond
3043
Chronicle
Proposals and Negotiations
ALABAMA
ALABAMA, State of— WARRANT OFFERING—We are informed by
W. W. Brooks, Financial Secretary to the Governor, that the sale of gasoline
tax warrants hits been validated by the State Supreme Court and an offering
of $1,750,000 of such warrants will be made at noon on May 7.
Delivery
to be made on or about June 1, and the warrants are to mature in equal
amounts
beginning on
July;!, 1937, and payable each quarter to Jan. 1.1939.
^MOrfiUE, Ala —BOND TENDERS INVITED—It is stated by H. G.
Ziegler, City Comptroller, that in accordance with the provisions of the
Bond Ordinance adopted on Jan. 8; 1936, he will receive sealed tenders
until midnight on May 15, for the purchase by the city, for the account of
its interest and sinking funds, bonds of the following series.
The tenders
so made to be in amounts not greater than the amount shown as available
in each sinking fund for the purchase of bonds of that issue, and the price
at which the bonds are tendered not to exceed their face value and accrued
interest:
J—to
n
_■
m
Public Works Refunding Bonds, Series R,
Public Works Refunding Bonds, Series
Available
dated Jan. 1, 1936— $1,283.05
14,667.03
T, dated Jan. 1, 1936—
Public Works Refunding or Funding (coupon
and (or) registered)
1,791.48
Bonds, Series U, dated Jan. 1, 1936
—
Public Works Refunding Bonds, Series V, dated Jan. 1, 1936—
Public Works Refunding Bonds, Series W, dated Jan. i, 1936._
Public Works Refunding or Funding (coupon and (or) registered)
Bonds, Series X, dated Jan. 1,1936.
Public Works Refunding Bonds, Series Y, dated Jan.
Public Works Refunding or Funding (coupon and (or)
Bonds, Series AB, dated Jan. 1, 1936
Public Works Refunding or Funding (coupon and
14,350.19
20,793.35
8,907.72
—
1, 1936--- 10,253.66
registered)
12,765.34
(or) registered)
Series MN, dated Jan. 1,
1936- 26,316.64
General Sinking Funds
Public Works Refunding or Funding (coupon
"
years.
DISTRICT (P. O. Linwood), Ark.—BONDS
$16,000 issue of 4% semi-annual school bonds is re¬
ported to have been purchased at par by the Public Works Administration.
LINWOOD
SCHOOL
LUZORA, Ark.—BONDS SOLD TO PWA—It is reported that $28,000
4% semi-annual water works bonds ^ere purchased at par by the Public
of the following
Funding and General Funding (coupon and (or) registered) Bonds, Series GO, dated Jan. 1, 1936
24,227.22
General Corporate Bonds, Series CI or Funding (coupon and (or)
registered) Bonds, Series CI, dated Jan. 1, 1936—
9,015.84
General Corporate Bonds, Series 1W or Funding (coupon and (or)
registered) Bonds, Series IW, dated Jan. 1, 1936
9,183.75
General Corporate Bonds, Series BL, dated Jan. 1, 1936
1,627.50
Each tender must be accompanied by a certified check upon an in¬
General
COUNTY DRAINAGE IMPROVEMENT DISTRICT
Osceola), Ark.—PROPOSED RFC REFINANCING LOAN—
MISSISSIPPI
NO. 10 (P. O.
report made by the inspectors the Corporation will determine whether
a loan of $1,669,500 is to be made to the above district to refinance $3,704.500 of bonded indebtedness, according to report.
t: ?_•.!: _w:3: yaz : A.B: .CU:_EF:K_L.!nd$74.«,«.oo
MNm: ° •_!:
ceivership four
SOLD TO PWA—A
On
and (or) registered)
Bonds, dated Jan. 1, 1936, any one or more
CYPRESS CREEK DRAINAGE DISTRICT (P. O. Arkansaa City).
TAXES—It is reported that by refinancing its
$2,000,000 bonded debt with the proceeds of a 4% loan of $502,500 made
by the Reconstruction Finance Corporation, the above district has made
possible a 50% reduction in the total of 1936 taxes payable this year.
The
district's area is said to include virtually all of Desha County and section of
Lincoln and Chicot counties.
The district is said to have been in re¬
Works Administration.
70,134.22
Bonds, Series IJ, dated Jan. 1, 1936
Public Works Refunding Bonds,
^
a
TURRELL, Ark.—BOND SALE DETAILS—It is now reported by the
the $13,500 4% semi-annual water works bonds pur¬
Public Works Administration, as noted here recently—V.
144, p. 2700—were sold at par, and mature $500 from 1941 to 1967, incl.
Town Attorney that
chased by the
r
Revel Miller & Co.
MEMBERS
650 So.
COUNTY
(P.
O. Montgomery),
Ala.—BONDS
SOLD—The First National Bank of Montgomery purchased on April 23, a
$37,500 issue of highway bonds as 3 Us, paying a premium of $290, equal
to 100.773. a basis of about 3.43 %.
Due on May 1 as follows: $10,000 in
1942, 1947 and 1952, and $7,500 in 1957.
It is stated that the bonds were first sold to C. H. Little & Co. of Jackson,
but the company canceled its bid and forfeited a $500 bond it had posted.
Bids for the bonds were also made by the Nashville Securities Co., J. W.
Jakes & Co., W. N. Estes & Co., and Robinson, Webster & Gibson, all of
tt
Nashville.
SYLACAUGA, Ala.—BOND ISSUANCE CONTEMPLATED—We are
by the City Clerk that $40,000 sewerage bonds will be issued if
when a Public Works Administration application is approved.
informed
and
ARIZONA
PURCHASED
BY
RFC— It
payable semi-annually.
He also reports that the holders of the few remaining securities outstand¬
ing may procure payment therefor immediately upon their transmittal to
the Federal Reserve Bank at Los Angeles, on the basis of 37 H% of the
principal amount.
May 31, 1937.
The RFC has ordered this offer to be
held open until
Stock Exchange
•
Los A-ngeles
Teletype: LA 477
SANTA ANA
SAN FRANCISCO
CALIFORNIA
State of— WARRANTS CALLED—Charles G. John¬
son, State Treasurer, is said to be calling for payment on May 12 a block
of $64,445 State General Fund registered warrants.
These warrants are
reported to have been issued from July 15, 1936, to and including Oct. 28.
1936, for a total of $10,664,752.76.
It is estimated that all warrants
issued from Oct. 29, 1936, up to the present time, will be redeemed on or
about Aug. 17, and that the State Government will be on a cash basis
by February, 1938.
CALIFORNIA,
BOND TENDERS INVITED—It is reported by Harry B. Riley, State
Comptroller, that a meeting of the Executive Committee of the Teachers'
Retirement Investment Fund Board will be held at his office on May 4,
at 11:30 a. m., at which time there will be available about $100,000 for
investment in bonds.
Offerings should be firm from 11:30 to 12:30 o'clock.
Address all offerings to the board, care of William F. Peters, State Comp¬
troller's office, State Capitol, Sacramento.
HEALDSBURG,
DISTRICT (P. O. Higley),
is stated by Ray Killian,
District Secretary, that on April 13, the Federal Reserve Bank of San
Francisco, purchased for the Reconstruction Finance Corporation ap¬
proximately 97% of the outstanding bonds and obligations of the district,
thereby reducing the district's bonded indebtedness from about $4,000,000
to $1,500,000, now in the form of a loan to the district for which refunding
bonds are being prepared, extending over a 33-year period at a 4% rate,
ROOSEVELT WATER CONSERVATION
Lo> Angeles
Spring Street
Telephone: VAndike 2201
*
will be made.
MONTGOMERY
BONDS
MUNICIPAL
CALIFORNIA
corporated bank or trust company for 1% of the face amount of bonds
tendered for purchase.
Bonds shall be delivered within 10 days after
acceptance of tender by the city, to the Irving Trust Co. in the City of
New York, or to one of the following banks in the City of Mobile, Ala.,
viz.: The First National Bank, The Merchants National Bank or The
American National Bank & Trust Co., or the check accompanying bid will
be forfeited by the successful bidder.
Bidders should stipulate in their tenders, (1) the series and number of
bonds tendered; (2) if desired, that their tenders are for the purchase of all
or none of the bonds tendered, and (3)
the place where delivery of bonds
Ariz.—BONDS
G. Scougale, taxpayer, for an
injunction to restrain the Advisory Finance Board from making effective
two legislative acts which would authorize the refinancing of $150,000,000
in highway debt.
It is said that the plaintiff's counsel will appeal the
decision to the State Supreme Court.
Ark.—LOAN REDUCES
MB Special Sinking Funds
_
the State's motion to dismiss the suit of W.
Calif.—BONDS VOTED—A
proposal
that
Healds-
burg issue $35,000 bonds for the construction of a sewage disposal plant
was approved at an election on April 20.
IMPERIAL COUNTY (P. O. El Centro), Calif.—CALEXICOSCHOOL
DISTRICT BONDS DEFEATED—The Superintendent of Schools reports
that the voters defeated the issuance of the $25,000 in school
election held on
April 14—V
DISTRICT
IRRIGATION
IMPERIAL
bonds at the
144, p. 2519.
(P.
O.
El Centro),
Calif.—
BONDS SOLD TO PWA—The Public Works Administration is reported to
have purchased at par an
issue of $1,518,000 4% semi-annual electric plant
bonds.
LOS ANGELES COUNTY (P. O. Los
Angeles), Calif.—ROSEMEAD
SCHOOL BOND ELECTION—An election will be held on May 11 in Rose-
School District to vote on a proposition to issue $200,000 school
building bonds.
mead High
arkansas
bonds
Largest Retail Distributors
WALTON, SULLIVAN & CO.
LITTLE
ROCK, ARK.
MARTINEZ, Calif.—BOND ELECTION—June 15 has been set as the
a special election at which a proposed $50,000 swimming pool bond
date of
issue will be voted upon.
IRRIGATION
NEVADA
DISTRICT
(P. O. Grass Valley), Calif.—
REPORT ON PROGRESS OF BOND REFUNDING—In connection with the
refunding of the bonds of the above district, it is reported that a total of
$4,320,000 par value of bonds have been pledged to the proposed modifica¬
tion of the original plan, which modification was outlined in detail in these
columns in March—V. 144, p. 2004.
The amount pledged is more than the
70% required for ratification of the refunding proposal.
PITTSBURG, Calif.—BONDS DEFEATED—At the election held on
22—V. 144, p. 2700—the voters defeated the proposal to issue
according to the City Clerk.
April
in water main bonds,
SAN
ARKANSAS BONDS
Markets in all State, County
& Town Issues
ANDREAS, Calif.—BOND ELECTION—It is said that an election
will be held
on
June 1 to vote
on
the issuance of $150,000 in water rehabilita
tion bonds.
COUNTY (P. O. San Bernardino), Calif.—
7 an election will be held
School District for the purpose of voting on a proposal
issue $60,000 school building bonds.
SAN
BERNARDINO
COLTON SCHOOL BOND ELECTION— On May
in Colton Elementary
to
SAN
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING, ST.
LOUIS, MO.
ARKANSAS
ARKANSAS, State of —REPORT ON MARCH TAX COLLECTIONS—
Department of Revenue reports March special tax collections at $2,631,400.60, largest on record for a single month.
Former record was $2,338,246 collected in February, 1936.
Month's receipts also compare to
$1,396,996 in March, 1936.
Commissioner D. L. Ford attributed the
increase to improved business conditions in Arkansas.
Gross collections for credit to the highway fund included $1,081,009 from
motor vehicle license, $641,398 gasoline tax and $43,770 bridge tolls, a total
of $1,766,078.
This compares with $1,208,328 in February and $1,510,661
in January from these tax sources.
Liquor tax of $190,680 included approximately $100,000 collected on
stocks of retailers and wholesalers when tax was increased from 40 to 65c.
early in March.
Cigarette tax totaled $103,425 compared to $86,270 in
March, 1936.
Department estimates cigarette tax will average $125,000
per month when new taxing system adopted by the Legislature is fully
effective.
ARKANSAS,
State
of—HIGHWAY
BOND
INJUNCTION SUIT
DISMISSED—It is stated that Chancellor Frank C.
Dodge has sustained
BRUNO, Calif.—BOND OFFERING—Sealed bids were received
City Clerk, for the pur¬
bonds. Denom. $1,000.
Dated Jan. 2, 1937.
Due on July 2 as follows: $10,000, 1938 to 1941, and
$12,000 in 1942. The bonds were to be awarded to the bidder who offered to
take them at the lowest rate of interest, plus premium, if any, and interest to
date of delivery, both the rate of interest and amount of premium to be
considered in determining the best bid.
These bonds were authorized at an
election held on Dec. 15,1936. Prin. and int. payable at the City Treasurer's
until 8 p. m. on April 28, by Helen B. Landweer,
chase of a $52,000 issue of general obligation city
office,
(This report supersedes the offering notice for April 14, given in these
144, p. 2349.)
P
columns recently.—V.
SONOMA
COUNTY
(P.
O. Santa
Rosa), Calif.—GOLD RIDGE
OFFERED—The County Clerk win receive bids until
BONDS
SCHOOL
purchase of an issue of $6,000 4% bonds of Gold
Denom. $500. Due $500 yearly for 12 years.
1:30 p. m. May 11 for the
Ridge School District.
TULARE
DISTRICT
COUNTY
School
Ivanhoe
required
(P.
O.
Visalia),
10
.
VENTURA COUNTY (P. O. Ventura),
BOND ELECTION—Fillmore Union High
election
Calif.—IVANHOE SCHOOL
OFFERING—Gladys
Stewart,
County Clerk,
will
a. m. May 18 for an issue of $36,000 5% bonds of
District.
Denom. $1,000.
Certified check for 5%, re-
BOND
receive bids until
on
May 4 at which
a
Calif .—FILLMORE SCHOOL
School District will hold an
proposal to issue $135,000 school building
bonds will be submitted to a vote.
3044
Financial
VENTURA COUNTY (P. O. Ventura), Calif.—NORDHOFFSCHOOL
BONDS OFFERED—L. E, Hallo well. County Clerk, will receive bids until
10
May 3 for the purchase of $35,000 2^ % bonds of Nordhoff Union
School District.
Denom. $1,000.
Dated June 1, 1937.
Due
1, 1946.
Certified check for 2%
required.
Assessed valuation,
$1,987,450; bonded debt, including this issue, $48,000.
a. m.,
Grammar
June
YOLO COUNTY (P. O. Woodland), Calif.—DAVIS SCHOOL DIST¬
RICT BOND ELECTION—An election will be held in Davis Joint Union
High School District on May 11 for the purpose of voting
$50,000 school building improvement bonds.
on a
Chronicle
May 1, 1937
1937.
Denom. $1,000.
Due $13,000 annually on
May 1 from 1938 to 1952, incl.
Bidder to name the rate of interest. Prin¬
1937.
Dated May
1,
cipal and interest (M. & N.) payable at the Milford Trust Co., Milford,
which will certify the bonds.
Proposals to be accompanied by a certified
check for $1,000, payable to the order of the town.
Legality to be approved
by Day, Berry & Howard of Hartford.
Bids to be for all of the bonds and
provide for payment of accrued interest from date of issue to date of
delivery.
Financial Statement
proposal to
issue
1936 Grand list, taxable property
Tax exempt property._
Bonded debt
Temporary Debt
Rocky Mountain Municipals
Tax anticipation notes due Aug .2,1937
Tax
ARIZONA—COLORADO—IDAHO—MONTANA
Year—
MEXICO—WYOMING
NEW
1934 list
*
DONALD F. BROWN & COMPANY
DENVER
Keystone 2395
—
COLORADO
than par of $4,800,000 consolidated improvement bonds, issued for the
pur¬
of refunding outstanding improvement district obligations.
The bonds will be payable from a special fund created out of:
1. Payment upon special improvement district assessments which at their
inception aggregated $12,734,021.83,' and which have since been augmented
by the incurring of penalties and interest at not less than 4 >4 % per annum
on such portions of said assessments as have remained
unpaid, and dimin¬
ished by payments which have been applied, from time to time, to the re¬
tirement of the special improvement district bonds of their respective
districts, all
as
Collected
92.6%
[*1936 list
89.9%
|
March 1 and July 1, 1937.
provided by the Charter of the City and County of Denver.
An ad valorem tax upon all taxable property in the city and county of
in an aggregate amount not to exceed $788,200 as provided
by
Ordinance No. 160, series of 1931, and Ordinance No. 23, series of 1935.
Financial Data April 1,
2.
3. An ad valorem tax upon all taxable property in the city and county of
Denver not exceeding $1,742,230 to be levied in accordance with Section 48
of the Charter of the city and county of Denver (1927
Municipal
Code),
which provides payment of one-fifth of special improvement district obliga¬
tions
Assessed Valuation
cases.
►*yrhe bonds may be of the denomination of $100 each or any multiple
thereof up to $1,000, may bear date July 1, 1937; may mattire on July 1,
1951, but must be callable by the city and county of Denver upon notice
by its Manager of Revenue, Ex-Officio Treasurer, in numerical order from
time to time, whenever there shall be sufficient funds in the hands of the
that he shall be able to retire any one or more of such bonds.
Such bonds may bear interest not to exceed 6% in a multiple of }4%The purpose of the issue is to effectuate a reduction in the interest charges
on the presently outstanding special improvement district debt.
Prin. and
so
int. shall be
payable at the office of the Treasurer of the city and county of
Denver, in any coin or currency which on the respective dates for payment
of interest or principal, shall be legal tender for public or private debts.
iKjCashier'a check or certified check on a Denver bank or trust company, in
in amount equal to 3% of the total price bid, payable to the Treasurer of
the city and county of Denver required.
The successful bidder must furnish bonds with steel engraved borders
and lithographed faces, fabricated by a reputable concern, for execution
by
the proper officers of the city and county of Denver, and shall
satisfy him¬
self, prior to bidding, as to the legality of the issue by an independent legal
opinion obtained at his own cost.
The city will furnisn to the successful
bidder two copies of complete transcript.
The city and county of Denver will cause the execution of the bonds so
that they shall be delivered in not more than 10 days from the time of
delivery to the city of bonds for execution.
The successful bidder will be
required to accept final delivery of the bonds and make payment therefor
at some Denver bank within 20 days of the time of the award.
DURANGO, Colo.—BONDS AUTHORIZED—An ordinance providing
authority for the issuance of $350,000 refunding bonds has been passed by
on
Oct.
1937
1, 1936 Grand List
Town.
$21,188,446.00
4,433,093.00
Sewer District
Taxes due and payable May 1, 1937 on above lists:
Town ($317,826.69), rate 15 mills; Sewer Dist. ($23,263.24),
rate
5)4 mills
341,089.93
by such taxation in certain
Indebtedness
Town
bonds:
Outstanding
as
of Aug. 31,1936.
$455,000.00
14.000.00
March 1,1937, paid
$441,000.00
Total, including this issue
Sewer
$551,000.00
District Bonds:
Secured by property in Borough District:
(a) Aug.
1, 1907
$60,000.00
-
(b)
(c)
Apr.
1, 1931
June 1, 1934
Paid
on
60,000.00
61,000.00
$181,000.00
5,000.00
(b) March 25,1937.
Sinking fund of
),000
Floating:
Anticipation of taxes
(b) Other "purposes
hand to reture (a) issue
on
$176,000.00
Aug. 1, 1937.
$125,000.00
None
Town taxes
$44,954.52
Sewer District
8,021.16
$52,975.68
Of the foregoing uncollected taxes the follow¬
ing amounts
are now
more
than three years
past due:
Town
$7,417.77
2,439.43
Sewer District.
All taxes have been paid on town grand lists prior to list of 1930 and on
Borough District grand lists prior to 1931.
Capital Fund Surplus
Town
JEFFERSON COUNTY SCHOOL DISTRICT NO. 2 (P. O. Arvada)
SALE
DETAILS—It is now reported by the District
Secretary that the $20,000 2%% school building bonds sold to the J. K.
Mullen Investment Co. of Denver, at a price of 100.30, subject to a
pending
election on the matter, as noted in these columns in February—V. 144,
p.
1317—are due $2,000 from 1939 to 1948, giving a basis of about 2.70%.
Colo.—BOND
PUEBLO, Colo.—BONDS CALLED—It is
Sewer "B,", bonds Nos. 142 and 143.
CONNECTICUT
COUNTY
$382,550.94
146,195.09
Sewer District
$528,746.03
Current Fund
Surplus
Town..
$149,693.89
12,347.93
Sewer District.
$162,041.82
stated
by George J. Stumpf,
City Treasurer, that the following special improvement district bonds were
called for payment on April 19, on which date interest ceased: Mesa No.
2,
bond No. 97; Lake Avenue, bond No. 87; Mesa No. 1, bonds Nos.
289,
290, 291 and 292; East Evans, bonds Nos. 82 and 83; East 8th St., bonds
Nos. 80 and 81; North Side, bonds Nos. 380, 381,382 to
385; East Abriendo,
bonds Nos. 87 and 88; Santa Fe Ave. improvement, bonds Nos. 1 to
4,
HARTFORD
on
Uncollected Taxes
the city authorities.
and S. & S.
44.1%
on
NEW CANAAN, Conn.—BOND OFFERING—George T. Smith,
Chair^
of the Board of Finance, will receive sealed bids until 8p.m. (Dayligh
Saving Time) on May 11 for the purchase of all or any part «f $100,000
2}4% coupon public improvement bonds, issued pursuant to the provisions
of Section 29 of a Special Act of the General Assembly entitled "An Act
Consolidating the Town and Borough of New Canaan," approved June 4,
1935.
The bonds were approved at an election held April 20.
They will
be dated May 15,
1937.
Denom. $1,000.
Due $10,000 annually on
May 15 from 1938 to 1947 incl.
Principal and interest VM. A N. 15)
payable at the Hartford-Connecticut Trust Co., Hartford, which will
certify as to the genuineness of the bonds.
Bids are requested on the
basis of $100 and accrued interest.
A certified check for 2% of the bonds
bid for, payable to the order of the Town Treasurer, must accompany each
proposal.
Successful bidder will be furnished with the approving legal
opinion of Gross, Hyde & Williams of Hartford.
Payment for and delivery
of bonds to be made on May 15 at the Hartford-Connecticut Trust Co.,
Hartford.
The bonds are free from income taxes, including surtaxes,
under the Federal Government laws, and under an Act of the State Legisture are exempt from taxation in Connecticut.
Denver
Treasurer
•
Year—
I
man
Teletype: Dnvr 5AQ
DENVER, Colo.—BOND OFFERING—John F. McGuire, Manager of
Revenue, will receive bids until 11 a. m., May 7 for the purchase at not less
pose
Payable in instalments
$100,000
-
Collections
Collected
1935 list
Tstaphone:
$31,625,124
2,257,479
520,200
—
METROPOLITAN
DISTRICT,
Conn.—
LIST OF BIDS—The following is an official list of the bids received
April
20 for the issue of $2,000,000 2% % bonds which were awarded to Lazard
Freres & Co., Inc., of New York and associates, as
previously reported.
—V. 144, p. 2865:
Bidder—
$690,787.85
Population, 1930, 5,456.
NEW HAVEN, Conn.—MAY AVERT TAX BORROWING—Co-incident
with presentation of his first quarterly report for the fiscal
year, City
Comptroller, G. Henry Brethauer told the Board of Finance that it is
possible that the city, for the firs.., time in its history, may avert the neces¬
sity of borrowing in anticipation of taxes during the present year.
The
first quarterly report of the current year showed that the city'* bank
balance at the end of March was $1,739,777.90, or $450,000 more than at the
same
time a year ago.
Moreover, expenditures in the present period
amounted
to
only $3,538,723.01,
while income totaled $5,033,316.71.
The Comptroller declared that should if be necessary to effect tax
anticipartion borrowing before Aug. 1, when the second half of current taxes becomes
delinquent, the amount needed will be for less than in previous years and the
term of the obligations will be a great deal shorter.
Rate Bid
Lazard Freres &
Co., Inc.; Mercantile-Commerce Bank & Trust
Co.; B. J. Van Ingen & Co., Inc.; Geo. B. Gibbons & Co., Inc.;
Goldman, Sachs & Co.; Dick & Merle-Smith; Eldredge & Co.,
and Washburn & Co., Inc
101.133
Halsey Stuart & Co., Inc.; Bancamerica-Blair Corp.; J. & W.
Seligman & Co.; G. M.-P. Murphy & Co.; Chas. D. Barney &
Co.; The R. F. Griggs Co.; Goodwin, Beach & Co.; Burr & Co.,
Inc.; Gregory & Son, Inc., anu Coburn & Middlebrook
100.876
Chemical Bank & Trust Co.; Biyth & Co., Inc.; Kean,
Taylor &
Co.; Roosevelt & Weigold, Inc.: Aldrich & Co., and First of
Michigan Corp
100.819
Brown Harriman & Co., Inc.; The First Boston
Corp.; Edward B.
Smith & Co.; F. S. Moseley & Co.; Reynolds &
Co., and Iioy T.
H. Barnes & Co
100.2199
R. L. Day & Co.; Harris Trust & Savings Bank; Northern Trust
Co., Chicago; Bacon, Stevenson & Co.; A. M. Kidder & Co.;
Cooley & Co., and E. M. Bradley & Co., Inc
100.2177
The Chase National Bank; Stone & Webster and
Blodgett, Inc.;
Hemphill, Noyes & Co.; Lee Higginson Corp.; Whiting, Weeks &
Knowles, Inc.; Chas. W. Scranton & Co., and H. C. Wainwright & Co
100.149
Bankers Trust Co.; Kidder, Peabody & Co.; Salomon Bros. &
Hutzler; Shields & Co.; Newton, Abbe & Co., and Paine, Webber
& Co
99.333
98.70
KILLINGLY (P. O.
Danielson), Conn.—BOND SALE—The
bonds
offered
issu3 of
April 27—V. 144, p. 2865—was
awarded to Putnam & Co. of Hartford, as 3s, at a price of
101.41, a basis
of about 2.84%.
Dated April 1, 1937 and due as follows: $11,000 from
1938 to 1947 incl. and $12,000 from 1948 to 1957 incl.
A bid of 100.38
for 3s was made by Halsey, Stuart & Co.,
Inc., New York; Goodwin Beach
Co., and the R. F. Griggs Co., jointly.
Principal and interest (A. & O.)
payable at the Hartford National Bank & Trust Co., Hartford, or at the
Windham County National Bank,
Danielson.
Legality approved by
Day, Berry & Howard of Hartford.
One other bid was received, this being an offer of 100.32 for
3s, made by
the Bancamerica-Blair Corp. and Roy T. H. Barnes &
Co., jointly.
MILFORD,
on
Conn.—BOND OFFERING—David
A.
Clarke,
Town
Treasurer, announces that the Board of Selectmen will receive sealed bids
a. m. on May 19, for the purchase of $195,000
highway bonds of
until 10
from 1938 to 1947 incl.
Phelps, Fenn & Co.,
and Rutter & Co
refunding
be received
by the City Treasurer until May 10 for the purchase of $150,000 2)4%
and sewer bonds.
Dated May 1, 1937 and due $15,000 annually
street
100.149
_
Estabrook & Co.; Putnam & Co., and R. W.
Pressprich & Co
Lehman Brothers; Graham, Parsons & Co.;
$230,000
DELAWARE
WILMINGTON, Del.—BOND OFFERING— Sealed bids will
FLORIDA
DADE
COUNTY
SCHOOL
DISTRICTS
(P.
O.
Miami),
Fla.—
BOND SALE—We are informed
by James T. Wilson, Superintendent of
the County Board of Public Instruction, that the various issues
of school
district refunding bonds aggregating
$7,574,000, offered for sale on April 27
Volume
—V.
144,
p.
Financial
144
2865—were purchased by R.E. Crummer & Co. of Orlando,
The bonds are divided
the only bidder for all the issues, as 4 Jis, at 101.00.
as
follows:
$5,018,000 Special Tax School District No. 2 general refunding bonds.
Due on May 1 as follows: $95,000,1938 to 1942; $120,000, 1943
and 1944- $115,000, 1945, 1946 and 1947; $140,000, 1948 to
1952; $190,000, 1953 and 1954; $185,000, 1955, 1956 and 1957;
$235,000, 1958 to 1966; and $208,000 in 1967.
329,000 Special Tax School District No. 2 refunding series L bonds.
Due on May 1 as follows: $5,000, 1938 to 1944: $10,000, 1945
to 1954; $15,000,1955 to 1966; and $14,000 in 1967.
936,000 Special Tax School District No. 3 general refunding bonds. Due
on May 1 as follows: $20,000, 1938 to 1941; $25,000, 1942 to
1946; $30,000, 1947 to 1951: $35,000, 1952 to 1960; $40,000,
1961 to 1966; and $26,000.
1967.
10,000 Special Tax School District No. 3 refunding series L bonds.
Due May 1, 1967.
701,000 Special Tax School District No. 5 general refunding bonds. Due
on May 1 as follows: $15,000, 1938 to 1942; $20,000, 1943 to
1947; $25,000,1948 to 1959; $30,000,1960 to 1966; and $16,000
in 1967.
35,000 Special Tax School District No. 5 refunding series L bonds. Due
$5,000 on May 1 from 1953 to 1959.
320,000 Special Tax School District No. 4 general refunding bonds. Due
on May 1 as follows: $7,000, 1938 to 1957; and $8,000, 1958
to
380,000 storm sewer system bonds. Due on April 1 as follows: $13,000,
1938,1939 and 1940; $4,000,1941 to 1945; $13,000,1946; $17,000,
1947 to 1950; $20,000.1951: $25,000,1952; $28.000,1953; $31,000,
1954; $34,000, 1955 and 1&56: and $68,000, 1957.
290,000 Collins Ave. paving bonds.
Due yearly on April 1 as follows:
$9,000, 1938, 1939 and 1940; $2,000, 1941 to 1945; $9,000, 1946;
$12,000,1947 to 1950; $15,000,1951; $20,000,1952; $21,000,1953;
$23,000, 1954; $26,000, 1955 and 1956; and $65,000, 1957.
35,000 Washington Ave. bridge bonds.
Due on April 1 as follows:
$1,000, 1938 to 1946; $2,000, 1947 to 1952; $3,000, 1953 to 1956;
and $2,000, 1957.
37,000 fire station bonds.
Due on April 1 as follows: $1,000, 1938 to
1946; $2,000, 1947 to 1951; $3,000, 1952 and 1953; $4,000, 1954
and 1955; $3,000, 1956; and $1,000, 1957.
100,000 water storage structure bonds. Due on April 1 as follows: $3,000,
1938, 1939 and 1940; $1,000, 1941 to 1945; $3,000, 1946; $4,000,
1947 to 1950; $5,006, 1951; $6,000, 1952; $7,000, 1953; $8,000,
1954; $9,000, 1955 and 1956; and $23,000, 1957.
Bonds are in denoms. of $1,000 each, coupon, registerable as to prin¬
cipal; are general city obligations, payable from unlimited tax levies. Dated
April 1, 1937. Principal and semi-ann. int. (A. & O. 1), payable at the
Chemical Bank & Trust Co., in New York.
Following rejection of their first bid, for 4M% bonds, the A. O. Allyn
<fc Co. syndicate submitted a second proposal, 97.53 for 4s, provided that
the city agree to buy from them at the bid price $100,000 water bonds.
1967.
123,000 Special Tax School District No. 7 general refunding bonds. Due
on May 1 as follows: $2,000, 1938 to 1942; $3,000,1943 to 1952;
$4,000, 1953 and 1954; $5,000, 1955 to 1957; and $6,000, 1958
to 1967.
91,000 Speciai Tax School District No. 13 general refunding bonds.
Due on May 1 as follows: $2,000, 1938 to 1947; $3,000, 1948 to
1956; and $4,000, 1957 to 1967.
67,000 Special Tax School District No. 9 general refunding bonds. Due
on May 1 as follows: $2,000, 1938 to 1960; and $3,000,
1961
3045
Chronicle
ST.
PETERSBURG,
Fla.^—BOND REFUNDING
COMMENCES—It
is reported that the refunding of the $19,826,000 bonds of the city, approved
recently by the State Supreme Court, as noted here early in April—V. 144,
p. 2350—has gotten under way.
We understand that the escrow agents,
named by the City Council, are the Hanover National Bank & Trust Co.,
and the Chemical Bank & Trust Co., both of New York, and the Union
Trust Co. of St. Petersburg.
SEBRING, Fla.—ELECTION ON PROPOSED BOND REFUNDING—
contract for
city's $3,700,000 debt.
The terms are said to have been
approved by the City Council but must be approved by the property
owners.
The contract, submitted by the bondholders' committee for the
city, provides for a 50% reduction in the $2,824,000 principal, lower rates
of interest over the refunding period of 40 years, and adjustment of delin¬
quent taxes through 1934 on a 10% basis with interest coupons.
It is stated that the voters on May 19 will pass on a proposed
settlement of the
44,000 Special Tax School District No. 6 general refunding bonds. Due
on May 1 as follows: $1,000, 1938 to 1953; and $2,000, 1954
19234056
to
Denom.
1967.
$1,000.
Dated May 1, 1937.
Principal and semi-annual in¬
1 and Nov. 1) payable at New York.
terest (May
EVERGLADES
DRAINAGE
DISTRICT
(P.
ON RFC REFINANCING LOAN— In
O.
Miami),
Fla.—
with the
connection
DETAILS
report given in these columns recently—V. 144, p. 2862—to the effect
that the Reconstruction Finance Corporation had authorized a loan to the
above district for refinancing, we give herewith the text of an Associated
Press dispatch from Washington on April 21:
"The RFC today approved a.$3,729,000 loan to
the Everglades Drain¬
District which will enable it to refinance its bonds, in default since
1931, at 30 cents on the dollar.
The district, which lies in 11 counties,
applied last June for a $10,000,000 loan to liquidate $12,411,000 In bonds
age
and
of
the
competitive offering but it is understood
of its own funds and make a higher payment to
bondholders.
Their
approval is necessary to effect the plan but officials of the district expressed
confidence it would be forthcoming.
"If the plan is approved, the RFC would buy the district's obligations
at 30 cents on the dollar and the district would issue new bonds to the RFC
that a syndicate with
It is said that
action is
New York connections made a conditional bid for the issue.
this bid is under
consideration by the city officials and definite
expected shortly on the award or rejection.
IDAHO
$3,386,000 accrued interest.
"Senator Claude Pepper and Senator C. O. Andrews announced approval
Senator Pepper said the district might be able to supplement it
of the loan.
out
TAMPA, Fla.—BOND AWARD DEFERRED— In connection with the
offering scheduled for April 27, of the three issues of coupon or registered
general refunding bonds, aggregating $5,201,000, reported in these columns
recently—V. 144, p. 2865—it is stated that the award was held up for a
couple of days.
According to report no bids were received under the terms
RIGBY, Idaho—BOND SALE—An issue of $15,000 4% water refunding
bonds was sold recently to the Moscow State Bank of Moscow.
SQUAW CREEK IRRIGATION DISTRICT (P. O. Emmctt), Idaho
will be held on May 10
vote on the issuance of $25,000 in reservoir construction bonds
—BOND ELECTION—It is reported that an election
to
This system of refinancing has been adopted
by the RFC for drainage and irrigation districts elsewhere.
"The district's application was 'on such terms and conditions as the RFC
saw proper to fix,' said Frank E. Bryant of Miami, attorney for the district.
He expected the new bonds to be of long-term maturity, 40 years or more.
Senator Pepper said liquidation of the indebtedness would enable the
district to continue its drainage program."
for the amount expended.
Municipal Bonds of
IOWA
MICHIGAN
INDIANA
ILLINOIS
WISCONSIN
Bought—Sold— Quoted
JACKSONVILLE, Fla.—FINANCIAL STATEMENT—The following
information is furnished in connection with the offering scheduled for May
12, of the $1,250,000 electric revenue certificates,
given in our issue of April 24.—V. 144, p. 2865:
Financial Statement as of March 31,
MUNICIPAL BOND DEALERS
notice on which was
1 Ji So. La Salla
St., Chlcaf o
Assessment roll for 1936:
Real estate (50%
basis)
Personal property
—
$75,318,700
9,480,440
$84,799,140
Total
The present bonded indebtedness of
The city owes for certificates issued
street purposes
Stata 0*40
Tel.type CGO. «7
1937
the City of Jacksonville is.$10,774,000
for the purchase of land for
13,406
and equipment
$10,787,406
Total indebtedness
1,398,752
Less sinking fund
$9,388,654
950,000
Deduct for water bonds.
$8,438,654
Net indebtedness
information only as these cretificates
payable solely from revenue derived from the operation of the Mu¬
nicipal Light plant, and attention is called to the fact that under the decisions
of the courts of Florida validating these certificates, they are a first and
paramount lien on said revenues.
ILLINOIS
CHICAGO, III.—WATER CERTIFICATE OFFERING—R. B. Upham,
City Comptroller, will receive sealed bids until May 7 for the purchase of
$1,000,000 3 M % water certificates.
Dated May 1, 1937 and due $500,000
on
May 1 in 1949 and 1950.
CHICAGO
SANITARY
III.—MAY ENTER MARKET
DISTRICT,
FOR PURCHASE OF BONDS—It is reported that the district may announce
the call for sealed tenders until May 5 for the purchase of outstanding
sufficient to exhaust the sum of
$2,018,000 available in the sinking funds for their purchase.
series A and B refunding bonds of 1935,
CRESTON
SCHOOL
The $20,000 school bonds
DISTRICT,
III.—BOND SALE DETAILS—
sold to Vieth, Duncan, Worley & Wood of Daven¬
port, as previously reported—Y. 144, p. 2866—bear 4% interest, are dated
April 15, 1937 and mature in 1955. Issue was sold at par. Two bonds for
$500, others $1,000 each.
Interest payable J. & D.
The above statement is given for
c.re
The profits
from said municipally operated electric plant are as follows:
Gross
Interest and
Net
Earnings
$1,701,756
1,727,732
1,749,564
1,869,555
1,828,217
1,715,543
1,756,785
1,927,085
1937 (3 months)
331.747
564,219
The costs of the utilities owned by the City of Jacksonville are as follows:
Electric plant and distribution system
$10,091,240
Earnings
$2,748,425
2,730,499
2,744,949
2,748,786
2,664,993
2,742,933
2,900,087
3,125,750
895,966
Water works
Docks and terminals
Radio Station WJAX
Golf
courses
MIAMI
Expenses, Operating
$1,046,669
1,002,767
995,385
879,231
836,776
1,027,390
1,143,302
1,198,665
3,230,879
2,842,322
62,670
167,437
$16,394,548
Fla .—PRIVATE SALE OF BONDS FOLLOWS RE¬
JECTION OF BID—After considering the bid of 100.30 for 4 Ms submitted
by A. O. Allyn & Co., Chicago, and associates, for the $1,938,000 public
improvement bonds offered on April 26—V. 144, p. 2349—until 4 p. m.,
April 27, the city rejected the offer, and then arranged private sales of the
BEACH,
obligations.
At one private sale the $50,000 issue of police station bonds was disposed
of to John Schulte, Miami Beach, at a price of 101 for 4s, a basis of about
3.90%. This issue is scheduled to mature on April 1 as follows: $2,000,
1938, 1939 and 1940; $1,000, 1941 to 1945; $2,000, 1946 to 1950; $3,000,
1951 and 1952; $4,000, 1953 and 1954; and $5,000, 1955, 1956 and 1957.
At the other private sale the remainder of the offering, totaling $1,888,000,
was taken by a syndicate composed of John Nuveen & Co., Chicago, the
Miami Beach First National Bank, the Wells-Dickey Co., Minneapolis,
the Natco Corp., Miami, Childress & Co., Inc., Jacksonville, and Leedy,
Wheeler & Co., Orlando.
This group took the bonds as 4s at a price of
99.141, a basis of about 4.09%. These $1,888,000 bonds, which are described
below, are now being offered to investors at prices to yield from 2% to 4%,
EVANSTON, 111.— WARRANT SALE—1The issue of $150,000 tax
anticipation warrants offered on April 26—V. 144, p. 2866—was awarded
to the City National Bank & Trust Co., of Chicago, at 1.95% interest,
plus a premium of $10.
Rogers & Tracy, Inc. of Chicago, bid a rate of
2.45%, and Bartlett, Knight & Co. of Chicago, specifying a nominal
premium, named a rate of 2% %.
A group of three Evanston banks bid
on
a 2.50%
basis.
HURST,
111.—BOND SALE—The issue of $45,000
water bonds
from 1937 to 1958, inclusive.
MONEE, 111.—BOND SALE—H. B. La Rocca & Co., Inc. of Chicago
issue of $25,000 4% gravel road bonds, dated July 1,
$2,000 from 1941 to 1945 incl. and $3,000
have purchased an
1936 and due July 1 as follows:
from 1946 to 1950 incl.
OAKLAND, 111.—BOND SALE DETAILS—N. L. Rogers & Co., Inc.,
supply bonds reported sold in
of Peoria purchased the $11,000 4% water
these columns recently—Y. 144, p. 2866.
TAMPICO, 111.—BOND SALE DETAILS—The First National Bank of
purchased the issue of $15,000 road graveling bonds reported
2866.
The bonds bear interest
at 3M%. not at 3M%
as previously noted.
Other particulars of the
loan have not been determined as yet.
Chicago
sold in these columns recently—V. 144, p.
WILL, 111.—BOND SALE—An issue of $25,000 4% gravel road bonds
H. B. La Rocca & Co., Inc. of Chicago.
Dated Aug. 1,
$2,000 from 1939 to 1943 incl. and $3,000
has been sold to
1936 and due Aug. 1 as follows:
from 1944 to 1948 incl.
WINNEBAGO
COUNTY
NON-HIGH
SCHOOL
DISTRICT
NO.
(P. O. Rockford), 111.—BOND OFFERING—Irving F. Pearson,
Superintendent of Schools, will receive sealed bids until 9 a. m. on May ll
for the purchase of $95,000 not to exceed 3M % interest school bonds. The
bonds will be dated in May or June, 1937, issued in denoms. to suit pur¬
chaser and mature $5,000 annually from 1938 to 1956 incl.
Bids are re¬
quested on the assumption (a) that the bonds will be callabel prior to
maturity, and (b) that they will be non-callable.
The successful bidder
shall be required at his own expense to furnish and pay for all legal services,
election materials and opinions necessary and required subsequent to the
acceptance of bid by the Board of Education in respect to any and all
proceedings for the authorization and issuance of such bonds.
206
INDIANA
according to maturity:
$902,000 sanitary sewage disposal bonds.
Due on April 1 as follows:
$29,000, 1938, 1939 and 1940; $9,000, 1941 to 1945; $29,000,
1946; $39,000,1947 to 1950; $47,000,1951; $58,000,1952; $66,000,
1953; $74,000, 1954; $82,000, 1955 and 1956; $176,000, 1957.
144,000 sanitary sewer extension bonds.
Due on April 1 as follows:
$5,000, 1938, 1939 and 1940; $2,000, 1941 to 1945; $5,000, 1946;
$6,000, 1947 to 1950; $7,000, 1951; $9,000, 1952; $11,000, 1953;
$12,000, 1954; $13,000, 1955 and 1956; and $25,000, 1957.
5%
on April 26—V. 144, p. 2521—is reported to have been sold to the
Stirs Bros. Construction Co. of St. Louis, at a price of par.
Due serially
offered
SCHOOL DISTRICT (P. O. Elkhart), Ind.—BOND
F. Wiley, Superintendent of Schools, will receive sealed
bids until noon (Central Standard Time) on May 17 for the purchase of
$40,900 not to exceed 4% interest school improvement bonds.
Bids will
be publicly opened at 4 p. m. on the day of sale.
The bonds will mature
Jan. 1, 1948.
Bidder to name one rate of interest, expressed in a multiple
of K of 1%.
Principal and semi-annual interest (J. & J.) payable at
ELKHART
OFFERING—J.
3046
Financial
the First National Bank of Elkhart, where delivery of bonds will be made.
A certified check for 3% of the bonds bid for, payable to the order of the
Treasurer of the school city, must accompany each proposal.
The approv¬
ing legal opinion of Matson, Iioss, McCord <fc Clifford of Indianapolis will
be furnished without expense to the successful bidder, although the latter
will be required to pay the cost of printing the bonds.
The bonds will be
payable from unlimited ad valorem taxes on all of the school city's taxable
property.
CAIN SCHOOL TOWNSHIP (P. O. Hillaboro), Ind.—BOND SALE—
The $18,173 funding bonds offered on April 26—V. 144, p. 2701—were
awarded to the Fountain Trust Co., as 3s, at par plus a premium of $26,
equal to 100.143, a basis of about 2.98%.
Dated April 1, 1937 and due as
follows: $500, July 1, 1938; $500, Jan. 1 and July 1 from 1939 to 1955, incl.,
and $673 Jan. 1, 1956.
ST. MARYS SCHOOL TOWNSHIP (P. O. Pleasant Mills), Ind.—
SALE—The issue of $25,000 school building bonds offered on
April 21—V. 144, p. 2005—was awarded to the Indianapolis Bond & Share
Corp. of Indianapolis, as 3lis, at par plus a premium of $317.50, equal to
101.27. Award was made conditioned upon receipt of a Public Works Ad¬
ministration grant for the project within 30 days. Bonds are dated April 21,
1937.
Denoms. $750 and $500.
Due
annually from 1938 to 1952 incl.
Interest payable J, & J.
BOND
Chronicle
May 1, 1937
p. 2702—have been sold to the Lathrop-Hawk-Herrick Co., Inc., of Wichita*
at a price of 97.79, a basis of about 2.69%.
Dated March 1, 1937.
Due
approximately 1-10th each year for a period of 10 years.
KENTUCKY
CAMPBELL COUNTY (P. O.
Jack#boro) Ky.—BONDS APPROVED—
The County Court is said to have approved recently the issuance of
$150,000
in school bonds.
KNOX COUNTY (P. O.
Barbourville), Ky.—BOND
SALE AGREE¬
MENT CANCELED—It Is stated by Widmann, Holzman &
Charles A. Hinsch & Co., Inc., both of Cincinnati, that on
Katz, and
April 26 they
Davis, County Attorney, stating that the
Knox Fiscal Court had passed an order setting aside and
canceling the order
agreeing to sell funding bonds to them, also stating that sealed bids for the
bonds would be received by the Clerk of the Court on or before
May 6.
(We reported the sale of these bonds in our columns early in January—
V. 144, p. 313.)
The two banking houses dispatched a reply to J. W.
Alford, County
Judge of Knox County, sharply protesting the action of the Fiscal Court,
pointing out that they had fulfilled to the letter the terms of the agreement
and had borne all legal expenses in connection with the
establishment of
received
wire from J. Leonard
a
validity.
The bonds involved in the discussion are the $50,000 5)4%
refunding bonds, maturing serially in from 5 to 40 years, and the agreed
price was par, plus accrued interest, the purchasers to pay all expenses of
preparation.
.
UNION
COUNTY
(P. O. Morganfield), Ky—BOND SALE CON¬
TRACT—The County Board of Education is reported to have entered into
a contract with the Bankers Bond Co.
of Louisville, for the purchase of
$90,000 4)4 % semi-annual building bonds.
Due in 15 years.
We under¬
stand that this contract is subject to approval by the State
Department of
Education.
IOWA
CALAMUS, Iowa—BOND OFFERING—It is stated by the Town Clerk
7:30 p. m. on May 6, for the
purchase of a $10,000 issue of water works bonds.
that he will receive sealed or open bids until
FOREST
stated
CITY, Iowa—BOND INJUNCTION EXTENDED—It is
W. C. Haugland, City Clerk, that the $165,000 electric plant
by
bonds approved by the voters on Sept. 16, 1936, will be up for a court hear¬
ing on an injunction against their issuance on
April 19.
May 10, postponed from
LOUISIANA
GARNER, Iowa—BOND SALE—An issue of $24,000 2^% bonds was
Co. of Des Moines at par plus a
to the Carleton D. Beh
premium of $125, equal to 100.52.
sold recently
DE
COUNTY
HANCOCK
(P. O. Garner), Iowa-MATURITY— It is
Treasurer that the $24,000 2M% semi-ann. funding
bonds purchased by the Carleton D. Beh Co. of Des Moines, at a price
of 100.52, as noted here recently—V. 144, p. 2701—are due as follows:
$5,000, 1938 to 1941, and $4,000 in 1942, figuring a basis of about 2.07%.
stated by the County
MANNING, Iowa—CITY ACTS TO PURCHASE POWER PLANT—
City Council voted recently to purchase the local power plant of the
The plant is to be paid
for out of its earnings.
The vote on the proposal was 500 to 379.
The
Iowa Public Service Co. for $135,000, it is stated.
OSKALOOSA INDEPENDENT
SCHOOL DISTRICT,
Iowa- BOND
SALE—The Board of Education has sold an issue of $60,000 234% school
refunding bonds to Jackley & Co. of Des Moines,
KANSAS
ATCHISON, Kan.—BONDS AUTHORIZED—An ordinance has been
passed authorizing the issuance of $38,500 street improvement bonds.
QUINCY,
La .—BOND REFUNDING NEARS
COMPLETION—
We are now informed that the exchange of $179,000 in old bonds for new
refunding securities is well on the way to completion. The new bonds con¬
sist of $57,000 534 % paving, duo up to 1968; $107,000
5M% sewer, matur¬
ing up to 1957, and $15,000 6% town hall bonds, maturing to 1941.
The
holders of any bonds now outstandingare
requested to forward them to the
Calcasieu Marine National Bank, of De Quincy.
We understand that the
refunding operation is merely to extend the original maturities.
(This notice supersedes the refunding report that was given in these
columns recently—V. 144, p. 2702.)
De
QUINCY SCHOOL DISTRICT (P. O. Lake Charles) La.—BOND
ELEC1 ION—It is stated by the Superintendent of the Pariah School Board
an election will be held on
May 31 to vote on the issuance of $50,000
in school bonds.
that
FRANKLIN, La.—BOND SALE DETAILS—It is now reported by the
Mayor that the $21,000 4% semi-annual water works and sewer bonds
purchased at par by the Public Works Administration, as noted here re¬
cently—V. 144, p. 2868—are in the denomination of $500, and mature on
Feb. 1 as follows: $500. 1940 and 1941; $1,000, 1942 to 1952, and
$1,500,
1953 to 1958.
CLIFTON, Kan.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $9,500 3% semi-ann. water works bonds purchased
by the State School Fund Commission, as noted in these columns recently—
v. 144, p. 2867—were sold at par and mature in 19 years.
LINCOLN PARISH (P. O. Ruston), La.—BOND OFFERING—Sealed
bids will be received until June 7. it is stated, by H. M.
Brewster, Clerk of
the School Board,for the purchase of two issues of bonds
divided
COUNTY
O.
Girard), Kan .—BONDS SOLD—A
$45,000 issue of 234 %relief bonds is reported to have been purchased at par
by the State School Fund Commission.
Due in from 1 to 10 years.
We
CRAWFORD
understand
that
bids
for
(P.
these bonds
all rejected recently because
were
they were below par.
DOUGLAS,
Kan.—BONDS AUTHORIZED—An ordinance has been
authorities authorizing the issuance of $101,792.60
passed by the city
refunding bonds.
GARNETT
DISTRICT,
HAYS, Kan.—BOND SALE DETAILS—It is now reported by the City
Clerk that the $35,000 water works system bonds purchased jointly by the
Columbian Securities Corp. and Beecroft, Cole & Co., both of Topeka,
jointly, at par, as noted here recently—Y. 144, p. 2867—are dated May 1,
1937, and were sold as follows: $5,000 as 3s, maturing $1,000 from May 1,
1938 to 1942, incl.; $10,000 as 4s, maturing $2,000 from 1943 to 1947, and
$20,000 as 4Hs, maturing $2,000 from 1948 to 1957, incl.
KANSAS CITY,
Kan.—BOND SALE DETAILS—In
connection with
follows: $260,000 school, and $220,000
as
LIVINGSTON PARISH SCHOOL DISTRICTS (P. O.
Springvills),
La.—BONDS VOTED—Bond Election—It is stated by H. L. Pearce
Jr.,
Superintendent of the Parish School Board, that a recent election resulted
in favor of issuing $30,000 School District No. 26 bonds.
He also reports
that $30,000 School District No. 24 bonds will be submitted to the voters
May 25.
SUNSET, La —BONDS SOLD
Works
TO PWA—It is stated that the Public
has purchased $25,000 4% semi-ann. water works
The Village Clerk reports that these bonds were voted last
Administration
bonds at par.
October.
TAlLULAH, La.—BOND SALE—The $50,000 5% bridge, town hall
and fire truck bonds offered
on April 12—V.
144, p. 2006—were awarded
to the Tallulah State Bank & Trust Co. of Tallulah at
par plus a premium
of $2,608.31, equal to 105.216, a basis of about
4.45%.
The bank is to
pay for printing the bonds and for legal opinion.
Dated Jan. 1, 1937.
Due
as
follows: $1,000, 1938, 1939 and 1940; $2,000, 1941 to 1947;
$3,000,
1955 to 1957.
1948 to 1954, and $4,000,
of the
sale
$51,113 2%% general improvement bonds to the Harris
Trust & Savings Bank of Chicago, reported here in a recent issue—V. 144,
p. 2867—-it is now said that the bonds are dated April 1, 1937 and are
due on April 1 as follows: $5,113 in 1938; $5,000, 1939 to 1946, and $6,000
in 1947.
The price paid was 100.189, a basis of about 2.71%.
Interest
payable A. & O.
COUNTY
(P. O. Oswego), Kan.—BOND SALE—The
relief bonds offered on April 6—V. 144, p. 2522—were awarded
Dated March 1, 1937.
Due yearly on
WEBSTER PARISH SUB-ROAD DISTRICT NO. 5 (P. O. Minden)
La.—BOND EXCHANGE APPROVED—It is stated by H. J. Hefiin,
Secretary-Treasurer of the Police Jury, that the State Bond and Tax Board
has approved the exchange of $67,000 in refunding bonds.
MAINE
LABETTE
$34,000
poor
Estes, Payne & Co., Topeka.
Aug. 1 from 1938 to 1947, incl.
to
the
bonds
were
sold
as
ljiths, at
par,
and mature in from
one
to
ten years.
COUNTY (P. O. Marysville), Kan.—BOND SALE—
recently approved by the voters—
144, p. 2867—have been sold to the State School Fund Commission as
2Ms.
Denom. $1,000.
Dated April 1, 1937.
Principal and semi-annual
interest (April 1 and Oct. 1) payable at the State Treasurer's office.
Due
$4,000 yearly on April 1 from 1938 to 1947, incl.
MARSHALL
The $40,000 coupon poor relief bonds
PREVIOUS SALE CANCELLED—The above bonds had been awarded
jointly to the Baum, Bernheimer Co., and the City National Bank & Trust
Co., both of Kansas City, Mo., at a price of 98.76, but the said Commission
to take the bonds at par and the tentative award of the issue was
necessarily cancelled as the Commission enjoys priority of sale.
decided
PLEVNA RURAL HIGH SCHOOL DISTRICT (P. O.
—BONDS VOTED—In
a
special election held recently
a
Plevna), Kan.
proposition to issue
$22,000 auditorium-gymnasium bonds was approved by the voters.
STAFFORD SCHOOL DISTRICT, Kan —BOND ELECT I ON—The
election on May 4 at which the voters will pass on a
proposition to issue $70,000 school building bonds.
district is holding an
TOPEKA, Kan.—BOND ISSUANCE NOT CONTEMPLATED—It is
by D. Van Ness, Commissioner of Finance, that since the ballot on
the $87,250 school bonds approved on April 6 carried the provision that
stated
Public
will receive bids until 11
a. m. May 3 for the purchase at discount ef
$40,000 revenue anticipation temporary loan notes dated May 3, 1937 and
payable Nov. 1, 1937.
Notes will be issued in the denomination of $10,000
and will be payable at the Merchants National Bank of
Boston, in Boston.
Delivery to be made at the Merchants National Bank of Boston for Boston
funds.
The Merchants National Bank of Boston will certify that tho notes
issued by virtue and in pursuance of a vote of the town, the
legality of
which has been approved by Storey, Thorndike, Palmer &
Dodge of Boston,
and that the signatures thereon are genuine.
Legal papers incident to the
are
V.
a
BRUNSWICK, Me.-NOTE OFFERING— S. L. Forsaith, Town Treas¬
urer,
LAWRENCE, Kan .—BOND SALE DETAILS—In connection with the
sale of the $19,200 library addition bonds to Estes, Payne & Co. of Topeka,
as noted here recently—V.
144, p. 2867—It is stated by the City Clerk
that
aggregating $480,000
refunding bonds.
These
on April 20—V. 144,
approved by the voters at the election held
were
p.2522.
on
SCHOOL
Kan.—BOND ELECTION—An
election is scheduled for May 18 at which a proposition to issue $66,000
school building bonds will be voted upon.
the
bonds
Works
Administration
grant
was
needed
for
the
project,
it
is
opinion that the said school house probably will not be built.
He also reports that as to the $850,000 city hall bonds approved at the
same time, there will probably be no bonds issued until after the completion
of the project.
In any event, no issuance is anticipated before the middle
his
of 1938, he states.
WICHITA, Kan.—BOND SALE—The $34,625.96 2}4% coupon gutter
and paving bonds which were offered unsuccessfully on April 12—V. 144,
issue will be filed with the Merchants National Bank of
may
be
Boston, where they
inspected.
RUMFORD
AND
MEXICO WATER
DISTRICT
O. Rumford),
Me.—BOND CALL—John P. MacGregor, Treasurer, announces that the
following district bonds, dated May 2, 1932, are called for redemption on
May 1, 1937, at First Nat. Bank of Boston, Boston, in accordance with the
provisions of said bonds.
Bonds numbered M231, M235, M236, M243,
M252, M253, M259, M26J, M270 and M274 maturing May 1, 1952.
Interest on the bonds called will cease May 1, 1937.
SOUTH
land)
,
PORTLAND
SEWERAGE
Me.—BOND SALE—The $30,000
(P.
DISTRICT
coupon
(P. O. South Port¬
bonds offered on April 26—
V. 144, p. 2702—were awarded to Frederick M, Swan & Co. of Portland
on a bid of 101.319 for 334s, a basis of about
3.40%. E. H. Rollins & Sons
of Boston
were
next
high, bidding 101.188 for 3Ms.
Dated May 1, 1937.
Due $6,000 yearly on May 1 from 1952 to 1956, incl.
Kennedy, Spence & Co. of Boston
were
associated with
Swan & Co. of Portland, in the purchase of the
bids submitted were as follows:
Bidder—
bonds.
Frederick M.
The two other
-
Int. Rate
E. H. Rollins & Sons, Inc__
Jordan, Lavin & Co
334%
334 %
Rate Bid
101.188
100.57
MARYLAND
BALTIMORE, Md.—ACT AUTHORIZING BOND ISSUE ATTACKED
S. Norris, President of the Taxpayers' Protective League, has
—William
filed suit in
the
Baltimore
Circuit
Court attacking
the
validity of both
Volume
Financial
144
the State Act and the city ordinance under which it is planned to issue $1,250,000 bonds for the purchase of voting machines.
Although the city
has until May 15 to answer the suit, it is expected to act sooner in order to
facilitate an early test of the validity of the legislation.
Mr. Norris con¬
tends that the bond measure was passed under an emergency provision of
the State law and that conditions in the city did not warrant such procedure.
I^MA&YlXNd (State*of)—BOND OFFERING— On June 8 the Board of
Public Works will offer for sale a total of $900,000 bonds, including $750,000
welfare bonds, $100,000 penitentiary bonds and $50,000 House of Cor¬
rection water system
3047
Chronicle
We
Buy for Our Own Account
MICHIGAN MUNICIPALS
Cray, McFawn & Company
DETROIT
bonds.
A.
Telephone CHerry 6828
T.
T.
Tel.
DET 347
MASSACHUSETTS
AMESBURY,
Mass.—BOND
$12,000
SALE—The
MICHIGAN
extension
water
of 1937 offered on April 24—V. 144, p. 2868—were awarded to
Jackson & Curtis of Boston, as 2s, at a price of 100.16. Dated May 1,1937
and due serially from 1938 to 1943 incl. Other bids were as follows:
bonds
%Jnt. Rate
j"Bidder—
Faxon, Gade & Co
Newton, Abbe & Co
•
-
rTATHOL, Mass.—BOND-SALS—The"issue' of $170,000
Rate Bid
100.09
100.02
100.399
100.265
2%
2%
2X%
2H%
2M%
2M %
Kennedy, Spence A Co
Chace, Whiteside & Co
Tyler A Co., Inc
H. C. Wainwright & Co
100.19
100.159
school
bonds offered on April 27 was awarded to Newton, Abbe & Co., Inc., of
Boston, as 2Xb, at a price of 100.382, a basis of about 2.20%.
Dated
Nov. 1,1936, and due Nov. 1 as follows: $10,000, 1937 to 1952 incl.; $3,000
in 1953 and 19.54, and $2,000 in 1955 and 1956.
Second high bid of 100.332
for 214& was made by Lazard Freres & Co., Inc.,
coupon
of New York.
"'The following isVTist of "the otter bids submitted for the issue: ■***.
<
Bidder—
Int. Rate
Rate Bid
2X%
100.332
Goldman, Sachs A Co. and Graham, Parsons & Cp2 M%
100.905
Kstabrook A Co
2Yi%
100.81
C. F. Ohilds A Co
2«%
100.801
Whiting, Weeks A Knowles,
„
2V^%
100.56
Edward B. Smith A Co
2^j%
100.427
Lazard Freres & Co., Inc
RAPIDS, Mich.—BOND OFFERING—Barney Laser, City Clerk,
will receive bids until 3 p.m. May 1 for the purchase of $55,000 3X % selfliquidating water revenue bonds.
Dated May 1, 1937.
Interest payable
semi-annually. Due on May 1 as follows: $1,500,1939 to 1943; $2,500,1944
to 1948; and $3,500, 1949 to 1958.
The City Commission reserves the right
to purchase $10,000 of the longer maturities at the bid price for sinking
fund purposes. Certified check for 2% of the bid, required.
BIG
[f EAST GRAND RAPIDS, Mich.—BOND SALE—The $49,957.89 bonds
offered on April 26—V. 144, p. 2868—were awarded to McDonald, Moore A
Hayes of Detroit, as 3Xs, at par plus a premium of $118, equal to 100.234.
The award consisted of the following:
E
$18,000.00 special assessment refunding bonds.
Dated May 1,-1937.
Due July 1 as follows: $2,000 from 1940 to 1945, incl., and
$3,000 in 1946 and 1947.
16,957.89 special assessment refunding bonds.
Dated May 1, 1937.
Due May 1 as follows: $2,957.89 in 1940, and $2,000 from 1941
_
to 1947, incl.
10,000.00 refunding bonds.
Dated May 1, 1937.
Due May 1 as follows:
$1,000 from 1940 to 1945, incl., and $2,000 in 1946 and 1947.
5,000.00 refunding bonds.
Dated April 1, 1987.
Due $1,000 on April 1
^
from 1940 to 1944, incl.
„
.
...
..
100.11
101.059
2H%
Kennedy, Spence A Co
Brown Harriman A Co., Inc
2h %
100.89
2*4%
Tyler A Co., Inc
2%%
.'
Hornblower A Weeks
100.586
2%%
R. L. Day A Co
Halsey. Stuart A Co., Inc
100.68
2*|%
..
100.771
2X%
First National Bank of Boston
100.119
BEVERLY, Ma88.—LOAN OFFERING—John C. Lovett, City Treas¬
urer, will receive sealed bids until 11 a. m. (Daylight Saving Time) on May 5
anticipation notes.
Dated
May 5, 1937.
Denom. $25,000, $10,000 and $5,000.
Due Dec. 2, 1937.
The notes will be authenticated as to genuineness and validity by the First
National Bank of Boston under advice of Ropes, Gray, Boyden A Perkins
of Boston.
Delivery will be made on or about May 6 at the 17 Court Street
office of the First Nationa
Bank of Boston, for Boston funds.
The notes
are payable at the First National Bank of Boston or at the Central Hanover
Bank A Trust Co., N. Y. City.
for the purchase at discount of $200,000 revenue
Tax Collections
1935
1936
$1,423,556
1,056
$1,430,256
160,442
Year—
Levy
Uncollected April 15, 1937
Tax titles, $132,048; tax title loans, $74,773.
275; 1935,
$43,878,200^
V •
'• i
Valuation, 1936, $42,315,-
^
_BRO~CKTON7~Ma88.—BOA'D SALE—'The
•
issue
' ' .'
■
'
of$180,000 macadam
pavement bonds offered on April 27 was awarded to Newton, Abbe
of Boston as ljfs, at a price of 100.207, a basis of about 1.685%.
A Co.
Dated
May 1, 1937, and due $36,000 on May I from 1938 to 1942 incl.
The other bids were as follows:
Bidder—
Int. Rate
Rate Bid
Lazard Freres A Co
1 %%
100.202
100.118
1 X%
Edward B. Smith A Co
Graham, Parsons A Co
IX%
100.117
Brown Harriman A Co
100.0799
100.044
100.031
100.086
National Shawmut Bank
IX %
1 H%
IX %
IX %
2%
2%
Whiting, Weeks A Knowles
Tyler A Co
Kennedy, Spence A Co
R.L.Day A Co
2%
2%
2%
2%
100.346
100.599
Hornblower A Weeks
2%
100.29
100.044
1st Boston
2%
100.506J
2%
2%
2%
2%
2%
100.47JI
Faxon. Gade A Co. and C. F. Ohilds A Co
First National Bank, Boston
Goldman, Sachs A Co
Jackson A Curtis
Corp
Home National Bank
Salomon Bros. A Hutzler
Brockton National Bank
Halsey, Stuart A Co
Estabrook A Co__
"""CAMBRIDGE,
,
„
,
Mass.—NOTE
SA LE—Two*lssues
100.44
100.39
100.68
100.25
100.48
100.07
100.26
of ^revenue
anticf-
Sation notes in amounts of $500,000 each were sold privately 3, 1937 and
ackson A Curtis of Boston, at 0.844% discount.
Dated May recently to
due Nov. 30, 1937.
Grosse lie), Mich.—BOND\OFFER*
Clerk, will receive bids until 8 p. m.
of $43,000 refunding bonds, divided into two
GROSSE ILE TOWNSHIP (P. O.
ING—Elizabeth Johnson, Township
May 3
series
as
for
the
purchase
follows:
$21,000 series
1940;
22,000 series
1940;
A bonds. Due on May 1 as follows: $2,000,
and $3,000, 1941 to 1945.
B bonds. Due on May 1 as follows: $3,000,
$2,000, 1941 to 1944; and $5,000, 1945.
1938, 1939 and
'
1938, 1939 and
„
Interest rate is not to exceed 4%, as determined by the bidding.
Dated
May 1, 1937. Principal and semi-annual interest (May 1 and Nov. 1) pay¬
able at the Wyandotte Savings Bank, Wyandotte.
Bonds of series A are
payable from unlimited tax and delinquent taxes of 1931; bonds of series B
from taxes subject to 15 -mill limitation and delinquent taxes of 1928, 1929
and 1930.
Bonds due May 1, 1945 are redeemable at the option of the
Township Board on any interest date on and after May 1, 1939. Certified
check for $1,000, payable to the township, required. Legal opinion of Miller,
Canfield, Paddock A Stone of Detroit will be furnished by the township.
HAMTRAMCK, Mich.—ASKS STATE TO PURCHASE
NOTES—City
Attorney William Cohen made formal request of Governor Murphy on
April 22 that the State purchase a pending issue of $270,000 notes in an¬
ticipation of future taxes for the highway-sinking fund account.
The
matter, according to report, was referred to the Finance Committee of the
Administrative Board and the Attorney General's Department.
Suspension
of municipal activities, with payless paydays for employees, looms as a
possibility unless the city obtains funds to tide it over until 1937 taxes
start to come in July 1, the report stated.
The city, it is said, attempted
to dispose of $345,000 tax anticipation notes.
Several bidders made offers
contingent upon approval of the issue by Detroit municipal attorneys. The
latter are reported to have pointed out that charter provisions limited the
amount of such obligations to $75,000.
JACKSON COUNTY (P. O. Jackson), Mich.—NOTES AUTHORIZED
has been authorized to borrow $100,000 on notes against
delinquent 1933, 1934 and 1935 taxes, and the unpaid portion of the 1936
levy. Notes will mature on or before Sept. 13, 1937.
—The county
LIVONIA
TOWNSHIP
SCHOOL
DISTRICT
NO. 6
(P. O. Rout-
No.
2, Plymouth),
Mich.—TENDERS WANTED—C. A. Schaffer.
Secretary, will receive sealed tenders until 5 p. m. on May 24 of interest
refunding certificates, dated April 15,1936 and due April 15,1946. Sinking
fund money in the amount of $2,OO0 is available for purchase of the cer¬
tificates. Acceptance notices will be mailed within 10 days after opening of
tenders.
MICHIGAN (State of)—BOND
SALE—The $400,000 3% Covert Road
highway refunding bonds described below, which were offered on April
26—V. 144, p. 2869—were awarded to the First of Michigan Corp. of
Detroit on a bid of 102.77, a basis of about 2.27%:
»•
H
$161,000 Road Assessment District No. 473, Wayne County portion bonds!
Dated May 1, 1937, and due May 1, 1941.
157,000 Road Assessment District No. 471, Wayne County portion bonds.
Dated May 1, 1937, and due May 1, 1941.
82,000 Road Assessment District No. 481, Wayne County portion bonds.
Dated May 1, 1937, and due May 1, 1941.
MUSKEGON, Mich.—BOND OFFERING—R. F. Cooper, City Clerk,
bids until 2 p. m. May 4 for the purchase of $45,000 Special
Sewer Improvement District S-151 direct obligation bonds, to
bear interest at no more than 4%.
Denom. $1,000. Dated May 1, 1937.
Principal and semi-annual interest payable at the City Treasurer's office.
Due $5,000 yearly on May 1 from 1939 to 1947 incl.
Certified check for
$500 required.
Purchaser is to furnish bonds and coupons ; the city will
supply the legal opinion of Miller, Canfield, Paddock A Stone of Detroit. ,
will receive
Sanitary
PESSEX COUNTY (P. O. Salem), Mass.—NOTE SALE—The $25,000
industrial farm loan notes offered on April 27—V. 144, p. 2868—were
awarded to Jackson A Curtis of Boston, at 0.88% discount.
Dated May
1, 1937, and due May 1, 1938.
The Merchants National Bank of Boston,
second high bidder, named a rate of 0.84%.
_____
Mass.—BONDS ^AUTHORIZED—The^Board of Aldermen
on April 14 authorized the issuance of a total of $729,000 bonds for school
building purposes.
■
\
MALDEN,
.
QUINCY, Mass.—NOTE SALE—The issue of $50(3',000 revenue anticipation notes offered on April 26—V. 144, p. 2868—was awarded to the
Bank of The Manhattan Co. of New York, at 0.85% discount.
Dated
April 26, 1937 and due $250,000 each on Nov. 23 and Dec.
bids
Bidder—
28, 1937. Other
follows:
were as
Discount
'
0.88%
First Boston Corp__
Shawmut National Bank
Second National Bank
First National Bank of Boston
0.91 %
,___0.919%
0.923%
Faxon, Gade A Co
0.935%
Merchants National Bank of Boston.
E.'H. Rollins A Sons
0.94%
0.95%
0.955%
Whiting, Weeks A Knowles
0.96%
Lehman Bros
SOMERVILLE, Mass.—SEEKS BOND ISSUE—The city has requested
Legislative Municipal Finance Committee to approve an issue of
$320,000 10-year serial bonds for the purpose of paying off a similar amount
of obligations which, according to report, had been illegally contracted by
a previous Mayor.
The Mayor, it is said, incurred the indebtedness with¬
out the approval of the Board of Aldermen.
Various local firms face
bankruptcy unless the obligations are paid, according to proponents of
the
the bond measure.
inankIn ahid Dearborn townships fractional school
NO. 2, Wayne County, Mich.—BONDS AUTHORIZED—
approved the issuance of $39,500 refunding
bonds, to mature Oct. 1, 1966 and callable prior to maturity.
Approval
also was given to the issuance of $6,758.16 certificates of maturities to refund
past due interest. These will mature in 1946 and are callable.
DISTRICT
Public Debt Commission has
TOWNSHIP
SCHOOL DISTRICT
Mich.—BONDS AUTHORIZED—Township
REDFORD
County,
issue
MICHIGAN
CITY,
May
1, 1939.
SPRINGS, Mich.—BONDS AUTHORIZED—The village
authorized to issue $15,000 general obligation and a similar
BERRIEN
has
been
bonds, the proceeds to be used in the cost of
Bonds will mature serially from 1939 to 1943 incl.
amount of special assessment
building
a sewer
system.
Monroe
TAYLOR TOWNSHIP SCHOOL DISTRICT NO. 7, Wayne
County,
Com¬
Mich —REFUNDING ISSUE APPROVED—The State Public Debt
approved an issue of $5,000 callable refunding bonds, to mature
April 1,1942.
mission has
WAYNE
COUNTY
(P.
O.
Detroit),
Mich.—BOND SALE—The
$210,000 3% Covert Road highway refunding bonds (Wayne County
portion), offered on April 26—V. 144, p. 2869—were awarded to the First
of Michigan Corp. of Detroit and Brown Harriman A Co. of Chicago,
jointly, on a bid of 102.356, a basis of about 1.80%.
Dated May 1, 1937.
Due May 1, 1939.
MINNESOTA
BAYPORT
DISTRICT (P. O. Bayport), Minn.—BOND
Board of Education that an
May 11 to vote on the issuance of $50,000 in gym¬
SCHOOL
ELECTION—It is stated by the Clerk of the
Mich.—NOTES AUTHORIZED—'The city has been
authorized to borrow $69,900 against delinquent 1932 and 1983 taxes, the
proceeds to be used for general operating purposes. Notes to mature on or
about
2,
$10,000
election will be held
BAY
NO.
has received per¬
school building improvement bonds, to mature
serially from 1938 to 1947, incl.
mission to
on
nasium-auditorium bonds.
CANBY, Minn.—BOND PROJECT DROPPED— It is now reported by
City Recorder that the plan to issue the $38,500 3% semi-annual
community hall bonds, which bonds were offered for sale without success
on Feb. 16, as noted in these columns at that time—V. 144, p. 1321—has
been abandoned.
Due from Jan. 1, 1939 to 1957.
the
CLOQUET
SCHOOL
DISTRICT
(P. O. Cloquet), Minn.—BOND
ELECTION—An election will be held on May 10, according to report, to
have the voters pass on the issuance of $60,000 in 3% building addition
bonds.
Due $7,500 from 1942 to 1949, incl.
3048
Financial
CROOKSTON,
Minn.—BOND ELECTION—The Oity Council has
called a special election for
May 14 at which a proposition to issue $25,000
winter sports building bonds will be submitted to a
vote.
HENNEPIN
COUNTY INDEPENDENT SCHOOL DISTRICT NO.
44 (P. O. Wayzata), Minn.—BOND ELECTION—At
an election scheduled
for May 6 the voters of the district will
pass on the question of issuing
$185,000 school building bonds.
HOUSTON.
Minn.—BOND SALE— On April 16 the Village Council
3M % sewer bonds to the Security State Bank and the Houston
both of Houston.
Denom. $500.
sold $38,000
State Bank,
Chronicle
i,
of
manner
a]municipal water works plant for the city, the cost thereof
be financed through revenue or
plant bonds, payable only from the
to
net income derived from said
property and which bonds shall not constitute
liability of the city for which the general
a
program
received
may be financed, sealed proposals with
respect thereto will be
by the Commissioner of Public Properties and Public Utilities
on May 11, and should be filed
with the City Clerk on or
until 10 a. m.
before said date and hour.
LINCOLN COUNTY (P. O. Ivanhoe), Minn —BONDS AUTHORIZED
—The County Board has passed a resolution
calling for the issuance of
$160,000 seed loan bonds.
MINNESOTA, State of—HIGHWAY BONDS
In
a
letter dated April 27 we are informed
OFFERINGS
by N. W. Els berg, Commissioner
Highways, that no authority was granted by the recent Legislature for
the issuance of trunk highway bonds.
CERTIFICATE AWARD DEFERRED—It is stated that the award of
above-described certificates was deferred by the Executive Council.
We understand that only one bid was received, that being from a
FIRST SECURITY TRUST CO.
the
of
SALT LAKE CITY
,
Phone
MOORHEAD, Minn.—WARRANT
received
until
8 p.
m.
May
on
OFFERING—Sealed bids will be
10, by R. G. Price, City Clerk, for the
Wasatch 3221
Bell
girchase of a $39,000 issue of 4% improvement warrants. 1939 to 1949, and
Denom. $1,000.
ated June 1, 1937.
Due
June 1
follows:
$3,000,
on
2,000 from 1950 to 1952.
and int.
at the First National
or
CASCADE COUNTY SCHOOL DISTRICT No. 1
(P. O. Great Fall.),
Mont.—BOND SALE—The $875,000 issue of
refunding bonds offered for
sale on April 26—V. 144, p. 2353—was awarded
to the State Land Board,
as 2^s, at
par, according to the District Clerk.
CUT
RENVILLE
COUNTY INDEPENDENT SCHOOL DISTRICT NO.
(P. O. Morton). Minn.—BONDS VOTED—On April 19 the district
voted approval of a bond issue of $60,000 for school construction
purposes.
55
SANBORN SCHOOL DISTRICT
(P. O. Sanborn), Minn.—BONDS
Pecholt, District Clerk, that the
$36,000 building bonds approved by the voters at the election held on April
TO BE SOLD—It is stated by Francis S.
19, will be purchased by the State of Minnesota.
STEVENS
COUNTY
CONSOLIDATED SCHOOL
DISTRICT NO.
27 (P. O. Chokio), Minn.—BONDS SOLD—A. E.
Johnson, District Clerk,
states that $18,000 3% semi-annual school bonds
approved at an election
held on March 16, have been purchased by the State Board of
Investments.
Dated March 19. 1937.
Due $2,000 from 1944 to 1952, incl.
STEWART SCHOOL
DISTRICT, Minn.—BONDS VOTED— On April
19 the voters of the district gave their approval to
school building bonds.
a
proposal to issue $50,000
MISSISSIPPI
AMORY,
Miss.—STREET
BOND
RETIREMENT
COMPLETED—
This town has completed the retirement of its $114,650.50 in
paving and
sidewalk bonds, according to the New Orleans
"Times-Picayune" of April
26.
The last payment of $15,000 is said to have been made a few
days
ago
and the city has no further bonded obligation for its street
system.
BILOXI,
Miss.—BOND CALL—It is stated by F. A. Tucei, City
C.erk, that the following 6% semi-ann. refunding bonds are being called
f u redemption on June 1:
$81,000 Series N of 1934, numbered 1 to 81.
Denom. $1,000.
Due from
June 1, 1939 to 1964.
50,500 Series U of 1934, numbered 31 to 101, and 107 to 540.
Denom.
$100.
an
Due from June 1,
issue of $1,641,000.
1938 to 1955.
These bonds
are
part of
Interest shall cease on the said bonds on date called and holders should
present them for payment at the place of payment designated therein, on
that date.
CLEVELAND,
Miss.—BONDS
$32,000 industrial building
April 13.
bonds
DEFEATED—'The
defeated
was
at
proposal
the
election
issue
to
held
on
INDIANOLA SEPARATE SCHOOL DISTRICT (P. O.
Indianoia),
Miss.—BOND EXCHANGE—It is stated by J. C. Boyer, City Clerk, that
the $128,500 4)4% refunding bonds mentioned in these columns
recently
—V. 144, p. 2869—have been exchanged with the
original holders, at par.
Dated Sept. 1, 1936.
Due from Sept. 1, 1938 to 1965.
Legal approval by
Charles & Trauernicht, of St. Louis, Mo.
LIBERTY, Miss.—BONDS SOLD
ministration
is
said
to
have
TO
purchased
PWA—The
$16,500
4%
Public
Works
semi-annual
Ad¬
water
works bonds at par.
MABEN, Miss.—BONDS SOLD TO PWA—A $21,000 issue of 4% semiann. water
works bonds is said to have been purchased at
par by the Public
Works Administration.
TIPPAH
COUNTY
(P.
O.
Ripley), Miss.—BOND OFFERING—
Sealed bids will be received until May 4 by J. E.
McElwain, Clerk of the
Chancery Court, for the purchase of a $15,000 issue of jail bonds.
Denom.
$500.
Due on April 1 as follows: $1,500, 1938; $2,000, 1939 to
1941;
$2,500, 1942 to 1944.
Bidders to
name
the rate of interest.
MISSOURI
DES
PERES
SCHOOL
DISTRICT
(P.
O.
Clayton),
Mo.—BONDS
VOTED—It is reported that the voters
approved the issuance of $30,000 in
school bonds at an election on April 15.
DONIPHAN
SCHOOL
DISTRICT
(P.
O. Doniphan), Mo.—BOND
due in 20
KANSAS
years, optional in
CITY,
BANK, Mont.—BONDS DEFEATED—It
EUREKA, Mont.—BOND OFFERING—A.
yearly
as
TfoNTANA,
end of
March—$300,870. The large reduction was accomplished by pay¬
of $657,281 to holders of general fund warrants
during the month.
May 1 the State Treasurer will call $592,000 of the old educational
bond issue, to be redeemed on the optional
date, July 1, eight years before
maturity.
All of the educational issue, now totaling $974,000, will be
paid by 1939, says Mr. Shannon.
ment
On
PHILIPSBURG, Mont.—BOND ELECTION— The
ordered that
on
Pacific), Mo.—BONDS
VOTED
—It is stated by E. W. Gross, Secretary-Treasurer of the Board
of Educa¬
tion, that at the election held on April 20, the voters approved the issuance
of the $42,000 in school bonds.
POPLAR BLUFF SCHOOL DISTRICT (P. O.
Poplar Bluff), Mo.—
BOND SALE—The $120,000 issue of school bonds offered for
sale on April
26—V. 144, p. 2870—was awarded to the Harris Trust &
Savings Bank,
of Chicago, as 3)4s, paying a premium of $697, equal to
100.58, a basis
of about 3.20%.
Dated May 1, 1937.
Due from Feb. 1, 1940 to 1957,
inci.
The second highest bid was an offer of $1,680
premium on 3)4s,
submitted by the Mississippi Valley Trust Co. of St. Louis.
ST. LOUIS.
Mo.—BOND ISSUANCE NOT
CONTEMPLATED—It is
reported by Charles L. Cunningham, Deputy City Comptroller, that he
believes the Board of Estimate and Apportionment will
not authorize
the issuance of any bonds for any purpose whatsoever for
the fiscal year
beginning April, 1937, and ending April 1, 1938.
He also states that the proposition of
transferring funds from one item
to another, which was defeated by the voters last
year, will not be resub¬
City
Council
has
a special election be held on
May 15 for the purpose of voting
the question of issuing $68,000 water
supply bonds.
"ROSEBUD COUNTY SCHOOL DISTRICT NO. 12 (P. O.
Rosebud),
Mont.—BOND OFFERING—Henry Larsen, Chairman of the Board of
Trustees, will receive bids until 2 p. m. June 1, for the purchase of an
issue of $10,000 gymnasium bonds.
Amortization bonds will be the first choice and serial bonds
will
second choice of the school board.
Tf amortization bonds are sold, the entire issue
may
bond
be put into
be the
one
single
divided into several bonds, as the board of trustees
may determine
sale, both principal and interest to be payable in semi¬
annual instalments during a period of 20 years from the date
of issue.
If serial bonds are issued
they wid be in the amount of $500 each, the
sum of $500 will become
payable on Sept. 1, 1938, and a like amount on
or
upon at the time of
the
same day each year thereafter.
The bonds, whether amortization or serial bonds will bear
date of Sept. 1,
1937, and will bear interest at a rate not exceeding 6%, payable semi¬
annually, on March 1 and Sept. 1, and will be redeemable in full on
any
interest payment date from and after five
years from the date of issue.
The bonds will be sold for not less than par.
All bids other than by or on behalf of the State Board
of Land Com¬
missioners must be accompanied by a certified check in the
sum of
$100
payable to the order of the clerk.
STILLWATER
COUNTY
SCHOOL
DISTRICT
NO.
52
(P. O.
Absarokee),
Mont.—BOND
OFFERING—Ira
L.
Whitney,
District
Clerk, will receive bids until 7:30 p. m. May 25 for the purchase of an
issue of $8,000 refunding bonds.
Amortization bonds will be the first choice and serial bonds will be the
second choice of the School Board.
If amortization bonds are sold, the entire issue
may be put into one
or divided into several bonds, as the Board of Trustees
may
determine upon at the time of sale, both
principal and interest to be
single bond
payable in semi-annual instalments during
period of 10 years from the
a
date of issue.
If serial bonds
sum
issued they will be in the amount of $800 each; the
of $800 will become payable on July
1, 1938, and a like amount on the
are
day of each year thereafter.
The bonds, whether amortization or serial
bonds, will bear date of
July 1, 1937, and will bear interest at a rate not exceeding 6%, payable
semi-annually on Jan. 1 and July 1, and will be redeemable in full on
any interest payment date from and after five years from the date of issue.
same
The bonds will be sold for not less than par.
All bids other than that by or on behalf of the State Board of Land
Commissioners must be accompanied by a certified check in the sum of
$1,000, payable to the order of the Clerk of the Board.
NEBRASKA
MUNICIPAL
OMAHA, DOUGLAS COUNTY,
AND
OTHER
BONDS
LINCOLN
NEBRASKA ISSUES
THE NATIONAL COMPANY
OF
OMAHA
First National Bank Bide.
A. T. & T. Teletype OMA 81
NEBRASKA
ARNOLD, Neb.—BONDS TO BE SOLD—It
has entered into
PACIFIC SCHOOL DISTRICT (P. O.
July 1 from 1938
Treasurer Ray N. Shannon in
announcing the State's warrant debt has
been reduced from $958,151 March 1 to its lowest
point in 15 years by the
M.
yet.
on
State of—REPORT ON REDUCTION IN WARRANT
DEBT—By mid-summer Montana may be on a cash basis, says State
10 years.
Hansman, Bond Superintendent, reports that the sale of $3,000,000 State
Building, Series D bonds has not been authorized by the State Board of
Donaldson, Town Clerk,
to 1949.
Bidders are to name rate of interest, not to exceed
6%. Certified
check for 5% of amount of bid,
payable to the Town Clerk, required.
OFFERED
FOR
INVESTMENT—
Public offering of two newly purchased issues,
2%% and 3% bonds, ag¬
gregating $500,000, was made on April 27 by Stranahan, Harris &
Co.,
Inc. of Toledo, and Chas. D. Barney & Co. of New York.
The 2%%
bonds, in the amount of $150,000, maturing May 1, 1939 to 1953,
incl.,
are priced to yield from 2 to 2.85%.
The 3% bonds, $350,000, mature
May 1, 1954 to 1975, incl.
The 1954 to 1966 maturities are priced to
yield from 2.90 to 3%, and the 1967-70 maturities are priced at 99)4, and
the 1971-75 maturities, at 99.
The bonds are said to be legal investment
for savings banks and trust funds in New York State.
Fund Commissioners
J.
will receive bids until 8 p. m. May 10 for the
purchase at not less than par
of $6,000 water
refunding bonds.
Denom. $100.
Dated July 1, 1937.
Interest payable Jan. 1 and July 1.
Due $500
Mo.—BONDS
MISSOURI, State of—BOND SALE NOT CONTEMPLATED—!.
is stated by Alice Rush,
City Clerk, that at an election held on April 5 the voters defeated the
proposal to issue $31,000 in natural gas system bonds.
SALE DETAILS—It is stated by the District
Secretary that the $12,000
school bonds purchased by the Baum-Berneimer Co. of Kansas
City, as
reported in these columns in March —V. 144, p. 2181—were sold as 4s
at par. are
Teletype: SL K-372
MONTANA
as
Prin.
(J. & D.) payable at the City
Bank, Moorhead.
The approv¬
ing opinion of Junell, Driscoll, Fletcher, Dorsey & Barker, of Minneaplois,
will be furnished.
A $500 certified check, payable to the
city, must
accompany the bid.
Treasurer's office
*
MUNICIPALS
of
group
WANTED
UTAH—IDAHO-NEYADA-MONTANA—WYOMING
NOT AUTHORIZED—
Twin Cities banks and bond dealers.
might be liable.
revenues
The present water works syitem
serving this city is privately owned.
To the end that the city
may determine the basis upon which the above
a
contract with
Steinauer &
is reported that the village
Schweser of Lincoln for the
purchase of the $70,900 electric light and power bonds approved
by the
voters at the election
held
on
April 6.
CRAWFORD, Neb.—BONDS
SOLD—It is reported by E. P. Spray,
City Treasurer, that $17,100 4% semi-ann. sewage disposal plant bonds
have been purchased by a local bank.
Dated Dec. 15, 1936.
Due on
Dec. 15 as follows: $1,000, 1937 to 1939: $2,000, 1940 to
1945, and $2,100
in 1946.
Optional on and after Dec. 15,1941.
MADRID, Neb.—BONDS AUTHORIZED—An ordinance authorizing
the issuance of $25,900 refunding bonds has been
passed by the Board o
Trustees of the village.
WHITNEY
IRRIGATION
DISTRICT
(P.
O.
Whitney),
Neb.—
BONDS TAKEN UP BY RFC—C. F.
Gund, District Secretary, states that
above corporation began paying out on a
$101,000 loan on Dec. 22,
1935, taking up all bonds then in the hands of the escrow agents.
He
reports that the following November all the bonds had been taken in and
the new issue was delivered to the Reconstruction Finance
the
Corporation in
exchange for the original obligations.
mitted.
SPRINGFIELD,
Mo .—PROPOSED
PLANT—It
MUNICIPAL
WATER
WORKS
is stated by Will C.
Lohmeyer, Commissioner of Public
Property and Public Utilities, that an ordinance was recently adopted
by the city permitting the construction, purchase or acquisition by other
NEVADA
,
ELY PUBLIC SCHOOL DISTRICT NO. 1 (P. O.
Ely), Nev.—BONDS
VOTED—The residents of the district on April 17 voted
favorably on a
proposal to issue $55,000 school building improvement bonds.
Volume
Financial
144
operating costs, the new tax rate is expected to
$100 of assessed valuation, as compared with $3.81
of $44,000,000 in ratables, together with the
collection of $2,000,000 from the Standard Oil Co. on a $50,000,000 assess¬
ment, in settlement of a claim of a $300,000,000 assessment made by the
city, combined to make possible a probable decrease, instead of an increase,
in the projected tax rate.
The amount to be raised by taxes for all pur¬
poses in the current year is $35,317,284.61, compared with $35,043,152.91
the
HAMPSHIRE
NEW
be
NASHUA, N. H.—TEMPORARY LOAN—The $100,000 revenue
antici-
nc.
as
marked increase in
about $3.70
last
{ation notes offered on April 27 were awarded 2, 1938. Other bids Sons,
of Boston, at 1.09% discount.
Due April to E. H. Rollins & were
follows:
Discount
1.11%
1.12%
Bidder—
Nashua Trust Co
Mansfield A Co
3049
Chronicle
per
An
year.
increase
in 1936.
MILFORD,
N.
J.—BONDS AUTHORIZED—'The Borough
April 20 adopted on final reading on ardinance authorizing tne
bonds.
NEW
Second National Bank of Boston
1.13%
1.15%
Council
Battles A Co
1.194%
issuance of $75,000 sewer
First Boston Corp. (plus
$2 premium)
1.39%
Halsey, Stuart <fc Co., Inc
NASHUA, N. H.—BOND SALE—The issue of $100,000
3% new high
awarded
102.477.
bids
school equipment bonds offered on April 29—V. 144, p. 2870—was
to the Harris Trust & Savings Bank of New York, at a price of
Other
Dated May l, 1937 and due serially from 1938 to 1957, incl.
were
as
follows:
102.312
Rate Bid
-101.033
Bidder—
Rate Bid
Bidder—
Goldman, Sachs & Co
Coffin & Burr-
Halsey, Stuart & Co., Inc—100.865
Nashua
101.929 E. H. Rollins & Sons and
Chace, Whiteside & Co__ .100.788
Ballou, Adams & Whittemorel01.836
C. F. Childs & Co
.101.834
Indian Head National Bank,
H. L. Allen & Company
New Jersey
Ifcliraor
Telephone
CONTROL OF STATE COM¬
borough is now under the
Finance Commission, by virtue of an order
signed April 5 by Justice Bodine of the State Supreme Court. In its petition
for the order, the borough stated that it is not in a position to meet its
obligations and made pubiu a record of default on its indebtedness. These
included $1,460,170.05 of principal due and unpaid on bonds and notes;
$76,319.73 due in interest on bonds and notes; $134,266.93 owed in State and
county taxes, and $143,495 due to the Board of Education of the borough.
Cash available to 'meet the indebtedness was placed at not more than
$15,000. The borough failed to receive a bid at an offering of $60,000 6%
water bonds on March 16.
The following week, it was reported that the
Council had passed on first reading ordinances providing for the issuance of
an aggregate of $3,100,000 refunding bonds, covering indebtedness of both
the borough and the school district.
The refunding program was being
handled by Norman S. Taber & Co., New York, the report said.
control of the State Municipal
PASSAIC COUNTY (P. O. Paterson), N. 3 .—BONDS
have adopted a resolution Authorizing
$135,000
county
AUTHORIZED
the issuance of
building bonds.
RUTHERFORD,
2-7333
3.—BOROUGH
N.
PLAN DE¬
MANAGEMENT
proposal to change the municipal form of government from
Mayor and Council to borough management was defeated by a vote of 2,899
to 1,699 at an election on April 27.
Proponents of the plan said that another
effort to effect the change would be made fater a further educational
FEATED—A
N. Y. 1-528
™
100 Broadway
NORTH ARLINGTON, N. J.—UNDER
MISSION—Administration of the finances of the
—The Freeholders
Ahst&ipal Bonds
A. T. & T.
on
Hew York
campaign.
1199332470652 19356SEA
ISLE
J.—BONDS PASSED ON FIRST READING—
reading on April 14 to an ordinance
CITY, N.
The Board of Commissioners gave first
BONDS
MUNICIPAL
The ordinance will
bonds.
authorizing the issuance of $525,500 refunding
be given final consideration on May 3.
N. J.—BOND SALE—Hendricks & Eastwood, Inc. of
Philadelphia have purchased an issue of $47,000 funding bonds.
The bonds bear 4H% interest, are dated March 1, 1937, and mature
Sept. 1 as follows: $2,000 from 1940 to 1949, incl., and $3,000 from 1950
to
1958, incl.
Denom. $1,000.
Interest payable M. & S.
The bonds
are general obligations of the borough, payable from unlimited ad valorem
taxes.
Legality to be approved by Hawkins, Delafield & Longfellow of
STRATFORD,
General Market Issues
Jersey and
New
& Co. Inc.
B. J. Van Ingen
57
WILLIAM
& T.:
A. T.
TaUphona: John 4-53S4
STREET, N. Y.
N. Y.
Newark Tel.: Market 3-3124
1-730
New York City.
SUMMIT, N. 3.—BOND
will receive sealed
OFFERING—Frederick C. Kentz, City Clerk,
(Daylight Saving Time) on May 11
bids until 8 p. m.
purchase of $550,000 not to exceed 4% interest coupon or registered
school building bonds.
Dated May 1, 1937.
Denom. $1,000.
Due May 1
as follows: $15,000 from 1938 to 1941, incl.; $20,000 from 1942 to 1965, incl.,
and $10,000 in 1966.
Rate of interest to be expressed in a multiple of
yi or l-10th of 1%.
Prin. and int. (M. & N.) payable at the City Treas¬
urer's office.
A certified check for 2% must accompany each proposal.
for the
OFFERINGS WANTED
MUNICIPAL BONDS
NEW JERSEY
The approving opinion of Hawkins, Delafield
City must accompany each proposal.
Colycr, Robinson $ Company
INCORPORATED
1180
New
A. T. & T. Teletype
NWRK 24
York Wire:
REctor
2-2055
JERSEY
NEW
BAYONNE, N. 3.—WINS TERMINAL SUIT IN FEDERAL COURT—
The District of Coluhibia Federal Court on April 22 refused to enjoin Public
Works Administrator Harold Ickes from disbursing Public Works Adminis¬
tration funds for a $4,000,000 harbor improvement project in Bayonne, N.J.
Justice Daniel W. O'Donoghue, in refusing to grant the preliminary
injunction sought by several Bayonne property owners, asserted that dis¬
cretionary actions by Federal officials are not subject to judicial control.
He sustained the constitutionality of the Federal Emergency Appropri¬
ation Act of 1935 and ruled that the allocation of funds to Bayonne was
within the scope of the law.
Government attorneys told the Court that issuance of a preliminary
cost the Government more than $200,000b ecause of
certain contracts that had to be executed by May 1.
The plaintiffs contended that private organizations would benefit pri¬
marily from the project, and that it was in no sense a public work.
They
also argued that withdrawal of property from the Bayonne tax rolls necessary
to complete the project would result in higher taxes for Bayonne property
Injunction
would
owners.
(Counsel for the plaintiffs announced prior to the Court's decision that,
In the event of an adverse ruling, they would appeal to the Circuit Court of
Appeals.)
BEACH
HAVEN,
N. J.—BONDS PASSED ON
FIRST READING—
On April 8 first reading was given to an ordinance authorizing the issuance of
$157,000 general refunding bonds.
The measure will be given final con¬
sideration by the Borough Council on May 3.
BELMAR, N. J .—BOND SALE—A. V. O'Brien & Co. of New York City
purchased privately an issue of $210,000 refunding bonds, according to
report.
BORDENTOWN, N. J.—BONDS SOLD—The Sinking Fund Com¬
purchased an issue of $12,000 4% refunding bonds at a price of
Due serially from 1938 to 1941 incl.
mission
par.
COLLINGSWOOD,
N.
3.—PRICE PAID—'The $135,000
4% sewer
refunding bonds purchased some time ago by Graham, Parsons &
New York, as previously reported, were sold to the bankers at par.
COMMERCIAL
TOWNSHIP,
N.
to
GLOUCESTER
CITY,
N.
Co., of
J.—BOND ISSUE APPROVED—
Commission has approved the
issue $75,000 funding bonds.
The State Funding
proposal of the township
3.—BOND OFFERING—Daneil
HACKENSACK,
N.
ISSUE— The State
plan to issue $580,000 refunding
ordinances authorizing the debt
3.—PLANS REFUNDING
provide for a cash basis of operations, pursuant
to Section 664 of the Local
Bond Act.
TOWNSHIP SCHOOL DISTRICT (P. O. Yardville),
N. J:—BONDS VOTED—The residents of the District voted favorably on
April 23 on the question of issuing $110,000 school building bonds.
HAMILTON
Freehold), N. J.—BOND OFFERING—
Van R. Halsey, County Treasurer, will receive sealed bids until 11 a. m.
(Daylight Saving Time) on May 5 for the purchase of $500,000 not to exceed
MONMOUTH COUNTY (P. O.
6% interest coupon or registered refunding bonds.
Dated April 1, 1937.
Denom. $1,000.
Due $50,000 each April 1 from 1938 to 1947 incl. Rate of
interest to be expressed in a multiple of M or l-10th of 1%.
Proposals may
be made for less than the amount of the bonds offered, provided that the
amount bid equals or exceeds $500,000.
Principal and interest (A. & O.)
payable at the County Treasurer's office. A certified check for 2%, payable
to the order of the County Treasurer, must accompany each proposal.
The
approving opinion of Caldwell
furnished the successful bidder.
about May 14,1937.
&
Raymond of New York City will be
Delivery of the bonds will be made on or
NEWARK, N. 3.—BUDGET UP ABOUT $3,000,000—The budget for
1937, as adopted by the City Commission, calls for appropriations amount¬
ing to $52,511,015.19, an increase of $2,919,666 over last year.
Despite
successful bidder.
20 of
bonds.)
(The township postponed a sale originally announced for April
$52,000 not to exceed 4j^% interest street paving assessment
Financial Statement as of March 31,
1937
Bonded Debt—
Temporary bonds
Capital bonds
Emergency relief bonds
Refunding bonds
Temporary improvement
Cash in bank,
Cash in hand
_
$219,250.00
689,750.00
26,000.00
2,329,000.00
41,500.00
bonds
$3,305,500.00
567,140.47
applicable to retirement of bonds
Net bonded debt
applicable to payment
Current account cash
Amount due school, county,
$2,738,359.53
of interest (Chap. 233)-55,844.48
129,402.62
None
State, salaries
None
17,081.43
Floating debt
Unpaid bills
School debt—Teaneck has independent school district
co¬
extensive with township.
The bonded debt of the school
1,490,000.00
district is
Tax
Collections
■
,
...
,
,r
TyiPnJlprtPfJ■
■
■■■■i".
Tax Title Liens
Total Levy
-
-
Taxes
$1,324,864.29
1,231,006.69
1,290,246.03
1,211,919.12
1,210,968.20
1,220,428.19
1,321,799.44
*Year—
1930-
*$8,891.53
6,244.81
9.719.89
13,222.40
14,391.92
20,135.86
221,217.09
*$25,500.84
39,608.27
68.117.88
74,233.19
76,872.71
82,468.23
74,928.90
$293,823.50
$441,730.02
Not determined.
Reserves for
*
uncollectible taxes and tax title liens
$811,985.12
Including prior years.
in process of liquidation
held regularly.
Tax title liens are
Tax sales are
J. Lane,
City Clerk, will receive bids until 8 p. m. (Daylight Saving Time), April 30
for the purchase of $10,000 4% refunding bonds.
Dated April 1, 1936.
Interest payable A. & O. 1.
Due April 1, 1941.
Sale will be made on an
interest basis not to exceed 6%.
Funding Commission approved the city's
bonds, with the understanding that the
York
registrered street paving assessment bonds.
Dated May 1,1937. Denoms.
$1,000 and $500.
Due May 1 as follows: $7,000, 1938 to 1940, incl.;
$6,500 in 1941 and 1942, and $500 from 1943 to 1948, incl.
Rate of interest
to be expressed in a multiple of M of 1 %.
Principal and interest (M. & N.)
payable at the Bergen County Trust Co., Hackensack.
A certified check
for 2% must accompany each proposal.
The approving legal opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
MArket 3-1718
Raymond Blvd., Newark
& Longfellow of New
Teaneck), N. J.—BOND OFFERING—
Henry E. Diehl, Township Clerk, will receive sealed bids until 8:30 p. m.
on May 4 for tne purchase of $37,000 not to exceed 4H % interest coupon or
TEANECK TOWNSHIP (P. O.
Net Valua-
Year—
1933-.-
tion Taxable
by redemption or foreclosure.
$100
per
$6.08
5.46
5.06
4.64
$22,100,120
22,771,692
25,817,569
26,440.155
Year—
1934
Tax Rate
Net Valua-
Tax Rale
tion Taxable
--$26,509,613
26,733,764
26,744,320
$100
$4.62
4.62
4.95
per
O. Elizabeth), N. 3.—BONDS AUTHORIZED
Freeholders have given final approval to the resolution pro¬
UNION COUNTY (P.
—The County
viding authority for the issuance
NEW
ARTESIA SCHOOL
$85,000 bond issue for
di $2,290,000 refunding bonds, it is
said.
MEXICO
DISTRICT, N. M.—BONDS VOTED—A proposed
construction of a school building was approved by
the voters at a recent election.
CLOVIS,
N.
M.—BOND OFFERING—Geo. H. Barrows,
will receive bids until 7p.m. May 13 for the purchase
$56,000 general obligation hospital bonds, to bear interest at
urer,
City Treas¬
of an issue of
no more than
5%.
Denom. $1,000.
Dated June 15, 1937. Principal and interest
payable at the City Treasurer's office or at a place designated by the
purchaser.
Due on June 15 as follows: $1,000, 1938 and 1939, and $3,000,
1940 to 1957, incl.
(This supplements an earlier report which appeared in our columns.—V.
144, p. 2705.)
NEW
YORK
ALBANY, N. Y.—BOND SALE—The $1,553,000 coupon or registered
refunding bonds offered on April 30—V. 144, p. 2706—were awarded to a
syndicate composed of the Bank of The Mannattan Co.; A. C. Allyn &
.3050
Financial
00., Inc.; Rutter & Co.: Granbery, Safford & Co.; O. D. Barney & Co.
and Sherwood & Co., all of New York as
2^s. at a price of 100.27, a
basis of about 2.47%.
The sale consisted of the following:
$590,000 refunding bonds.
Due $59,000 annually on May 1 from 1938 to
1947, incl.
Bonds to be refunded mature in 1937.
500,000 water bonds. Due May 1 as follows: $12,000 from 1938 to 1957,
incl. and $13,000 from 1958 to 1977, inclusive.
313,000 water refunding bonds. Due May 1 as follows: $31,000 annually
from 1938 to 1944, incl. and $32,000 from 1945 to
1947, incl.
Bonds to be refunded mature in 1937.
100,000 public works bonds.
Due
$10,000
on
May 1 from 1938 to 1947,
inclusive.
Chronicle
Of
May 1,
$92,000,000, which includesIthelJune instalment, $76,000,000
will goito meet a short-term note due Mayjl9, Mr. Tremaine said.
ORANGE COUNTY (P. O. Goshen), N. Y.—OTHER BIDS—The fol¬
lowing is an official list or the bids submitted for the $170,000 county build¬
ing bonds which were awarded on April 14 to George B. Gibbons & Co., Inc.
of New York, as 2.70s, at par plus a premium of $870.40, equal to
100.51,
a basis of about 2.63%. as previously
reported in these columns—V. 144,
p. 2706:
Bidder—
Int. Rate
A. C. Allyn & Co., Inc. and E. G Rollins & Sons, Inc. 2.70%
Halsey Stuart & Co., Inc
2.80%
Orange Co. Trust Co
2.75%
Manufacturers & Traders Trust Co. and James H.
--
30,000 school bonds. Due $3,000 on May 1 from 1938 to 1947, inclusive.
20,000 local Improvement bonds.
Due $4,000 on May 1 from 1938 to
1942, inclusive.
All of the bonds will be dated May 1, 1937.
BUFFALO,
N.
Y.—BOND
OFFERING—William A. Eckert, City
Comptroller, will receive sealed bids until 11 a. m. (Daylight Saving Time
on
May 4 for the purchase of $950,000 not to exceed 6% interest bonds,
divided
as
follows:
$500,000 work relief and (or) home relief bonds.
Due $50,000 on May
15 from 1938 to 1947, incl.
1450,000 city contribution-relief project bonds.
Due $45,000 on May 15
from 1938 to 1947, incl.
Dated May 16, 1937.
Denom. $1,000.
Bidder to name one rate of
interest, expressed in a multiple of 34 or l-10th of 1%.
Principal and
interest (M. & N. 15) payable at the City Comptroller s office or at the
Central Hanover Bank & Trust Co., New York City., A certified check
for $19,000, payable to the order of the
City Comptroller, must accompany
each proposal.
The approving opinion of Caldwell & Raymond of New
York City will be furnisned the successful bidder.
BUFFALO SEWER AUTHORITY
(P. O. Buffalo), N. Y.—BONDS
& Co., Inc., New York, are
offering $78,000 coupon 334% and 4% Sewer Authority bonds, consisting
of $66,000 334s, due June 1, 1950 to 1961, at
prices to yield 3.30 to 3.50%,
and $12,000 4s due June 1, 1947 and 1950, at
prices to yield from 3.30 to
3.40%.
PUBLICLY
OFFERED—Geo.
B.
Gibbons
CICERO, N. Y.—BREWERTON WATER DISTRICT BOND OFFER¬
ING—Lucy B. Rodman, Town Clerk, will receive bids until 2 p. m. (Eastern
Standard Time) May 11 for the purchase at not less than
par of $55,000
coupon, fully registerable, Brewerton Water District bonds, which are
general obligations of the Town of Cicero, payable primarily from taxes
on^property in the Brewerton Water District, but if not paid from such
levies, payable from unlimited taxes on all taxable property in the town.
Bidders
are
not
exceed
to name rate of
interest, in a multiple of 3£% or 1-10%, but
Denom. $1,000.
Dated May 1, 1937.
Principal
and semi-annual interest (May 1 and Nov.
1) payable at the Cicero State
Bank at Cicero with New York exchange.
Due $2,000 yearly on May 1
from 1939 to 1965, and $1,000 May 1, 1966.
Certified check for $1,000,
payable to the town, required.
Approving opinion of Clay, Dillon &
Vandewater of New York will be furnished by the town.
to
HARRISON
(P.
O.
Harrison),
N.
Y.—BOND
SALE—The
$82,000
A. C. Allyn & Co. and E. H. Rollins «& Sons of New York submitted the
offering 100.73 for 4s.
Dated April 1, 1937.
Due on April 1
follows: $3,000 from 1938 to 1943, and $2,000 from 1944 to 1975.
second ibd,
as
HAVERSTRAW UNION FREE SCHOOL DISTRICT NO. 1
(P. O.
Haverstraw), N. Y.—BOND SALE—The $255,000 coupon or registered,
unlimited tax school building bonds offered on April 28—V.
144, p. 2871—
were awarded to Lehman Bros, of New York and the Manufacturers &
Traders Trust Co. of Buffalo, jointly, as
334s, at a price of 100.30, a basis
of about
3.48%.
Dated May 1, 1937 and due May 1 as follows: $14,000,
1953; $16,000 from 1954 to 1956 incl.; $21,000 from 1957 to 1961 incl. and
$22,000 from 1962 to 1965 incl.
The successful bidders made public
re-offering of the issue at prices to
yield from 3.30% to 3.50%, according to maturity.
HEMPSTEAD UNION FREE SCHOOL DISTRICT
East Rockaway), N. Y.—BOND SALE—The $30,000
NO.
19
construction
bonds
offered
on
April 30—V.
144,
HUNTER, N. Y.—BOND OFFERING—Sealed bids will be received
by the Village Clerk until May 5 for the purchase of $5,500 not to exceed
5% interest coupon or registered village hall bonds.
Denom. $500.
Due
$500 annually from 1938 to 1948, inclusive.
JOHNSON CITY, N. Y.—CHANGE IN MATURITY SCHEDULE—
Maturity schedule of the $53,000 not to exceed 5% interest coupon or
registered North Side trunk sewer bonds being offered for sale on May 3,
as
reported in V. 144, p. 2871—has been revised to read
in 1938 and 1939, and $5,000 from 1940 to
1948, incl.
MAMARONECK
(P.
O.
Mamaroneck),
as
follows: $4,000
Y.—BOND SALE—The
issue of $69,000 coupon or registered bonds offered
by the town on April 30—
V. 144, p. 2872—was awarded to A. C.
Allyn & Co., Inc. of New York,
as 3.90s. at a price of
100.63, a basis of about 3.85%. Dated May 1, 1937
and due May 1 as follows: $2,000 from 1938 to 1971 incl. and
$1,000 in 1972.
MAMARONECK, N. Y.—BOND
N.
SALE—The
$69,000 coupon or
reg¬
istered water bonds offered by the village on
April 20—V. 144, p. 2706—
were awarded to Roosevelt &
Weigold of New York, as 3.90s, at a price
of 100.32, a basis of about
3.88%.
Dated
May 1,
as
follows:
incl.
1937 and due May 1
$2,000 from 1939 to 1968, incl., and $1,000 from 1969 to 1977,
Second high bid of 100.57 for 4s was made
by A. C. Allyn & Co.,
Inc., of New York.
Other bids
Rutter & Co. and Charles D. Barney & Co
Goshen Savings Bank
Salomon Bros. & Hutzler
were
as
Int. Rale
George B. Gibbons & Co., Inc.
—
.
Rate Bid
4%
4.20%
A. O. Allyn & Co., Inc-
100.57
100.179
MIDDLETOWN, N. Y.—LIST OF
OTHER BIDS—The $50,000 public
works bonds awarded to Rutter & Co. of New
York, as 2.30s, at par plus
a premium of $50, equal to
100.10, a basis of about 2.28%, as
reported—V. 144,
previously
p.
2.80%
2.70%
(Chicago)
64.60
870.40
335.00
PERRY, N. Y.—WATER DISTRICT BONDS SOLD—The issue of $15,000 Perry Center Water District bonds offered on April 28 was awarded to
the First National Bank of
Perry, as 3s, at par plus a premium of $15.
equal to 100.10, a basis of about 2.99%.
Dated May 1, 1937, and due
$1,000 annually on May 1 from 1938 to 1952, incl.
PORT CHESTER, N. Y —BOND OFFERING—Richard X. O'Connell,
Village Clerk, will receive bids until 3p.m. (Daylight Saving Time) May 3
registerable, public
works bonds.
Bidders are to name rate of interest, in a multiple of H or
1-10%, but not to exceed 6%.
Dated May 1, 1937.
Principal and semi¬
annual interest (May 1 and Nov. 1) payable at the First National Bank &
Trust Co. in Port Chester.
Due $10,000 on May 1 in each of the years
1938, 1939 and 1940.
Certified check for $600, payable to the village,
required.
Approving opinion of Reed, Hoyt & Washburn of New York
will be furnished by the village.
for the purchase at not less than par of $30,000 coupon,
RENSSELAER COUNTY (P. O.
Troy), N. Y.—BONDS AUTHORIZED
—The Hastings-Casey bill signed recently by Governor Lehman authorizes
the county to issue $800,000 bonds to provide for payment of certificates of
indebtedness issued against unpaid taxes for the years 1932-1936.
ROME.
N.
Y.—BOND SALE—The $76,000 coupon, fully registerable,
general obligation, unlimited tax, bonds offered on April 28—V. 144, p.
2872—were awarded to Barr Bros. & Co. of New York on a bid of 100.137
for 2.10s, a basis of about 2.07%.
Rutter & Co. of New York were second
high, bidding 100.246 for 2.30s.
as
The bonds
are
divided into three issues,
follows:
„
2706—were also bid for
Bidder—
Manufacturers & Traders Trust
Geo. B. Gibbons & Co
Sherwood & Co
Roosevelt & Weigold
__
Hemphi.l, Noyes & Co
Halsey, Stuart Co
Bacon, Stevenson & Co
Brown & Groll
J. & W Seligman & Co
Salomon Bros. & Hutzler
Marine Trust Co
Orange County Trust Co
Middletown Savings Bank
Charles H. Drew &. Co
follows:
_
N.
_
SALEM UNION FREE SCHOOL DISTRICT NO. 12 (P. O. Salem),
Y.—BOND OFFERING—Charles B. McKee, District Treasurer, will
receive bids until
noon May 3 for the purchase of an issue of $8,000 3H%
not be made at less than par.
Denom. $800.
Dated
Prin. and semi-ann. int. payable at the Salem National
Bank of Salem.
Due $800 yearly on May 1 from 1938 to 1947, incl.
Cert, check for 10% of amount of bonds, required.
bonds.
Sale
May 1,
1937.
will
SPRINGS, N. Y.—BONDS AUTHORIZED—On April 26
the Common Council authorized the issuance of $110,000 Works Progress
Administration projects and waterworks bonds.
SMITHTOWN UNION FREE SCHOOL DISTRICT NO. 1 (P. O.
Smithtown
Branch), N. Y.—BOND SALE—The $24,000 coupon or
registered Bchool addition bonds offered on April 29—V. 144, p. 2872—
were awarded to the Manufacturers & Traders Trust Co. of Buffalo on a
bid of 100.167 for 2.70s, a basis of about 2.66%.
Dated May 1, 1937.
Due $3,000 yearly on May 1 from 1938 to 1945, incl.
TRIBOROUGH BRIDGE AUTHORITY,
EXCHANGE
EFFECTED
WITH
N. Y —BOND SALE AND
RFC—The
Reconstruction
«.
2.4%
2.4%
2.5%
2.5%
234 %
234%
234%
2.6%
2.7%
2.7%
2.75%
2% %
2%%
VOORHEESVILLE
UNION
FREE
SCHOOL
DISTRICT
NEW YORK
O.
WATERFORD,
N.
Y —BOND
SALE— The
$24,000
coupon,
fully
water bonds offered on April 27—V.
144, p. 2707—were
awarded to J. & W. Seligman & Co. of New York, as 3.20s, at par plus a
registerable,
premium of $64.80, equal to 100.27, a basis of about 3.17%.
Dated May 1,
1937.
Due $1,000 yearly on May 1 from 1938 to 1961, incl.
2.80%
3%
3%
$155
30
140
110
75
$50,000.00
STATE OF NORTH CAROLINA
Due Jan.
72
47
105
1952 at
Hwy. 4%s,
3.10% basis & int.
F. W. CRAIGIE & COMPANY
40
134
135
45
34.85
Par
200
120
(State of)—$225,000,000 NOTES MATURING BEFORE
in income-tax receipts will be spent
contracted, State Comptroller Morris S.
Tremaine stated on April 24.
"We have approximately $225,000,000 in short-term
notes due between
now and
July 1," the Comptroller said.
"The income tax money will be
used to meet part of that debt."
(P.
Voorheesville), N. Y.—BONDS VOTED—On April 21 the voters of the
district approved a proposition to issue $30,000 school building bonds.
Premium
MOUNT VERNON, N. Y.—PROPOSED
REFUNDING DISAPPROVED
—Mayor Pearsall's plan to reduce the 1938 tax rate by refunding $2,300,000
of maturing bonds was unanimously
rejected recently by the Chamber of
Commerce.
This action was the result of the
Mayor's request for the civic
body's reaction to the proposal.
The Mayor, in submitting the plan, stated
that he would recommend it
only as a last resort to preventing a sharp in¬
crease in the 1938 tax rate should the
Legislature fail to extend the life of
Wicks Act, authorizing municipalities to fund their
poor relief obligations
through the issuance of bonds.
In disapproving of the
program,
the
Chamber of Commerce declared that the
huge interest cost it entailed
would more than offset any
temporary relief afforded the taxpayers.
JULY 1—An estimated $92,000,000
before July 1 for debts already
Finance
Corporation announced on April 27 that of the original $35,000,000 of Au¬
thority bonds which it had purchased from the Public Works Administra¬
tion, a block of $7,000,000 had been re-sold to the issuer and the balance of
$28,000,000 exchanged for an equal amount of new 4% bonds.
The latter
consist of $18,500,000 sinking fund revenue bonds, due April 1. 1977, and
$9,500,000 serial revenue bonds, maturing annually on April 1 from 1942 to
1968 incl.
In the sale of the $7,000,000 bonds, the RFC received a price of
par plus a premium of $525,000.
(A banking syndicate headed by Dillon, Read & Co. of New York made
public offering on April 21 of $25,000,000 4% revenue bonds, comprising
$16,500,000 sinking fund obligations, due April 1, 1977, and $8,500,000
serial bonds, due yearly on April 1 from 1942 to 1968 incl.
These bonds,
together with the $28,000,000 exchanged with the RFC, make up the
Authority's total funded debt of $53,000,000.)
,
Int. Rate
Adams, Mclnteee & Co
A. C. Allyn & Co
as
,
$25,000 emergency relief bonds.
Dated May 1, 1937.
Due on May 1
as follows:
$3,000, 1938 to 1942, and $2,000, 1943 to 1947.
In¬
terest May 1 and Nov. 1.
47,000 public works bonds.
Dated May 1, 1937.
Due on May 1 as
follows: $4,000,1938,1939and 1940, and, and$5,000,1941 to 1947.
Interest May 1 and Nov. 1.
4,000 paving assessment bonds.
Dated April 1, 1937.
Due $1,000 on
April 1 in each of the years from 1938 to 1941.
Interest annually
on April 1.
Denom. $1,000.
Principal and interest payable at the Chase National
Bank of New York.
°
follows:
Bidder—
.
130.00
236.30
2.90%
Geo. B. Gibbons & Co
Harris Trust & Savings Bank
458.83
795.60
629.00
Par
289.00
2.90%
Goldman, Sachs & Co. and Bancamerica-Blair Corp.
Bacon, Stevenson & Co
SARATOGA
2871—were
awarded to the Bank of Rockvilie Centre & Trust Co. as
334s, at par plus
a premium of $15, equal to
100.05, a basis of about 3.24%.
Dated May
1, 1937.
Due on May 1 as follows: $2,000 from 1939 to 1953.
p.
2.75%
Newburgh Savings Bank
(P. O.
coupon or registered
school
Premium
$56.10
331.50
85.00
2.90%
2.80%
3.00%
2.80%
3.50%
2.75%
Causey & Co., Inc
Roosevelt & Weigold, Inc. and A. M. Kidder & Co__
Brown & Groll and Sherwood & Co
6%.
coupon or registered water bonds offered on April 29—V. 144, p. 2871—
were awarded to Geo. B. Gibbons & Co. and Roosevelt &
Weigold, both
of New York, jointly, on a bid of 100.90 for
4s, a basis of about 3.93%.
1937
the
Richmond, Va.
Phone 3-9137
A. T. T. Tel. Rich. Va. 83
NORTH
ASHEVILLE,
N.
CAROLINA
C.—BOND
TENDERS INVITED—It, is stated by
Curtis Bynum, Secretary of the County Sinking Fund
Commission, that
pursuant to the provisions of Article VI of the Bond Ordinance authorizing
their issuance, tenders for purchase by the
sinking fund of water refunding
bonds, dated July 1, 1936, are invited and will be received by the Sinking
Fund Commission, at its office, until noon on
May 12.
ADDITIONAL BOND TENDERS INVITED—It is stated
by Curtis
Bynum, Secretary of the County Sinking Fund Commission, that pursuant
the provisions of Article VI of the Bond Ordinance
authorizing their
issuance, tenders for the purchase by the Sinking Fund of general refunding
bonds, dated July 1, 1936, are invited and will be received by the Sinking
Fund Commission at Its office, until noon on May 13.
to
BUNCOMBE COUNTY (P. O.
Asheville), N. C —BOND TENDERS
INVITED—It is stated by Curtis Bynum,
Secretary of the Sinking Fund
Commission, that pursuant to the provisions of Article VI of the Bond Order
authorizing their issuance, tenders for purchase by the Sinking Fund, of
refunding bonds, dated July 1, 1936, are invited and will be received
by
the Sinking Fund Commission at its office until noon on
May 14.
Volume
Financial
144
CHARLOTTE,
N.
C.—NOTE
SALE—The
$200,000 issue of bond
anticipation notes offered for sale on April 27—V. 144, p. 2873—was
awarded to the American Trust Co. of Charlotte, at 1.50%, plus a premium
of $12.00, according to the Secretary of the Local Government Commission.
Dated May 1, 1937.
Due on Aug. 2, 1937.
The second highest bid was
submitted by the Cabarrus Bank & Trust Co. of Concord, offering a
premium of $2,250 on 6% notes.
($100,000 of these notes anticipate the
receipt of the proceeds of water bonds, the remaining $100,000 the proceeds
of street impt. bonds.)
(P. O. Pittsboro), N. C.—NOTES SOLD—It
is reported that $4,000 revenue anticipation notes were sold on April 20
by the Bank of Pittsboro, at 3%.
CHATHAM COUNTY
KERNERSVILLE, N. C.—BONDS AUTHORIZED—An ordinance has
authority for the issuance of
been passed by the town authorities providing
3051
Chronicle
that schools shall receive the same share of
did in 1936.
"Cleveland will benefit under the latter measure to
the extent of approxi¬
of the principal cities of
the State threw
relief problem back into the lap of the municipalities and townships upon
expiration of the old relief law, April 15."
mately $1,200,000, and Toledo, by $300,000, two
critical, since
the State where the relief situation is most
the
the
PORTSMOUTH, Ohio—DEBT STATEMENT—'The above city, which
April 2 awarded an issue of $200,000 water works revenue bonds to
Cincinnati, as 3Ks, at a price of 100,338, a basis of
about 3.445%—V. 144, p. 2526—filed March 3 with the Bureau of Inspec¬
tion and Supervision of Public Offices a report of receipts and disburse¬
ments for the year ended Dec. 31, 1936.
Bonded debt of the city at the
close of year was reported as follows:
on
Pohl & Co., Inc., of
General Municipal Funds
$374,250 refunding bonds.
LEAKSVILLE, N. C.—BOND SALE DETAILS—It is now reported by
the Town Clerk that the $12,500 4% semi-ann. water bonds purchased at
par by the Public Works Administration, as noted here recently—V. 144,
p. 2873—are in the denomination of $500, and mature $500 from Feb. 1,
1938 to
with the stipulation
such revenues in 1937 as they
undivided classified tax revenues for relief purposes,
debts:
Current liabilities, floating
$53,575.50
Anticipatory tax notes outstanding
General Municipal
Sinking Fund
Cash in treasury
-
-
$172,871.81
Total
NORTH CAROLINA, State of—BOND OFFERING SCHEDULED—
M. Johnson, State Treasurer, reports that the amount of bonds
Indebtedness
Charles
by the State is $3,019,000, and the date of
tively set for May 12.
In connection with the above report we give the text
to be issued
sale has been tenta¬
of a special Raleigh
dispatch to the "Wall Street Journal" of April 30 herewith:
"Governor Hoey and the Council of State have instructed State Treasurer
Charles Johnson to market $4,019,000 in new State bonds on May 7.
In
their marketing, Mr. Johnson said, the "present debt service level" of
North Carolina will not be increased.
"Maturities of the bonds, arranged by the Council were fixed in years
when payments on the present
Johnson ex-
indebtedness will be low, Mr.
Elainea.the
ids
Bond issue will be received May 7, bidders naming a year. interest.
payments now average around $7,000,000 rate of Sealed
new
on
Local government bonds in North Carolina are sold on the same basis.
"Maturities of a $2,344,000 permanent improvements bond issue were
fixed in the authorizing act as follows: $152,000 in 1943; $150,000 in 1944;
The council
State office
building and $25,000 for remodeling the Supreme Court building, as follows:
$1.000,000 in 1948, making a total of $1.992,000 of new maturities that year
$150,000 in 1945; $900,000 in 1946, and $992,000 in 1948.
fixed maturities on $1,500,000 for textbooks, $650,000 for a
and
$172,871.87
1962 incl.
$1,175,000 in 1949."
NORTH
Bonded debt for
$370,500.00
8,000.00
4,500.00
-
Park
Health
1,699,220.00
Refunding.
49,200.00
29,500 00
139,900.00
Sewer
Fire department
Street
Hospital
Grade crossing
Garbage disposal
Bridge
Realty
Police signal
87,200 00
154,000.00
32,000.00
500.00
7,000.00
8,000.00
2,000.00
__
Poor relief
72,000.00
Delinquent tax
Total
$2,663,520.00
general debt
funds—
Public utilities sinking
$3,200.00
Securities
Total
DAKOTA
general purposes—
Flood defense bonds
$204.871.87
$3,837,648.13
sinking funds
Net bonded debt
PVLUND TOWNSHIP, Ward County, N. Dak.—BOND OFFERING—
George Lund, Township Clerk, will receive bids until 2 p. m. May 11 at
the County Auditor's office in Minot for the purchase of an issue of $2,200
bonds, to bear interest at no more than 6 %.
Due serially from 1941 to 1957.
$4.042,520 00
Total
debt—
Public utilities bonded
Water works bonds
Total public
■
$1,379,000.00
:
utilities
$1,379,000.00
...
$4,042,520.00
Total
MU n i c I PAIS
OHIO
Liabilities
Special improvement bonds
anticipatory tax notes..
MITCHELL, HERRICK & CO.
700 CUYAHOGA BUILDING,
CINCINNATI
AKRON
CANTON
$154,333.50
CLEVELAND
COLUMBUS
SPRINGFIELD
CINCINNATI, Ohio—BOND SALE—The sinking fund has
the following $110,174.79 bonds:
53,575.50
Fund Trustees has pur¬
following:
special assessment sewer bonds.
Due as follows: $15,333.50
April 1 and $15,000 Oct. 1, 1938; $15,000 April 1 and Oct. in
1939 and 1940; $16,000 April 1 and Oct. 1 in 1941 and 1942.
Principal and interest (A. & O.) payable at the City Treas¬
urer's
OHIO
BEREA, Ohio—BONDS AUTHORIZED— On April 19 the City
adopted an ordinance authorizing the issuance of $24,000 sewage
plant general obligation bonds.
$541,457.52
outstanding
TOLEDO, Ohio—BOND SALE—'The Sinking
chased $217,860.75 4% bonds, consisting of the
Council
disposal
purchase
office.
63,527.25 street improvement bonds. Due as follows: $6,527.25 April 1
and $7,000 Oct. 1, 1938; $6,000 April 1 and $7,000 Oct. in *
1939 and 1940, and $6,000 April 1 and Oct. 1 in 1941 and
1942.
Principal and interest (A. & O.) payable at the Chemical
Bank & Trust Co., New York City.
Each issue is dated April 1, 1937.
$70,000.00 2H% street improvement bonds.
Dated May 1, 1937. Due
$7,000 on Sept. 1 from 1938 to 1947 incl.
19,000.00 2J4% city hall remodeling bonds.
Dated May 1, 1937.
Due
Sept. 1 as follows: $1,000 from 1938 to 1950 incl. and $500 from
1951 to 1962 incl.
9,558.68 special assessment street improvement bonds.
Due serially.
6,000.00 2H% work relief program bonds.
Dated April 1, 1937. Due
.<
Sept. 1 as follows: $2,000 in 1938, and $1,000 from 1939 to 1942
BONDS
Hocking County, Ohio—
20 resulted in approval of a
$49,000 to finance construction of a high school
RURAL SCHOOL DISTRICT,
VOTED—An election held on April
WARD
at par
proposed bond issue of
building.
incl.
5,616.11 special assessment street
I RONTON,
Due serially.
improvement bonds.
Ohio—BOND SALE— The $62,000 bonds offered on
April 23
follows:
$32,000 grade crossing elimination bonds as 3^s, at a premium of $96.96,
equal to 100.303. a basis of about 3.72%.
Denom. $1,200 and
$1,300. Due yearly on March 1 from 1939 to 1963 incl.
20,000 swimming pool and bath house bonds as 3J^s. at a premium of
$66.66, equal to 100.333, a basis of about 3.47%. Denom. $800.
Due yearly on March 1 from 1939 to 1963.
10,000 storm water sewer bonds as 3Ws, at a premium of $33.33, equal to
100.333, a basis of about 3.47%. Denom. $400. Due $400 yearly
were
awarded to Pohl & Co. of Cincinnati as
on
1963.
Principal and semi-annual interest (March
Sept. 1) payable at the First National Bank of Ironton.
The following is a complete list of the bids received for
Pohl 3c Co., Inc.—$32,000 at 3%% and a premium of
1 and
the bonds:
$96.96; $20,000
aty3^j% and a premium of $66.66; $10,000 at 3H% and a premium of
Fox. Einhorn &
Meyer,
OKLAHOMA
March 1 from 1939 to
Dated March 1, 1937.
Co.—$62,000 at 3%% and a premium of
O'Brien, Inc.—$62,000 at 3%% and a
Smith &
$727.77.
premium of
$468.38.
Stranahan, Harris & Co., $62,000 at 3%% and a premium of $411.63.
♦
Widmann, Holzman & Katz—$62,000 at 3M % and a premium of $373.06.
First Cleveland Corp.—$62,000 at 3%% and a premium of $359.60.
Provident Savings Bank & Trust Co.—$32,000 at 4% and a premium of
$22.40; $20,000 at 4% and a premium
of $14; $10,000 at 4% and a premium
CHECOTAH
SCHOOL DISTRICT (P.
BONDS SOLD—It is stated by J. L. Russell,
OKLAHOMA, State of—LEGISLATURE PASSES WAGE AND HOUR
hours and wages of employees in business
April 23 with the signature of Governor E. W.
Marland, it is stated.
The new law is said to have been modeled after the
Washington wage Act upheld by the United States Supreme Court.
LA W—An Act regulating the
and industry became law on
OKMULGEE, Okla.—BOND
property purchase
uled for May 11.
Bliss, Bowman & Co.—$62,000 at 4>4 % and a premium oi $105.40.
*
Note—Widmann, Holzman & Katz bid: $32,000, premium of $192.54;
NEW LEBANON RURAL
SCHOOL DISTRICT, Ohio—BONDS SOLD
State
issue of
NORTH ROYALTON (P. O. Berea,R.
D. 1), Ohio—BOND OFFERING
Village Clerk, will receive bids until noon
Standard Time) May 8 for the purchase at not less than par of the
—Walter L. Clements,
(Eastern
following
6% coupon bonds:
$12,000 village hall bonds.
Denoms 6 for $500 and 9 for $1,000.
Due
$1,000 on Oct. 1 in each year from 1938 to 1952, except in 1938,
1941, 1944, 1947, 1950 and 1952, when $500 will come due.
5,830 street improvement bonds.
Denoms. 1 for $530, 1 for $800, 1 for
$1,000 and 7 for $500.
Due on April 1 as follows: $580, 1939;
$800, 1940; $500, 1941 to 1947; and $1,000, 1948.
Dated April 1, 1937.
Principal and semi-annual interest (April 1 and
Oct. 1) payable at the Village Clerk's office.
Cert, check for 5% of amount
of bid, required.
OHIO, State of—MUNICIPAL RELIEF
from an article which
following report is taken
Journal" of April 26:
SCHOOL
AID BILLS PASSED—The
appeared in the "Wall Street
10 days two measures were enacted which will assist
subdivisions to bear their respective relief loads pending the
calling of the special session.
One was the Hesse bill authorizing taxing
authorities who have issued notes under existing statutes, to issue new notes
in amounts not exceeding the amount of notes withdrawn or retired during
authorized by Senator John F. Connolly (Dem.),
Toledo, will enable County Budget Commissions to divert all surpluses oi
"The other measures,
(P.
O.
Sasakwa),
Okla.—BOND
will
Due $1,500
yearly, beginning four years
check for 2% of amount
from date of issuance.
Certified
of bid, required.
$92,000 issue of school
for sale on April 27—V.
3Hs, according to report. Due $5,400 from
STILLWATER, Okla.—BOND SALE—The
building, repair and equipment bonds offered
144, p. 2873—was sold as
1940 to 1955, and $5,600 in
1956.
GRADED SCHOOL DISTRICT (P. O.
OFFERING— T. F. Maddox, District Clerk,
May 3 for the purchase at not less than par
of $6,500 school building bonds, to bear interest at rate determined by the
bidding.
Due $500 yearly, beginning three years from date of bonds. Cert,
check for 2% of amount of bid, required.
WASHITA COUNTY UNION
Cloud Chief), Okla.—BOND
will receive bids until 2p.m.
WAURIKA, Okla.—BOND OFFERING—Ennis Tyson,
M. May 3 for the purchase at not
receive bids until 2 P.
City Clerk, will
less than par of
determined by
date of issu¬
Cert, check
$27,000 refunding bonds, which are to bear interest at rate
the bidding.
Due $2,000 yearly beginning three years after
ance, except that the last instalment will amount to $1,000.
for 2% of amount of bid, required.
OREGON
"During the past
local political
the past two years.
DISTRICT
OFFERING—Maurice Huckins, Clerk of the Board of Education,
10 a. m. May 3 for the purchase at not less than par of
an issue of $12,000 bonds.
The interest is to be determined by the bidding.
receive bids until
$10,000, premium of $60.18.
Teachers' Retirement System purchased last September an
$10,000 4% school completion bonds at par.
Dated Aug. 1, 1936
and due Aug. 1,1946.
Denom. $1,000.
Interest payable M. & N.
—The
SASAKWA
$23,500
election sched¬
ELECTION—A proposal to issue
bonds will be submitted to the voters at an
of $7.
$20,000, premium of $120.34;
O. Checotah), Okla.—
Superintendent of Schools,
5% semi-ann. school bonds approved by the Attorney General
on March 7, have been purchased at par by C. Edgar Honnold of Oklahoma
City.
that $20,556
COOS
COUNTY
(P.
O.
Coquille),
Ore.—BOND LEGALITY UP¬
HELD—We are informed by L. W. Oddy, County Clerk, that the Circuit
Court recently rendered an opinion upholding the validity of the bond
election
says
$376,000 in road fund bonds. He
proceedings has been filed with the State Su¬
by that body is expected in the near future.
proceedings on the issuance of
that a transcript of the
Court and a decision
preme
3052
Financial
Chronicle
May 1, 1937
COOS COUNTY UNION HIGH SCHOOL DISTRICT NO. 2
CP. O.
Myrtle Point). Ore.—BOND CALL—Charles Stauff, District Treasurer,
is said to be calling for payment at the State's fiscal
agency in N. Y. City on
May 17, on which date interest shall cease, school bonds dated May 17,
ELKLAND, Pa.—BONDS VOTED—The voters recently approved a bond
issue of $48,500 for construction of a sanitary sewer system and sewage
disposal plant.
FALLS TOWNSHIP SCHOOL DISTRICT (P. O.
Morriaville), Pa.—
1924, maturing on May 17, 1944, redeemable on any interest paying date
May 17, 1934.
(A $50,000 issue of refunding bonds was sold by the
on March 31, as reported in these columns—V.
144, p. 2708.)
BONDS DEFEATED—At the April 20 election the proposal to issue $40,000
district
building and equipment bonds was defeated.
HUNTINGTON, Ore.—BOND OFFERING—Sealed bids will be received
7 P. M. on May 3, by A. P. Adams, City Recorder, for the
purchase
of two issues of refunding bonds
aggregating $24,000, divided as follows:
$19,000 water and sewer bonds.
Denom, $1,000.
Due $1,000 from June
1, 1938 to 1956.
5,000 water bonds.
Denom. $500.
Due on June 1, 1942.
LANCASTER, Pa .—BOND SALE—The $50,000 coupon, registerable
to principal only, playground bonds offered on April 23—V. 144, p. 2184—
awarded to Blyth & Co. of New York, as 2s, at par plus a premium of
$586, equal to 101.172, a basis of about 1.77%. Charles D. Barney & Co.
were second high bidders, offering a premium of $159.50 for 2s.
Dated
May 1,1937. Due $5,000 yearly on May 1 from 1938 to 1947, incl.
after
until
as
were
Interest rate is not to exceed 5%, payable J. & D. Dated June
1, 1937.
The city reserves the option to call or redeem the said bonds on
any interest
payment date, after five years.
Prin. and int. payable at the City Trea¬
surer's office.
A certified check for 2% of the bonds offered,
payable to the
city, must accompany the bid.
OREGON, State of—PWA GRANT APPROVED
following is the text of
Total Levy (No SpeUncollected at End
Uncollected
cial Assessments)
of Year oj Levy April 1,1937
1937
$533,561.10
$472,704.90
1936.1
576,610.79
'
$61,517.95
52.973.05
1935
397,988.80
43,696.80
23,673.41
1934
397,739.48
69,383.70
29,262.76
1933.1
488,196.43
109,428.88
27,786.23
1932
543,269.31
87,875.01
20.476.00
Total of uncollected taxes prior to years above-19,449.89
1st
Monday in Jan.)
-
-
FOR LIBRARY— The
statement
(Press Release No. 3140), just made
available by the above named Federal agency:
a
Tax Collection Rcnovt
Fiscal Year (Starts
"The Public Works Administration today granted $450,000 to the State
of Oregon for the erection of a State library at Salem estimated to cost
-
$1,000,000.
The State has already appropriated the additional $550,000.
"The allotment is conditional.
Oregon must spend all of its grant for
certified relief labor to receive the entire amount.
For each dollar thus
expended it receives
an
additional
-
15% for overhead.
"The library is a portion of the State Capital improvement
program which
has been under consideration in
Salem, and by PWA officials, for several
years.
WASHINGTON
NO.
5
(P.
O.
COUNTY
Forest
Grove)
UNION
HIGH
SCHOOL
DISTRICT
Ore.—BOND ELECTION—It
that
an election will be held on
May 8 in order to vote
issuance of $36,000 in school addition bonds.
on
is
reported
the proposed
WHITAKER SCHOOL DISTRICT, Ore.—BONDS VOTED—A
$29,100
school building bond issue has been approved by the voters.
1921
above), $98,465.38.
Taxes become delinquent July 1.
Total tax title liens owned,
lected
its
municipal
City of Philadelphia
Properly Valuation
1937
property_$103,979,950 $103,732,450 $103,715,050
Assessed valuation, real property.
88,926,850
88,639,350
88,441,950
No valuations made of occupational and personal property.
Condition of Sinking Fund as at Aptil 1,
Philadelphia
Unfunded debt
(P.
on
to 1967 incl.
re-offering the issue
on the following basis:
The 1938-50
2.55%; while remaining maturities are
priced as follows: 1951-52, 101.75; 1953-54, 101.50; 1955-57,
101.25; 1958-61,
101.00; 1962-64, 100.75; and 1965-67, 100.50.
The bonds, in the opinion
of the bankers, meet the present
requirements as legal investments for
savings banks and trust funds in New York and Pennsylvania.
The
bonds
offered to yield 1.00 to
to be issued for bridge, park and tunnel
improvement
in the opinion of counsel, will constitute direct and
general
are
purposes and,
obligations of Allegheny County, payable as to both principal and interest
ad valorem taxes which may be levied
against all taxable property
from
therein, within the taxing limitations prescribed by the statutes of Penn¬
sylvania.
Assessed valuation for 1936 is officially reported as
$2,433,793 511 and total bonded debt including this
financing, as $116,277,000.
BADEN, Pa.—BOND OFFERING—George A. Blazier, Borough Secre¬
tary,
will receive sealed
bids until
7 p.
(Eastern Standard Time) on
May 10 for the purchase of $10,000 3, 3H. 4, 4H or 5%
coupon, registerable as to principal only, funding bonds.
Dated April 1, 1937.
Due
April 1, 1947.
Interest payable A. & O.
Principal and semi-annual
interest payable at the Freedom National Bank, Freedom.
A certified
check for $500, payable to the order of Joseph M.
Tosh, Borough Treasurer,
must
accompany each
proposal.
The approving opinion of Burgwin,
Scully & Churchill of Pittsburgh will be furnished the successful bidder.
m.
BETHLEHEM SCHOOL DISTRICT (P. O.
Bethlehem), Pa —BOND
SALE—The $110,000 coupon, registerable as to
prpincipal operating rev¬
enue bonds, offered on
April 26—V. 144, p. 2708—were awarded to the First
Boston Corp. as 2s, at a price of 100.205, a basis of about
1.94%.
Dated
May 1, 1937 and due May 1 as follows:
$25,000 in 1938 and 1939, and
$20,000 from 1940 to 1942 incl.
Second high bid of 100.177 for 2s was
submitted by Dougherty, Corkran & Co. of
Philadelphia and Singer,
Deane & Scribner, Inc. of Pittsburgh.
Other bids
were
as
follows:
Bidder—
int.
Rale
Rate Bid
Dougherty, Corkran & Co. and Singer, Deane &
Scribner
C. F. Childs& Co. and Lobdell & Co
Halsey, Stuart & Co., Inc
g£as-D-Barney & Co
Chandler & Co
W. H. Newbold's Son & Co.; Cassatt & Co., Inc., and
E. W. Clark & Co., Inc
Stroud & Co. and Schmidt, Poole & Co.__
Bancamerica-Blair Corp. and Butcher & Sherrerd
2%
2%
100 177
100 158
2%
100 139
2%
100!0681
2M%
100 76
2H%
100.565
2
100.439
100.26
2 M %
CATAWISSA, Pa.—TO ISSUE BONDS-—Tho borough plans
$10,500 bonds
at
COLUMBIA, Pa.—BOND SALE—The issue of $92,000 funding bonds
on April 26—V.
144, p. 2708—was awarded to Stroud & Co and
Schmidt, Poole & Co., both of Philadelphia, jointly, as 2%s, at a
price of
101.43, a basis of about 2.60%.
Dated May 1, 1937 and due May 1 as
follows: $3,000, 1938 to 1945 incl.; $5,000, 1946 to
1949 incl.; $10,000 from
1950 to 1953 incl. and $8,000 in 1954.
CORRY SCHOOL
DISTRICT, Pa .—BOND OFFERING—Sealed bids
be received by Charles H. Geiger, District
Secretary, until 8 p. m
May 26 for the purchase of $10,000 improvement bonds.
will
CRANBERRY TOWNSHIP SCHOOL DISTRICT (P.
O. Seneca),
District Secretary and Attorney
May 24 for the purchase of $9,000
2M% school bonds.
Dated May 15, 1937.
Denom. $500.
Due $1,000
annually on Nov. 15 from 1938 to 1946, incl.
Interest payable M. & N.
P«>—BOND OFFERING—J. G. McGill,
will receive sealed bids until 7:30
p. m. on
The bonds will be issued subject to
approval of the Pennsylvania
of Internal Affairs.
A certified check for $500 must
posal
15
Department
accompany each pro¬
.
CUMBERLAND COUNTY (P. O.
Carlisle), Pa .—BOND OFFERING
R. Rauffman, Chief Clerk, will receive
sealed bids until 11 a. m.
(Eastern Standard Time) on May 12 for the purchase of $275,000 2,
2H,
—B.
2Yi, 2%, 3, 3Y
or 3H% coupon, registerable as to
principal, refunding
bonds.
Dated June 1, 1937.
Denom. $1,000.
Due June 1 as follows$15,000 from 1938 to 1954 incl. and $20,000 in 1955.
Bidder to name one
rate of interest on all
of the bonds.
Interest payable J. & D.
A certified
of the amount bid for, payable to the order of the
County
Treasurer, must accompany each proposal.
The bonds will be issued
subject to approval as to legality of Townsend, Elliott & Munson
of
Philadelphia.
s
check for 2%
LINCOLN
105,000.00
45,000.00
as
at
April 1, 1937,
TOWNSHIP
SCHOOL
none.
DISTRICT,
Somer»«t
County,
MANORVILLE,
Pa.—BOND
ELECTION— At
an
election
scheduled
for May 18, a proposition to issue $33,000 street improvement bonds is to
be voted upon.
•
MANSFIELD
SCHOOL
DISTRICT,
Pa.—BONDS
special election held on April 20 a proposition to
building bonds received the approval of the voters.
issue
VOTED—At a
$40,000 school
MARS SCHOOL DISTRICT, Pa .—OPTION GRANTED—S. K. Cun¬
ningham & Co. and Glover & MacGregor, both of Pittsburgh, jointly, were
granted a 30-day option on the issue of $36,000 coupon bonds offered to
bear interest at not more than 3H% on April 26—V. 144, p. 2874.
Dated
May 1, 1937 and due $1,500 on May 1 from 1939 to 1962, incl.
TOWNSHIP SCHOOL DISTRICT (P. O. Warr.n), Pa.—
OFFERING—R. J. Keenan, District Secretary, will receive bids
5p.m. May 11 for the purchase of an issue of $23,000 coupon bonds.
MEAD
BOND
until
Bidders are to name rate of interest, making choice from 4%, 4\i%,
4H%. 4%% and 5%.
Denom. $1,000.
Dated May 15, 1937.
Interest
payable semi-annually.
Due serially over a period of 20 years.
Certified
check for $300, payable to the district, required.
NORTHAMPTON,
Pa .—BOND
OFFERING
CORRECTION—The
refunding bonds being offered for sale by the borough on May 11,
reported in a previous issue, is $135,000, not $35,000.—V. 144, p. 2874.
amount of
as
PEN ARGYL,
Pa.—BOND OFFERING—E. G. Godshalk, Borough
Secretary, will receive sealed bids until 6 p. m. (Eastern Standard Time)
May 14 for the purchase of $40,000 2, 2H, 2>3, 2%, 3, 3H or 3M%
coupon, registerable as to principal only, refunding bonds.
Dated May 15,
1937.
Denom. $1,000.
Due May 15 as follows: $5,000 in 1942; $10,000
in 1947 and 1952. and $15,000 in 19571
Bidder to name one rate of interest
on all of the bonds.
Interest payable M. & N.
A certified check for 2%
of the bonds bid for, payable to the order of the Borough Treasurer, must
accompany each proposal.
The bonds will be issued subject to approval
as to legality of Townsend, Elliott & Munson of Philadelphia.
on
PENNSYLVANIA
(State
ot)—LOCAL
ISSUES
APPROVED—The
Department of Internal Affairs, Bureau of Municipal Affairs, has approved
the following local bond issues.
ipality, amount and
purpose
Information includes name of the munic¬
of issue and date approved:
Date
Municipality and Purpose—
Stonycreek Township, Cambria County—Funding
floating indebtedness
Corry City School District, Erie County—Fiancing
and refinancing the rebuilding, equipping and
landscaping grounds
Morris
Township
School
District,
Clearfield
County—Refunding
bonded
indebtedness
($18,500);
improvements
to
school
building
($1,500)
Lower Wakefield Township School District, Bucks
County—Erecting and equipping four additional
-
rooms
offered
^
—
Pa.—BOND ELECTION—A proposition to issue $30,000 school building
bonds will be submitted to a vote at an election scheduled for May 21.
to school house
to issue
3M% interest.
Of the proceeds, $5,700 will be used to
6% notes and the balance applied to the cost of
pay off that amount of
street
improvements.
on
Jan. 1, 1946.
1928, due March 1, 1948
All other bonds are serial bonds.
O. Pittsburgh), Pa
SALE—
April 26—V. 144, p. 2708—were awarded
to a syndicate composed of Brown Harrirran &
Co., Inc.; Graham, Parsons
& Co., and E. H. Rollins & Sons,
Inc., all of New York; Peoples-Pittsburgh
Trust Co., Pittsburgh; Dougherty, Corkran &
Co., and Cassatt & Co.,
Inc., both of Philadelphia; Singer, Deane & Scribner, Inc.,
Pittsburgh;
Yarnall & Co. and Janney & Co., both of
Philadelphia; Shields & Co., New
York, and W. H. Newbold's Son & Co. of Pittsburgh, as 2%s, at a price of
100.418, a basis of about 2.72%.
The sale included $2,100,000 bridge,
$300,000 park and $250,000 tunnel improvement bonds.
Due serially on
April 1 as follows: $90,000 from 1938 to 1962 incl. and $80,000 from 1963
are
$2,834.02
81,253.34
are
Issueeld19l6, due
Issue
are
1937
on hand
Investments—Pennsylvania municipal bonds
Total term bonds outstanding against which sinking funds
PENNSYLVANIA
The bankers
1935
1936
♦Gross asse^fcment, real
Cash
Moncure Biddle & Co.
maturities
airport.
Total funded debt as at April 1,1937 (electoral, $3,026,000; non-electoral,
$1,497,000), $4,523,000.
Bonds authorized but not issued, $50,000.
Purpose:
Acquisition of lands and equipment for playgrounds.
These
are not included in total funded debt shown above.
Commonwealth of Pennsylvania
ALLEGHENY COUNTY
$743,318.49
1935, inclusive (included in uncol¬
^
Funded Debt Statement
Loans of the
1520 Locust Street
to
taxes
Tax rate per $1,000: 1937, $6: 1936,
$6.50; 1935, $4.50; 1934, $4.50; 1933, $4.50; 1932. $5.
Lancaster City owns and operates its municipal water system and owns
*
The $2,650,000 bonds offered
$646,326.24
96,992.25
Uncollected water rents April 1, 1937
Approved
Amount
April 15
$34,000
April 20
10,000
,
April 20
April 23
*
20,000
20,000
PENNSYLVANIA, State of—SENATE APPROVES FLOOD CONTROL
BONDS—A $50,000,000 bond issue for flood control works was voted by the
Senate on April 27, according to an Associated Press dispatch from Harris-
burg.
PITTSBURGH, Pa.—PLANS SALE OF $2,000,000 NOTES—It is re¬
ported that the city may make public offering soon of an issue of $2,000,000
promissory notes to provide funds for the payment of various public im¬
provements.
The notes will be dated April 1, 1937 and mature April 1,
1940.
Bidder will be asked to name an interest rate of not more than 2
%,
expressed in a multiple of Y\ of 1%.
Denom. $50,000.
Interest payable
A. & O. without deduction for any taxes, except succession or inheritance
taxes, which may behevied thereon or on the debt secured thereby under any
present or future law of the Commonwealth of Pennsylvania.
Such taxes
will be assumed by the city.
Provision is made for the payment of annual
interest and the creation of
a sinking fund sufficient to meet the obligations
at maturity.
The sinking fund will result from the levy of an annual tax
equal to 33 1-3% of the amount of notes issued.
PUNXSUTAWNEY SCHOOL DISTRICT, (P. O. Punxsutawney),
Pa.—BOND OFFERING—Bids will be received until 7:30 p. m. May 10
by the School Board for the purchase of an issue of $40,000 3 % % refunding
and funding bonds.
Due $2,000 yearly from 1941 to 1951 and $3,000 yearly
from 1952 to 1957.
The bonds will be dated April 1, 1937.
Denom. $1,000.
Due April 1
follows: $2,000 from 1941 to 1951 incl. and $3,000 from
1952 to 1957 incl.
Interest payable semi-annually on April 1 and Oct.
as
1, free of all taxes,
except gift, inheritance and succession taxes, which may be levied or
assessed on the bonds or the debt secured
thereby under any present or
future law of the Commonwealth of Pennsylvania.
A certified check for
$400, payable to the order of the District, must accompany each proposal.
SHENANDOAH, Pa.—PLANS TO REFUND DEBT—Under the terms
an agreement recently contracted, C. C.
Collings & Co. of Philadelphia,
acting as fiscal agents, will undertake to work out the details of a plan to
of
Financial
144
Volume
refund the borough's bonded and temporary debt.
The agreement en¬
tered Into between the refunding agents and the borough states that under
the present set-up of the debt structure, revenues from taxes and other
sources will be insufficient to meet maturities and that "a readjustment of
the present debt service will be of great benefit to the bondholders and other
creditors."
The general aims and purposes of the projected refunding and
fiscal program are set forth as follows:
"The funding or refunding of the outstanding bonds and other indebted¬
ness of the Borough insofar as present legislation wili allow, or conditions
in the bond market will render expedient.
"The balancing of the budget of the Borough and the establishment of
the Borough's financial operations on a cash basis.
"The obtaining of a general improvement of the credit of the Borough
and in the market price of its bonds and notes."
SOUDERTON, Pa.—BOND ELECTION—An election has been called
be asked to approve a proposal to issue
$123,000 sanitary sewer system construction bonds.
LIVINGSTON, Tenn.—BOND ELECTION—An election is to be held
April 29 at which a proposal to issue $35,000 auditorium bonds will be
on
voted upon,
MEMPHIS,* Tenn.—TENTATIVE BOND OFFERING—City Clerk
announced that $3,000,000 Tennessee Valey Authority
be offered for sale on May 18, as noted in V. 144,
D. C. Miller recently
bonds will probably
2875.
p.
MONTGOMERY
COUNTY
(P. O. Clarksville),
Tenn.—BONDS
SOLD—The First National Bank of Clarksville is reported to have pur¬
DISTRICT (P. O. Waymart), Pa.—BOND ELECTION—A special election for the purpose of
voting on a proposal to issue $25,000 school building bonds is to be held on
CANAAN
TOWNSHIP SCHOOL
June 1.
bonds as 3Hs, paying a
chased $37,500 refunding
100.77, a basis of about 3.42%.
Due on
1942, 1947 and 1952, and $7,500 in 1957.
to
premium of $290, equal
May 1 as follows:
$10,000 in
& Co. of Jackson, reported in
consummated.)
(The sale of these bonds to C. H. Little
these columns in January, was not
for May 25 at which the voters will
SOUTH
3053
Chronicle
OBION COUNTY
Tenn.—BOND SALE—It is
purchased by the
Due $3,000 from
(P. O. Union City)
reported that $30,000 3% semi-ann. school bonds were
Cumberland Securities Co. of Nashville, on April 20.
April 1,1938 to 1947 incl.
SULLIVAN COUNTY (P. O. Blountville) Tenn.—BOND OFFERING
bids will be received by T. R. Bandy, County Judge, until 2
—Sealed
(P. O. Springfield), Pa.—BOND OF¬
FERING—John W. Calder, Township Secretary, will receive sealed bids
until 7 p. m. (Eastern Standard Time) on May 18 for the purchase of
$55,000 2,2K.2H,2M,3,3k(or3H% coupon, registerable as to principal
only, sewer bonds.
Dated June 1, 1937.
Denom. $1,000.
Due $5,000
on June 1 in each of the following years: 1939,
1941, 1943, 1945, 1947,
1949, 1951, 1953, 1955, 1957 and 1959.
Bidder to name a single rate of
interest.
Interest payable J. & D.
A certified check for 2%, payable
TOWNSHIP
SPRINGFIELD
to the order
of the Township Treasurer, must accompany
The bonds will be issued subject to
each proposal.
approval as to legality by
Townsend,
Elliott A Munson of Philadelphia.
THROOP
Pa.—BOND SALE—The issue
DISTRICT,
SCHOOL
of
$51,000 school bonds offered last August has been sold to the State Em¬
ployees' Retirement Board as 4%s, at a price of 101.293, a basis of about
4.23%. Due Aug. 1 as follows: $6,000 in 1937, and $5,000 from 1938 to 1946
incl.
the purchase of a $300,000
5%, payable M. & N.
p. m. (Eastern Standard Time) on May 3, for
issue of school bonds.
Interest rate is not to exceed
Dated May 1, 1937.
Due $15,000 from May 1, 1938 to
1957 incl. Prin. and int. payable in lawful money at the Chemical Bank Sc
Trust Co., New York City. Bidders shall state in their proposals a variable
rate of interest which the bonds are to bear, expressed in multiples of M
Denom. $1,000.
or l-10th of 1 %, and shall state the price offered.
The lowest interest cost
to the county will determine the award of the bonds.
They will be sold
subject to the passage of an Act validating the issuance and sale, to be
enacted by the Legislature upon its reconvening May 5,1937. The approv¬
ing opinion of Chapman & Cutler of Chicago, will be furnished the pur¬
chaser without cost and the county will bear the cost of preparing and
printing the bonds, provided, however, that bidder may agree to select
attorneys of their own choice and bear legal and printing costs, if such bidder
desires.
A $3,000 certified check, payable to H. P. Richards, trustee,
so
must accompany
the bid.
.
PUERTO
TEXAS
RICO
Government
of—PWA
HOSPITAL
GRANT
is the text of a statement (Press Release
available by the above Federal agency:
"Hospital care for the needy of Puerto Rico will be made possible through
a
Public Works Administration grant of $431,500, making possible the
construction of a 300-bed hospital unit in each of the four charity hospital
districts of the Island.
The construction is estimated to cost $940,000.
There are no facilities of this nature existing at the present time.
PUERTO
RICO,
AUTHORIZED—The following
No. 4143 just made
P*l"The Director of the Puerto Rico Reconstruction Administration said
the project would furnish employment for 600 unskilled, 65 intermediate,
and 650 skilled laborers through the next 12 months.
"The grant is based on the estimated cost of relief labor, plus 15%
for overhead."
BRENHAM, Texas—BOND PROJECT DELAYED—G. H. Zeiss, City
Secretary, states that the $190,000 power and lighting plant bonds that
were approved by the voters at the election held on Jan. 6 will not be issued
for some time as the project is being held up by an injunction granted to the
Texas Power & Light Co.
BRYAN
SCHOOL
DISTRICT,
Tex.—BOND
May 18 at which a proposition
building bonds will be voted upon.
INDEPENDENT
ELECTION—An election has been called for
to issue $280,000 school
COLEMAN, Tex.—BOND SALE— The $114,000 issue of sewer revenue
144, p. 2875—was awarded to the
bonds offered for sale on April 26—V.
Brown-Crummer Co. of Dallas, according to H.
The Brown-Crummer Co. of Dallas paid par,
M. Collins, City Clerk.
at 4%, for the bonds.
$1,000.
Dated April 15, 1937.
Interest
Oct. 15.
Due serially; redeemable after five years.
Denom.
Offerings Wanted
SOUTH
CAROLINA MUNICIPALS
BROAD STREET
Texas—BOND ELECTION— Residents
May 1 to vote on a proposed revenue
the purchase of an electric distribution system.
SOUTH
CAROLINA
reported by the Town
offered on April 22
bonds.
oy
Due
the voters
GRANDFALLS
UNION
COUNTY (P. O. Union),
SOUTH
S. C.—PURCHASER—It is stated
4% semi-ann.
144, p. 2875—
BRANDT
INDEPENDENT CONSOLIDATED SCHOOL
(P.
INDEPENDENT SCHOOL
SCHOOL DISTRICT (P. O.
Grandfalls), Texas—
State Board of Education has purchased at
$100,000 building bonds recently voted by the residents
district—V. 144, p. 2875.
BONDS SOLD—The
interest the
LAMAR-DELTA
COUNTIES LEVEE
IMPROVEMENT
3H%
of the
DISTRICT
Texas—BONDSSOLD TO RFC—It is stated by Long &
$79,000 4% semi-ann. refunding bonds have been
purchased by the Reconstruction Finance Corporation.
Wortham, Attorneys, that
DISTRICT
issue of
144, p.
O. Brandt) S. Dak.—BONDS SOLD—The $18,000
4% semi-ann. refunding bonds offered for sale on April 1—V.
2185—was purchased by local investors, according to report. Dated
1937.
Due $1,000 from April 1 1938 to 1955 redeemable on any
payment date.
50
LINE
NO. 2 (P. O. Paris),
DAKOTA
ABERDEEN, S. Dak.—BOND SALE DETAILS—Wi, are now informed
by Lydia W. Kohlhoff, City Auditor, that the $19,000 funding bonds
purchased by the Channer Securities Co. of Chicago, and the Clarence J.
Burns Co., of Aberdeen, to take up a similar amount of emergency improve¬
ment warrants, as noted here recently—V. 144, p. 2709—were purchased as
4s at par, and mature in 1939 and 1940.
NO.
of Galena
bond issue
TRICT (P. O. Gladewater), Texas—BOND OFFERING—Sealed
oe received until 2 p. m. on May 8, by Holils E. Payne, Secretary
Board of Education, for the purchase of an issue of $195,000 school
Clerk-Treasurer that $9,500 improvement bonds were
but were not sold as the bids were rejected.
by W. P. Caldwell, County Treasurer, that the $150,000
funding bonds sold recently, as noted in these columns—V.
were purchased by Braxton C. Wallace, of Greenwood.
48.38
DIS¬
bids will
of the
house
from 1937 to 1941.
These are the bonds that were approved
on April 10, as reported in these columns—V. 144, p. 2875.
GLADEWATER COUNTY
HAMPTON, S. C.—BONDS NOT SOLD—It is
of the district's obligations at
Park will go to the polls on
of $80,000 for
CHARLESTON, S. C.
C.
the retirement
on
PARK,
GALENA
Telephone WHltehall 4-6765
GREENVILLE, S.
disbursed
cents on the dollar.
NEW YORK
,
be
to
McALISTER, SMITH & PATE, Inc.
ST
payable April 15 and
DISTRICT (P. O. Donna), Texas—REPORT
ON RFC REFINANCING LOAN—It is reported by E. M. Muckleroy,
Assessor and Collector, that the district secured a loan of $848.811 07 from
the Reconstruction Finance Corporation; of this amount the sum of $810,573.58 has been spent by the district, leaving the balance of $38,237.49
DONNA IRRIGATION
LIBERTY, Texas—BOND SALE
the
144,
Antonio, as
DETAILS—It is now reported that
$25,000 paving bonds sold recently, as noted in these columns—V.
2875—were purchased by Mahan, Dittmar & Co. of San
5s, at par, and mature $1,000 annually in from 1 to 25 years.
p.
OVERTON,
Texas—BOND ELECTION— The voters on May
question of issuing $45,000 paving bonds.
1 will
be asked to pass on the
DISTRICT, Texas—BOND
May 3 at which a proposal
building bonds will be voted upon.
April 1,
SHAMROCK INDEPENDENT SCHOOL
ELECTION—An election has been called for
interest
to issue $65,000
school
~
SULPHUR SPRINGS, Tex.—BOND
SALE ENJOINED—The sale
of
of
INDEPENDENT SCHOOL DISTRICT (P^ O. Eureka),
SALE—The $25,000 issue of school bonds offered for
sale on April 26—V. 144, p. 2875—was purchased by August Bender, a
local investor, at a price of 101.00.
No other bid was received, according
to H. J. Liedle, District Clerk.
Dated March 1, 1937. Due from Dec. 1,
1939 to 1956, incl.
$280,000 5% municipal light plant revenue bonds to Brown & Root, Inc.
Houston, contractors—V. 144, p. 2710 and 2875—has been halted by liti¬
gation.
The State Supreme Court has issued a temporary injunction
against the sale of the bonds, pending the result of an appeal made by the
Texas Power & Light Co. from rulings by lower courts that the bonds are
legal.
FREDERICK INDEPENDENT SCHOOL DISTRICT No.
3 (P. O.
Frederick), S. Dak.—BOND OFFERING—R. K. Campbell, Clerk of the
Board of Education, will receive bids until 7:30 p. m. May 4 for the purchase
of an issue of $26,000 refunding bonds.
An oral auction will follow opening
of the bida.
Interest rate is not to exceed 5%, payable (M. & N.).
Dated
May 1, 1937.
Due yearly on May 1 as follows: $500, 1940 to 1949; $1,000,
1950 and 1951: $2,000, 1952 and 1953: $3,000, 1954: and $4,000, 1955, 1956
and 1957; redeemable on and after May 1, 1947.
District will furnish the
approving opinion of A. C. Campbell, of Frederick and of Junell, Fletcher,
Dorsey, Barker & Coleman of Minneapolis, and the executed bonds,
without cost to the purchaser.
TEXAS, State of—1937 FINANCIAL STATISTICS ON COUNTIES
COMPILED—Distribution of the 1937 edition of Texas County Statistics,
a compilation of data on assessed valuations, population trend, tax rates
and tax collections, is being made by Jack Garrett, President of Garrett &
Co., Inc.; First National Bank Building, Dallas.
This new folder is gotten
out as a supplement to the original 1936 edition of the full statistics on
counties and is intended to bring most of the vital figures up to date.
It
is stated by Mr. Garrett that he was prompted to issue the revision because
of the enthusiastic reception accorded to the preceding issue of financial
EUREKA
S.
Dak.—BOND
HOWARD, S. Dak.—BOND ELECTION—An election is scheduled for
May 4 at which a proposed $28,000 street improvement bond issue will be
voted upon.
statistics.
WHARTON COUNTY
(P. O. Wharton), Texas—BOND ELECTION
has called an election for May 1, at which a
•—The Commissioners' Court
proposal to issue $200,000 jail,
hospital and home for
voted upon.
aged bonds will be
«Sl
ministration is said to have
FALLS, Texas—BONDS VOTED—We are informed that
the City Council's proposal to improve the
municipal water supply system at a cost of approximately $723,466.
Of
the total cost $550,000 would be provided by issuing that amount of bonds
and $173,466 would come from the Public Works Administration as an
works bonds.
allotment.
HURON, S. Dak.—BONDS VOTED—The proposal to issue $365,000
by the voters at the recent election.
City
auditorium bonds was approved
MADISON, S. Dak.—BONDS SOLD TO PWA—The Public Works Ad¬
purchased at par $15,000 4% semi-ann. water
PARKER, S. Dak.—BONDS VOTED—The $23,000 electric light and
power plant revenue bonds that were authorized recently, as noted here
—V. 144, p. 2875—are said to have been approved by the voters by a count
of 471 to 81.
WICHITA
the voters recently approved
WINK, Texas—BONDS VOTED—It is stated by the City Clerk that the
approved recently the issuance of $30,000 in 4% sanitary sewer
voters
system revenue
Due in
bonds by a count of 73 to 25.
Dated April 16, 1937.
optional in one year.
The bonds are to be offered for
the Arttorney General's approval, it is reported.
15 years,
sale immediately upon
TENNESSEE
BRISTOL, Tenn.—BONDS SOLD—It is now reported that the
funding bonds offered for sale without success on April 20, as noted
$44,000
in these
columns—V. 144, p. 2875—have been sold to Minnich, Wright & Co. of
Bristol, at par. Dated April 1, 1937. Due $4,000 from 1938 to 1948 incl.
Tenn.—BOND ISSUANCE CONTEMPLATED—
E. D. Bass that approximately $725,000 of bonds
will be placed on the market in May. It is said that there will probably b3
seven blocks, including $500,000 hospital bonds and $100,000 public power
bonds. We understand that legislative authority has been granted for both.
CHATTANOOGA,
It was stated by Mayor
UTAH
Utah—BONDS SOLD TO PWA—It is reported that the
Public Works Administration has purchased $11,000 4% semi-ann. water
works improvement bonds, paying par.
■
MAESER,
MORONI, Utah—BOND CALL—Morgan Lamb, City Recorder, is said
be calling for payment on June 1, on which date interest shall cease,
1 to 6 of the 5% semi-annual refunding bonds, dated June 1, 1923.
Denom. $500.
Due on June 1, 1943.
Payable at the Guaranty Trust
Co.. New York City.
to
Nos.
3054
Financial
Chronicle
MaY 1. 1937
VIRGINIA
RICHMOND, Va.—BOND OFFERING NOT SCHEDULED— In connec¬
tion with the report given in these columns
recently, that the issuance of
Canadian Municipals
$1,500,000 funding bonds had been viewed favorably by the
City Finance
Committee—V. 144, p. 2875—we are informed by J. Maurice
Miller,
Deputy City Comptroller, that specific action has not been taken as
yet.
He says that the propoesd bonds will bear date of
July 1.
RURAL
REJREAT, Va —BONDS VOTED—It, is
A. H. Price that at an election on March 23 the
voters
of $14,000 in sewerage bonds.
bonds will be offered for sale as soon
ance
stated
by
Mayor
SEATTLE
SAN
FRANCISCO
Teletype SF 296
WASHINGTON
payable
semi-annually.
that
offering would take place
on
May 21—V. 144,
p.
the
2876.)
YAKIMA COUNTY (P. O.
Yakima), Wash.—PRICE PAID—Vie are
now informed that the
$145,000 coupon refunding bonds purchased by a
syndicate headed by Wm. P. Harper & Son & Co. of
Seattle, as noted
in these columns recently—V.
144, p. 2876—were sold at a price of 100.13,
divided as follows:
$63,000 as 334s, maturing $8,000 on May 1, 1939 and
1940; $9,000, 1941 to 1943, and $10,000, 1944 and 1945; the
remaining
$82,000 as 3^s, maturing on May 1 as follows:
$10,000, 1946; $11,000,
1947 and 1948; $12,000, 1949 and 1950, and
$13,000 in 1951 and 1952.
WISCONSIN
BARRON COUNTY (P. O.
Barron), Wis.—BOND SALE— The $120,000 issue of highway improvement, series C
bonds, offered for sale on April 27
r—V. 144, p. 2528—was awarded to
Harley, Haydon & Co. of Madison, as
2)4s, paying a premium of $1,255, equal to 101.0458, a basis of about
2.25%.
Due on Nov. 1, 1941.
The second highast bid was an offer of
$1,250 premium
on
234s, tendered by the Securities Co. of Milwaukee.
BRULE, Wis.—BONDS NOT SOLD—It is stated by the Town Clerk
that the $3,000 4% town hall
building bonds offered on Aprkl 23—V. 144,
2710—were not sold
as no
bids
were
received.
DODGE COUNTY (P. O.
Juneau), Wis.—LIST OF BIDS—The follow¬
ing is an official list of the other bids received for the $196,000
annual county court house bonds awarded
ALBERTA (Province of)—EXTENDS MORATORIUM
ON PRIVATE
until July 1 of Alberta's debt moratorium in a new
order-in-council, was announced recently by Attorney General J. W.
Hugill.
The Province will press an appeal
against the judgment of Mr. Justice
A. F. Ewing of the Alberta Supreme Court
declaring the Reduction and
Settlement of Debts Act unconstitutional, Mr.
Hugill said.
The appeal may come before the
Appellate Division of the Supreme
Court at the next sitting in Edmonton, starting
May 17, the Attorney
General stated, but the Province may try for a
special hearing of the Ap¬
pellate Division earlier.
The original order-in-council for a
moratorium, signed Feb. 23, was for
60 days and would have expired on April 24.
The new order merely ex¬
tends conditions of the original order until
legislation can be passed when
the session of the Provincial Legislature reconvenes.
Mr. Hugill said the Alberta Government was not
proceeding "at present"
with
an
W.
appeal against the Supreme Court decision given by Mr. Justice
0. Ives declaring ultra vires the Provincial Securities Interest Act.
The Attorney General stated that the new Act
passed at the present session
3%
coupon
April 22 to a group headed
by Brown Harriman & Co., Inc., for a premium of $4,018,
equal to 102.05,
basis of about 2.70%—V.
144, p. 2876:
Binder—
Price Bid
Securities
Co. of Milwaukee, Inc
Harris TruRt <fe Saving Bank,
--$199,970.00
198,327.00
198,214.80
198,068.09
197,847.00
197,694.00
196,346.92
196,137.00
Chicago
Central Republic Co
Hazard Freres & Co__
T. E. Joiner & Co., Inc.,
Chicago
Halsey Stuart & Co., Inc
Northern Trust Co., ChicagoBraun Monroe & Co_
_
JUNCTION, Wis.—BONDS
April 20 resulted in approval of
a
KENOGAMI, Que.—TO REDEEM ALL OUTSTANDING
VOTED—An election
$25,000 bond issue for
system.
a
held
on
municipal water
a law of the Quebec Legislature
May 1, with accrued interest, all of
its bonds presently
outstanding, whether due or not.
Payment will be
made at the Banque Canadienne Nationale, 112 St. Peter
Street, in the
City of Quebec.
$500 and $100.
Due on Jan. 1 as follows:
$1,000, 1939 to 1950, and
$2,000 in 1951 and 1952.
Prin. and int. (J. & J.)
payable at the office
of the Village Treasurer.
A certified check for 10% must
accompany the
bid.
LA CROSSE COUNTY
(P. O. La Crosse), Wis .—BOND OFFERING
—Esther M. Domke, County
Clerk, will receive bids until May 17 for the
purchase of an issue $255,000 3% series B
highway improvement bonds.
May 1, 1937.
Principal and semi-annual interest (May 1 and
1) payable at the County Treasurer's office.
Due $82,000 May 1,
1942; $83,000 May 1, 1943, and $90,000 May 1, 1944.
The county will
furnish the printed bonds and the
legal opinion of Chapman & Cutler of
Chicago.
Assessed valuation,
$71,602,175; bonded debt, $1,045,552.
Principal on $200,000 of the bonded indebtedness is
payable from gas and
auto taxas collected by the State of
Wisconsin and irrepealably allotted
to the county to retire the bonds at
maturity; there is also an irrepealable
ad valorem tax levy
by the county to pay interest and principal.
Dated
Nov.
MEDFORD, Wis.—BONDS AUTHORIZED—The City Council has
passed a resolution authorizing the issuance of
$35,000 city hall and fire
engine house bonds.
meeting on April 6
authorizing the issuance of
State Bank of Waupaca as
234s at par plus a premium of $10, equal to
100.033.
T. E. Joiner & Co. of
Chicago were next high, offering a premium
of $237 for 3s.
Dated
May 1,1937.
WAUWATOSA, Wis.—BONDS VOTED—It is stated by William
Darling, Superintendent of Schools, that at the spring election the voters
approved two issues of bonds totaling $425*975 for school
purposes, con¬
tingent upon a Public Works Administration
grant, which is now being
awaited.
WORKS BOND ACT INTRODUCED
introduced in the Wisconsin Legisla¬
a public works act was
It is proposed to empower various
governmental units of the State
type of "works program" with present restrictions on issu¬
ance of bonds removed.
The bill provides that any
governing body may adopt a bond issue at a
regular or special meeting the same day it is introduced.
The bill is a com¬
panion measure to the little Tennessee
Valley Authority bill authorizing
communities to go into the
utility business.
ture.
to carry on any
maturing June 1.
MONTREAL METROPOLITAN
COMMISSION,
plant bonds at
Wyo.—BONDS
is
SOLD
said to have purchased
par.
TO
PWA—The
were
as
OTTAWA SEPARATE SCHOOL
DISTRICT, Ont.—BOND SALE—
$350,000 4% school bonds has been sold to Harris, Mackeen,
An issue of
Goss & Co. of
Works
ISSUANCE CONTEMPLATED—It is
meeting of the Town Council negotiations were com¬
pleted for floating $30,000 in bonds to care for a tax
judgment.
that
at
a recent
THERMOPOLIS SCHOOL DISTRICT No. 9
(P. O.
Wyo.—BONDS VOTED—A recent election resulted in
proposition to issue $97,000 school building bonds.
Toronto.
Due serially in 30 years.
TRAIL,
B.
C.—BONDS VOTED—The ratepayers approved three
by-laws totaling $63,000, at an election held on April 9.
A $36,000
warehouse by-law and $17,000 water works
by-law will be revenue-produc¬
ing, and a $10,000 street improvement by-law for general
municipal pur¬
poses.
This is the first money by-law submitted to
ratepayers since 1931.
The Council announced that taxation will not be
increased by reason of
money
this increased indebtedness.
WINDSOR, Ont .—FINAL TERMS OF REFUNDING PLAN—As
previously reported in these columns—V. 144, p. 2876—final agreement
has been reached between the
bondholders' committee, the Ontario Mu¬
nicipal Board and the city government on the terms of the
projected re¬
financing of more than $34,000,000 bonds, representing the obligations
issued by the formerly independent units of the old
City of Windsor, Towns
of Walkerville and
Sandwich
and the City of East Windsor.
Under the
refunding bonds of the greater City of Windsor
follows: 4^% in the case of the old Walkerville
for those of the original City of Windsor, 2% for those of
schedules, the
new
will bear interest rates
as
bonds, 3H%
East Windsor, and 114% will be
paid on the bonds which will replace out¬
standing Sandwich bonds.
The rates proposed by the
Municipal Board
were, respectively, 3, 3, 1H and 114%.
The new bonds will run for 40
years.
Legal details in connection with the refunding plan and
printing
of the new bonds will
require at least two months, so that it is not expected
that the exchange of bonds can be
arranged until about the end of June.
The refinancing plan is effective as at Dec.
31, 1935, so that interest
at the revised rate is
payable for 1936 and a further
half-yearly payment
will be due on June 30 next.
Furthermore a cash
payment will be made in
settlement of accrued and unpaid interest to Dec.
31,1935.
The tabulation
below shows the amount which will be
payable on 5 and 6% debentures
of the four
municipalities
Town of
as
at June
30, 1937:
\
.
Walkerville—Defaulted Dec. 14, 1935
*5% Bond
ThermopoIU),
approval
of
a
*6% Bond
$2.80
Accrued interest, Dec. 31,1935
$2.33
To be paid on arrears
Add: 1936 interest
$0.35
$0.42
40.00
20.00
40.00
20.00
$60.35
$60.42
City of Windsor—Defaulted Feb. 1, 1933
*5% Bond
Accrued interest, Dec. 31,1935
:
$171.00
*6% Bond
Interest due June 30, 1937
Total amount due
$1,000 bond, interest payable Dec. 14.
52% settlement.
$89.00
Less: Paid in 1935.
30.00
-
To be paid on arrears..Add: 1936 interest
$59.00
32.50
Interest due June 30, 1937-.
16.25
Total amount due
*
$76.50
32.50
16.25
$125.25
*5% Bond
*6% Bond
Accrued interest, Dec. 31,1935
$237.00
$285.00
$118.75
10.00
$142.50
20.00
10.00
$148.75
To be paid on arrears
Add: 1936 interest
Interest due June 30, 1937
$172.50
20.00
Total amount due
*
$205.00
$106.50
30.00
$107.75
$1,000 bond, interest payable Feb. 1 and Aug. 1.
City of East Windsor—Defaulted Oct. 1, 1931
$1,000 bond, interest payable April 1 and Oct. 1.
Sandwich—Defaulted March 1, 1932
*5% Bond
Accrued interest, Dec. 31,1935
$216.67
$24,000 4% semi-annual pumping
THERMOPOLIS, Wyo .—BOND
said
follows:
Town of Mount Royal, $55,000,
against $57,000; Montreal East, $61,000,
against $62,000; Verdun, $345,000, against $369,000; Hampstead, $31,000,
against
$34,000; Westmount, $476,000, against $547,000; Outrement,
$318,000, against $337,000; Ville St. Pierre, $37,000, against $38,000;
Lachine, $224,000, against $238,000; Montreal Vest, $71,000, against
$75,000; Ville La-Salle, $8,000, against $90,000, and Ville St. Laurent,
$112,000, against $118,000.
Town of
Public
Que.—MUNICIPAL
politan Commission fell by $148,000—from $1,965,000 to $1,817,000—
during the month of March, a report submitted by E. T. Sampson, Secre¬
tary-Treasurer, and J. II. Levesque, chief accountant, showed.
During the same period, the Commission's three insolvent towns—
Pointe aux Trembles, Montreal North and Ville St. Michel—lowered their
arrears
$10,000, from $184,000 to $174,000.
On March 31, 1936 the
figure was $224,000, the report disclosed.
Amounts due the solvent group on March 31 as
against Feb. 28, 1937,
WYOMING
LUCERNE,
on
UNITS REDUCE
DELINQLEN T TAXES— Outstanding taxes due to 11
solvent Island municipalities under jurisdiction of the Montreal Metro¬
its
WAUPACA, Wis.—BOND SALE—The $30,000 coupon sewage disposal
plant construction bonds offered on April 30 were awarded to the Farmers
—Provision of
April 14, will redeem
LACHINE, Que.—BOND INTEREST PROVISION—The City Council
*
Wis.—BONDS AUTHORIZED—At
Common Council passed an ordinance
$70,850 high school building bonds.
WISCONSIN, State of—PUBLIC
on
has voted to impound the sum of
$16,687.50 to meet bond interest coupons
of that amount
revised
GILLETT, Wis .—BOND OFFERING—Sealed bids will be received
until May 15, by A. W. Gillett,
Village Treasurer, for the purchase of a
$16,000 issue of 4% coupon general improvement bonds.
Denom. $1,000,
BONDS—
It is reported that the town, pursuant to
sanctioned
on
a
Administration
ELGIN 6438
made the original legislation inoperative.
PORT
OF
BELLI NGHAM
(P.
O.
Bellingham), Wash.—BOND
OFFERING—R. C. Atwood, County Treasurer of Whatcom
County, will
receive bids until 10 a. m. May 14 for an issue of
$75,000 harbor improve¬
ment bonds of the Port of Bellingham.
Interest rate is not to exceed 5%.
Denom. $100 and multiples thereof.
Dated May 21, 1937.
Principal and
annual interest payable at the office of the Treasurer
of Whatcom County.
Due serially for 10 years.
Certified check for 5% of amount of bid
require.
(An earlier report was given in these columns to the effect
TOMAH,
WEST, TORONTO
CANADA
COWLITZ COUNTY (P. O.
Kelso), Wash.—BOND OFFERING—
H. H. De Hart, County Auditor, will receive bids until 2
p. m. May 4 for
the purchase of $75,500 4%
refunding bonds of Diking Improvement Dis¬
trict No.
5.
Denom.
$500.
Dated Oct.
1,
1936.
Interest
the
ST.
DEBTS—Extension
3)ramhdbr; Ehrlichman & IDhtfe
DRESSER
KING
25
MUNICIPALS
Washington—Oregon—Idaho—Montana
Teletypes SEAT 187. SEAT 188
Markets
BRAWLEY, CATHERS & CO.
approved the issu¬
Due in 14 years.
It is said that these
as the project is
approved by the PWA.
NORTHWESTERN
p.
Information and
To be paid on arrears
Add: 1936 interest
x$26.00
15.00
Interest due June 30, 1937
*6% Bond
$260.00
x$31.20
15.00
bond,
interest
payable
March
successful outcome of suit against
Imperial
funds seized for payment of bank loan.
1
7.50
$48.50
*$1,000
7.50
$53.70
and Sept. 1.
x Subject to
Bank of Canada for return of
@FedFRASER